Formula Growth Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Formula Growth Ltd. reported 119 stock positions worth $264.7 million. Its top holding was Latham (SWIM) at 3.2% of the portfolio, followed by Stratasys (SSYS, 2.8%) and Under Armour Class C (UA, 2.5%). Compared with Q1 2025, it opened 23 new positions, sold out of 22, added to 19 and reduced 54. The biggest buy was a new position in James Hardie Ord (JHX) and the biggest sale Wayfair Class A (W, shares −82%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001093219
- Portfolio Value
- $264.7M (Q2 2025)
- SEC Filing
- 0001011438-25-000422 ↗ filed Aug 13, 2025
Holdings Value
Holdings 119 stocks · $264.7M
| SWIM Latham Group Inc. | 3.18% | 1,318,033 | $8.4M | Add +14.9% |
| SSYS Stratasys Ltd. | 2.82% | 650,000 | $7.5M | Add +3.2% |
| UA Under Armour Inc. Class C | 2.45% | 1,000,000 | $6.5M | No change |
| JHX James Hardie Ord | 2.24% | 220,140 | $5.9M | New |
| TEAM Atlassian Corp. Class A | 2.23% | 29,000 | $5.9M | Add +18.4% |
| PODD Insulet Corp. | 2.07% | 17,447 | $5.5M | Reduce -5.5% |
| U Unity Software Inc. | 1.92% | 210,000 | $5.1M | Add +27.3% |
| BILL Bill Holdings Inc. | 1.87% | 107,200 | $5.0M | Reduce -14.2% |
| LIND Lindblad Expeditions Holding | 1.84% | 416,703 | $4.9M | Add +6.6% |
| ARCB Arcbest Corp. | 1.81% | 62,133 | $4.8M | Add +25.1% |
| MU Micron Technology Inc. | 1.77% | 38,000 | $4.7M | No change |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 1.69% | 62,000 | $4.5M | Reduce -31.9% |
| DXCM Dexcom Inc. | 1.57% | 47,533 | $4.1M | Reduce -18.5% |
| GENI Genius Sports Ltd. | 1.44% | 365,720 | $3.8M | Reduce -1.7% |
| CDNA Caredx Inc. | 1.42% | 192,293 | $3.8M | Add +29.7% |
| RH RH | 1.40% | 19,600 | $3.7M | Add +29.8% |
| LAW CS Disco Inc. | 1.37% | 830,000 | $3.6M | Add +3.8% |
| TPC Tutor Perini Corp. | 1.37% | 77,409 | $3.6M | Add +167.8% |
| RYAAY Ryanair Holdings PLC-SP ADR | 1.36% | 62,388 | $3.6M | No change |
| CCL Carnival Corp. | 1.30% | 122,323 | $3.4M | Reduce -22.5% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 1.28% | 26,550 | $3.4M | Reduce -23.1% |
| RBA RB Global Inc. | 1.25% | 31,259 | $3.3M | Reduce -1.7% |
| BBW Build-A-Bear Workshop Inc. | 1.24% | 63,496 | $3.3M | Add +15.0% |
| PHR Phreesia Inc. | 1.18% | 109,534 | $3.1M | Reduce -1.6% |
| HQY Healthequity Inc. | 1.17% | 29,490 | $3.1M | Reduce -1.7% |
| ORN Orion Group Holdings Inc. | 1.16% | 338,883 | $3.1M | Reduce -48.3% |
| AEYE Audioeye Inc. | 1.14% | 260,000 | $3.0M | Add +30.0% |
| RDNT Radnet Inc. | 1.14% | 53,189 | $3.0M | Reduce -5.1% |
| CPRI Capri Holdings Ltd. | 1.13% | 169,676 | $3.0M | Add +20.9% |
| EXFY Expensify Inc. Class A | 1.13% | 1,150,000 | $3.0M | Add +15.0% |
| XPO Xpo Inc. | 1.10% | 23,000 | $2.9M | Reduce -11.5% |
| CECO Ceco Environmental Corp. | 1.09% | 102,191 | $2.9M | Reduce -25.1% |
| SSNC Ss&c Technologies Holdings | 1.09% | 34,725 | $2.9M | Reduce -7.8% |
| SAH Sonic Automotive Inc. Class A | 1.08% | 35,800 | $2.9M | Reduce -12.3% |
| PAGS Pagseguro Digital Ltd. Class A | 1.07% | 293,820 | $2.8M | Reduce -52.8% |
| UBER Uber Technologies Inc. | 1.04% | 29,500 | $2.8M | Reduce -9.2% |
| CSGP Costar Group Inc. | 1.03% | 34,000 | $2.7M | No change |
| ASAN Asana Inc. Class A | 1.02% | 200,000 | $2.7M | No change |
| MMSI Merit Medical Systems Inc. | 0.99% | 27,981 | $2.6M | Reduce -1.7% |
| ALHC Alignment Healthcare Inc. | 0.96% | 181,208 | $2.5M | Add +39.4% |
| UTI Universal Technical Institut | 0.91% | 71,302 | $2.4M | Reduce -41.4% |
| NTRA Natera Inc. | 0.91% | 14,290 | $2.4M | Reduce -14.6% |
| UTHR United Therapeutics Corp. | 0.89% | 8,237 | $2.4M | Reduce -1.7% |
| AX Axos Financial Inc. | 0.88% | 30,624 | $2.3M | Reduce -8.9% |
| FN Fabrinet | 0.88% | 7,900 | $2.3M | No change |
| KRUS Kura Sushi USA Inc. Class A | 0.87% | 26,717 | $2.3M | Reduce -1.3% |
| HCA HCA Healthcare Inc. | 0.87% | 6,000 | $2.3M | Reduce -14.3% |
| TNDM Tandem Diabetes Care Inc. | 0.86% | 122,096 | $2.3M | Reduce -1.5% |
| IE Ivanhoe Electric Inc. / US | 0.85% | 247,934 | $2.2M | Add +187.8% |
| PANW Palo Alto Networks Inc. | 0.85% | 10,946 | $2.2M | Reduce -9.9% |
| ARDT Ardent Health Inc. | 0.83% | 159,989 | $2.2M | Reduce -2.0% |
| LNTH Lantheus Holdings Inc. | 0.81% | 26,069 | $2.1M | New |
| TATT Tat Technologies Ltd. | 0.81% | 69,813 | $2.1M | New |
| VCTR Victory Capital Holding - A | 0.79% | 32,922 | $2.1M | Reduce -11.5% |
| BKSY Blacksky Technology Inc. | 0.77% | 98,477 | $2.0M | Reduce -18.3% |
| CWST Casella Waste Systems Inc. Class A | 0.74% | 17,053 | $2.0M | Reduce -5.5% |
| WAL Western Alliance Bancorp | 0.71% | 24,264 | $1.9M | Reduce -42.5% |
| DG Dollar General Corp. | 0.70% | 16,100 | $1.8M | New |
| TPR Tapestry Inc. | 0.69% | 20,718 | $1.8M | New |
| PHLT Performant Healthcare Inc. | 0.68% | 452,500 | $1.8M | No change |
| AB Alliancebernstein Holding LP | 0.66% | 43,090 | $1.8M | New |
| TWLO Twilio Inc. Class A | 0.66% | 14,000 | $1.7M | Reduce -47.5% |
| FOUR SHIFT4 Payments Inc. Class A | 0.65% | 17,326 | $1.7M | New |
| CPA Copa Holdings SA Class A | 0.64% | 15,500 | $1.7M | No change |
| GXO Gxo Logistics Inc. | 0.63% | 34,000 | $1.7M | No change |
| TBCH Turtle Beach Corp. | 0.61% | 116,670 | $1.6M | Reduce -0.8% |
| DNN Denison Mines Corp. | 0.60% | 868,725 | $1.6M | New |
| PRO Pros Holdings Inc. | 0.59% | 100,000 | $1.6M | New |
| LKQ LKQ Corp. | 0.59% | 42,300 | $1.6M | Reduce -22.1% |
| SNBRQ Sleep Number Corp. | 0.58% | 228,093 | $1.5M | Add +11.6% |
| CWAN Clearwater Analytics HDS-A | 0.58% | 70,000 | $1.5M | New |
| W Wayfair Inc. Class A | 0.58% | 29,783 | $1.5M | Reduce -81.9% |
| UNH Unitedhealth Group Inc. | 0.57% | 4,827 | $1.5M | New |
| HOMB Home Bancshares Inc. | 0.56% | 51,912 | $1.5M | Reduce -8.8% |
| LBTYK Liberty Global Ltd. Class C | 0.56% | 142,702 | $1.5M | No change |
| ARES Ares Management Corp. Class A | 0.55% | 8,353 | $1.4M | Reduce -12.1% |
| PROF Profound Medical Corp. | 0.54% | 240,918 | $1.4M | Reduce -2.1% |
| GPN Global Payments Inc. | 0.54% | 17,714 | $1.4M | Reduce -18.9% |
| TTEK Tetra Tech Inc. | 0.53% | 39,050 | $1.4M | No change |
| NVEE NV5 Global Inc. | 0.51% | 59,000 | $1.4M | No change |
| FCFS Firstcash Holdings Inc. | 0.51% | 10,000 | $1.4M | No change |
| CCJ Cameco Corp. | 0.51% | 18,119 | $1.3M | New |
| KEX Kirby Corp. | 0.50% | 11,745 | $1.3M | No change |
| HIMX Himax Technologies Inc.-ADR | 0.50% | 149,093 | $1.3M | Reduce -1.9% |
| EEFT Euronet Worldwide Inc. | 0.50% | 13,000 | $1.3M | No change |
| SNREY Sunrise Communicat Class A | 0.48% | 22,540 | $1.3M | Reduce -21.0% |
| WIX Wix.com Ltd. | 0.46% | 7,750 | $1.2M | Reduce -20.2% |
| VST Vistra Corp. | 0.46% | 6,220 | $1.2M | New |
| WEX Wex Inc. | 0.46% | 8,200 | $1.2M | No change |
| LULU Lululemon Athletica Inc. | 0.45% | 5,000 | $1.2M | New |
| DLB Dolby Laboratories Inc. Class A | 0.45% | 15,900 | $1.2M | Reduce -9.1% |
| DENN Denny's Corp. | 0.45% | 287,885 | $1.2M | Reduce -2.4% |
| PD Pagerduty Inc. | 0.43% | 75,000 | $1.1M | New |
| PACK Ranpak Holdings Corp. | 0.43% | 320,933 | $1.1M | Add +36.8% |
| VCEL Vericel Corp. | 0.42% | 25,824 | $1.1M | No change |
| GO Grocery Outlet Holding Corp. | 0.41% | 87,256 | $1.1M | Add +9.1% |
| JBHT Hunt (jb) Transprt SVCS Inc. | 0.38% | 7,000 | $1.0M | No change |
| XPOF Xponential Fitness Inc. Class A | 0.36% | 128,593 | $963K | Reduce -61.0% |
| LEVI Levi Strauss & Co. Class A | 0.33% | 47,285 | $874K | New |
| VFC VF Corp. | 0.31% | 69,513 | $817K | Reduce -31.6% |
Portfolio Sells Q1 2025 → Q2 2025
| W Wayfair Inc. Class A | Reduce -81.9% | 0.58% | −1.56 |
| PLMR Palomar Holdings Inc. | Reduce -93.6% | 0.07% | −1.02 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.89 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -52.8% | 1.07% | −0.85 |
| CALX Calix Inc. | Reduce -85.7% | 0.20% | −0.81 |
| XPOF Xponential Fitness Inc. Class A | Reduce -61.0% | 0.36% | −0.75 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.72 |
| TDOC Teladoc Health Inc. | Sold out | 0.00% | −0.71 |
| WAL Western Alliance Bancorp | Reduce -42.5% | 0.71% | −0.60 |
| ALL Allstate Corp. | Sold out | 0.00% | −0.55 |
| PRDO Perdoceo Education Corp. | Sold out | 0.00% | −0.47 |
| BILL Bill Holdings Inc. | Reduce -14.2% | 1.87% | −0.45 |
| CTLP Cantaloupe Inc. | Sold out | 0.00% | −0.43 |
| TWLO Twilio Inc. Class A | Reduce -47.5% | 0.66% | −0.40 |
| F Ford Motor Co. | Sold out | 0.00% | −0.40 |
| CWH Camping World Holdings Inc. Class A | Sold out | 0.00% | −0.39 |
| APPS Digital Turbine Inc. | Sold out | 0.00% | −0.39 |
| AEM Agnico Eagle Mines Ltd. | Sold out | 0.00% | −0.38 |
| RDDT Reddit Inc. Class A | Sold out | 0.00% | −0.36 |
| UTI Universal Technical Institut | Reduce -41.4% | 0.91% | −0.35 |
| LKQ LKQ Corp. | Reduce -22.1% | 0.59% | −0.35 |
| NRDS Nerdwallet Inc. Class A | Sold out | 0.00% | −0.34 |
| ANF Abercrombie & Fitch Co. Class A | Sold out | 0.00% | −0.34 |
| TTD Trade Desk Inc./the Class A | Reduce -31.9% | 1.69% | −0.33 |
| GPN Global Payments Inc. | Reduce -18.9% | 0.54% | −0.33 |
| VFC VF Corp. | Reduce -31.6% | 0.31% | −0.33 |
| GTLB Gitlab Inc. Class A | Sold out | 0.00% | −0.32 |
| AAOI Applied Optoelectronics Inc. | Sold out | 0.00% | −0.31 |
| MMSI Merit Medical Systems Inc. | Reduce -1.7% | 0.99% | −0.23 |
| ORN Orion Group Holdings Inc. | Reduce -48.3% | 1.16% | −0.23 |
| FARO Faro Technologies Inc. | Sold out | 0.00% | −0.22 |
| DDD 3D Systems Corp. | Sold out | 0.00% | −0.21 |
| SSNC Ss&c Technologies Holdings | Reduce -7.8% | 1.09% | −0.19 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.19 |
| IMXI International Money Express | Reduce -57.7% | 0.08% | −0.18 |
| WIX Wix.com Ltd. | Reduce -20.2% | 0.46% | −0.18 |
| CECO Ceco Environmental Corp. | Reduce -25.1% | 1.09% | −0.17 |
| UTHR United Therapeutics Corp. | Reduce -1.7% | 0.89% | −0.15 |
| LEA Lear Corp. | Reduce -42.7% | 0.21% | −0.15 |
| CVSA Covista Inc. | Reduce -23.1% | 1.28% | −0.13 |
| BLDR Builders Firstsource Inc. | Reduce -33.3% | 0.18% | −0.13 |
| DLB Dolby Laboratories Inc. Class A | Reduce -9.1% | 0.45% | −0.12 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.12 |
| LESLIES INC | Sold out | 0.00% | −0.12 |
| HOLX Hologic Inc. | Sold out | 0.00% | −0.12 |
| HCA HCA Healthcare Inc. | Reduce -14.3% | 0.87% | −0.11 |
| TNDM Tandem Diabetes Care Inc. | Reduce -1.5% | 0.86% | −0.10 |
| HOMB Home Bancshares Inc. | Reduce -8.8% | 0.56% | −0.09 |
| META Meta Platforms Inc. Class A | Reduce -50.0% | 0.14% | −0.09 |
| ARDT Ardent Health Inc. | Reduce -2.0% | 0.83% | −0.09 |
Portfolio Buys Q1 2025 → Q2 2025
| JHX James Hardie Ord | New | 2.24% | +2.24 |
| TPC Tutor Perini Corp. | Add +167.8% | 1.37% | +1.10 |
| LNTH Lantheus Holdings Inc. | New | 0.81% | +0.81 |
| TATT Tat Technologies Ltd. | New | 0.81% | +0.81 |
| DG Dollar General Corp. | New | 0.70% | +0.70 |
| TPR Tapestry Inc. | New | 0.69% | +0.69 |
| AB Alliancebernstein Holding LP | New | 0.66% | +0.66 |
| FOUR SHIFT4 Payments Inc. Class A | New | 0.65% | +0.65 |
| IE Ivanhoe Electric Inc. / US | Add +187.8% | 0.85% | +0.65 |
| U Unity Software Inc. | Add +27.3% | 1.92% | +0.61 |
| DNN Denison Mines Corp. | New | 0.60% | +0.60 |
| PRO Pros Holdings Inc. | New | 0.59% | +0.59 |
| CWAN Clearwater Analytics HDS-A | New | 0.58% | +0.58 |
| UNH Unitedhealth Group Inc. | New | 0.57% | +0.57 |
| CCJ Cameco Corp. | New | 0.51% | +0.51 |
| VST Vistra Corp. | New | 0.46% | +0.46 |
| LULU Lululemon Athletica Inc. | New | 0.45% | +0.45 |
| PD Pagerduty Inc. | New | 0.43% | +0.43 |
| BBW Build-A-Bear Workshop Inc. | Add +15.0% | 1.24% | +0.40 |
| ARCB Arcbest Corp. | Add +25.1% | 1.81% | +0.39 |
| LIND Lindblad Expeditions Holding | Add +6.6% | 1.84% | +0.37 |
| CDNA Caredx Inc. | Add +29.7% | 1.42% | +0.35 |
| LEVI Levi Strauss & Co. Class A | New | 0.33% | +0.33 |
| SSYS Stratasys Ltd. | Add +3.2% | 2.82% | +0.32 |
| SMWB Similarweb Ltd. | New | 0.30% | +0.30 |
| RMNI Rimini Street Inc. | New | 0.28% | +0.28 |
| KLC Kindercare Learning Cos Inc. | New | 0.27% | +0.27 |
| SEMR Semrush Holdings Inc. Class A | New | 0.26% | +0.26 |
| AEYE Audioeye Inc. | Add +30.0% | 1.14% | +0.24 |
| FOXF Fox Factory Holding Corp. | New | 0.23% | +0.23 |
| BELFB Bel Fuse Inc. Class B | New | 0.22% | +0.22 |
| SWIM Latham Group Inc. | Add +14.9% | 3.18% | +0.18 |
| TEAM Atlassian Corp. Class A | Add +18.4% | 2.23% | +0.12 |
| SJM The JM Smucker Co. | New | 0.11% | +0.11 |
| SNBRQ Sleep Number Corp. | Add +11.6% | 0.58% | +0.06 |
| LAW CS Disco Inc. | Add +3.8% | 1.37% | +0.04 |
| CPRI Capri Holdings Ltd. | Add +20.9% | 1.13% | +0.01 |
| ALHC Alignment Healthcare Inc. | Add +39.4% | 0.96% | −0.02 |
| RH RH | Add +29.8% | 1.40% | −0.04 |
| GO Grocery Outlet Holding Corp. | Add +9.1% | 0.41% | −0.04 |
| PACK Ranpak Holdings Corp. | Add +36.8% | 0.43% | −0.08 |
| EXFY Expensify Inc. Class A | Add +15.0% | 1.13% | −0.11 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 145 | $284.3M | MU, SWIM, SSYS, COMP, ALHC |
| Q1 2026 | 137 | $221.6M | MU, SWIM, SSYS, FOXF, JHX |
| Q4 2025 | 125 | $259.5M | MU, SWIM, JHX, LAW, LIND |
| Q3 2025 | 122 | $281.1M | SWIM, JHX, TEAM, SSYS, MU |
| Q2 2025 | 119 | $264.7M | SWIM, SSYS, UA, JHX, TEAM |
| Q1 2025 | 118 | $246.6M | SWIM, SSYS, UA, BILL, W |
| Q4 2024 | 115 | $295.4M | SWIM, UA, SNBRQ, SSYS, W |
| Q3 2024 | 109 | $291.2M | SWIM, CROX, BBW, W, SNBRQ |
| Q2 2024 | 109 | $275.2M | MU, CROX, PAGS, UCTT, SNOW |
| Q1 2024 | 112 | $313.0M | PAGS, EVH, PLAY, UCTT, SNBRQ |