Formula Growth Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Formula Growth Ltd. reported 122 stock positions worth $281.1 million. Its top holding was Latham (SWIM) at 2.7% of the portfolio, followed by James Hardie Ind (JHX, 2.6%) and Atlassian Class A (TEAM, 2.3%). Compared with Q2 2025, it opened 26 new positions, sold out of 23, added to 20 and reduced 26. The biggest buy was a new position in Galaxy Digital Class A (GLXY) and the biggest sale an exit from Merit Medical Systems (MMSI).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001093219
Portfolio Value
$281.1M (Q3 2025)
SEC Filing
0001011438-25-000530 ↗ filed Nov 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $313.0M Q1 2024 Q2 2024: $275.2M Q2 2024 Q3 2024: $291.2M Q3 2024 Q4 2024: $295.4M Q4 2024 Q1 2025: $246.6M Q1 2025 Q2 2025: $264.7M Q2 2025 Q3 2025: $281.1M $281.1M Q3 2025 Q4 2025: $259.5M Q4 2025 Q1 2026: $221.6M Q1 2026 Q2 2026: $284.3M Q2 2026

Holdings 122 stocks · $281.1M
SWIM Latham Group Inc. 2.68% 989,033 $7.5M Reduce -25.0%
JHX James Hardie Ind PLC 2.58% 376,840 $7.2M Add +71.2%
TEAM Atlassian Corp. Class A 2.27% 40,000 $6.4M Add +37.9%
SSYS Stratasys Ltd. 2.27% 570,000 $6.4M Reduce -12.3%
MU Micron Technology Inc. 2.26% 38,000 $6.4M No change
PACK Ranpak Holdings Corp. 2.05% 1,025,233 $5.8M Add +219.4%
CECO Ceco Environmental Corp. 1.93% 105,691 $5.4M Add +3.4%
LIND Lindblad Expeditions Holding 1.90% 416,703 $5.3M No change
LAW CS Disco Inc. 1.88% 820,000 $5.3M Reduce -1.2%
BILL Bill Holdings Inc. 1.79% 95,000 $5.0M Reduce -11.4%
VCTR Victory Capital Holding - A 1.76% 76,327 $4.9M Add +131.8%
BBW Build-A-Bear Workshop Inc. 1.72% 74,296 $4.8M Add +17.0%
UA Under Armour Inc. Class C 1.72% 1,000,000 $4.8M No change
GLXY Galaxy Digital Inc. Class A 1.67% 139,195 $4.7M New
ARCB Arcbest Corp. 1.66% 66,638 $4.7M Add +7.3%
PODD Insulet Corp. 1.65% 15,047 $4.6M Reduce -13.8%
ALHC Alignment Healthcare Inc. 1.54% 248,208 $4.3M Add +37.0%
TBCH Turtle Beach Corp. 1.47% 260,075 $4.1M Add +122.9%
CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC 1.46% 26,550 $4.1M No change
MNDY Monday.com Ltd. 1.38% 20,000 $3.9M New
HQY Healthequity Inc. 1.37% 40,590 $3.8M Add +37.6%
RYAAY Ryanair Holdings PLC-SP ADR 1.34% 62,388 $3.8M No change
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 1.31% 75,000 $3.7M Add +21.0%
CWAN Clearwater Analytics HDS-A 1.28% 200,000 $3.6M Add +185.7%
GENI Genius Sports Ltd. 1.26% 285,720 $3.5M Reduce -21.9%
LAUR Laureate Education Inc. 1.25% 111,000 $3.5M New
U Unity Software Inc. 1.21% 85,000 $3.4M Reduce -59.5%
EHC Encompass Health Corp. 1.21% 26,700 $3.4M New
RBA RB Global Inc. 1.21% 31,259 $3.4M No change
CPRI Capri Holdings Ltd. 1.20% 169,676 $3.4M No change
SSNC Ss&c Technologies Holdings 1.10% 34,725 $3.1M No change
AEYE Audioeye Inc. 1.08% 220,000 $3.0M Reduce -15.4%
BTSG Brightspring Health Services 1.07% 101,400 $3.0M New
XPO Xpo Inc. 1.06% 23,000 $3.0M No change
RDNT Radnet Inc. 1.04% 38,189 $2.9M Reduce -28.2%
UBER Uber Technologies Inc. 1.03% 29,500 $2.9M No change
FN Fabrinet 1.02% 7,900 $2.9M No change
CSGP Costar Group Inc. 1.02% 34,000 $2.9M No change
ORN Orion Group Holdings Inc. 1.00% 338,883 $2.8M No change
CDNA Caredx Inc. 0.99% 192,293 $2.8M No change
COMP Compass Inc. Class A 0.99% 347,300 $2.8M New
GPN Global Payments Inc. 0.99% 33,359 $2.8M Add +88.3%
CCL Carnival Corp. 0.98% 95,323 $2.8M Reduce -22.1%
RH RH 0.98% 13,553 $2.8M Reduce -30.9%
UTHR United Therapeutics Corp. 0.98% 6,550 $2.7M Reduce -20.5%
SAH Sonic Automotive Inc. Class A 0.97% 35,800 $2.7M No change
AX Axos Financial Inc. 0.92% 30,624 $2.6M No change
PHR Phreesia Inc. 0.92% 109,534 $2.6M No change
HCA HCA Healthcare Inc. 0.91% 6,000 $2.6M No change
DXCM Dexcom Inc. 0.90% 37,533 $2.5M Reduce -21.0%
TWLO Twilio Inc. Class A 0.89% 25,000 $2.5M Add +78.6%
PD Pagerduty Inc. 0.82% 140,000 $2.3M Add +86.7%
NTRA Natera Inc. 0.82% 14,290 $2.3M No change
PANW Palo Alto Networks Inc. 0.79% 10,946 $2.2M No change
EXFY Expensify Inc. Class A 0.76% 1,150,000 $2.1M No change
TPC Tutor Perini Corp. 0.70% 30,000 $2.0M Reduce -61.2%
OKTA Okta Inc. 0.69% 21,000 $1.9M New
NXT Nextpower Inc. filed as NEXTRACKER INC 0.66% 25,000 $1.8M New
CPA Copa Holdings SA Class A 0.66% 15,500 $1.8M No change
GXO Gxo Logistics Inc. 0.64% 34,000 $1.8M No change
ASAN Asana Inc. Class A 0.62% 130,000 $1.7M Reduce -35.0%
SKYT Skywater Technology Inc. 0.60% 90,000 $1.7M New
LBTYK Liberty Global Ltd. Class C 0.60% 142,702 $1.7M No change
IE Ivanhoe Electric Inc. / US 0.59% 131,198 $1.6M Reduce -47.1%
SNBRQ Sleep Number Corp. 0.58% 231,793 $1.6M Add +1.6%
CWST Casella Waste Systems Inc. Class A 0.58% 17,053 $1.6M No change
KRUS Kura Sushi USA Inc. Class A 0.56% 26,717 $1.6M No change
FCFS Firstcash Holdings Inc. 0.56% 10,000 $1.6M No change
AGX Argan Inc. 0.55% 5,700 $1.5M New
KIDS Orthopediatrics Corp. 0.53% 81,000 $1.5M New
TNDM Tandem Diabetes Care Inc. 0.53% 122,096 $1.5M No change
HOMB Home Bancshares Inc. 0.52% 51,912 $1.5M No change
WIX Wix.com Ltd. 0.49% 7,750 $1.4M No change
TATT Tat Technologies Ltd. 0.48% 30,801 $1.4M Reduce -55.9%
DENN Denny's Corp. 0.48% 258,885 $1.4M Reduce -10.1%
TTEK Tetra Tech Inc. 0.46% 39,050 $1.3M No change
LKQ LKQ Corp. 0.46% 42,300 $1.3M No change
WEX Wex Inc. 0.46% 8,200 $1.3M No change
PAGS Pagseguro Digital Ltd. Class A 0.46% 128,820 $1.3M Reduce -56.2%
EXPE Expedia Group Inc. 0.44% 5,800 $1.2M New
WAL Western Alliance Bancorp 0.43% 13,933 $1.2M Reduce -42.6%
FOUR SHIFT4 Payments Inc. Class A 0.42% 15,326 $1.2M Reduce -11.5%
RVLV Revolve Group Inc. Class A 0.42% 55,000 $1.2M New
DLB Dolby Laboratories Inc. Class A 0.41% 15,900 $1.2M No change
M Macy's Inc. 0.41% 64,000 $1.1M New
EEFT Euronet Worldwide Inc. 0.41% 13,000 $1.1M No change
FOXF Fox Factory Holding Corp. 0.40% 46,506 $1.1M Add +94.1%
LEVI Levi Strauss & Co. Class A 0.39% 47,285 $1.1M No change
UDMY Udemy Inc. 0.38% 152,000 $1.1M New
DG Dollar General Corp. 0.37% 10,100 $1.0M Reduce -37.3%
PCOR Procore Technologies Inc. 0.36% 14,000 $1.0M New
VFC VF Corp. 0.36% 69,513 $1.0M No change
PROF Profound Medical Corp. 0.35% 202,918 $992K Reduce -15.8%
BELFB Bel Fuse Inc. Class B 0.35% 7,000 $987K Add +16.7%
KEX Kirby Corp. 0.35% 11,745 $980K No change
ZIP Ziprecruiter Inc. Class A 0.35% 230,000 $971K New
XPOF Xponential Fitness Inc. Class A 0.34% 124,193 $967K Reduce -3.4%
JBHT Hunt (jb) Transprt SVCS Inc. 0.33% 7,000 $939K No change
VCYT Veracyte Inc. 0.33% 27,000 $927K No change
TIC Tic Solutions Inc. filed as ACUREN CORP 0.32% 67,985 $905K Add +0.2%

Show all 122 holdings

Portfolio Sells Q2 2025 → Q3 2025
MMSI Merit Medical Systems Inc. Sold out 0.00% −0.99
UTI Universal Technical Institut Sold out 0.00% −0.91
LNTH Lantheus Holdings Inc. Sold out 0.00% −0.81
BKSY Blacksky Technology Inc. Sold out 0.00% −0.77
U Unity Software Inc. Reduce -59.5% 1.21% −0.71
TPR Tapestry Inc. Sold out 0.00% −0.69
PHLT Performant Healthcare Inc. Sold out 0.00% −0.68
DXCM Dexcom Inc. Reduce -21.0% 0.90% −0.67
TPC Tutor Perini Corp. Reduce -61.2% 0.70% −0.67
AB Alliancebernstein Holding LP Sold out 0.00% −0.66
PAGS Pagseguro Digital Ltd. Class A Reduce -56.2% 0.46% −0.61
DNN Denison Mines Corp. Sold out 0.00% −0.60
PRO Pros Holdings Inc. Sold out 0.00% −0.59
UNH Unitedhealth Group Inc. Sold out 0.00% −0.57
ARDT Ardent Health Inc. Reduce -64.9% 0.26% −0.56
ARES Ares Management Corp. Class A Sold out 0.00% −0.55
SSYS Stratasys Ltd. Reduce -12.3% 2.27% −0.55
CCJ Cameco Corp. Sold out 0.00% −0.51
HIMX Himax Technologies Inc.-ADR Sold out 0.00% −0.50
SWIM Latham Group Inc. Reduce -25.0% 2.68% −0.50
SNREY Sunrise Communicat Class A Sold out 0.00% −0.48
VST Vistra Corp. Sold out 0.00% −0.46
LULU Lululemon Athletica Inc. Sold out 0.00% −0.45
RH RH Reduce -30.9% 0.98% −0.42
PODD Insulet Corp. Reduce -13.8% 1.65% −0.42
GO Grocery Outlet Holding Corp. Sold out 0.00% −0.41
ASAN Asana Inc. Class A Reduce -35.0% 0.62% −0.40
W Wayfair Inc. Class A Reduce -73.9% 0.25% −0.33
DG Dollar General Corp. Reduce -37.3% 0.37% −0.32
TATT Tat Technologies Ltd. Reduce -55.9% 0.48% −0.32
CCL Carnival Corp. Reduce -22.1% 0.98% −0.32
SMWB Similarweb Ltd. Sold out 0.00% −0.30
WAL Western Alliance Bancorp Reduce -42.6% 0.43% −0.28
RMNI Rimini Street Inc. Sold out 0.00% −0.28
IE Ivanhoe Electric Inc. / US Reduce -47.1% 0.59% −0.26
SEMR Semrush Holdings Inc. Class A Sold out 0.00% −0.26
FOUR SHIFT4 Payments Inc. Class A Reduce -11.5% 0.42% −0.23
LEA Lear Corp. Sold out 0.00% −0.21
PROF Profound Medical Corp. Reduce -15.8% 0.35% −0.18
GENI Genius Sports Ltd. Reduce -21.9% 1.26% −0.18
SJM The JM Smucker Co. Sold out 0.00% −0.11
RDNT Radnet Inc. Reduce -28.2% 1.04% −0.11
BILL Bill Holdings Inc. Reduce -11.4% 1.79% −0.08
PLMR Palomar Holdings Inc. Sold out 0.00% −0.07
AEYE Audioeye Inc. Reduce -15.4% 1.08% −0.06
XPOF Xponential Fitness Inc. Class A Reduce -3.4% 0.34% −0.02
DENN Denny's Corp. Reduce -10.1% 0.48% +0.04
UTHR United Therapeutics Corp. Reduce -20.5% 0.98% +0.08
LAW CS Disco Inc. Reduce -1.2% 1.88% +0.51

Portfolio Buys Q2 2025 → Q3 2025
GLXY Galaxy Digital Inc. Class A New 1.67% +1.67
PACK Ranpak Holdings Corp. Add +219.4% 2.05% +1.62
MNDY Monday.com Ltd. New 1.38% +1.38
LAUR Laureate Education Inc. New 1.25% +1.25
EHC Encompass Health Corp. New 1.21% +1.21
BTSG Brightspring Health Services New 1.07% +1.07
COMP Compass Inc. Class A New 0.99% +0.99
VCTR Victory Capital Holding - A Add +131.8% 1.76% +0.97
TBCH Turtle Beach Corp. Add +122.9% 1.47% +0.86
CECO Ceco Environmental Corp. Add +3.4% 1.93% +0.83
CWAN Clearwater Analytics HDS-A Add +185.7% 1.28% +0.70
OKTA Okta Inc. New 0.69% +0.69
NXT Nextpower Inc. New 0.66% +0.66
SKYT Skywater Technology Inc. New 0.60% +0.60
ALHC Alignment Healthcare Inc. Add +37.0% 1.54% +0.58
AGX Argan Inc. New 0.55% +0.55
KIDS Orthopediatrics Corp. New 0.53% +0.53
BBW Build-A-Bear Workshop Inc. Add +17.0% 1.72% +0.49
GPN Global Payments Inc. Add +88.3% 0.99% +0.45
EXPE Expedia Group Inc. New 0.44% +0.44
RVLV Revolve Group Inc. Class A New 0.42% +0.42
M Macy's Inc. New 0.41% +0.41
PD Pagerduty Inc. Add +86.7% 0.82% +0.39
UDMY Udemy Inc. New 0.38% +0.38
PCOR Procore Technologies Inc. New 0.36% +0.36
ZIP Ziprecruiter Inc. Class A New 0.35% +0.35
JHX James Hardie Ind PLC Add +71.2% 2.58% +0.34
FOR Forestar Group Inc. New 0.30% +0.30
INTC Intel Corp. New 0.30% +0.30
TWLO Twilio Inc. Class A Add +78.6% 0.89% +0.23
ABNB Airbnb Inc. Class A New 0.22% +0.22
HLIO Helios Technologies Inc. New 0.20% +0.20
HQY Healthequity Inc. Add +37.6% 1.37% +0.20
HLLY Holley Inc. New 0.17% +0.17
FOXF Fox Factory Holding Corp. Add +94.1% 0.40% +0.17
ALNT Allient Inc. New 0.16% +0.16
KVYO Klaviyo Inc. Class A New 0.15% +0.15
BELFB Bel Fuse Inc. Class B Add +16.7% 0.35% +0.13
SVV Savers Value Village Inc. New 0.13% +0.13
USAR USA Rare Earth Inc. New 0.12% +0.12
RNG Ringcentral Inc. Class A Add +34.8% 0.23% +0.05
TEAM Atlassian Corp. Class A Add +37.9% 2.27% +0.05
SNBRQ Sleep Number Corp. Add +1.6% 0.58% −0.00
ARCB Arcbest Corp. Add +7.3% 1.66% −0.15
TIC Tic Solutions Inc. Add +0.2% 0.32% −0.19
TTD Trade Desk Inc./the Class A Add +21.0% 1.31% −0.38

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 145$284.3MMU, SWIM, SSYS, COMP, ALHC
Q1 2026 137$221.6MMU, SWIM, SSYS, FOXF, JHX
Q4 2025 125$259.5MMU, SWIM, JHX, LAW, LIND
Q3 2025 122$281.1MSWIM, JHX, TEAM, SSYS, MU
Q2 2025 119$264.7MSWIM, SSYS, UA, JHX, TEAM
Q1 2025 118$246.6MSWIM, SSYS, UA, BILL, W
Q4 2024 115$295.4MSWIM, UA, SNBRQ, SSYS, W
Q3 2024 109$291.2MSWIM, CROX, BBW, W, SNBRQ
Q2 2024 109$275.2MMU, CROX, PAGS, UCTT, SNOW
Q1 2024 112$313.0MPAGS, EVH, PLAY, UCTT, SNBRQ