Formula Growth Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Formula Growth Ltd. reported 125 stock positions worth $259.5 million. Its top holding was Micron Technology (MU) at 3.5% of the portfolio, followed by Latham (SWIM, 2.9%) and James Hardie Ind (JHX, 2.5%). Compared with Q3 2025, it opened 29 new positions, sold out of 26, added to 8 and reduced 52. The biggest buy was a new position in Grid Dynamics (GDYN) and the biggest sale Victory Capital Holding - A (VCTR, shares −59%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001093219
Portfolio Value
$259.5M (Q4 2025)
SEC Filing
0001011438-26-000104 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $259.5M $259.5M Q4 2025 Q1 2026: $221.6M Q1 2026 Q2 2026: $284.3M Q2 2026

Holdings 125 stocks · $259.5M
MU Micron Technology Inc. 3.52% 32,000 $9.1M Reduce -15.8%
SWIM Latham Group Inc. 2.95% 1,205,082 $7.7M Add +21.8%
JHX James Hardie Ind PLC 2.45% 306,840 $6.4M Reduce -18.6%
LAW CS Disco Inc. 2.24% 750,000 $5.8M Reduce -8.5%
LIND Lindblad Expeditions Holding 2.24% 403,591 $5.8M Reduce -3.1%
SSYS Stratasys Ltd. 2.21% 660,000 $5.7M Add +15.8%
PACK Ranpak Holdings Corp. 2.06% 989,527 $5.4M Reduce -3.5%
BILL Bill Holdings Inc. 2.00% 95,000 $5.2M No change
TEAM Atlassian Corp. Class A 1.94% 31,000 $5.0M Reduce -22.5%
ALHC Alignment Healthcare Inc. 1.82% 239,508 $4.7M Reduce -3.5%
COMP Compass Inc. Class A 1.74% 427,300 $4.5M Add +23.0%
RYAAY Ryanair Holdings PLC-SP ADR 1.74% 62,388 $4.5M No change
CECO Ceco Environmental Corp. 1.63% 70,720 $4.2M Reduce -33.1%
CPRI Capri Holdings Ltd. 1.54% 163,376 $4.0M Reduce -3.7%
ARCB Arcbest Corp. 1.45% 50,838 $3.8M Reduce -23.7%
HQY Healthequity Inc. 1.39% 39,400 $3.6M Reduce -2.9%
U Unity Software Inc. 1.36% 80,000 $3.5M Reduce -5.9%
LAUR Laureate Education Inc. 1.34% 103,298 $3.5M Reduce -6.9%
PODD Insulet Corp. 1.32% 12,035 $3.4M Reduce -20.0%
BTSG Brightspring Health Services 1.30% 89,865 $3.4M Reduce -11.4%
XPO Xpo Inc. 1.20% 23,000 $3.1M No change
RBA RB Global Inc. 1.20% 30,263 $3.1M Reduce -3.2%
GENI Genius Sports Ltd. 1.18% 276,720 $3.0M Reduce -3.1%
SSNC Ss&c Technologies Holdings 1.17% 34,725 $3.0M No change
ORN Orion Group Holdings Inc. 1.15% 301,296 $3.0M Reduce -11.1%
GDYN Grid Dynamics Holdings Inc. 1.14% 328,330 $3.0M New
MNDY Monday.com Ltd. 1.14% 20,000 $3.0M No change
FN Fabrinet 1.12% 6,400 $2.9M Reduce -19.0%
UA Under Armour Inc. Class C 1.11% 600,000 $2.9M Reduce -40.0%
UTHR United Therapeutics Corp. 1.05% 5,614 $2.7M Reduce -14.3%
AEYE Audioeye Inc. 1.04% 270,000 $2.7M Add +22.7%
BBW Build-A-Bear Workshop Inc. 1.04% 43,942 $2.7M Reduce -40.9%
RH RH 1.04% 15,000 $2.7M Add +10.7%
AX Axos Financial Inc. 1.02% 30,624 $2.6M No change
CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC 1.01% 25,339 $2.6M Reduce -4.6%
TBCH Turtle Beach Corp. 0.97% 180,075 $2.5M Reduce -30.8%
NTRA Natera Inc. 0.97% 11,018 $2.5M Reduce -22.9%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.94% 182,000 $2.5M New
FSLR First Solar Inc. 0.93% 9,200 $2.4M New
FOXF Fox Factory Holding Corp. 0.92% 139,206 $2.4M Add +199.3%
GPN Global Payments Inc. 0.92% 30,759 $2.4M Reduce -7.8%
HCA HCA Healthcare Inc. 0.90% 5,000 $2.3M Reduce -16.7%
CSGP Costar Group Inc. 0.88% 34,000 $2.3M No change
SAH Sonic Automotive Inc. Class A 0.85% 35,800 $2.2M No change
UBER Uber Technologies Inc. 0.83% 26,500 $2.2M Reduce -10.2%
CWAN Clearwater Analytics HDS-A 0.82% 87,883 $2.1M Reduce -56.1%
GLXY Galaxy Digital Inc. Class A 0.82% 94,772 $2.1M Reduce -31.9%
PANW Palo Alto Networks Inc. 0.78% 10,946 $2.0M No change
VCTR Victory Capital Holding - A 0.76% 31,267 $2.0M Reduce -59.0%
TPC Tutor Perini Corp. 0.75% 29,000 $1.9M Reduce -3.3%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.73% 50,000 $1.9M Reduce -33.3%
CDNA Caredx Inc. 0.73% 100,668 $1.9M Reduce -47.6%
CPA Copa Holdings SA Class A 0.72% 15,500 $1.9M No change
NSP Insperity Inc. 0.70% 46,700 $1.8M New
GXO Gxo Logistics Inc. 0.69% 34,000 $1.8M No change
NOK Nokia Corp.-Spon ADR 0.69% 275,000 $1.8M New
SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD 0.68% 42,224 $1.8M New
OWLT Owlet Inc. 0.66% 105,000 $1.7M New
CWST Casella Waste Systems Inc. Class A 0.64% 17,053 $1.7M No change
ASAN Asana Inc. Class A 0.63% 120,000 $1.6M Reduce -7.7%
EHC Encompass Health Corp. 0.63% 15,434 $1.6M Reduce -42.2%
NXT Nextpower Inc. 0.63% 18,640 $1.6M Reduce -25.4%
PROF Profound Medical Corp. 0.62% 202,918 $1.6M No change
FCFS Firstcash Holdings Inc. 0.61% 10,000 $1.6M No change
LBTYK Liberty Global Ltd. Class C 0.61% 142,702 $1.6M No change
TNDM Tandem Diabetes Care Inc. 0.60% 70,919 $1.6M Reduce -41.9%
NOW ServiceNow Inc. 0.59% 10,000 $1.5M New
TWLO Twilio Inc. Class A 0.59% 10,688 $1.5M Reduce -57.3%
WGS Genedx Holdings Corp. 0.59% 11,684 $1.5M New
AIR Aar Corp. 0.57% 18,000 $1.5M New
HOMB Home Bancshares Inc. 0.56% 51,912 $1.4M No change
AR Antero Resources Corp. 0.54% 41,000 $1.4M New
ARLO Arlo Technologies Inc. 0.54% 100,000 $1.4M New
TATT Tat Technologies Ltd. 0.53% 30,801 $1.4M No change
JBHT Hunt (jb) Transprt SVCS Inc. 0.52% 7,000 $1.4M No change
EXFY Expensify Inc. Class A 0.52% 900,000 $1.4M Reduce -21.7%
PD Pagerduty Inc. 0.51% 100,000 $1.3M Reduce -28.6%
TTEK Tetra Tech Inc. 0.50% 39,050 $1.3M No change
KEX Kirby Corp. 0.50% 11,745 $1.3M No change
LKQ LKQ Corp. 0.49% 42,300 $1.3M No change
PEN Penumbra Inc. 0.49% 4,100 $1.3M New
VUZI Vuzix Corp. 0.48% 330,000 $1.2M New
LULU Lululemon Athletica Inc. 0.48% 6,000 $1.2M New
XPEL Xpel Inc. 0.47% 24,600 $1.2M New
RDNT Radnet Inc. 0.47% 17,176 $1.2M Reduce -55.0%
WEX Wex Inc. 0.47% 8,200 $1.2M No change
VFC VF Corp. 0.46% 65,721 $1.2M Reduce -5.5%
WCC Wesco International Inc. 0.45% 4,800 $1.2M New
ZIP Ziprecruiter Inc. Class A 0.45% 300,000 $1.2M Add +30.4%
VCYT Veracyte Inc. 0.44% 27,000 $1.1M No change
AGX Argan Inc. 0.43% 3,540 $1.1M Reduce -37.9%
FIGS Figs Inc. Class A 0.41% 94,500 $1.1M New
DLB Dolby Laboratories Inc. Class A 0.39% 15,900 $1.0M No change
CVLT Commvault Systems Inc. 0.39% 8,000 $1.0M New
EEFT Euronet Worldwide Inc. 0.38% 13,000 $989K No change
VITL Vital Farms Inc. 0.37% 30,000 $958K New
OKTA Okta Inc. 0.37% 11,000 $951K Reduce -47.6%
DXCM Dexcom Inc. 0.36% 14,046 $932K Reduce -62.6%
VCEL Vericel Corp. 0.36% 25,824 $930K No change
PSN Parsons Corp. 0.36% 15,000 $927K New
FIG Figma Inc. Class A 0.33% 23,000 $860K New
NAVN Navan Inc. Class A 0.33% 50,000 $854K New
KRUS Kura Sushi USA Inc. Class A 0.31% 15,580 $815K Reduce -41.7%
EXPE Expedia Group Inc. 0.30% 2,760 $782K Reduce -52.4%
CMPR Cimpress PLC 0.29% 11,300 $752K No change
MEC Mayville Engineering Co. Inc. 0.29% 40,000 $749K New
TIC Tic Solutions Inc. 0.26% 67,985 $687K No change
ABNB Airbnb Inc. Class A 0.26% 5,000 $679K No change
RNG Ringcentral Inc. Class A 0.26% 23,000 $664K No change
ANF Abercrombie & Fitch Co. Class A 0.25% 5,200 $655K New
RXST Rxsight Inc. 0.24% 60,000 $625K New
IE Ivanhoe Electric Inc. / US 0.23% 37,198 $594K Reduce -71.7%
HLLY Holley Inc. 0.22% 138,520 $572K Reduce -7.7%
RXO Rxo Inc. 0.22% 45,000 $569K No change
UWMC Uwm Holdings Corp. 0.21% 125,000 $548K New
HLIO Helios Technologies Inc. 0.21% 10,010 $535K Reduce -9.0%
CALX Calix Inc. 0.20% 10,000 $529K No change
PCOR Procore Technologies Inc. 0.19% 6,700 $487K Reduce -52.1%
SVV Savers Value Village Inc. 0.16% 45,257 $423K Add +67.6%
BLDR Builders Firstsource Inc. 0.16% 4,000 $412K No change
BIRK Birkenstock Holding PLC 0.16% 10,000 $409K New
IMXI International Money Express 0.13% 22,058 $339K No change
META Meta Platforms Inc. Class A 0.13% 500 $330K No change
SOC Sable Offshore Corp. 0.09% 26,968 $243K New
USAR USA Rare Earth Inc. 0.09% 20,000 $238K No change

Portfolio Sells Q3 2025 → Q4 2025
VCTR Victory Capital Holding - A Reduce -59.0% 0.76% −1.00
CCL Carnival Corp. Sold out 0.00% −0.98
PHR Phreesia Inc. Sold out 0.00% −0.92
GLXY Galaxy Digital Inc. Class A Reduce -31.9% 0.82% −0.86
BBW Build-A-Bear Workshop Inc. Reduce -40.9% 1.04% −0.69
UA Under Armour Inc. Class C Reduce -40.0% 1.11% −0.61
SKYT Skywater Technology Inc. Sold out 0.00% −0.60
SNBRQ Sleep Number Corp. Sold out 0.00% −0.58
TTD Trade Desk Inc./the Class A Reduce -33.3% 0.73% −0.58
EHC Encompass Health Corp. Reduce -42.2% 0.63% −0.58
RDNT Radnet Inc. Reduce -55.0% 0.47% −0.56
DXCM Dexcom Inc. Reduce -62.6% 0.36% −0.54
KIDS Orthopediatrics Corp. Sold out 0.00% −0.53
TBCH Turtle Beach Corp. Reduce -30.8% 0.97% −0.50
WIX Wix.com Ltd. Sold out 0.00% −0.49
DENN Denny's Corp. Sold out 0.00% −0.48
CWAN Clearwater Analytics HDS-A Reduce -56.1% 0.82% −0.47
PAGS Pagseguro Digital Ltd. Class A Sold out 0.00% −0.46
CVSA Covista Inc. Reduce -4.6% 1.01% −0.45
WAL Western Alliance Bancorp Sold out 0.00% −0.43
FOUR SHIFT4 Payments Inc. Class A Sold out 0.00% −0.42
RVLV Revolve Group Inc. Class A Sold out 0.00% −0.42
M Macy's Inc. Sold out 0.00% −0.41
LEVI Levi Strauss & Co. Class A Sold out 0.00% −0.39
UDMY Udemy Inc. Sold out 0.00% −0.38
DG Dollar General Corp. Sold out 0.00% −0.37
IE Ivanhoe Electric Inc. / US Reduce -71.7% 0.23% −0.36
BELFB Bel Fuse Inc. Class B Sold out 0.00% −0.35
XPOF Xponential Fitness Inc. Class A Sold out 0.00% −0.34
TEAM Atlassian Corp. Class A Reduce -22.5% 1.94% −0.34
PODD Insulet Corp. Reduce -20.0% 1.32% −0.33
OKTA Okta Inc. Reduce -47.6% 0.37% −0.32
PD Pagerduty Inc. Reduce -28.6% 0.51% −0.32
TWLO Twilio Inc. Class A Reduce -57.3% 0.59% −0.30
FOR Forestar Group Inc. Sold out 0.00% −0.30
INTC Intel Corp. Sold out 0.00% −0.30
CECO Ceco Environmental Corp. Reduce -33.1% 1.63% −0.29
ARDT Ardent Health Inc. Sold out 0.00% −0.26
CDNA Caredx Inc. Reduce -47.6% 0.73% −0.26
KRUS Kura Sushi USA Inc. Class A Reduce -41.7% 0.31% −0.25
W Wayfair Inc. Class A Sold out 0.00% −0.25
EXFY Expensify Inc. Class A Reduce -21.7% 0.52% −0.23
ARCB Arcbest Corp. Reduce -23.7% 1.45% −0.20
UBER Uber Technologies Inc. Reduce -10.2% 0.83% −0.19
PCOR Procore Technologies Inc. Reduce -52.1% 0.19% −0.18
KLC Kindercare Learning Cos Inc. Sold out 0.00% −0.16
ALNT Allient Inc. Sold out 0.00% −0.16
KVYO Klaviyo Inc. Class A Sold out 0.00% −0.15
EXPE Expedia Group Inc. Reduce -52.4% 0.30% −0.14
BRBR Bellring Brands Inc. Sold out 0.00% −0.14

Portfolio Buys Q3 2025 → Q4 2025
GDYN Grid Dynamics Holdings Inc. New 1.14% +1.14
ORLA Orla Mining Ltd. New 0.94% +0.94
FSLR First Solar Inc. New 0.93% +0.93
COMP Compass Inc. Class A Add +23.0% 1.74% +0.75
NSP Insperity Inc. New 0.70% +0.70
NOK Nokia Corp.-Spon ADR New 0.69% +0.69
SHOO Steven Madden Ltd. New 0.68% +0.68
OWLT Owlet Inc. New 0.66% +0.66
NOW ServiceNow Inc. New 0.59% +0.59
WGS Genedx Holdings Corp. New 0.59% +0.59
AIR Aar Corp. New 0.57% +0.57
AR Antero Resources Corp. New 0.54% +0.54
ARLO Arlo Technologies Inc. New 0.54% +0.54
FOXF Fox Factory Holding Corp. Add +199.3% 0.92% +0.52
PEN Penumbra Inc. New 0.49% +0.49
VUZI Vuzix Corp. New 0.48% +0.48
LULU Lululemon Athletica Inc. New 0.48% +0.48
XPEL Xpel Inc. New 0.47% +0.47
WCC Wesco International Inc. New 0.45% +0.45
FIGS Figs Inc. Class A New 0.41% +0.41
CVLT Commvault Systems Inc. New 0.39% +0.39
VITL Vital Farms Inc. New 0.37% +0.37
PSN Parsons Corp. New 0.36% +0.36
FIG Figma Inc. Class A New 0.33% +0.33
NAVN Navan Inc. Class A New 0.33% +0.33
MEC Mayville Engineering Co. Inc. New 0.29% +0.29
SWIM Latham Group Inc. Add +21.8% 2.95% +0.27
ANF Abercrombie & Fitch Co. Class A New 0.25% +0.25
RXST Rxsight Inc. New 0.24% +0.24
UWMC Uwm Holdings Corp. New 0.21% +0.21
BIRK Birkenstock Holding PLC New 0.16% +0.16
ZIP Ziprecruiter Inc. Class A Add +30.4% 0.45% +0.11
SOC Sable Offshore Corp. New 0.09% +0.09
RH RH Add +10.7% 1.04% +0.06
SVV Savers Value Village Inc. Add +67.6% 0.16% +0.04
AEYE Audioeye Inc. Add +22.7% 1.04% −0.05
SSYS Stratasys Ltd. Add +15.8% 2.21% −0.06

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