Formula Growth Ltd.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Formula Growth Ltd. reported 137 stock positions worth $221.6 million. Its top holding was Micron Technology (MU) at 3.2% of the portfolio, followed by Latham (SWIM, 3.0%) and Stratasys (SSYS, 2.8%). Compared with Q4 2025, it opened 35 new positions, sold out of 23, added to 19 and reduced 45. The biggest buy was a new position in Modine Manufacturing (MOD) and the biggest sale Lindblad Expeditions (LIND, shares −86%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001093219
- Portfolio Value
- $221.6M (Q1 2026)
- SEC Filing
- 0001011438-26-000309 ↗ filed May 14, 2026
Holdings Value
Holdings 137 stocks · $221.6M
| MU Micron Technology Inc. | 3.20% | 21,000 | $7.1M | Reduce -34.4% |
| SWIM Latham Group Inc. | 3.04% | 1,255,082 | $6.7M | Add +4.2% |
| SSYS Stratasys Ltd. | 2.82% | 800,000 | $6.2M | Add +21.2% |
| FOXF Fox Factory Holding Corp. | 2.07% | 279,206 | $4.6M | Add +100.6% |
| JHX James Hardie Ind PLC | 2.02% | 236,840 | $4.5M | Reduce -22.8% |
| XPO Xpo Inc. | 2.02% | 23,000 | $4.5M | No change |
| ALHC Alignment Healthcare Inc. | 1.90% | 239,208 | $4.2M | Reduce -0.1% |
| COMP Compass Inc. Class A | 1.87% | 567,300 | $4.1M | Add +32.8% |
| NOK Nokia Corp.-Spon ADR | 1.72% | 475,000 | $3.8M | Add +72.7% |
| CECO Ceco Environmental Corp. | 1.68% | 62,344 | $3.7M | Reduce -11.8% |
| RYAAY Ryanair Holdings PLC-SP ADR | 1.63% | 62,388 | $3.6M | No change |
| FN Fabrinet | 1.51% | 6,400 | $3.3M | No change |
| ORN Orion Group Holdings Inc. | 1.46% | 297,696 | $3.2M | Reduce -1.2% |
| MOD Modine Manufacturing Co. | 1.44% | 14,700 | $3.2M | New |
| UTHR United Therapeutics Corp. | 1.43% | 5,356 | $3.2M | Reduce -4.6% |
| LULU Lululemon Athletica Inc. | 1.38% | 20,000 | $3.1M | Add +233.3% |
| LAW CS Disco Inc. | 1.38% | 800,000 | $3.1M | Add +6.7% |
| BTSG Brightspring Health Services | 1.34% | 69,678 | $3.0M | Reduce -22.5% |
| KVYO Klaviyo Inc. Class A | 1.32% | 150,000 | $2.9M | New |
| CVSA Covista Inc. | 1.32% | 25,304 | $2.9M | Reduce -0.1% |
| HQY Healthequity Inc. | 1.30% | 34,552 | $2.9M | Reduce -12.3% |
| BILL Bill Holdings Inc. | 1.30% | 75,000 | $2.9M | Reduce -21.1% |
| U Unity Software Inc. | 1.29% | 130,000 | $2.9M | Add +62.5% |
| EQPT Equipmentshare.com Inc. Class A | 1.26% | 136,950 | $2.8M | New |
| RBA RB Global Inc. | 1.20% | 27,708 | $2.7M | Reduce -8.4% |
| AX Axos Financial Inc. | 1.18% | 30,624 | $2.6M | No change |
| PODD Insulet Corp. | 1.14% | 12,029 | $2.5M | Reduce -0.1% |
| PACK Ranpak Holdings Corp. | 1.12% | 694,527 | $2.5M | Reduce -29.8% |
| SAH Sonic Automotive Inc. Class A | 1.11% | 35,800 | $2.5M | No change |
| FPS Forgent Power Solutions Class A | 1.09% | 82,852 | $2.4M | New |
| HCA HCA Healthcare Inc. | 1.07% | 5,000 | $2.4M | No change |
| SSNC Ss&c Technologies Holdings | 1.06% | 34,725 | $2.3M | No change |
| UA Under Armour Inc. Class C | 1.05% | 400,000 | $2.3M | Reduce -33.3% |
| AIR Aar Corp. | 1.04% | 20,974 | $2.3M | Add +16.5% |
| NXT Nextpower Inc. | 1.01% | 18,603 | $2.2M | Reduce -0.2% |
| TPC Tutor Perini Corp. | 1.01% | 28,962 | $2.2M | Reduce -0.1% |
| MDB Mongodb Inc. | 0.99% | 9,000 | $2.2M | New |
| ARLO Arlo Technologies Inc. | 0.90% | 140,000 | $2.0M | Add +40.0% |
| UBER Uber Technologies Inc. | 0.86% | 26,500 | $1.9M | No change |
| FCFS Firstcash Holdings Inc. | 0.85% | 10,000 | $1.9M | No change |
| CALX Calix Inc. | 0.84% | 38,000 | $1.9M | Add +280.0% |
| NAVN Navan Inc. Class A | 0.84% | 140,000 | $1.9M | Add +180.0% |
| ARCB Arcbest Corp. | 0.84% | 18,838 | $1.9M | Reduce -63.0% |
| LAUR Laureate Education Inc. | 0.84% | 53,177 | $1.9M | Reduce -48.5% |
| RH RH | 0.82% | 13,000 | $1.8M | Reduce -13.3% |
| NSP Insperity Inc. | 0.81% | 66,700 | $1.8M | Add +42.8% |
| MEC Mayville Engineering Co. Inc. | 0.81% | 100,000 | $1.8M | Add +150.0% |
| GXO Gxo Logistics Inc. | 0.80% | 34,000 | $1.8M | No change |
| CPA Copa Holdings SA Class A | 0.79% | 15,500 | $1.8M | No change |
| PANW Palo Alto Networks Inc. | 0.79% | 10,946 | $1.8M | No change |
| LBTYK Liberty Global Ltd. Class C | 0.76% | 142,702 | $1.7M | No change |
| PROF Profound Medical Corp. | 0.71% | 241,138 | $1.6M | Add +18.8% |
| KEX Kirby Corp. | 0.70% | 11,745 | $1.6M | No change |
| PSN Parsons Corp. | 0.67% | 27,500 | $1.5M | Add +83.3% |
| JBHT Hunt (jb) Transprt SVCS Inc. | 0.67% | 7,000 | $1.5M | No change |
| INSM Insmed Inc. | 0.66% | 9,000 | $1.5M | New |
| GDYN Grid Dynamics Holdings Inc. | 0.65% | 252,941 | $1.4M | Reduce -23.0% |
| HOMB Home Bancshares Inc. | 0.63% | 51,912 | $1.4M | No change |
| CSGP Costar Group Inc. | 0.62% | 34,000 | $1.4M | No change |
| CDNA Caredx Inc. | 0.61% | 78,478 | $1.4M | Reduce -22.0% |
| TNDM Tandem Diabetes Care Inc. | 0.61% | 70,828 | $1.4M | Reduce -0.1% |
| CWST Casella Waste Systems Inc. Class A | 0.61% | 17,053 | $1.4M | No change |
| TWLO Twilio Inc. Class A | 0.61% | 10,688 | $1.3M | No change |
| BBW Build-A-Bear Workshop Inc. | 0.59% | 35,142 | $1.3M | Reduce -20.0% |
| WDAY Workday Inc. Class A | 0.59% | 10,000 | $1.3M | New |
| AEYE Audioeye Inc. | 0.57% | 200,000 | $1.3M | Reduce -25.9% |
| ABNB Airbnb Inc. Class A | 0.57% | 10,000 | $1.3M | Add +100.0% |
| WEX Wex Inc. | 0.57% | 8,200 | $1.3M | No change |
| TATT Tat Technologies Ltd. | 0.56% | 30,801 | $1.3M | No change |
| LKQ LKQ Corp. | 0.56% | 42,300 | $1.2M | No change |
| TEAM Atlassian Corp. Class A | 0.55% | 18,000 | $1.2M | Reduce -41.9% |
| GENI Genius Sports Ltd. | 0.55% | 276,355 | $1.2M | Reduce -0.1% |
| LNTH Lantheus Holdings Inc. | 0.55% | 16,000 | $1.2M | New |
| FSLR First Solar Inc. | 0.54% | 6,094 | $1.2M | Reduce -33.8% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.54% | 74,000 | $1.2M | Reduce -59.3% |
| TTEK Tetra Tech Inc. | 0.53% | 39,050 | $1.2M | No change |
| CSTL Castle Biosciences Inc. | 0.51% | 46,000 | $1.1M | New |
| ROAD Construction Partners Inc. Class A | 0.50% | 10,000 | $1.1M | New |
| BRBR Bellring Brands Inc. | 0.47% | 65,000 | $1.0M | New |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.46% | 30,000 | $1.0M | New |
| EHC Encompass Health Corp. | 0.45% | 10,403 | $1.0M | Reduce -32.6% |
| LIND Lindblad Expeditions Holding | 0.43% | 55,591 | $962K | Reduce -86.2% |
| RDNT Radnet Inc. | 0.43% | 17,176 | $960K | No change |
| DLB Dolby Laboratories Inc. Class A | 0.43% | 15,900 | $955K | No change |
| APO Apollo Global Management Inc. | 0.43% | 8,500 | $947K | New |
| WCC Wesco International Inc. | 0.41% | 3,300 | $903K | Reduce -31.3% |
| MANE Veradermics Inc. | 0.40% | 14,000 | $884K | New |
| VCTR Victory Capital Holding - A | 0.40% | 13,426 | $879K | Reduce -57.1% |
| DXCM Dexcom Inc. | 0.39% | 13,856 | $870K | Reduce -1.4% |
| VCYT Veracyte Inc. | 0.39% | 27,000 | $870K | No change |
| EEFT Euronet Worldwide Inc. | 0.39% | 13,000 | $863K | No change |
| GPN Global Payments Inc. | 0.39% | 12,759 | $859K | Reduce -58.5% |
| RNG Ringcentral Inc. Class A | 0.39% | 23,000 | $855K | No change |
| AGYS Agilysys Inc. | 0.39% | 12,000 | $854K | New |
| VCEL Vericel Corp. | 0.37% | 25,824 | $831K | No change |
| CMPR Cimpress PLC | 0.37% | 11,300 | $825K | No change |
| EYE National Vision Holdings Inc. | 0.37% | 31,300 | $811K | New |
| ICLR Icon PLC | 0.35% | 7,000 | $775K | New |
| EXFY Expensify Inc. Class A | 0.35% | 890,000 | $774K | Reduce -1.1% |
| HUBS HubSpot Inc. | 0.33% | 3,000 | $732K | New |
Portfolio Sells Q4 2025 → Q1 2026
| LIND Lindblad Expeditions Holding | Reduce -86.2% | 0.43% | −1.81 |
| CPRI Capri Holdings Ltd. | Sold out | 0.00% | −1.54 |
| TEAM Atlassian Corp. Class A | Reduce -41.9% | 0.55% | −1.38 |
| MNDY Monday.com Ltd. | Sold out | 0.00% | −1.14 |
| NTRA Natera Inc. | Sold out | 0.00% | −0.97 |
| PACK Ranpak Holdings Corp. | Reduce -29.8% | 1.12% | −0.94 |
| CWAN Clearwater Analytics HDS-A | Sold out | 0.00% | −0.82 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.73 |
| TBCH Turtle Beach Corp. | Reduce -69.4% | 0.25% | −0.72 |
| BILL Bill Holdings Inc. | Reduce -21.1% | 1.30% | −0.70 |
| SHOO Steven Madden Ltd. | Sold out | 0.00% | −0.68 |
| GLXY Galaxy Digital Inc. Class A | Reduce -80.2% | 0.16% | −0.66 |
| OWLT Owlet Inc. | Sold out | 0.00% | −0.66 |
| ASAN Asana Inc. Class A | Sold out | 0.00% | −0.63 |
| GENI Genius Sports Ltd. | Reduce -0.1% | 0.55% | −0.62 |
| ARCB Arcbest Corp. | Reduce -63.0% | 0.84% | −0.62 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.59 |
| WGS Genedx Holdings Corp. | Sold out | 0.00% | −0.59 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.54 |
| GPN Global Payments Inc. | Reduce -58.5% | 0.39% | −0.53 |
| LAUR Laureate Education Inc. | Reduce -48.5% | 0.84% | −0.50 |
| GDYN Grid Dynamics Holdings Inc. | Reduce -23.0% | 0.65% | −0.49 |
| PEN Penumbra Inc. | Sold out | 0.00% | −0.49 |
| AEYE Audioeye Inc. | Reduce -25.9% | 0.57% | −0.46 |
| VFC VF Corp. | Sold out | 0.00% | −0.46 |
| BBW Build-A-Bear Workshop Inc. | Reduce -20.0% | 0.59% | −0.44 |
| JHX James Hardie Ind PLC | Reduce -22.8% | 2.02% | −0.43 |
| AGX Argan Inc. | Sold out | 0.00% | −0.43 |
| ORLA Orla Mining Ltd. | Reduce -59.3% | 0.54% | −0.41 |
| CVLT Commvault Systems Inc. | Sold out | 0.00% | −0.39 |
| FSLR First Solar Inc. | Reduce -33.8% | 0.54% | −0.38 |
| VCTR Victory Capital Holding - A | Reduce -57.1% | 0.40% | −0.36 |
| FIG Figma Inc. Class A | Sold out | 0.00% | −0.33 |
| VUZI Vuzix Corp. | Reduce -54.5% | 0.16% | −0.32 |
| MU Micron Technology Inc. | Reduce -34.4% | 3.20% | −0.32 |
| XPEL Xpel Inc. | Reduce -64.2% | 0.18% | −0.30 |
| ANF Abercrombie & Fitch Co. Class A | Sold out | 0.00% | −0.25 |
| RXST Rxsight Inc. | Sold out | 0.00% | −0.24 |
| RH RH | Reduce -13.3% | 0.82% | −0.22 |
| UWMC Uwm Holdings Corp. | Sold out | 0.00% | −0.21 |
| HLIO Helios Technologies Inc. | Sold out | 0.00% | −0.21 |
| VITL Vital Farms Inc. | Reduce -6.7% | 0.18% | −0.19 |
| PCOR Procore Technologies Inc. | Sold out | 0.00% | −0.19 |
| PODD Insulet Corp. | Reduce -0.1% | 1.14% | −0.18 |
| EHC Encompass Health Corp. | Reduce -32.6% | 0.45% | −0.18 |
| EXFY Expensify Inc. Class A | Reduce -1.1% | 0.35% | −0.17 |
| BIRK Birkenstock Holding PLC | Sold out | 0.00% | −0.16 |
| IE Ivanhoe Electric Inc. / US | Reduce -50.0% | 0.10% | −0.13 |
| CDNA Caredx Inc. | Reduce -22.0% | 0.61% | −0.12 |
| SOC Sable Offshore Corp. | Sold out | 0.00% | −0.09 |
Portfolio Buys Q4 2025 → Q1 2026
| MOD Modine Manufacturing Co. | New | 1.44% | +1.44 |
| KVYO Klaviyo Inc. Class A | New | 1.32% | +1.32 |
| EQPT Equipmentshare.com Inc. Class A | New | 1.26% | +1.26 |
| FOXF Fox Factory Holding Corp. | Add +100.6% | 2.07% | +1.16 |
| FPS Forgent Power Solutions Class A | New | 1.09% | +1.09 |
| NOK Nokia Corp.-Spon ADR | Add +72.7% | 1.72% | +1.04 |
| MDB Mongodb Inc. | New | 0.99% | +0.99 |
| LULU Lululemon Athletica Inc. | Add +233.3% | 1.38% | +0.90 |
| INSM Insmed Inc. | New | 0.66% | +0.66 |
| CALX Calix Inc. | Add +280.0% | 0.84% | +0.64 |
| SSYS Stratasys Ltd. | Add +21.2% | 2.82% | +0.61 |
| WDAY Workday Inc. Class A | New | 0.59% | +0.59 |
| LNTH Lantheus Holdings Inc. | New | 0.55% | +0.55 |
| MEC Mayville Engineering Co. Inc. | Add +150.0% | 0.81% | +0.52 |
| CSTL Castle Biosciences Inc. | New | 0.51% | +0.51 |
| NAVN Navan Inc. Class A | Add +180.0% | 0.84% | +0.51 |
| ROAD Construction Partners Inc. Class A | New | 0.50% | +0.50 |
| BRBR Bellring Brands Inc. | New | 0.47% | +0.47 |
| AIR Aar Corp. | Add +16.5% | 1.04% | +0.46 |
| ONON On Holding AG Class A | New | 0.46% | +0.46 |
| APO Apollo Global Management Inc. | New | 0.43% | +0.43 |
| MANE Veradermics Inc. | New | 0.40% | +0.40 |
| AGYS Agilysys Inc. | New | 0.39% | +0.39 |
| EYE National Vision Holdings Inc. | New | 0.37% | +0.37 |
| ARLO Arlo Technologies Inc. | Add +40.0% | 0.90% | +0.36 |
| ICLR Icon PLC | New | 0.35% | +0.35 |
| HUBS HubSpot Inc. | New | 0.33% | +0.33 |
| HYMC Hycroft Mining Holding Co. Class A | New | 0.32% | +0.32 |
| PSN Parsons Corp. | Add +83.3% | 0.67% | +0.32 |
| CLBT Cellebrite Di Ltd. | New | 0.31% | +0.31 |
| ABNB Airbnb Inc. Class A | Add +100.0% | 0.57% | +0.31 |
| TRI Thomson Reuters Corp. | New | 0.30% | +0.30 |
| PLSE Pulse Biosciences Inc. | New | 0.29% | +0.29 |
| TGT Target Corp. | New | 0.29% | +0.29 |
| EVER Everquote Inc. Class A | New | 0.28% | +0.28 |
| GLOB Globant SA | New | 0.27% | +0.27 |
| CBLL Ceribell Inc. | New | 0.26% | +0.26 |
| ESOA Energy Services of America | New | 0.25% | +0.25 |
| EVH Evolent Health Inc. Class A | New | 0.22% | +0.22 |
| MTN Vail Resorts Inc. | New | 0.17% | +0.17 |
| OKLO Oklo Inc. | New | 0.17% | +0.17 |
| SONO Sonos Inc. | New | 0.16% | +0.16 |
| BANC Banc of California Inc. | New | 0.13% | +0.13 |
| PSTL Postal Realty Trust Inc. Class A | New | 0.13% | +0.13 |
| COMP Compass Inc. Class A | Add +32.8% | 1.87% | +0.13 |
| NSP Insperity Inc. | Add +42.8% | 0.81% | +0.12 |
| SWIM Latham Group Inc. | Add +4.2% | 3.04% | +0.09 |
| TLSI Trisalus Life Sciences Inc. | New | 0.09% | +0.09 |
| PROF Profound Medical Corp. | Add +18.8% | 0.71% | +0.09 |
| MDA Mda Space Ltd. | New | 0.06% | +0.06 |
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 |