Grandeur Peak Global Advisors, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Grandeur Peak Global Advisors, LLC reported 112 stock positions worth $901.8 million. Its top holding was Jfrog (FROG) at 6.7% of the portfolio, followed by Marex UK (MRX, 5.1%) and BBB Foods Class A (TBBB, 4.8%). Compared with Q4 2024, it opened 5 new positions, sold out of 19, added to 39 and reduced 59. The biggest buy was Bruker (BRKR, shares +1677%) and the biggest sale Lululemon Athletica (LULU, shares −32%).
- Most Recent 13F
- Q2 2026
- Location
- SALT LAKE CITY, UT
- CIK
- 0001569137
- Portfolio Value
- $901.8M (Q1 2025)
- SEC Filing
- 0001569137-25-000004 ↗ filed May 15, 2025
Holdings Value
Holdings 112 stocks · $901.8M
| FROG Jfrog Ltd. | 6.72% | 1,892,767 | $60.6M | Reduce -22.4% |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 5.07% | 1,295,176 | $45.7M | Add +19.2% |
| TBBB BBB Foods Inc. Class A | 4.76% | 1,610,159 | $43.0M | Add +14.0% |
| LULU Lululemon Athletica Inc. | 4.68% | 149,202 | $42.2M | Reduce -31.5% |
| CYBR Cyberark Software Ltd./Israel | 4.67% | 124,616 | $42.1M | Reduce -5.2% |
| MPWR Monolithic Power Systems Inc. | 4.65% | 72,264 | $41.9M | Add +16.3% |
| ICLR Icon PLC | 4.64% | 239,042 | $41.8M | Add +64.5% |
| GLOB Globant SA | 4.09% | 313,147 | $36.9M | Reduce -7.8% |
| BRKR Bruker Corp. | 3.32% | 718,102 | $30.0M | Add +1677.3% |
| ESTC Elastic NV | 2.96% | 299,332 | $26.7M | Reduce -24.6% |
| DSGX The Descartes Systems Grp | 2.93% | 262,825 | $26.5M | Add +9.6% |
| LFUS Littelfuse Inc. | 2.66% | 122,013 | $24.0M | Reduce -18.6% |
| PAX Patria Investments Ltd. Class A | 2.03% | 1,624,420 | $18.3M | Reduce -28.8% |
| NVT Nvent Electric PLC | 1.86% | 320,848 | $16.8M | Add +34.2% |
| STN Stantec Inc. | 1.78% | 193,900 | $16.1M | Reduce -6.2% |
| RPC Ridgepost Capital Inc. Class A filed as P10 INC | 1.63% | 1,254,465 | $14.7M | Reduce -1.1% |
| CNM Core & Main Inc. Class A | 1.49% | 277,325 | $13.4M | Reduce -17.6% |
| NET Cloudflare Inc. Class A | 1.44% | 115,526 | $13.0M | Reduce -55.2% |
| GO Grocery Outlet Holding Corp. | 1.43% | 923,072 | $12.9M | Add +2.7% |
| PRIM Primoris Services Corp. | 1.22% | 191,060 | $11.0M | Add +9.2% |
| PWP Perella Weinberg Partners | 1.21% | 592,553 | $10.9M | Reduce -3.4% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 1.21% | 328,473 | $10.9M | Reduce -3.6% |
| HQY Healthequity Inc. | 1.16% | 118,545 | $10.5M | Reduce -9.1% |
| CWAN Clearwater Analytics HDS-A | 1.15% | 388,603 | $10.4M | Reduce -9.1% |
| SPSC SPS Commerce Inc. | 1.12% | 75,975 | $10.1M | Add +52.4% |
| FIVE Five Below | 1.03% | 124,374 | $9.3M | Reduce -6.2% |
| BURL Burlington Stores Inc. | 0.99% | 37,429 | $8.9M | Reduce -16.9% |
| ALG Alamo Group Inc. | 0.95% | 48,008 | $8.6M | Reduce -20.0% |
| DAVA Endava PLC- Spon ADR | 0.87% | 400,205 | $7.8M | Reduce -7.8% |
| SLAB Silicon Laboratories Inc. | 0.85% | 68,369 | $7.7M | Reduce -34.4% |
| EPAC Enerpac Tool Group Corp. | 0.85% | 170,309 | $7.6M | Reduce -18.3% |
| IBP Installed Building Products | 0.84% | 44,160 | $7.6M | New |
| HCKT The Hackett Group Inc. | 0.84% | 257,823 | $7.5M | Reduce -2.2% |
| MAMA Mama's Creations Inc. | 0.77% | 1,066,924 | $6.9M | Add +126.6% |
| PNTG The Pennant Group Inc. | 0.75% | 268,659 | $6.8M | Add +10.2% |
| NVEE NV5 Global Inc. | 0.74% | 345,602 | $6.7M | Reduce -12.0% |
| ENSG The Ensign Group Inc. | 0.73% | 50,767 | $6.6M | Reduce -25.1% |
| DOCN Digitalocean Holdings Inc. | 0.71% | 192,318 | $6.4M | Reduce -26.1% |
| MKTX Marketaxess Holdings Inc. | 0.69% | 28,621 | $6.2M | Add +175.9% |
| NEOG Neogen Corp. | 0.68% | 703,385 | $6.1M | Add +210.9% |
| ESQ Esquire Financial Holdings I | 0.67% | 80,041 | $6.0M | Reduce -3.5% |
| MEDP Medpace Holdings Inc. | 0.62% | 18,288 | $5.6M | Reduce -35.3% |
| GSHD Goosehead Insurance Inc. Class A | 0.62% | 46,999 | $5.5M | Reduce -27.3% |
| GIC Global Industrial Co. | 0.61% | 246,963 | $5.5M | Add +11.6% |
| TXRH Texas Roadhouse Inc. | 0.60% | 32,524 | $5.4M | Add +0.9% |
| QLYS Qualys Inc. | 0.59% | 42,371 | $5.3M | Reduce -24.3% |
| BOOT Boot Barn Holdings Inc. | 0.57% | 47,796 | $5.1M | Reduce -0.8% |
| GNTX Gentex Corp. | 0.57% | 219,781 | $5.1M | Add +267.7% |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.55% | 219,190 | $5.0M | Reduce -16.9% |
| RYAN Ryan Specialty Holdings Inc. | 0.54% | 65,945 | $4.9M | Add +0.0% |
| PJT PJT Partners Inc. Class A | 0.53% | 34,949 | $4.8M | Reduce -2.9% |
| UPWK Upwork Inc. | 0.53% | 365,115 | $4.8M | Add +62.9% |
| TW Tradeweb Markets Inc. Class A | 0.52% | 31,714 | $4.7M | Reduce -19.7% |
| MOD Modine Manufacturing Co. | 0.51% | 60,275 | $4.6M | Add +40.8% |
| SKX Skechers USA Inc. Class A | 0.46% | 73,442 | $4.2M | Reduce -5.2% |
| KLIC Kulicke & Soffa Industries | 0.44% | 121,148 | $4.0M | No change |
| ARES Ares Management Corp. Class A | 0.44% | 26,850 | $3.9M | Reduce -27.7% |
| ZS Zscaler Inc. | 0.42% | 19,022 | $3.8M | Reduce -27.3% |
| BWMN Bowman Consulting Group Ltd. | 0.38% | 156,759 | $3.4M | Reduce -1.6% |
| TPG TPG Inc. | 0.37% | 69,871 | $3.3M | Add +42.1% |
| SITM Sitime Corp. | 0.35% | 20,738 | $3.2M | Reduce -27.8% |
| BBSI Barrett Business SVCS Inc. | 0.35% | 76,544 | $3.1M | Reduce -8.0% |
| MANH Manhattan Associates Inc. | 0.34% | 17,504 | $3.0M | Add +41.8% |
| VVV Valvoline Inc. | 0.33% | 85,424 | $3.0M | New |
| IDXX Idexx Laboratories Inc. | 0.32% | 6,843 | $2.9M | Add +10.2% |
| TREX Trex Company Inc. | 0.32% | 49,052 | $2.8M | Add +34.9% |
| TECH Bio-Techne Corp. | 0.31% | 48,375 | $2.8M | Add +843.9% |
| DG Dollar General Corp. | 0.31% | 31,383 | $2.8M | Add +7.3% |
| WAL Western Alliance Bancorp | 0.30% | 34,639 | $2.7M | No change |
| RXST Rxsight Inc. | 0.28% | 99,179 | $2.5M | Add +17.3% |
| DT Dynatrace Inc. | 0.27% | 51,898 | $2.4M | Add +565.2% |
| DXCM Dexcom Inc. | 0.24% | 31,316 | $2.1M | Reduce -50.6% |
| REXR Rexford Industrial Realty Inc. | 0.23% | 53,657 | $2.1M | Reduce -52.4% |
| HLI Houlihan Lokey Inc. | 0.21% | 11,997 | $1.9M | Add +5.7% |
| BUR Burford Capital Ltd. | 0.21% | 142,966 | $1.9M | Reduce -18.2% |
| ABX Abacus Global Management Inc. | 0.16% | 193,201 | $1.4M | New |
| BRBR Bellring Brands Inc. | 0.16% | 18,884 | $1.4M | New |
| FORM Formfactor Inc. | 0.15% | 48,698 | $1.4M | Reduce -46.2% |
| FRPT Freshpet Inc. | 0.15% | 15,966 | $1.3M | Add +382.9% |
| HLNE Hamilton Lane Inc. Class A | 0.14% | 8,605 | $1.3M | Reduce -44.5% |
| PLBC Plumas Bancorp | 0.14% | 29,339 | $1.3M | Add +10.0% |
| PWR Quanta Services Inc. | 0.13% | 4,772 | $1.2M | Add +42.2% |
| MSCI MSCI Inc. | 0.13% | 2,110 | $1.2M | Add +5.3% |
| MBUU Malibu Boats Inc. Class A | 0.13% | 38,105 | $1.2M | Add +0.5% |
| OLLI Ollie's Bargain Outlet Holdi | 0.13% | 9,913 | $1.2M | Reduce -87.2% |
| MORN Morningstar Inc. | 0.13% | 3,815 | $1.1M | Reduce -41.3% |
| SHLS Shoals Technologies Group -A | 0.10% | 283,154 | $940K | Reduce -34.4% |
| HDB HDFC Bank Ltd.-ADR | 0.10% | 13,554 | $901K | Reduce -84.8% |
| MRVL Marvell Technology Inc. | 0.09% | 13,626 | $839K | Add +40.6% |
| LOAR Loar Holdings Inc. | 0.09% | 11,473 | $811K | Add +15.2% |
| NSP Insperity Inc. | 0.09% | 8,866 | $791K | Reduce -79.5% |
| ULTA Ulta Beauty Inc. | 0.09% | 2,157 | $791K | Reduce -38.0% |
| STVN Stevanato Group SPA | 0.09% | 37,587 | $768K | Reduce -95.2% |
| OWL Blue Owl Capital Inc. | 0.07% | 30,241 | $606K | Reduce -54.9% |
| KRUS Kura Sushi USA Inc. Class A | 0.07% | 11,667 | $597K | New |
| IRMD Iradimed Corp. | 0.07% | 11,273 | $592K | Add +115.5% |
| BELFB Bel Fuse Inc. Class B | 0.06% | 7,406 | $554K | No change |
| CPNG Coupang Inc. | 0.06% | 24,341 | $534K | Reduce -73.2% |
| WIX Wix.com Ltd. | 0.06% | 3,077 | $503K | No change |
| MNDY Monday.com Ltd. | 0.06% | 2,057 | $500K | Reduce -12.5% |
Portfolio Sells Q4 2024 → Q1 2025
| LULU Lululemon Athletica Inc. | Reduce -31.5% | 4.68% | −2.71 |
| GLOB Globant SA | Reduce -7.8% | 4.09% | −2.37 |
| STVN Stevanato Group SPA | Reduce -95.2% | 0.09% | −1.42 |
| QGEN Qiagen NV | Reduce -99.0% | 0.02% | −1.40 |
| NET Cloudflare Inc. Class A | Reduce -55.2% | 1.44% | −1.02 |
| ATRC Atricure Inc. | Sold out | 0.00% | −0.66 |
| OLLI Ollie's Bargain Outlet Holdi | Reduce -87.2% | 0.13% | −0.63 |
| ESTC Elastic NV | Reduce -24.6% | 2.96% | −0.53 |
| VINP Vinci Compass Investments LT | Sold out | 0.00% | −0.52 |
| CRL Charles River Laboratories | Sold out | 0.00% | −0.49 |
| LFUS Littelfuse Inc. | Reduce -18.6% | 2.66% | −0.47 |
| HRI Herc Holdings Inc. | Sold out | 0.00% | −0.44 |
| HDB HDFC Bank Ltd.-ADR | Reduce -84.8% | 0.10% | −0.41 |
| DAVA Endava PLC- Spon ADR | Reduce -7.8% | 0.87% | −0.32 |
| PD Pagerduty Inc. | Sold out | 0.00% | −0.32 |
| PAX Patria Investments Ltd. Class A | Reduce -28.8% | 2.03% | −0.32 |
| EME Emcor Group Inc. | Sold out | 0.00% | −0.30 |
| SLAB Silicon Laboratories Inc. | Reduce -34.4% | 0.85% | −0.30 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.24 |
| MEDP Medpace Holdings Inc. | Reduce -35.3% | 0.62% | −0.22 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.21 |
| NSP Insperity Inc. | Reduce -79.5% | 0.09% | −0.21 |
| FIVE Five Below | Reduce -6.2% | 1.03% | −0.20 |
| FORM Formfactor Inc. | Reduce -46.2% | 0.15% | −0.20 |
| DXCM Dexcom Inc. | Reduce -50.6% | 0.24% | −0.20 |
| SITM Sitime Corp. | Reduce -27.8% | 0.35% | −0.20 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.17 |
| WHD Cactus Inc. Class A | Sold out | 0.00% | −0.17 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.16 |
| REXR Rexford Industrial Realty Inc. | Reduce -52.4% | 0.23% | −0.15 |
| BURL Burlington Stores Inc. | Reduce -16.9% | 0.99% | −0.15 |
| ARES Ares Management Corp. Class A | Reduce -27.7% | 0.44% | −0.15 |
| GWW WW Grainger Inc. | Sold out | 0.00% | −0.13 |
| CPNG Coupang Inc. | Reduce -73.2% | 0.06% | −0.12 |
| HCSG Healthcare Services Group | Sold out | 0.00% | −0.11 |
| SHLS Shoals Technologies Group -A | Reduce -34.4% | 0.10% | −0.11 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.11 |
| QLYS Qualys Inc. | Reduce -24.3% | 0.59% | −0.10 |
| FND Floor & Decor Holdings Inc. Class A | Sold out | 0.00% | −0.10 |
| PWP Perella Weinberg Partners | Reduce -3.4% | 1.21% | −0.09 |
| BOOT Boot Barn Holdings Inc. | Reduce -0.8% | 0.57% | −0.08 |
| DOCN Digitalocean Holdings Inc. | Reduce -26.1% | 0.71% | −0.08 |
| OWL Blue Owl Capital Inc. | Reduce -54.9% | 0.07% | −0.07 |
| ENSG The Ensign Group Inc. | Reduce -25.1% | 0.73% | −0.07 |
| MORN Morningstar Inc. | Reduce -41.3% | 0.13% | −0.07 |
| URI United Rentals Inc. | Sold out | 0.00% | −0.06 |
| HLNE Hamilton Lane Inc. Class A | Reduce -44.5% | 0.14% | −0.06 |
| ALGN Align Technology Inc. | Sold out | 0.00% | −0.06 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −0.05 |
| PODD Insulet Corp. | Reduce -83.2% | 0.01% | −0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| BRKR Bruker Corp. | Add +1677.3% | 3.32% | +3.11 |
| MRX Marex UK Holdings Ltd. | Add +19.2% | 5.07% | +2.07 |
| ICLR Icon PLC | Add +64.5% | 4.64% | +1.93 |
| MPWR Monolithic Power Systems Inc. | Add +16.3% | 4.65% | +1.39 |
| TBBB BBB Foods Inc. Class A | Add +14.0% | 4.76% | +1.22 |
| IBP Installed Building Products | New | 0.84% | +0.84 |
| DSGX The Descartes Systems Grp | Add +9.6% | 2.93% | +0.52 |
| MKTX Marketaxess Holdings Inc. | Add +175.9% | 0.69% | +0.48 |
| MAMA Mama's Creations Inc. | Add +126.6% | 0.77% | +0.44 |
| NEOG Neogen Corp. | Add +210.9% | 0.68% | +0.43 |
| NVT Nvent Electric PLC | Add +34.2% | 1.86% | +0.42 |
| GNTX Gentex Corp. | Add +267.7% | 0.57% | +0.42 |
| VVV Valvoline Inc. | New | 0.33% | +0.33 |
| SPSC SPS Commerce Inc. | Add +52.4% | 1.12% | +0.30 |
| TECH Bio-Techne Corp. | Add +843.9% | 0.31% | +0.28 |
| DT Dynatrace Inc. | Add +565.2% | 0.27% | +0.23 |
| UPWK Upwork Inc. | Add +62.9% | 0.53% | +0.20 |
| GO Grocery Outlet Holding Corp. | Add +2.7% | 1.43% | +0.19 |
| PNTG The Pennant Group Inc. | Add +10.2% | 0.75% | +0.18 |
| RYAN Ryan Specialty Holdings Inc. | Add +0.0% | 0.54% | +0.16 |
| ABX Abacus Global Management Inc. | New | 0.16% | +0.16 |
| BRBR Bellring Brands Inc. | New | 0.16% | +0.16 |
| GIC Global Industrial Co. | Add +11.6% | 0.61% | +0.13 |
| DG Dollar General Corp. | Add +7.3% | 0.31% | +0.11 |
| FRPT Freshpet Inc. | Add +382.9% | 0.15% | +0.10 |
| TPG TPG Inc. | Add +42.1% | 0.37% | +0.09 |
| TREX Trex Company Inc. | Add +34.9% | 0.32% | +0.09 |
| IDXX Idexx Laboratories Inc. | Add +10.2% | 0.32% | +0.09 |
| TXRH Texas Roadhouse Inc. | Add +0.9% | 0.60% | +0.09 |
| MOD Modine Manufacturing Co. | Add +40.8% | 0.51% | +0.07 |
| KRUS Kura Sushi USA Inc. Class A | New | 0.07% | +0.07 |
| PWR Quanta Services Inc. | Add +42.2% | 0.13% | +0.04 |
| IRMD Iradimed Corp. | Add +115.5% | 0.07% | +0.04 |
| HLI Houlihan Lokey Inc. | Add +5.7% | 0.21% | +0.04 |
| MANH Manhattan Associates Inc. | Add +41.8% | 0.34% | +0.04 |
| PRIM Primoris Services Corp. | Add +9.2% | 1.22% | +0.03 |
| PLBC Plumas Bancorp | Add +10.0% | 0.14% | +0.03 |
| MSCI MSCI Inc. | Add +5.3% | 0.13% | +0.03 |
| LOAR Loar Holdings Inc. | Add +15.2% | 0.09% | +0.02 |
| RXST Rxsight Inc. | Add +17.3% | 0.28% | +0.02 |
| STAA Staar Surgical Co. | Add +31.5% | 0.05% | +0.01 |
| S Sentinelone Inc. Class A | Add +15.8% | 0.05% | +0.01 |
| MBUU Malibu Boats Inc. Class A | Add +0.5% | 0.13% | +0.00 |
| MRVL Marvell Technology Inc. | Add +40.6% | 0.09% | −0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 75 | $432.1M | KAI, MPWR, ITT, NVT, TBBB |
| Q1 2026 | 86 | $426.8M | MRX, MPWR, TBBB, KAI, ITT |
| Q4 2025 | 102 | $742.8M | FROG, MRX, MPWR, TBBB, DSGX |
| Q3 2025 | 104 | $745.4M | MPWR, FROG, MRX, TBBB, DSGX |
| Q2 2025 | 104 | $829.9M | FROG, MRX, MPWR, CYBR, TBBB |
| Q1 2025 | 112 | $901.8M | FROG, MRX, TBBB, LULU, CYBR |
| Q4 2024 | 126 | $1.1B | LULU, GLOB, FROG, CYBR, TBBB |
| Q3 2024 | 133 | $1.2B | GLOB, FROG, LULU, LFUS, CYBR |
| Q2 2024 | 131 | $1.3B | FROG, MPWR, GLOB, LFUS, ICLR |
| Q1 2024 | 121 | $1.3B | FROG, GLOB, MPWR, ICLR, LFUS |