In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Greenhouse Funds LLLP reported 33 stock positions worth $2.1 billion . Its top holding was Sportradar Group AG-A (SRAD) at 8.3% of the portfolio, followed by NCR Voyix (VYX, 6.0% ) and Mister Car Wash (MCW, 5.4% ). Compared with Q4 2024, it opened 5 new positions, sold out of 4, added to 18 and reduced 10. The biggest buy was a new position in Teledyne Technologies (TDY) and the biggest sale an exit from Global Payments (GPN).
Location BALTIMORE, MD
CIK 0001626220
Portfolio Value $2.1B (Q1 2025) Holdings 33 stocks · $2.1B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 SRAD Sportradar Group AG-A 7,842,378 $169.6M Reduce -20.4% VYX NCR Voyix Corp. 12,531,290 $122.2M Add +50.4% MCW Mister Car Wash Inc. 14,050,551 $110.9M Add +18.5% BILL Bill Holdings Inc. 2,348,766 $107.8M Add +68.2% AVDX Avidxchange Holdings Inc. 10,675,410 $90.5M Add +25.6% FLR Fluor Corp. 2,467,385 $88.4M Add +1.2% CHEF The Chefs' Warehouse Inc. 1,598,670 $87.1M Reduce -34.8% GTM Zoominfo Technologies Inc. 7,980,331 $79.8M Add +9.4% MSGS Madison Square Garden Sports 408,327 $79.5M Add +3.5% OLED Universal Display Corp. 563,121 $78.5M Reduce -3.5% SSNC Ss&c Technologies Holdings 932,405 $77.9M Reduce -11.3% NCLH Norwegian Cruise Line Holdin 4,100,848 $77.8M Add +22.2% PHR Phreesia Inc. 2,956,910 $75.6M Add +2.9% CDRE Cadre Holdings Inc. 2,529,967 $74.9M Reduce -3.3% HQY Healthequity Inc. 765,185 $67.6M Reduce -13.5% HAYW Hayward Holdings Inc. 4,589,097 $63.9M Add +43.4% CFLT Confluent Inc. Class A 2,516,338 $59.0M Add +38.2% RBC RBC Bearings Inc. 177,661 $57.2M Add +14.0% OII Oceaneering Intl Inc. 2,268,079 $49.5M Reduce -15.7% TDY Teledyne Technologies Inc. 97,510 $48.5M New VMI Valmont Industries 167,261 $47.7M Reduce -4.9% NEO Neogenomics Inc. 4,708,324 $44.7M Add +0.1% MMSI Merit Medical Systems Inc. 407,787 $43.1M Add +1.1% GTLB Gitlab Inc. Class A 877,926 $41.3M Add +22.1% GSAT Globalstar Inc. 1,815,691 $37.9M Add +2.8% TOST Toast Inc. Class A 1,038,048 $34.4M Reduce -43.4% BLKB Blackbaud Inc. 503,097 $31.2M New XBI SS SPDR S&P Biotech ETF 264,245 $21.4M New CLAR Clarus Corp. 5,448,431 $20.4M Add +0.9% ALAB Astera Labs Inc. 341,530 $20.4M Add +34.7% MDB Mongodb Inc. 103,953 $18.2M New SAIA Saia Inc. 44,809 $15.7M New YOU Clear Secure Inc. Class A 363,968 $9.4M Reduce -82.2%
Options reported separately and not counted above: YOU calls ($39.5M), XBI calls ($18.7M), MCW calls ($14.5M), AVDX calls ($4.2M), VYX calls ($3.5M), GTM calls ($1.0M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ GPN Global Payments Inc. Sold out 0.00% −3.18 YOU Clear Secure Inc. Class A Reduce -82.2% 0.46% −1.95 TOST Toast Inc. Class A Reduce -43.4% 1.68% −1.29 CHEF The Chefs' Warehouse Inc. Reduce -34.8% 4.24% −1.12 WSC Willscot Holdings Corp. Sold out 0.00% −1.09 OII Oceaneering Intl Inc. Reduce -15.7% 2.41% −0.70 MIR Mirion Technologies Inc. Sold out 0.00% −0.54 HQY Healthequity Inc. Reduce -13.5% 3.30% −0.46 NVT Nvent Electric PLC Sold out 0.00% −0.34 CDRE Cadre Holdings Inc. Reduce -3.3% 3.65% −0.09 VMI Valmont Industries Reduce -4.9% 2.33% −0.06 OLED Universal Display Corp. Reduce -3.5% 3.83% +0.05 SSNC Ss&c Technologies Holdings Reduce -11.3% 3.80% +0.27 SRAD Sportradar Group AG-A Reduce -20.4% 8.26% +0.69
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ TDY Teledyne Technologies Inc. New 2.37% +2.37 MCW Mister Car Wash Inc. Add +18.5% 5.40% +1.57 BLKB Blackbaud Inc. New 1.52% +1.52 XBI SS SPDR S&P Biotech ETF New 1.04% +1.04 HAYW Hayward Holdings Inc. Add +43.4% 3.11% +0.95 MDB Mongodb Inc. New 0.89% +0.89 VYX NCR Voyix Corp. Add +50.4% 5.95% +0.84 SAIA Saia Inc. New 0.76% +0.76 RBC RBC Bearings Inc. Add +14.0% 2.79% +0.72 CFLT Confluent Inc. Class A Add +38.2% 2.87% +0.62 AVDX Avidxchange Holdings Inc. Add +25.6% 4.41% +0.52 GTM Zoominfo Technologies Inc. Add +9.4% 3.89% +0.49 PHR Phreesia Inc. Add +2.9% 3.68% +0.48 MMSI Merit Medical Systems Inc. Add +1.1% 2.10% +0.37 GTLB Gitlab Inc. Class A Add +22.1% 2.01% +0.22 BILL Bill Holdings Inc. Add +68.2% 5.25% +0.01 NCLH Norwegian Cruise Line Holdin Add +22.2% 3.79% −0.04 MSGS Madison Square Garden Sports Add +3.5% 3.88% −0.07 CLAR Clarus Corp. Add +0.9% 1.00% −0.08 ALAB Astera Labs Inc. Add +34.7% 0.99% −0.49 GSAT Globalstar Inc. Add +2.8% 1.85% −0.58 FLR Fluor Corp. Add +1.2% 4.31% −1.02 NEO Neogenomics Inc. Add +0.1% 2.18% −1.26
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ GPN Global Payments Inc. call Sold out 400,000 $44.8Mbefore exit YOU Clear Secure Inc. Class A call Add +48.7% 1,526,300 $39.5M XBI SS SPDR S&P Biotech ETF call Reduce -8.0% 230,000 $18.7M WSC Willscot Holdings Corp. call Sold out 500,000 $16.7Mbefore exit CPRI Capri Holdings Ltd. call Sold out 750,000 $15.8Mbefore exit MCW Mister Car Wash Inc. call Add +5.0% 1,837,200 $14.5M AVDX Avidxchange Holdings Inc. call New 500,000 $4.2M VYX NCR Voyix Corp. call New 362,700 $3.5M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 29 $1.9B VYX, RBC, NEO, SRAD, HQY Q1 2026 28 $2.1B SRAD, GSAT, RBC, VYX, BILL Q4 2025 33 $2.6B VYX, BILL, SRAD, GSAT, NCLH Q3 2025 32 $2.6B VYX, SRAD, BILL, NCLH, GTM Q2 2025 31 $2.4B SRAD, VYX, BILL, OLED, GTM Q1 2025 33 $2.1B SRAD, VYX, MCW, BILL, AVDX Q4 2024 32 $2.3B SRAD, CHEF, FLR, BILL, VYX Q3 2024 33 $2.0B FLR, SRAD, OLED, CDRE, VYX Q2 2024 35 $1.9B FLR, OLED, SRAD, CDRE, CHEF Q1 2024 32 $1.6B CDRE, CHEF, FLR, SRAD, OLED