In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Greenhouse Funds LLLP reported 31 stock positions worth $2.4 billion . Its top holding was Sportradar Group AG-A (SRAD) at 9.4% of the portfolio, followed by NCR Voyix (VYX, 8.4% ) and Bill (BILL, 5.6% ). Compared with Q1 2025, it opened 3 new positions, sold out of 5, added to 25 and reduced 2. The biggest buy was a new position in Equifax (EFX) and the biggest sale an exit from Avidxchange (AVDX).
Location BALTIMORE, MD
CIK 0001626220
Portfolio Value $2.4B (Q2 2025) Holdings 31 stocks · $2.4B 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 Q1 2025 SRAD Sportradar Group AG-A 7,971,654 $223.8M Add +1.6% VYX NCR Voyix Corp. 17,069,979 $200.2M Add +36.2% BILL Bill Holdings Inc. 2,889,979 $133.7M Add +23.0% OLED Universal Display Corp. 644,146 $99.5M Add +14.4% GTM Zoominfo Technologies Inc. 9,692,470 $98.1M Add +21.4% NCLH Norwegian Cruise Line Holdin 4,829,045 $97.9M Add +17.8% HQY Healthequity Inc. 911,815 $95.5M Add +19.2% PHR Phreesia Inc. 3,325,262 $94.6M Add +12.5% MCW Mister Car Wash Inc. 15,418,871 $92.7M Add +9.7% MSGS Madison Square Garden Sports 434,910 $90.9M Add +6.5% RBC RBC Bearings Inc. 227,434 $87.5M Add +28.0% CDRE Cadre Holdings Inc. 2,743,265 $87.4M Add +8.4% CFLT Confluent Inc. Class A 3,097,695 $77.2M Add +23.1% HAYW Hayward Holdings Inc. 5,253,834 $72.5M Add +14.5% FLR Fluor Corp. 1,336,949 $68.5M Reduce -45.8% VMI Valmont Industries 202,370 $66.1M Add +21.0% TDY Teledyne Technologies Inc. 125,765 $64.4M Add +29.0% EFX Equifax Inc. 231,081 $59.9M New GTLB Gitlab Inc. Class A 1,264,258 $57.0M Add +44.0% CHEF The Chefs' Warehouse Inc. 862,733 $55.1M Reduce -46.0% MMSI Merit Medical Systems Inc. 587,912 $55.0M Add +44.2% NEO Neogenomics Inc. 7,431,147 $54.3M Add +57.8% OII Oceaneering Intl Inc. 2,491,803 $51.6M Add +9.9% ALAB Astera Labs Inc. 534,535 $48.3M Add +56.5% XBI SS SPDR S&P Biotech ETF 579,667 $48.1M Add +119.4% GSAT Globalstar Inc. 2,025,516 $47.7M Add +11.6% BLKB Blackbaud Inc. 706,447 $45.4M Add +40.4% SAIA Saia Inc. 151,364 $41.5M Add +237.8% SG Sweetgreen Inc. Class A 2,158,709 $32.1M New CHYM Chime Financial Inc. Class A 757,833 $26.2M New CLAR Clarus Corp. 5,448,431 $18.9M No change
Options reported separately and not counted above: GPN calls ($24.0M), VYX calls ($5.4M), GTM calls ($1.0M).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ AVDX Avidxchange Holdings Inc. Sold out 0.00% −4.41 SSNC Ss&c Technologies Holdings Sold out 0.00% −3.80 CHEF The Chefs' Warehouse Inc. Reduce -46.0% 2.30% −1.94 TOST Toast Inc. Class A Sold out 0.00% −1.68 FLR Fluor Corp. Reduce -45.8% 2.87% −1.44 MDB Mongodb Inc. Sold out 0.00% −0.89 YOU Clear Secure Inc. Class A Sold out 0.00% −0.46
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ EFX Equifax Inc. New 2.51% +2.51 VYX NCR Voyix Corp. Add +36.2% 8.37% +2.42 SG Sweetgreen Inc. Class A New 1.34% +1.34 SRAD Sportradar Group AG-A Add +1.6% 9.36% +1.10 CHYM Chime Financial Inc. Class A New 1.09% +1.09 ALAB Astera Labs Inc. Add +56.5% 2.02% +1.03 SAIA Saia Inc. Add +237.8% 1.73% +0.97 XBI SS SPDR S&P Biotech ETF Add +119.4% 2.01% +0.97 RBC RBC Bearings Inc. Add +28.0% 3.66% +0.87 HQY Healthequity Inc. Add +19.2% 3.99% +0.70 VMI Valmont Industries Add +21.0% 2.76% +0.44 BLKB Blackbaud Inc. Add +40.4% 1.90% +0.38 GTLB Gitlab Inc. Class A Add +44.0% 2.38% +0.37 CFLT Confluent Inc. Class A Add +23.1% 3.23% +0.35 BILL Bill Holdings Inc. Add +23.0% 5.59% +0.34 OLED Universal Display Corp. Add +14.4% 4.16% +0.33 TDY Teledyne Technologies Inc. Add +29.0% 2.69% +0.33 NCLH Norwegian Cruise Line Holdin Add +17.8% 4.09% +0.31 PHR Phreesia Inc. Add +12.5% 3.96% +0.27 GTM Zoominfo Technologies Inc. Add +21.4% 4.10% +0.21 MMSI Merit Medical Systems Inc. Add +44.2% 2.30% +0.20 GSAT Globalstar Inc. Add +11.6% 1.99% +0.15 NEO Neogenomics Inc. Add +57.8% 2.27% +0.09 CDRE Cadre Holdings Inc. Add +8.4% 3.65% +0.00 MSGS Madison Square Garden Sports Add +6.5% 3.80% −0.08 HAYW Hayward Holdings Inc. Add +14.5% 3.03% −0.08 OII Oceaneering Intl Inc. Add +9.9% 2.16% −0.25 MCW Mister Car Wash Inc. Add +9.7% 3.87% −1.53
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ YOU Clear Secure Inc. Class A call Sold out 1,526,300 $39.5Mbefore exit GPN Global Payments Inc. call New 300,000 $24.0M XBI SS SPDR S&P Biotech ETF call Sold out 230,000 $18.7Mbefore exit MCW Mister Car Wash Inc. call Sold out 1,837,200 $14.5Mbefore exit VYX NCR Voyix Corp. call Add +26.6% 459,000 $5.4M AVDX Avidxchange Holdings Inc. call Sold out 500,000 $4.2Mbefore exit
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