In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Greenhouse Funds LLLP reported 32 stock positions worth $2.6 billion . Its top holding was NCR Voyix (VYX) at 8.5% of the portfolio, followed by Sportradar Group AG-A (SRAD, 6.6% ) and Bill (BILL, 6.2% ). Compared with Q2 2025, it opened 2 new positions, sold out of 1, added to 21 and reduced 7. The biggest buy was a new position in Adt (ADT) and the biggest sale an exit from Fluor (FLR).
Location BALTIMORE, MD
CIK 0001626220
Portfolio Value $2.6B (Q3 2025) Holdings 32 stocks · $2.6B 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 Q2 2025 VYX NCR Voyix Corp. 17,510,516 $219.8M Add +2.6% SRAD Sportradar Group AG-A 6,314,006 $169.8M Reduce -20.8% BILL Bill Holdings Inc. 3,025,811 $160.3M Add +4.7% NCLH Norwegian Cruise Line Holdin 5,075,270 $125.0M Add +5.1% GTM Zoominfo Technologies Inc. 10,524,798 $114.8M Add +8.6% OLED Universal Display Corp. 725,278 $104.2M Add +12.6% CDRE Cadre Holdings Inc. 2,789,410 $101.8M Add +1.7% HQY Healthequity Inc. 1,068,921 $101.3M Add +17.2% MSGS Madison Square Garden Sports 424,070 $96.3M Reduce -2.5% PHR Phreesia Inc. 3,882,527 $91.3M Add +16.8% RBC RBC Bearings Inc. 233,578 $91.2M Add +2.7% MCW Mister Car Wash Inc. 16,863,562 $89.9M Add +9.4% HAYW Hayward Holdings Inc. 5,848,381 $88.4M Add +11.3% GSAT Globalstar Inc. 2,149,192 $78.2M Add +6.1% EFX Equifax Inc. 303,587 $77.9M Add +31.4% TDY Teledyne Technologies Inc. 132,514 $77.7M Add +5.4% VMI Valmont Industries 199,446 $77.3M Reduce -1.4% MMSI Merit Medical Systems Inc. 871,927 $72.6M Add +48.3% CFLT Confluent Inc. Class A 3,572,425 $70.7M Add +15.3% XBI SS SPDR S&P Biotech ETF 675,975 $67.7M Add +16.6% NEO Neogenomics Inc. 8,220,657 $63.5M Add +10.6% ALAB Astera Labs Inc. 321,475 $62.9M Reduce -39.9% OII Oceaneering Intl Inc. 2,491,803 $61.7M No change BLKB Blackbaud Inc. 802,904 $51.6M Add +13.7% GTLB Gitlab Inc. Class A 1,080,563 $48.7M Reduce -14.5% CHYM Chime Financial Inc. Class A 2,352,911 $47.5M Add +210.5% ADT Adt Inc. 5,128,811 $44.7M New SG Sweetgreen Inc. Class A 3,946,884 $31.5M Add +82.8% SAIA Saia Inc. 104,375 $31.2M Reduce -31.0% GPN Global Payments Inc. 253,385 $21.1M New CLAR Clarus Corp. 5,448,431 $19.1M No change CHEF The Chefs' Warehouse Inc. 245,568 $14.3M Reduce -71.5%
Options reported separately and not counted above: GPN calls ($62.3M), BILL calls ($26.5M), NCLH calls ($24.6M), CFLT calls ($19.8M), GTM calls ($12.0M), ADT calls ($8.7M), VYX calls ($5.8M).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ FLR Fluor Corp. Sold out 0.00% −2.87 SRAD Sportradar Group AG-A Reduce -20.8% 6.60% −2.76 CHEF The Chefs' Warehouse Inc. Reduce -71.5% 0.56% −1.75 SAIA Saia Inc. Reduce -31.0% 1.21% −0.52 GTLB Gitlab Inc. Class A Reduce -14.5% 1.89% −0.49 MSGS Madison Square Garden Sports Reduce -2.5% 3.74% −0.06 VMI Valmont Industries Reduce -1.4% 3.00% +0.24 ALAB Astera Labs Inc. Reduce -39.9% 2.45% +0.42
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ ADT Adt Inc. New 1.74% +1.74 GSAT Globalstar Inc. Add +6.1% 3.04% +1.04 GPN Global Payments Inc. New 0.82% +0.82 NCLH Norwegian Cruise Line Holdin Add +5.1% 4.86% +0.76 CHYM Chime Financial Inc. Class A Add +210.5% 1.84% +0.75 BILL Bill Holdings Inc. Add +4.7% 6.23% +0.64 XBI SS SPDR S&P Biotech ETF Add +16.6% 2.63% +0.62 MMSI Merit Medical Systems Inc. Add +48.3% 2.82% +0.52 EFX Equifax Inc. Add +31.4% 3.03% +0.52 HAYW Hayward Holdings Inc. Add +11.3% 3.44% +0.40 GTM Zoominfo Technologies Inc. Add +8.6% 4.46% +0.36 TDY Teledyne Technologies Inc. Add +5.4% 3.02% +0.32 CDRE Cadre Holdings Inc. Add +1.7% 3.96% +0.30 NEO Neogenomics Inc. Add +10.6% 2.47% +0.19 VYX NCR Voyix Corp. Add +2.6% 8.54% +0.17 BLKB Blackbaud Inc. Add +13.7% 2.01% +0.11 HQY Healthequity Inc. Add +17.2% 3.94% −0.06 OLED Universal Display Corp. Add +12.6% 4.05% −0.11 RBC RBC Bearings Inc. Add +2.7% 3.54% −0.12 SG Sweetgreen Inc. Class A Add +82.8% 1.22% −0.12 MCW Mister Car Wash Inc. Add +9.4% 3.49% −0.38 PHR Phreesia Inc. Add +16.8% 3.55% −0.41 CFLT Confluent Inc. Class A Add +15.3% 2.75% −0.48
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ GPN Global Payments Inc. call Add +150.0% 750,000 $62.3M BILL Bill Holdings Inc. call New 500,000 $26.5M NCLH Norwegian Cruise Line Holdin call New 1,000,000 $24.6M CFLT Confluent Inc. Class A call New 1,000,000 $19.8M GTM Zoominfo Technologies Inc. call Add +1000.0% 1,100,000 $12.0M ADT Adt Inc. call New 1,000,000 $8.7M
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