Karani Asset Management LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Karani Asset Management LLC reported 36 stock positions worth $117.1 million . Its top holding was Nvidia (NVDA) at 9.5% of the portfolio, followed by Alphabet Class A (GOOGL, 7.7% ) and ASML Holding NV-NY Reg SHS (ASML, 6.8% ). Compared with Q2 2025, it opened 3 new positions, sold out of 6, added to 23 and reduced 7. The biggest buy was Alphabet Class A (GOOGL, shares +16% ) and the biggest sale an exit from Adobe (ADBE).
Location NEW YORK, NY
CIK 0001792430
Portfolio Value $117.1M (Q3 2025) Holdings 36 stocks · $117.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 NVDA Nvidia Corp. 59,421 $11.1M Add +7.8% GOOGL Alphabet Inc. Class A 36,979 $9.0M Add +15.8% ASML ASML Holding NV-NY Reg SHS 8,251 $8.0M Add +32.2% MSFT Microsoft Corp. 14,035 $7.3M Add +11.2% AAPL Apple Inc. 26,558 $6.8M Add +10.5% MA Mastercard Inc. Class A 11,821 $6.7M Add +4.8% RLI Rli Corp. 91,809 $6.0M Add +26.4% PHM Pultegroup Inc. 41,026 $5.4M Add +3.1% DE Deere & Co. 11,064 $5.1M Add +20.1% KKR KKR & Co. Inc. 36,711 $4.8M Reduce -13.2% CMI Cummins Inc. 10,535 $4.4M Reduce -0.1% AXP American Express Co. 12,406 $4.1M Reduce -32.3% INTU Intuit Inc. 5,573 $3.8M Add +2.7% STLD Steel Dynamics Inc. 26,635 $3.7M Add +20.0% SPGI S&P Global Inc. 7,531 $3.7M Add +90.7% TXN Texas Instruments Inc. 19,811 $3.6M Reduce -2.8% CDNS Cadence Design SYS Inc. 10,268 $3.6M Add +1.1% AMAT Applied Materials Inc. 16,201 $3.3M Add +54.9% ODFL Old Dominion Freight Line 22,655 $3.2M Add +442.1% NVO Novo-Nordisk A/S-Spons ADR 37,009 $2.1M Add +18.9% KLAC KLA Corp. 1,345 $1.5M Add +18.0% IVV iShares Core S&P 500 ETF 1,524 $1.0M No change MRK Merck & Co. Inc. 11,239 $943K Reduce -1.8% LLY Eli Lilly & Co. 1,156 $882K Reduce -12.8% GE General Electric filed as GE AEROSPACE 2,811 $846K Add +110.4% URI United Rentals Inc. 872 $832K New LRCX Lam Research Corp. 5,198 $696K Reduce -51.0% COST Costco Wholesale Corp. 721 $667K Add +94.9% NFLX Netflix Inc. 545 $653K Add +116.3% ROP Roper Technologies Inc. 1,295 $646K Add +9.3% FICO Fair Isaac Corp. 427 $639K Add +10.6% CRM Salesforce Inc. 2,685 $636K Add +8.1% JPM JPMorgan Chase & Co. 2,016 $636K No change ISRG Intuitive Surgical Inc. 1,318 $589K New RSP Invesco S&P 500 Equal Weight 1,398 $265K New TT Trane Technologies PLC 200 $84K No change
Options reported separately and not counted above: SPY puts ($8.1M).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ ADBE Adobe Inc. Sold out 0.00% −3.19 V Visa Inc. Class A Sold out 0.00% −2.35 AXP American Express Co. Reduce -32.3% 3.52% −2.14 KKR KKR & Co. Inc. Reduce -13.2% 4.07% −1.37 TXN Texas Instruments Inc. Reduce -2.8% 3.11% −0.99 BRK.B Berkshire Hathaway Inc. Class B Sold out 0.00% −0.91 LRCX Lam Research Corp. Reduce -51.0% 0.59% −0.41 GWW WW Grainger Inc. Sold out 0.00% −0.31 CSCO Cisco Systems Inc. Sold out 0.00% −0.26 LLY Eli Lilly & Co. Reduce -12.8% 0.75% −0.25 MRK Merck & Co. Inc. Reduce -1.8% 0.81% −0.07 NVR NVR Inc. Sold out 0.00% −0.04 CMI Cummins Inc. Reduce -0.1% 3.80% +0.45
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ GOOGL Alphabet Inc. Class A Add +15.8% 7.68% +2.22 ODFL Old Dominion Freight Line Add +442.1% 2.72% +2.07 ASML ASML Holding NV-NY Reg SHS Add +32.2% 6.82% +1.98 SPGI S&P Global Inc. Add +90.7% 3.13% +1.11 NVDA Nvidia Corp. Add +7.8% 9.47% +1.03 AAPL Apple Inc. Add +10.5% 5.77% +1.00 AMAT Applied Materials Inc. Add +54.9% 2.83% +0.98 URI United Rentals Inc. New 0.71% +0.71 PHM Pultegroup Inc. Add +3.1% 4.63% +0.56 ISRG Intuitive Surgical Inc. New 0.50% +0.50 STLD Steel Dynamics Inc. Add +20.0% 3.17% +0.42 GE General Electric Add +110.4% 0.72% +0.39 KLAC KLA Corp. Add +18.0% 1.24% +0.25 NFLX Netflix Inc. Add +116.3% 0.56% +0.23 RSP Invesco S&P 500 Equal Weight New 0.23% +0.23 COST Costco Wholesale Corp. Add +94.9% 0.57% +0.22 MSFT Microsoft Corp. Add +11.2% 6.21% +0.13 CDNS Cadence Design SYS Inc. Add +1.1% 3.08% +0.05 RLI Rli Corp. Add +26.4% 5.11% +0.03 ROP Roper Technologies Inc. Add +9.3% 0.55% −0.10 CRM Salesforce Inc. Add +8.1% 0.54% −0.11 FICO Fair Isaac Corp. Add +10.6% 0.55% −0.14 DE Deere & Co. Add +20.1% 4.32% −0.22 NVO Novo-Nordisk A/S-Spons ADR Add +18.9% 1.75% −0.33 MA Mastercard Inc. Class A Add +4.8% 5.74% −0.40 INTU Intuit Inc. Add +2.7% 3.25% −0.89
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 12,200 $8.1M
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 56 $137.7M NVDA, AAPL, GOOGL, MSFT, ASML Q1 2026 53 $114.2M NVDA, AAPL, GOOGL, MSFT, ASML Q4 2025 35 $114.0M GOOGL, ASML, NVDA, AAPL, SPGI Q3 2025 36 $117.1M NVDA, GOOGL, ASML, MSFT, AAPL Q2 2025 39 $103.2M NVDA, MA, MSFT, AXP, GOOGL Q1 2025 41 $94.5M RLI, DE, AAPL, MA, GOOGL Q4 2024 28 $107.2M NVDA, RLI, AAPL, GOOGL, DE