Karani Asset Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Karani Asset Management LLC reported 35 stock positions worth $114.0 million. Its top holding was Alphabet Class A (GOOGL) at 8.2% of the portfolio, followed by ASML Holding NV-NY Reg SHS (ASML, 7.5%) and Nvidia (NVDA, 7.4%). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 6 and reduced 24. The biggest buy was a new position in Jack Henry & Associates (JKHY) and the biggest sale an exit from Pultegroup (PHM).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001792430
Portfolio Value
$114.0M (Q4 2025)
SEC Filing
0001493152-26-007090 ↗ filed Feb 17, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q4 2024: $107.2M Q4 2024 Q1 2025: $94.5M Q1 2025 Q2 2025: $103.2M Q2 2025 Q3 2025: $117.1M Q3 2025 Q4 2025: $114.0M $114.0M Q4 2025 Q1 2026: $114.2M Q1 2026 Q2 2026: $137.7M Q2 2026

Holdings 35 stocks · $114.0M
GOOGL Alphabet Inc. Class A 8.15% 29,699 $9.3M Reduce -19.7%
ASML ASML Holding NV-NY Reg SHS 7.47% 7,957 $8.5M Reduce -3.6%
NVDA Nvidia Corp. 7.45% 45,540 $8.5M Reduce -23.4%
AAPL Apple Inc. 6.37% 26,715 $7.3M Add +0.6%
SPGI S&P Global Inc. 5.74% 12,533 $6.5M Add +66.4%
MSFT Microsoft Corp. 5.73% 13,510 $6.5M Reduce -3.7%
MA Mastercard Inc. Class A 5.72% 11,419 $6.5M Reduce -3.4%
RLI Rli Corp. 5.52% 98,434 $6.3M Add +7.2%
DE Deere & Co. 5.45% 13,336 $6.2M Add +20.5%
ODFL Old Dominion Freight Line 4.54% 32,991 $5.2M Add +45.6%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 3.88% 24,264 $4.4M New
AXP American Express Co. 3.85% 11,879 $4.4M Reduce -4.3%
STLD Steel Dynamics Inc. 3.84% 25,829 $4.4M Reduce -3.0%
INTU Intuit Inc. 3.82% 6,575 $4.4M Add +18.0%
CMI Cummins Inc. 3.49% 7,791 $4.0M Reduce -26.1%
AMAT Applied Materials Inc. 3.48% 15,430 $4.0M Reduce -4.8%
TXN Texas Instruments Inc. 2.85% 18,733 $3.2M Reduce -5.4%
KLAC KLA Corp. 1.43% 1,342 $1.6M Reduce -0.2%
NVO Novo-Nordisk A/S-Spons ADR 1.31% 29,340 $1.5M Reduce -20.7%
LLY Eli Lilly & Co. 1.07% 1,134 $1.2M Reduce -1.9%
MRK Merck & Co. Inc. 0.94% 10,220 $1.1M Reduce -9.1%
IVV iShares Core S&P 500 ETF 0.92% 1,524 $1.0M No change
LRCX Lam Research Corp. 0.78% 5,198 $890K No change
GE General Electric filed as GE AEROSPACE 0.76% 2,802 $863K Reduce -0.3%
ISRG Intuitive Surgical Inc. 0.65% 1,314 $744K Reduce -0.3%
FICO Fair Isaac Corp. 0.63% 425 $719K Reduce -0.5%
CRM Salesforce Inc. 0.62% 2,673 $708K Reduce -0.5%
URI United Rentals Inc. 0.62% 870 $704K Reduce -0.2%
CDNS Cadence Design SYS Inc. 0.61% 2,212 $691K Reduce -78.5%
JPM JPMorgan Chase & Co. 0.57% 2,016 $650K No change
COST Costco Wholesale Corp. 0.54% 719 $620K Reduce -0.3%
ROP Roper Technologies Inc. 0.50% 1,290 $574K Reduce -0.4%
NFLX Netflix Inc. 0.44% 5,390 $505K Reduce -1.1%
RSP Invesco S&P 500 Equal Weight 0.19% 1,149 $220K Reduce -17.8%
TT Trane Technologies PLC 0.07% 200 $78K No change

Options reported separately and not counted above: SPY puts ($8.1M).

Portfolio Sells Q3 2025 → Q4 2025
PHM Pultegroup Inc. Sold out 0.00% −4.63
KKR KKR & Co. Inc. Sold out 0.00% −4.07
CDNS Cadence Design SYS Inc. Reduce -78.5% 0.61% −2.47
NVDA Nvidia Corp. Reduce -23.4% 7.45% −2.02
MSFT Microsoft Corp. Reduce -3.7% 5.73% −0.48
NVO Novo-Nordisk A/S-Spons ADR Reduce -20.7% 1.31% −0.44
CMI Cummins Inc. Reduce -26.1% 3.49% −0.31
TXN Texas Instruments Inc. Reduce -5.4% 2.85% −0.26
NFLX Netflix Inc. Reduce -1.1% 0.44% −0.11
URI United Rentals Inc. Reduce -0.2% 0.62% −0.09
ROP Roper Technologies Inc. Reduce -0.4% 0.50% −0.05
RSP Invesco S&P 500 Equal Weight Reduce -17.8% 0.19% −0.03
COST Costco Wholesale Corp. Reduce -0.3% 0.54% −0.03
MA Mastercard Inc. Class A Reduce -3.4% 5.72% −0.02
GE General Electric Reduce -0.3% 0.76% +0.03
CRM Salesforce Inc. Reduce -0.5% 0.62% +0.08
FICO Fair Isaac Corp. Reduce -0.5% 0.63% +0.08
MRK Merck & Co. Inc. Reduce -9.1% 0.94% +0.14
ISRG Intuitive Surgical Inc. Reduce -0.3% 0.65% +0.15
KLAC KLA Corp. Reduce -0.2% 1.43% +0.19
LLY Eli Lilly & Co. Reduce -1.9% 1.07% +0.32
AXP American Express Co. Reduce -4.3% 3.85% +0.34
GOOGL Alphabet Inc. Class A Reduce -19.7% 8.15% +0.48
ASML ASML Holding NV-NY Reg SHS Reduce -3.6% 7.47% +0.65
AMAT Applied Materials Inc. Reduce -4.8% 3.48% +0.65
STLD Steel Dynamics Inc. Reduce -3.0% 3.84% +0.67

Portfolio Buys Q3 2025 → Q4 2025
JKHY Jack Henry & Associates Inc. New 3.88% +3.88
SPGI S&P Global Inc. Add +66.4% 5.74% +2.61
ODFL Old Dominion Freight Line Add +45.6% 4.54% +1.81
DE Deere & Co. Add +20.5% 5.45% +1.13
AAPL Apple Inc. Add +0.6% 6.37% +0.59
INTU Intuit Inc. Add +18.0% 3.82% +0.57
RLI Rli Corp. Add +7.2% 5.52% +0.41

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -2.5% 11,900 $8.1M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 56$137.7MNVDA, AAPL, GOOGL, MSFT, ASML
Q1 2026 53$114.2MNVDA, AAPL, GOOGL, MSFT, ASML
Q4 2025 35$114.0MGOOGL, ASML, NVDA, AAPL, SPGI
Q3 2025 36$117.1MNVDA, GOOGL, ASML, MSFT, AAPL
Q2 2025 39$103.2MNVDA, MA, MSFT, AXP, GOOGL
Q1 2025 41$94.5MRLI, DE, AAPL, MA, GOOGL
Q4 2024 28$107.2MNVDA, RLI, AAPL, GOOGL, DE