Keenan Capital, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Keenan Capital, LLC reported 9 stock positions worth $549.0 million. Its top holding was AppLovin Class A (APP) at 21.7% of the portfolio, followed by Clearwater Analytics HDS-A (CWAN, 16.1%) and Global-E Online (GLBE, 13.4%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 3 and reduced 2. The biggest buy was a new position in Clearwater Analytics HDS-A (CWAN) and the biggest sale an exit from Meridianlink (MLNK).
- Most Recent 13F
- Q2 2026
- Location
- BURLINGAME, CA
- CIK
- 0001647363
- Portfolio Value
- $549.0M (Q4 2025)
- SEC Filing
- 0001420506-26-000341 ↗ filed Feb 13, 2026
Holdings Value
Holdings 9 stocks · $549.0M
| APP AppLovin Corp. Class A | 21.69% | 176,725 | $119.1M | Reduce -14.1% |
| CWAN Clearwater Analytics HDS-A | 16.08% | 3,660,973 | $88.3M | New |
| GLBE Global-E Online Ltd. | 13.36% | 1,865,262 | $73.3M | Add +5.4% |
| WDAY Workday Inc. Class A | 12.49% | 319,241 | $68.6M | Add +9.2% |
| GDDY GoDaddy Inc. Class A | 12.32% | 545,031 | $67.6M | Add +10.4% |
| DT Dynatrace Inc. | 11.45% | 1,450,534 | $62.9M | No change |
| ARX Accelerant Holdings Class A | 9.35% | 3,139,980 | $51.3M | New |
| JAMF Jamf Holding Corp. filed as JAMF HLDG CORP | 2.65% | 1,120,000 | $14.6M | Reduce -64.0% |
| SAIL Sailpoint Inc. | 0.61% | 164,515 | $3.3M | No change |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $505.8M | APP, GLBE, APPF, DT, ARX |
| Q1 2026 | 9 | $473.9M | APP, DT, GLBE, SAIL, ARX |
| Q4 2025 | 9 | $549.0M | APP, CWAN, GLBE, WDAY, GDDY |
| Q3 2025 | 8 | $512.3M | APP, WDAY, DT, GDDY, GLBE |
| Q2 2025 | 8 | $428.3M | APP, GDDY, GLBE, WDAY, DT |
| Q1 2025 | 10 | $434.9M | GDDY, APP, WDAY, GLBE, MLNK |
| Q4 2024 | 10 | $495.0M | GDDY, GLBE, WDAY, APP, DT |
| Q3 2024 | 9 | $451.6M | GDDY, APP, DT, MLNK, WDAY |
| Q2 2024 | 9 | $408.4M | GDDY, APP, MLNK, WDAY, DT |
| Q1 2024 | 9 | $390.4M | APP, GDDY, WDAY, MLNK, DT |