Kerrisdale Advisers, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Kerrisdale Advisers, LLC reported 76 stock positions worth $212.3 million. Its top holding was Telephone and Data Systems (TDS) at 9.8% of the portfolio, followed by MercadoLibre (MELI, 8.1%) and Sysco (SYY, 7.3%). Compared with Q3 2025, it opened 11 new positions, sold out of 10, added to 11 and reduced 20. The biggest buy was a new position in Telephone and Data Systems (TDS) and the biggest sale Noble (NE, shares −58%).

Most Recent 13F
Q2 2026
Location
Miami, FL
CIK
0001569688
Portfolio Value
$212.3M (Q4 2025)
SEC Filing
0001172661-26-000916 ↗ filed Feb 17, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $318.3M Q1 2024 Q2 2024: $319.5M Q2 2024 Q3 2024: $294.1M Q3 2024 Q4 2024: $296.0M Q4 2024 Q1 2025: $239.0M Q1 2025 Q2 2025: $191.7M Q2 2025 Q3 2025: $192.9M Q3 2025 Q4 2025: $212.3M $212.3M Q4 2025 Q1 2026: $262.7M Q1 2026 Q2 2026: $399.2M Q2 2026

Holdings 76 stocks · $212.3M
TDS Telephone and Data Systems 9.77% 506,067 $20.7M New
MELI MercadoLibre Inc. 8.13% 8,564 $17.3M Add +68.7%
SYY Sysco Corp. 7.33% 211,229 $15.6M Add +108.3%
V Visa Inc. Class A 6.52% 39,472 $13.8M Reduce -0.5%
ACMR Acm Research Inc. Class A 4.90% 263,482 $10.4M Add +49.2%
SHC Sotera Health Co. 4.63% 556,854 $9.8M Reduce -30.0%
AMZN Amazon.com Inc. 4.50% 41,371 $9.5M Add +3.9%
GOOGL Alphabet Inc. Class A 4.33% 29,387 $9.2M Reduce -13.4%
KVUE Kenvue Inc. 2.79% 343,837 $5.9M Add +109.4%
CIB Grupo Cibest SA-ADR 2.73% 91,110 $5.8M Reduce -8.8%
NE Noble Corp. PLC 1.96% 147,621 $4.2M Reduce -58.1%
SNPS Synopsys Inc. 1.86% 8,406 $3.9M Add +157.6%
LRN Stride Inc. 1.82% 59,665 $3.9M New
UNP Union Pacific Corp. 1.79% 16,402 $3.8M No change
APPF Appfolio Inc. Class A 1.76% 16,016 $3.7M Add +8.4%
DAVA Endava PLC- Spon ADR 1.69% 567,416 $3.6M Reduce -1.6%
GTM Zoominfo Technologies Inc. 1.67% 348,428 $3.5M No change
CART Maplebear Inc. 1.55% 73,040 $3.3M Add +9.8%
ZM Zoom Communications Inc. 1.54% 37,799 $3.3M Reduce -41.6%
DEO Diageo PLC-Sponsored ADR 1.27% 31,133 $2.7M No change
LGN Legence Corp. Class A 1.25% 61,495 $2.6M New
UHAL.B U-Haul Holding Co.-Non Voting 1.22% 55,241 $2.6M No change
CPNG Coupang Inc. 1.21% 109,085 $2.6M No change
AMRZ Amrize Ltd. 1.20% 47,050 $2.5M New
VAL Valaris Ltd. 1.19% 50,024 $2.5M Reduce -48.6%
MSGE Madison Square Garden Entert 1.09% 42,969 $2.3M Reduce -1.2%
WMG Warner Music Group Corp. Class A 0.96% 66,530 $2.0M No change
RTO Rentokil Initial PLC-SP ADR 0.95% 68,778 $2.0M No change
ON On Semiconductor 0.95% 37,210 $2.0M No change
MU Micron Technology Inc. 0.93% 6,942 $2.0M Reduce -53.9%
WDC Western Digital Corp. 0.92% 11,384 $2.0M Reduce -73.2%
UNH Unitedhealth Group Inc. 0.91% 5,828 $1.9M Reduce -55.2%
ATKR Atkore Inc. 0.84% 28,074 $1.8M No change
STX Seagate Technology Holdings 0.74% 5,724 $1.6M Reduce -81.0%
ETN Eaton Corp. PLC 0.72% 4,797 $1.5M New
WAB Wabtec Corp. 0.70% 6,925 $1.5M Reduce -5.1%
JOE The St Joe Co. 0.67% 23,990 $1.4M No change
FOXF Fox Factory Holding Corp. 0.67% 82,979 $1.4M Add +45.3%
KEYS Keysight Technologies Inc. 0.63% 6,613 $1.3M No change
PBR Petroleo Brasileiro-Spon ADR 0.62% 111,126 $1.3M No change
HSIC Henry Schein Inc. 0.57% 16,026 $1.2M No change
KNX Knight-Swift Transportation 0.56% 22,587 $1.2M No change
LBRT Liberty Energy Inc. 0.55% 63,805 $1.2M New
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.50% 13,665 $1.1M No change
GTLB Gitlab Inc. Class A 0.45% 25,685 $964K New
CRL Charles River Laboratories 0.43% 4,593 $916K Reduce -38.4%
PMTS Cpi Card Group Inc. 0.42% 60,796 $892K No change
CCJ Cameco Corp. 0.42% 9,655 $883K Reduce -62.0%
BAH Booz Allen Hamilton Holdings 0.38% 9,452 $797K No change
PERI Perion Network Ltd. 0.34% 75,563 $724K No change
KFY Korn Ferry 0.33% 10,488 $692K No change
EC Ecopetrol SA-Sponsored ADR 0.32% 67,555 $677K No change
UHAL U-Haul Holding Co. 0.30% 12,714 $641K No change
CC The Chemours Co. 0.29% 52,401 $618K Add +66.0%
GFF Griffon Corp. 0.25% 7,150 $527K New
OBE Obsidian Energy Ltd. 0.24% 84,060 $515K No change
FISV Fiserv Inc. 0.24% 7,630 $513K New
LQDA Liquidia Corp. 0.24% 14,820 $511K Add +52.4%
NXE Nexgen Energy Ltd. 0.22% 50,883 $468K No change
CRON Cronos Group Inc. 0.21% 171,886 $452K Reduce -63.3%
HDSN Hudson Technologies Inc. 0.19% 57,622 $395K Reduce -10.1%
RDDT Reddit Inc. Class A 0.19% 1,715 $394K No change
SNAP Snap Inc. Class A 0.15% 38,900 $314K New
AVAL Grupo Aval Acciones Y Valore 0.14% 75,000 $304K No change
OXY Occidental Petroleum Corp. 0.14% 7,050 $290K No change
TENB Tenable Holdings Inc. 0.13% 11,720 $276K No change
MSFT Microsoft Corp. 0.13% 567 $274K Reduce -7.2%
RCMT RCM Technologies Inc. 0.12% 12,891 $264K No change
NMM Navios Maritime Partners LP 0.11% 4,590 $241K No change
DNN Denison Mines Corp. 0.11% 86,800 $231K No change
RICK Rci Hospitality Holdings Inc. 0.10% 9,253 $221K New
SSTK Shutterstock Inc. 0.10% 10,765 $206K No change
BABA Alibaba Group Holding-SP ADR 0.09% 1,366 $200K Reduce -26.4%
BOOM DMC Global Inc. 0.06% 20,492 $137K No change
PRTS Carparts.com Inc. 0.06% 252,495 $126K No change
LESL Leslie's Inc. 0.02% 23,811 $39K No change

Portfolio Sells Q3 2025 → Q4 2025
NE Noble Corp. PLC Reduce -58.1% 1.96% −3.20
STX Seagate Technology Holdings Reduce -81.0% 0.74% −2.94
SHC Sotera Health Co. Reduce -30.0% 4.63% −1.86
WDC Western Digital Corp. Reduce -73.2% 0.92% −1.72
FTRE Fortrea Holdings Inc. Sold out 0.00% −1.56
UNH Unitedhealth Group Inc. Reduce -55.2% 0.91% −1.43
IMXI International Money Express Sold out 0.00% −1.37
VAL Valaris Ltd. Reduce -48.6% 1.19% −1.27
ZM Zoom Communications Inc. Reduce -41.6% 1.54% −1.23
DAVA Endava PLC- Spon ADR Reduce -1.6% 1.69% −1.03
ADBE Adobe Inc. Sold out 0.00% −0.70
CCJ Cameco Corp. Reduce -62.0% 0.42% −0.69
V Visa Inc. Class A Reduce -0.5% 6.52% −0.50
AMTM Amentum Holdings Inc. Sold out 0.00% −0.49
CRON Cronos Group Inc. Reduce -63.3% 0.21% −0.46
PII Polaris Inc. Sold out 0.00% −0.42
MU Micron Technology Inc. Reduce -53.9% 0.93% −0.37
ACLS Axcelis Technologies Inc. Sold out 0.00% −0.37
INTC Intel Corp. Sold out 0.00% −0.30
MSOS Advisorshares Pure US Cann Sold out 0.00% −0.19
DELL Dell Technologies -C Sold out 0.00% −0.19
CRL Charles River Laboratories Reduce -38.4% 0.43% −0.17
HDSN Hudson Technologies Inc. Reduce -10.1% 0.19% −0.14
BABA Alibaba Group Holding-SP ADR Reduce -26.4% 0.09% −0.08
FIGS Figs Inc. Class A Sold out 0.00% −0.07
WAB Wabtec Corp. Reduce -5.1% 0.70% −0.06
MSFT Microsoft Corp. Reduce -7.2% 0.13% −0.03
CIB Grupo Cibest SA-ADR Reduce -8.8% 2.73% +0.04
GOOGL Alphabet Inc. Class A Reduce -13.4% 4.33% +0.06
MSGE Madison Square Garden Entert Reduce -1.2% 1.09% +0.07

Portfolio Buys Q3 2025 → Q4 2025
TDS Telephone and Data Systems New 9.77% +9.77
SYY Sysco Corp. Add +108.3% 7.33% +3.00
MELI MercadoLibre Inc. Add +68.7% 8.13% +1.97
LRN Stride Inc. New 1.82% +1.82
KVUE Kenvue Inc. Add +109.4% 2.79% +1.41
ACMR Acm Research Inc. Class A Add +49.2% 4.90% +1.31
LGN Legence Corp. Class A New 1.25% +1.25
AMRZ Amrize Ltd. New 1.20% +1.20
SNPS Synopsys Inc. Add +157.6% 1.86% +1.02
ETN Eaton Corp. PLC New 0.72% +0.72
LBRT Liberty Energy Inc. New 0.55% +0.55
GTLB Gitlab Inc. Class A New 0.45% +0.45
CART Maplebear Inc. Add +9.8% 1.55% +0.28
GFF Griffon Corp. New 0.25% +0.25
FISV Fiserv Inc. New 0.24% +0.24
SNAP Snap Inc. Class A New 0.15% +0.15
LQDA Liquidia Corp. Add +52.4% 0.24% +0.13
RICK Rci Hospitality Holdings Inc. New 0.10% +0.10
CC The Chemours Co. Add +66.0% 0.29% +0.03
AMZN Amazon.com Inc. Add +3.9% 4.50% −0.03
FOXF Fox Factory Holding Corp. Add +45.3% 0.67% −0.05
APPF Appfolio Inc. Class A Add +8.4% 1.76% −0.36

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 114$399.2MRRX, V, BDC, MELI, AMZN
Q1 2026 112$262.7MV, MELI, TDS, AMZN, MRVL
Q4 2025 76$212.3MTDS, MELI, SYY, V, ACMR
Q3 2025 75$192.9MV, SHC, MELI, NE, AMZN
Q2 2025 66$191.7MSTX, UNH, MELI, V, NE
Q1 2025 81$239.0MSTX, V, MELI, DEO, AMZN
Q4 2024 86$296.0MACMR, SYY, V, DEO, GOOGL
Q3 2024 97$294.1MSYY, V, DEO, GOOGL, SHC
Q2 2024 93$319.5MSYY, V, NE, DEO, GOOGL
Q1 2024 87$318.3MV, NE, SYY, DEO, WAB