Next Century Growth Investors LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Next Century Growth Investors LLC reported 123 stock positions worth $1.4 billion. Its top holding was Astronics (ATRO) at 4.0% of the portfolio, followed by Artivion (AORT, 3.2%) and Xometry Class A (XMTR, 3.2%). Compared with Q2 2025, it opened 34 new positions, sold out of 33, added to 59 and reduced 30. The biggest buy was a new position in Planet Labs PBC (PL) and the biggest sale an exit from Par Technology (PAR).

Most Recent 13F
Q2 2026
Location
PLYMOUTH, MN
CIK
0001134007
Portfolio Value
$1.4B (Q3 2025)
SEC Filing
0001134007-25-000012 ↗ filed Nov 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.2B Q2 2024 Q3 2024: $1.2B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.1B Q1 2025 Q2 2025: $1.3B Q2 2025 Q3 2025: $1.4B $1.4B Q3 2025 Q4 2025: $1.4B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.9B Q2 2026

Holdings 123 stocks · $1.4B
ATRO Astronics Corp. 4.04% 1,214,287 $55.4M Reduce -4.2%
AORT Artivion Inc. 3.24% 1,048,486 $44.4M Add +4.2%
XMTR Xometry Inc. Class A 3.21% 807,524 $44.0M Add +4.5%
ALHC Alignment Healthcare Inc. 2.89% 2,272,745 $39.7M Add +4.7%
UTI Universal Technical Institut 2.63% 1,107,809 $36.1M Add +15.5%
PAY Paymentus Holdings Inc. Class A 2.60% 1,166,838 $35.7M Add +3.3%
MYRG MYR Group Inc./Delaware 2.50% 165,017 $34.3M Add +5.1%
ATEC Alphatec Holdings Inc. 2.42% 2,279,383 $33.1M Add +10.6%
IRTC Irhythm Holdings Inc. 2.37% 189,082 $32.5M Reduce -15.9%
STRL Sterling Infrastructure Inc. 2.23% 90,065 $30.6M Reduce -40.3%
MIRM Mirum Pharmaceuticals Inc. 1.93% 360,934 $26.5M Add +89.6%
WGS Genedx Holdings Corp. 1.84% 234,109 $25.2M Add +5.6%
NVDA Nvidia Corp. 1.74% 127,777 $23.8M Add +12.9%
PL Planet Labs PBC 1.68% 1,777,531 $23.1M New
MSFT Microsoft Corp. 1.63% 43,285 $22.4M Add +10.3%
OLLI Ollie's Bargain Outlet Holdi 1.57% 167,953 $21.6M Add +4.5%
MTSI Macom Technology Solutions H 1.50% 165,413 $20.6M Add +4.4%
PGY Pagaya Technologies Ltd. Class A 1.43% 660,608 $19.6M New
RBC RBC Bearings Inc. 1.40% 49,104 $19.2M Reduce -13.1%
FTAI Ftai Aviation Ltd. 1.39% 114,316 $19.1M Add +18.1%
LSCC Lattice Semiconductor Corp. 1.39% 260,056 $19.1M Add +15.2%
PI Impinj Inc. 1.38% 104,641 $18.9M New
SITM Sitime Corp. 1.36% 61,795 $18.6M Add +22.6%
AAPL Apple Inc. 1.33% 71,578 $18.2M Add +16.0%
LINC Lincoln Educational Services 1.30% 759,901 $17.9M Add +5.5%
AGX Argan Inc. 1.30% 65,964 $17.8M Add +5.6%
KNSL Kinsale Capital Group Inc. 1.23% 39,774 $16.9M Reduce -1.4%
CRS Carpenter Technology 1.15% 64,447 $15.8M Add +4.4%
AVPT Avepoint Inc. 1.13% 1,028,663 $15.4M Add +0.9%
LMB Limbach Holdings Inc. 1.10% 155,401 $15.1M Add +0.7%
SAIA Saia Inc. 1.08% 49,376 $14.8M Reduce -7.9%
APLD Applied Digital Corp. 1.02% 610,193 $14.0M New
MP MP Materials Corp. 0.99% 203,093 $13.6M New
INOD Innodata Inc. 0.99% 176,347 $13.6M Add +81.3%
PEN Penumbra Inc. 0.96% 51,928 $13.2M Add +4.4%
BROS Dutch Bros Inc. Class A 0.95% 247,771 $13.0M Add +4.0%
FROG Jfrog Ltd. 0.95% 273,939 $13.0M Add +174.3%
CRDO Credo Technology Group Holdi 0.94% 88,569 $12.9M Add +4.5%
CELH Celsius Holdings Inc. 0.92% 220,604 $12.7M Add +61.2%
MAMA Mama's Creations Inc. 0.84% 1,094,707 $11.5M Add +19.2%
AMZN Amazon.com Inc. 0.82% 51,423 $11.3M Add +0.6%
COHR Coherent Corp. 0.81% 102,674 $11.1M Add +4.5%
AAON Aaon Inc. 0.80% 117,233 $11.0M New
AVGO Broadcom Inc. 0.77% 31,853 $10.5M Add +26.4%
WAY Waystar Holding Corp. 0.77% 276,819 $10.5M Reduce -21.7%
ELF Elf Beauty Inc. 0.74% 77,004 $10.2M Add +4.4%
TOL Toll Brothers Inc. 0.73% 72,900 $10.1M New
KRMN Karman Holdings Inc. 0.72% 137,135 $9.9M New
BE Bloom Energy Corp. Class A 0.70% 113,542 $9.6M New
GOOGL Alphabet Inc. Class A 0.69% 39,210 $9.5M Add +78.7%
WULF Terawulf Inc. 0.64% 772,158 $8.8M New
AGYS Agilysys Inc. 0.64% 83,321 $8.8M Reduce -22.7%
PRCH Porch Group Inc. 0.64% 521,909 $8.8M New
CCB Coastal Financial Corp. 0.61% 77,493 $8.4M New
AEHR Aehr Test Systems 0.61% 276,346 $8.3M New
META Meta Platforms Inc. Class A 0.58% 10,927 $8.0M Add +80.2%
ADPT Adaptive Biotechnologies 0.58% 531,317 $7.9M New
AVAV Aerovironment Inc. 0.57% 24,840 $7.8M New
AMSC American Superconductor Corp. 0.56% 128,220 $7.6M New
ZETA Zeta Global Holdings Corp. Class A 0.54% 374,047 $7.4M New
GLBE Global-E Online Ltd. 0.52% 198,256 $7.1M Add +18.6%
NTSK Netskope Inc. Class A 0.51% 309,082 $7.0M New
BA The Boeing Co. 0.51% 32,251 $7.0M Add +0.6%
BLFS Biolife Solutions Inc. 0.49% 264,005 $6.7M Add +15.4%
SARO Standardaero Inc. 0.49% 244,591 $6.7M Reduce -12.2%
LEU Centrus Energy Corp. Class A 0.48% 21,425 $6.6M New
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 0.47% 89,446 $6.5M Reduce -62.0%
WAL Western Alliance Bancorp 0.47% 74,509 $6.5M Reduce -7.0%
BLND Blend Labs Inc. Class A 0.47% 1,765,108 $6.4M Add +17.9%
HWM Howmet Aerospace Inc. 0.46% 32,188 $6.3M Reduce -2.8%
GS Goldman Sachs Group Inc. 0.45% 7,763 $6.2M Reduce -17.0%
TTAN Servicetitan Inc. Class A 0.45% 61,166 $6.2M Add +4.4%
TMDX Transmedics Group Inc. 0.44% 54,350 $6.1M Reduce -54.6%
BWB Bridgewater Bancshares Inc. 0.44% 340,347 $6.0M Add +18.7%
APP AppLovin Corp. Class A 0.43% 8,217 $5.9M Reduce -1.2%
COST Costco Wholesale Corp. 0.42% 6,282 $5.8M Add +0.6%
ADMA Adma Biologics Inc. 0.42% 395,556 $5.8M New
SNOW Snowflake Inc. 0.42% 25,509 $5.8M Reduce -17.5%
SHOP Shopify Inc. Class A 0.41% 38,119 $5.7M Add +38.9%
ORN Orion Group Holdings Inc. 0.41% 670,416 $5.6M Reduce -28.1%
TSLA Tesla Inc. 0.41% 12,496 $5.6M Add +0.6%
PKE Park Aerospace Corp. 0.40% 272,546 $5.5M New
KVYO Klaviyo Inc. Class A 0.40% 199,397 $5.5M New
GLDD Great Lakes Dredge & Dock Co. 0.39% 446,821 $5.4M Reduce -31.1%
ALKT Alkami Technology Inc. 0.39% 215,490 $5.4M Reduce -51.1%
WING Wingstop Inc. 0.37% 20,204 $5.1M Add +4.5%
AIP Arteris Inc. 0.36% 495,308 $5.0M Add +24.7%
VRT Vertiv Holdings Co. Class A 0.36% 33,098 $5.0M Reduce -20.9%
LGN Legence Corp. Class A 0.35% 158,049 $4.9M New
MPTI M-Tron Industries Inc. 0.35% 87,050 $4.8M Add +26.6%
EVLV Evolv Technologies Holdings 0.35% 637,772 $4.8M New
GSHD Goosehead Insurance Inc. Class A 0.34% 62,559 $4.7M Add +21.5%
ASIC Ategrity Specialty Holdings 0.33% 228,476 $4.5M Reduce -0.7%
KMTS Kestra Medical Technologies 0.32% 183,013 $4.3M New
OPRX Optimizerx Corp. 0.31% 210,719 $4.3M New
TWFG TWFG Inc. 0.29% 143,340 $3.9M Reduce -0.7%
BRCB Black Rock Coffee Bar Inc. Class A 0.27% 157,077 $3.7M New
LOAR Loar Holdings Inc. 0.27% 46,217 $3.7M Reduce -59.6%
PWR Quanta Services Inc. 0.27% 8,838 $3.7M Add +0.6%
KNX Knight-Swift Transportation 0.26% 89,330 $3.5M Reduce -29.4%
OWLT Owlet Inc. 0.25% 409,500 $3.5M Add +108.1%
V Visa Inc. Class A 0.24% 9,500 $3.2M Add +0.7%
ORCL Oracle Corp. 0.23% 11,402 $3.2M New
KRUS Kura Sushi USA Inc. Class A 0.22% 51,666 $3.1M Add +42.1%
NOW ServiceNow Inc. 0.22% 3,221 $3.0M Reduce -24.1%
MA Mastercard Inc. Class A 0.21% 5,069 $2.9M Add +0.7%
MDB Mongodb Inc. 0.20% 8,977 $2.8M New
AXON Axon Enterprise Inc. 0.19% 3,726 $2.7M Add +0.5%
GWRE Guidewire Software Inc. 0.19% 11,601 $2.7M Add +0.5%
GEV GE Vernova Inc. 0.19% 4,187 $2.6M New
FEIM Frequency Electronics Inc. 0.18% 73,066 $2.5M New
INTA Intapp Inc. 0.18% 59,757 $2.4M Reduce -55.2%
HOOD Robinhood Markets Inc. Class A 0.18% 16,956 $2.4M New
AMPX Amprius Technologies Inc. 0.18% 228,628 $2.4M New
CAT Caterpillar Inc. 0.17% 5,032 $2.4M Add +0.5%
INSM Insmed Inc. 0.17% 15,849 $2.3M New
SPOT Spotify Technology SA 0.16% 3,058 $2.1M Add +0.6%
CVNA Carvana Co. 0.15% 5,591 $2.1M Add +0.6%
NFLX Netflix Inc. 0.14% 1,631 $2.0M Reduce -67.4%
BSX Boston Scientific Corp. 0.14% 19,244 $1.9M Reduce -64.7%
PGR Progressive Corp. 0.07% 3,954 $976K Reduce -79.7%
CRWD CrowdStrike Holdings Inc. Class A 0.07% 1,951 $957K Add +0.5%
SIBN Si-Bone Inc. 0.03% 23,341 $344K Reduce -90.9%
Other holdings (1): bonds, preferreds, convertibles and warrants · $123K (not counted above)
SecurityClassShares / PrincipalValueChange
MPTI.WS M-Tron Industries Inc. -28 *W EXP 04/25/202 70,349$123KReduce -0.4%

Total filed on the 13F, all lines: $1.4B.

Portfolio Sells Q2 2025 → Q3 2025
PAR Par Technology Corp. Sold out 0.00% −2.24
VCEL Vericel Corp. Sold out 0.00% −2.20
CDNA Caredx Inc. Sold out 0.00% −1.70
EXLS Exlservice Holdings Inc. Sold out 0.00% −1.28
QTWO Q2 Holdings Inc. Reduce -62.0% 0.47% −1.23
ACVA Acv Auctions Inc. Class A Sold out 0.00% −1.21
HQY Healthequity Inc. Sold out 0.00% −1.05
VERX Vertex Inc. Class A Sold out 0.00% −0.90
PRCT Procept Biorobotics Corp. Sold out 0.00% −0.84
SPRY Ars Pharmaceuticals Inc. Sold out 0.00% −0.84
OLO Olo Inc. Class A Sold out 0.00% −0.80
TMDX Transmedics Group Inc. Reduce -54.6% 0.44% −0.80
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −0.78
PCTY Paylocity Holding Corp. Sold out 0.00% −0.70
ALKT Alkami Technology Inc. Reduce -51.1% 0.39% −0.64
PBPB Potbelly Corp. Sold out 0.00% −0.57
CWAN Clearwater Analytics HDS-A Sold out 0.00% −0.55
SEMR Semrush Holdings Inc. Class A Sold out 0.00% −0.54
BY Byline Bancorp Inc. Sold out 0.00% −0.51
VCYT Veracyte Inc. Sold out 0.00% −0.51
LOAR Loar Holdings Inc. Reduce -59.6% 0.27% −0.49
SKWD Skyward Specialty Insurance Sold out 0.00% −0.49
PNFP Pinnacle Financial Partners Sold out 0.00% −0.48
STRL Sterling Infrastructure Inc. Reduce -40.3% 2.23% −0.46
BOW Bowhead Specialty Holdings I Sold out 0.00% −0.44
GDYN Grid Dynamics Holdings Inc. Sold out 0.00% −0.44
NFLX Netflix Inc. Reduce -67.4% 0.14% −0.37
TITN Titan Machinery Inc. Sold out 0.00% −0.37
CVLG Covenant Logistics Group Inc. Sold out 0.00% −0.36
INTA Intapp Inc. Reduce -55.2% 0.18% −0.35
WAY Waystar Holding Corp. Reduce -21.7% 0.77% −0.35
SIBN Si-Bone Inc. Reduce -90.9% 0.03% −0.35
PGR Progressive Corp. Reduce -79.7% 0.07% −0.33
AGYS Agilysys Inc. Reduce -22.7% 0.64% −0.32
BSX Boston Scientific Corp. Reduce -64.7% 0.14% −0.32
IRTC Irhythm Holdings Inc. Reduce -15.9% 2.37% −0.30
CBLL Ceribell Inc. Sold out 0.00% −0.29
RBC RBC Bearings Inc. Reduce -13.1% 1.40% −0.28
KNSL Kinsale Capital Group Inc. Reduce -1.4% 1.23% −0.28
ORN Orion Group Holdings Inc. Reduce -28.1% 0.41% −0.25
GLDD Great Lakes Dredge & Dock Co. Reduce -31.1% 0.39% −0.22
ARM Arm Holdings PLC-ADR Sold out 0.00% −0.21
TYL Tyler Technologies Inc. Sold out 0.00% −0.20
SARO Standardaero Inc. Reduce -12.2% 0.49% −0.19
KRNT Kornit Digital Ltd. Sold out 0.00% −0.18
KNX Knight-Swift Transportation Reduce -29.4% 0.26% −0.18
ISRG Intuitive Surgical Inc. Sold out 0.00% −0.15
WEAV Weave Communications Inc. Sold out 0.00% −0.15
TEAM Atlassian Corp. Class A Sold out 0.00% −0.14
TOST Toast Inc. Class A Sold out 0.00% −0.14

Portfolio Buys Q2 2025 → Q3 2025
PL Planet Labs PBC New 1.68% +1.68
PGY Pagaya Technologies Ltd. Class A New 1.43% +1.43
PI Impinj Inc. New 1.38% +1.38
XMTR Xometry Inc. Class A Add +4.5% 3.21% +1.19
MIRM Mirum Pharmaceuticals Inc. Add +89.6% 1.93% +1.18
APLD Applied Digital Corp. New 1.02% +1.02
MP MP Materials Corp. New 0.99% +0.99
AORT Artivion Inc. Add +4.2% 3.24% +0.82
AAON Aaon Inc. New 0.80% +0.80
TOL Toll Brothers Inc. New 0.73% +0.73
KRMN Karman Holdings Inc. New 0.72% +0.72
BE Bloom Energy Corp. Class A New 0.70% +0.70
ATEC Alphatec Holdings Inc. Add +10.6% 2.42% +0.65
WULF Terawulf Inc. New 0.64% +0.64
PRCH Porch Group Inc. New 0.64% +0.64
CCB Coastal Financial Corp. New 0.61% +0.61
AEHR Aehr Test Systems New 0.61% +0.61
FROG Jfrog Ltd. Add +174.3% 0.95% +0.61
INOD Innodata Inc. Add +81.3% 0.99% +0.61
ADPT Adaptive Biotechnologies New 0.58% +0.58
AVAV Aerovironment Inc. New 0.57% +0.57
AMSC American Superconductor Corp. New 0.56% +0.56
ALHC Alignment Healthcare Inc. Add +4.7% 2.89% +0.54
ZETA Zeta Global Holdings Corp. Class A New 0.54% +0.54
LSCC Lattice Semiconductor Corp. Add +15.2% 1.39% +0.54
FTAI Ftai Aviation Ltd. Add +18.1% 1.39% +0.53
SITM Sitime Corp. Add +22.6% 1.36% +0.53
NTSK Netskope Inc. Class A New 0.51% +0.51
LEU Centrus Energy Corp. Class A New 0.48% +0.48
CELH Celsius Holdings Inc. Add +61.2% 0.92% +0.43
ADMA Adma Biologics Inc. New 0.42% +0.42
PKE Park Aerospace Corp. New 0.40% +0.40
KVYO Klaviyo Inc. Class A New 0.40% +0.40
GOOGL Alphabet Inc. Class A Add +78.7% 0.69% +0.40
NVDA Nvidia Corp. Add +12.9% 1.74% +0.36
LGN Legence Corp. Class A New 0.35% +0.35
EVLV Evolv Technologies Holdings New 0.35% +0.35
AAPL Apple Inc. Add +16.0% 1.33% +0.35
CRDO Credo Technology Group Holdi Add +4.5% 0.94% +0.33
KMTS Kestra Medical Technologies New 0.32% +0.32
OPRX Optimizerx Corp. New 0.31% +0.31
MYRG MYR Group Inc./Delaware Add +5.1% 2.50% +0.30
BRCB Black Rock Coffee Bar Inc. Class A New 0.27% +0.27
WGS Genedx Holdings Corp. Add +5.6% 1.84% +0.26
MAMA Mama's Creations Inc. Add +19.2% 0.84% +0.25
META Meta Platforms Inc. Class A Add +80.2% 0.58% +0.24
AGX Argan Inc. Add +5.6% 1.30% +0.23
ORCL Oracle Corp. New 0.23% +0.23
AVGO Broadcom Inc. Add +26.4% 0.77% +0.23
MDB Mongodb Inc. New 0.20% +0.20

Notes & Other Activity Q2 2025 → Q3 2025
MPTI.WS M-Tron Industries Inc. -28 *W EXP 04/25/202 Reduce -0.4% 70,349 $123K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 113$1.9BXMTR, LGND, ALHC, ATRO, LINC
Q1 2026 112$1.4BATRO, LINC, ALHC, AORT, MYRG
Q4 2025 120$1.4BATRO, ATEC, XMTR, AORT, ALHC
Q3 2025 123$1.4BATRO, AORT, XMTR, ALHC, UTI
Q2 2025 122$1.3BATRO, PAY, STRL, IRTC, UTI
Q1 2025 122$1.1BWGS, PAY, ALHC, ATRO, PAR
Q4 2024 130$1.3BPAY, PAR, GDYN, VCEL, ACVA
Q3 2024 127$1.2BATRO, TNDM, TMDX, VRRM, RXST
Q2 2024 122$1.2BTMDX, ATRO, VRRM, NSSC, TNDM
Q1 2024 120$1.2BATRO, VERX, VRRM, TMDX, LGIH