Next Century Growth Investors LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Next Century Growth Investors LLC reported 120 stock positions worth $1.4 billion. Its top holding was Astronics (ATRO) at 4.0% of the portfolio, followed by Alphatec (ATEC, 3.5%) and Xometry Class A (XMTR, 3.3%). Compared with Q3 2025, it opened 17 new positions, sold out of 20, added to 49 and reduced 54. The biggest buy was a new position in Axogen (AXGN) and the biggest sale an exit from Argan (AGX).
- Most Recent 13F
- Q2 2026
- Location
- PLYMOUTH, MN
- CIK
- 0001134007
- Portfolio Value
- $1.4B (Q4 2025)
- SEC Filing
- 0001134007-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 120 stocks · $1.4B
| ATRO Astronics Corp. | 4.02% | 1,067,612 | $57.9M | Reduce -12.1% |
| ATEC Alphatec Holdings Inc. | 3.53% | 2,418,298 | $50.9M | Add +6.1% |
| XMTR Xometry Inc. Class A | 3.32% | 803,613 | $47.8M | Reduce -0.5% |
| AORT Artivion Inc. | 3.31% | 1,044,395 | $47.6M | Reduce -0.4% |
| ALHC Alignment Healthcare Inc. | 3.17% | 2,308,287 | $45.6M | Add +1.6% |
| PAY Paymentus Holdings Inc. Class A | 2.59% | 1,181,624 | $37.3M | Add +1.3% |
| IRTC Irhythm Holdings Inc. | 2.13% | 172,838 | $30.7M | Reduce -8.6% |
| UTI Universal Technical Institut | 2.04% | 1,123,067 | $29.3M | Add +1.4% |
| MIRM Mirum Pharmaceuticals Inc. | 2.02% | 368,035 | $29.1M | Add +2.0% |
| MYRG MYR Group Inc./Delaware | 2.01% | 132,496 | $29.0M | Reduce -19.7% |
| AXGN Axogen Inc. | 1.82% | 799,882 | $26.2M | New |
| STRL Sterling Infrastructure Inc. | 1.74% | 81,939 | $25.1M | Reduce -9.0% |
| FTAI Ftai Aviation Ltd. | 1.61% | 117,912 | $23.2M | Add +3.1% |
| NVDA Nvidia Corp. | 1.61% | 124,203 | $23.2M | Reduce -2.8% |
| LSCC Lattice Semiconductor Corp. | 1.59% | 310,945 | $22.9M | Add +19.6% |
| MAMA Mama's Creations Inc. | 1.58% | 1,691,395 | $22.8M | Add +54.5% |
| WGS Genedx Holdings Corp. | 1.57% | 173,411 | $22.6M | Reduce -25.9% |
| FROG Jfrog Ltd. | 1.55% | 357,976 | $22.4M | Add +30.7% |
| AAPL Apple Inc. | 1.50% | 79,402 | $21.6M | Add +10.9% |
| MTSI Macom Technology Solutions H | 1.49% | 125,466 | $21.5M | Reduce -24.1% |
| PL Planet Labs PBC | 1.46% | 1,065,166 | $21.0M | Reduce -40.1% |
| MSFT Microsoft Corp. | 1.45% | 43,212 | $20.9M | Reduce -0.2% |
| CCB Coastal Financial Corp. | 1.42% | 178,224 | $20.4M | Add +130.0% |
| ADMA Adma Biologics Inc. | 1.39% | 1,100,773 | $20.1M | Add +178.3% |
| APLD Applied Digital Corp. | 1.36% | 797,237 | $19.5M | Add +30.6% |
| LINC Lincoln Educational Services | 1.33% | 791,271 | $19.1M | Add +4.1% |
| BROS Dutch Bros Inc. Class A | 1.31% | 308,910 | $18.9M | Add +24.7% |
| INOD Innodata Inc. | 1.29% | 365,835 | $18.6M | Add +107.5% |
| CRS Carpenter Technology | 1.28% | 58,555 | $18.4M | Reduce -9.1% |
| COHR Coherent Corp. | 1.28% | 99,517 | $18.4M | Reduce -3.1% |
| KRMN Karman Holdings Inc. | 1.18% | 232,320 | $17.0M | Add +69.4% |
| RBC RBC Bearings Inc. | 1.14% | 36,764 | $16.5M | Reduce -25.1% |
| ALM Almonty Industries Inc. | 1.14% | 1,855,260 | $16.3M | New |
| AAOI Applied Optoelectronics Inc. | 1.13% | 465,288 | $16.2M | New |
| ADPT Adaptive Biotechnologies | 1.06% | 943,597 | $15.3M | Add +77.6% |
| PEN Penumbra Inc. | 1.03% | 47,830 | $14.9M | Reduce -7.9% |
| SITM Sitime Corp. | 0.96% | 39,199 | $13.8M | Reduce -36.6% |
| WULF Terawulf Inc. | 0.94% | 1,180,535 | $13.6M | Add +52.9% |
| KMTS Kestra Medical Technologies | 0.86% | 465,845 | $12.4M | Add +154.5% |
| TMDX Transmedics Group Inc. | 0.83% | 98,468 | $12.0M | Add +81.2% |
| AMZN Amazon.com Inc. | 0.82% | 51,436 | $11.9M | Add +0.0% |
| FEIM Frequency Electronics Inc. | 0.82% | 219,463 | $11.8M | Add +200.4% |
| CELH Celsius Holdings Inc. | 0.79% | 247,930 | $11.3M | Add +12.4% |
| TCMD Tactile Systems Technology I | 0.79% | 389,980 | $11.3M | New |
| PKE Park Aerospace Corp. | 0.78% | 526,054 | $11.2M | Add +93.0% |
| AEHR Aehr Test Systems | 0.77% | 552,506 | $11.2M | Add +99.9% |
| AVGO Broadcom Inc. | 0.76% | 31,792 | $11.0M | Reduce -0.2% |
| GLBE Global-E Online Ltd. | 0.75% | 274,708 | $10.8M | Add +38.6% |
| GOOGL Alphabet Inc. Class A | 0.75% | 34,294 | $10.7M | Reduce -12.5% |
| AAON Aaon Inc. | 0.74% | 139,381 | $10.6M | Add +18.9% |
| LGN Legence Corp. Class A | 0.72% | 242,045 | $10.4M | Add +53.1% |
| NTSK Netskope Inc. Class A | 0.70% | 578,365 | $10.1M | Add +87.1% |
| CRDO Credo Technology Group Holdi | 0.70% | 70,232 | $10.1M | Reduce -20.7% |
| SAIA Saia Inc. | 0.70% | 30,739 | $10.0M | Reduce -37.8% |
| AGYS Agilysys Inc. | 0.68% | 82,990 | $9.9M | Reduce -0.4% |
| OLLI Ollie's Bargain Outlet Holdi | 0.65% | 85,167 | $9.3M | Reduce -49.3% |
| LEU Centrus Energy Corp. Class A | 0.56% | 33,462 | $8.1M | Add +56.2% |
| OWLT Owlet Inc. | 0.55% | 484,908 | $7.9M | Add +18.4% |
| WAY Waystar Holding Corp. | 0.54% | 237,035 | $7.8M | Reduce -14.4% |
| SARO Standardaero Inc. | 0.54% | 269,301 | $7.7M | Add +10.1% |
| AIP Arteris Inc. | 0.53% | 493,367 | $7.6M | Reduce -0.4% |
| ZETA Zeta Global Holdings Corp. Class A | 0.53% | 372,581 | $7.6M | Reduce -0.4% |
| KNSL Kinsale Capital Group Inc. | 0.48% | 17,833 | $7.0M | Reduce -55.2% |
| PEGA Pegasystems Inc. | 0.48% | 116,666 | $7.0M | New |
| GS Goldman Sachs Group Inc. | 0.47% | 7,754 | $6.8M | Reduce -0.1% |
| ORN Orion Group Holdings Inc. | 0.46% | 667,654 | $6.6M | Reduce -0.4% |
| MP MP Materials Corp. | 0.46% | 131,327 | $6.6M | Reduce -35.3% |
| HWM Howmet Aerospace Inc. | 0.46% | 32,122 | $6.6M | Reduce -0.2% |
| PHAT Phathom Pharmaceuticals Inc. | 0.45% | 393,774 | $6.5M | New |
| AVAV Aerovironment Inc. | 0.45% | 26,691 | $6.5M | Add +7.5% |
| FIGR Figure Technology Solut Class A | 0.45% | 157,017 | $6.4M | New |
| BLFS Biolife Solutions Inc. | 0.44% | 262,971 | $6.4M | Reduce -0.4% |
| OPRX Optimizerx Corp. | 0.43% | 505,407 | $6.2M | Add +139.8% |
| SHOP Shopify Inc. Class A | 0.43% | 38,036 | $6.1M | Reduce -0.2% |
| WING Wingstop Inc. | 0.42% | 25,642 | $6.1M | Add +26.9% |
| META Meta Platforms Inc. Class A | 0.42% | 9,183 | $6.1M | Reduce -16.0% |
| BWB Bridgewater Bancshares Inc. | 0.41% | 339,012 | $5.9M | Reduce -0.4% |
| PGY Pagaya Technologies Ltd. Class A | 0.41% | 283,680 | $5.9M | Reduce -57.1% |
| TATT Tat Technologies Ltd. | 0.41% | 132,154 | $5.9M | New |
| EVLV Evolv Technologies Holdings | 0.41% | 820,478 | $5.9M | Add +28.6% |
| MPTI M-Tron Industries Inc. | 0.41% | 109,884 | $5.8M | Add +26.2% |
| SNOW Snowflake Inc. | 0.39% | 25,469 | $5.6M | Reduce -0.2% |
| APP AppLovin Corp. Class A | 0.38% | 8,190 | $5.5M | Reduce -0.3% |
| GE General Electric filed as GE AEROSPACE | 0.38% | 17,533 | $5.4M | New |
| VRT Vertiv Holdings Co. Class A | 0.37% | 33,111 | $5.4M | Add +0.0% |
| PSNL Personalis Inc. | 0.35% | 624,363 | $5.0M | New |
| TSLA Tesla Inc. | 0.34% | 10,742 | $4.8M | Reduce -14.0% |
| GEV GE Vernova Inc. | 0.29% | 6,389 | $4.2M | Add +52.6% |
| HOOD Robinhood Markets Inc. Class A | 0.29% | 36,767 | $4.2M | Add +116.8% |
| BE Bloom Energy Corp. Class A | 0.28% | 45,776 | $4.0M | Reduce -59.7% |
| MDB Mongodb Inc. | 0.26% | 8,974 | $3.8M | Reduce -0.0% |
| AXON Axon Enterprise Inc. | 0.25% | 6,442 | $3.7M | Add +72.9% |
| BRCB Black Rock Coffee Bar Inc. Class A | 0.25% | 161,601 | $3.6M | Add +2.9% |
| INSM Insmed Inc. | 0.25% | 20,301 | $3.5M | Add +28.1% |
| V Visa Inc. Class A | 0.23% | 9,580 | $3.4M | Add +0.8% |
| PCOR Procore Technologies Inc. | 0.23% | 44,735 | $3.3M | New |
| LOAR Loar Holdings Inc. | 0.22% | 46,036 | $3.1M | Reduce -0.4% |
| PI Impinj Inc. | 0.21% | 17,444 | $3.0M | Reduce -83.3% |
| ASIC Ategrity Specialty Holdings | 0.21% | 143,657 | $3.0M | Reduce -37.1% |
| BLLN Billiontoone Inc. Class A | 0.21% | 36,659 | $3.0M | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $28K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MPTI.WS M-Tron Industries Inc. -28 | *W EXP 04/25/202 | 27,967 | $28K | Reduce -60.3% |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q3 2025 → Q4 2025
| AGX Argan Inc. | Sold out | 0.00% | −1.30 |
| PI Impinj Inc. | Reduce -83.3% | 0.21% | −1.17 |
| AVPT Avepoint Inc. | Sold out | 0.00% | −1.13 |
| PGY Pagaya Technologies Ltd. Class A | Reduce -57.1% | 0.41% | −1.02 |
| OLLI Ollie's Bargain Outlet Holdi | Reduce -49.3% | 0.65% | −0.92 |
| LMB Limbach Holdings Inc. | Reduce -75.3% | 0.21% | −0.89 |
| KNSL Kinsale Capital Group Inc. | Reduce -55.2% | 0.48% | −0.75 |
| ELF Elf Beauty Inc. | Sold out | 0.00% | −0.74 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.73 |
| PRCH Porch Group Inc. | Sold out | 0.00% | −0.64 |
| AMSC American Superconductor Corp. | Sold out | 0.00% | −0.56 |
| MP MP Materials Corp. | Reduce -35.3% | 0.46% | −0.53 |
| MYRG MYR Group Inc./Delaware | Reduce -19.7% | 2.01% | −0.49 |
| STRL Sterling Infrastructure Inc. | Reduce -9.0% | 1.74% | −0.49 |
| QTWO Q2 Holdings Inc. | Sold out | 0.00% | −0.47 |
| WAL Western Alliance Bancorp | Sold out | 0.00% | −0.47 |
| BLND Blend Labs Inc. Class A | Sold out | 0.00% | −0.47 |
| TTAN Servicetitan Inc. Class A | Sold out | 0.00% | −0.45 |
| BE Bloom Energy Corp. Class A | Reduce -59.7% | 0.28% | −0.42 |
| KVYO Klaviyo Inc. Class A | Sold out | 0.00% | −0.40 |
| SITM Sitime Corp. | Reduce -36.6% | 0.96% | −0.40 |
| ALKT Alkami Technology Inc. | Sold out | 0.00% | −0.39 |
| SAIA Saia Inc. | Reduce -37.8% | 0.70% | −0.38 |
| GLDD Great Lakes Dredge & Dock Co. | Reduce -93.2% | 0.03% | −0.36 |
| BA The Boeing Co. | Reduce -66.4% | 0.16% | −0.34 |
| COST Costco Wholesale Corp. | Reduce -64.3% | 0.13% | −0.29 |
| TWFG TWFG Inc. | Sold out | 0.00% | −0.29 |
| WGS Genedx Holdings Corp. | Reduce -25.9% | 1.57% | −0.27 |
| KNX Knight-Swift Transportation | Sold out | 0.00% | −0.26 |
| RBC RBC Bearings Inc. | Reduce -25.1% | 1.14% | −0.25 |
| IRTC Irhythm Holdings Inc. | Reduce -8.6% | 2.13% | −0.24 |
| CRDO Credo Technology Group Holdi | Reduce -20.7% | 0.70% | −0.24 |
| WAY Waystar Holding Corp. | Reduce -14.4% | 0.54% | −0.23 |
| KRUS Kura Sushi USA Inc. Class A | Sold out | 0.00% | −0.22 |
| PL Planet Labs PBC | Reduce -40.1% | 1.46% | −0.22 |
| GSHD Goosehead Insurance Inc. Class A | Reduce -58.4% | 0.13% | −0.21 |
| MSFT Microsoft Corp. | Reduce -0.2% | 1.45% | −0.18 |
| INTA Intapp Inc. | Sold out | 0.00% | −0.18 |
| AMPX Amprius Technologies Inc. | Sold out | 0.00% | −0.18 |
| META Meta Platforms Inc. Class A | Reduce -16.0% | 0.42% | −0.16 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.16 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.14 |
| NVDA Nvidia Corp. | Reduce -2.8% | 1.61% | −0.13 |
| ASIC Ategrity Specialty Holdings | Reduce -37.1% | 0.21% | −0.12 |
| PWR Quanta Services Inc. | Reduce -37.8% | 0.16% | −0.11 |
| ORCL Oracle Corp. | Reduce -0.1% | 0.15% | −0.08 |
| NOW ServiceNow Inc. | Reduce -20.1% | 0.14% | −0.08 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.07 |
| TSLA Tesla Inc. | Reduce -14.0% | 0.34% | −0.07 |
| BSX Boston Scientific Corp. | Reduce -47.0% | 0.07% | −0.07 |
Portfolio Buys Q3 2025 → Q4 2025
| AXGN Axogen Inc. | New | 1.82% | +1.82 |
| ALM Almonty Industries Inc. | New | 1.14% | +1.14 |
| AAOI Applied Optoelectronics Inc. | New | 1.13% | +1.13 |
| ATEC Alphatec Holdings Inc. | Add +6.1% | 3.53% | +1.12 |
| ADMA Adma Biologics Inc. | Add +178.3% | 1.39% | +0.97 |
| CCB Coastal Financial Corp. | Add +130.0% | 1.42% | +0.81 |
| TCMD Tactile Systems Technology I | New | 0.79% | +0.79 |
| MAMA Mama's Creations Inc. | Add +54.5% | 1.58% | +0.75 |
| FEIM Frequency Electronics Inc. | Add +200.4% | 0.82% | +0.64 |
| FROG Jfrog Ltd. | Add +30.7% | 1.55% | +0.61 |
| KMTS Kestra Medical Technologies | Add +154.5% | 0.86% | +0.54 |
| ADPT Adaptive Biotechnologies | Add +77.6% | 1.06% | +0.48 |
| PEGA Pegasystems Inc. | New | 0.48% | +0.48 |
| KRMN Karman Holdings Inc. | Add +69.4% | 1.18% | +0.46 |
| PHAT Phathom Pharmaceuticals Inc. | New | 0.45% | +0.45 |
| FIGR Figure Technology Solut Class A | New | 0.45% | +0.45 |
| TATT Tat Technologies Ltd. | New | 0.41% | +0.41 |
| TMDX Transmedics Group Inc. | Add +81.2% | 0.83% | +0.39 |
| PKE Park Aerospace Corp. | Add +93.0% | 0.78% | +0.38 |
| GE General Electric | New | 0.38% | +0.38 |
| LGN Legence Corp. Class A | Add +53.1% | 0.72% | +0.37 |
| BROS Dutch Bros Inc. Class A | Add +24.7% | 1.31% | +0.37 |
| PSNL Personalis Inc. | New | 0.35% | +0.35 |
| APLD Applied Digital Corp. | Add +30.6% | 1.36% | +0.34 |
| INOD Innodata Inc. | Add +107.5% | 1.29% | +0.30 |
| WULF Terawulf Inc. | Add +52.9% | 0.94% | +0.30 |
| OWLT Owlet Inc. | Add +18.4% | 0.55% | +0.29 |
| ALHC Alignment Healthcare Inc. | Add +1.6% | 3.17% | +0.27 |
| GLBE Global-E Online Ltd. | Add +38.6% | 0.75% | +0.23 |
| PCOR Procore Technologies Inc. | New | 0.23% | +0.23 |
| FTAI Ftai Aviation Ltd. | Add +3.1% | 1.61% | +0.22 |
| BLLN Billiontoone Inc. Class A | New | 0.21% | +0.21 |
| LSCC Lattice Semiconductor Corp. | Add +19.6% | 1.59% | +0.20 |
| AMD Advanced Micro Devices | New | 0.19% | +0.19 |
| NTSK Netskope Inc. Class A | Add +87.1% | 0.70% | +0.19 |
| BETA Beta Technologies Inc. Class A | New | 0.19% | +0.19 |
| AAPL Apple Inc. | Add +10.9% | 1.50% | +0.17 |
| SIBN Si-Bone Inc. | Add +508.4% | 0.19% | +0.17 |
| AEHR Aehr Test Systems | Add +99.9% | 0.77% | +0.17 |
| UAMY United States Antimony Corp. | New | 0.17% | +0.17 |
| ROKU Roku Inc. | New | 0.16% | +0.16 |
| GH Guardant Health Inc. | New | 0.13% | +0.13 |
| OPRX Optimizerx Corp. | Add +139.8% | 0.43% | +0.12 |
| HOOD Robinhood Markets Inc. Class A | Add +116.8% | 0.29% | +0.11 |
| GEV GE Vernova Inc. | Add +52.6% | 0.29% | +0.10 |
| MIRM Mirum Pharmaceuticals Inc. | Add +2.0% | 2.02% | +0.09 |
| LEU Centrus Energy Corp. Class A | Add +56.2% | 0.56% | +0.08 |
| INSM Insmed Inc. | Add +28.1% | 0.25% | +0.08 |
| AXON Axon Enterprise Inc. | Add +72.9% | 0.25% | +0.06 |
| EVLV Evolv Technologies Holdings | Add +28.6% | 0.41% | +0.06 |
Notes & Other Activity Q3 2025 → Q4 2025
| MPTI.WS M-Tron Industries Inc. -28 | *W EXP 04/25/202 | Reduce -60.3% | 27,967 | $28K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 113 | $1.9B | XMTR, LGND, ALHC, ATRO, LINC |
| Q1 2026 | 112 | $1.4B | ATRO, LINC, ALHC, AORT, MYRG |
| Q4 2025 | 120 | $1.4B | ATRO, ATEC, XMTR, AORT, ALHC |
| Q3 2025 | 123 | $1.4B | ATRO, AORT, XMTR, ALHC, UTI |
| Q2 2025 | 122 | $1.3B | ATRO, PAY, STRL, IRTC, UTI |
| Q1 2025 | 122 | $1.1B | WGS, PAY, ALHC, ATRO, PAR |
| Q4 2024 | 130 | $1.3B | PAY, PAR, GDYN, VCEL, ACVA |
| Q3 2024 | 127 | $1.2B | ATRO, TNDM, TMDX, VRRM, RXST |
| Q2 2024 | 122 | $1.2B | TMDX, ATRO, VRRM, NSSC, TNDM |
| Q1 2024 | 120 | $1.2B | ATRO, VERX, VRRM, TMDX, LGIH |