Next Century Growth Investors LLC

Name: NEXT CENTURY GROWTH INVESTORS LLC 13F holdings, Q4 2025
Creator: NEXT CENTURY GROWTH INVESTORS LLC
Published: 2026-02-13

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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
LMB Limbach Holdings Inc.	0.21%	38,381	$3.0M	Reduce -75.3%
MA Mastercard Inc. Class A	0.20%	5,113	$2.9M	Add +0.9%
CAT Caterpillar Inc.	0.20%	5,026	$2.9M	Reduce -0.1%
AMD Advanced Micro Devices	0.19%	13,086	$2.8M	New
SIBN Si-Bone Inc.	0.19%	141,998	$2.8M	Add +508.4%
BETA Beta Technologies Inc. Class A	0.19%	94,526	$2.7M	New
UAMY United States Antimony Corp.	0.17%	480,430	$2.4M	New
CVNA Carvana Co.	0.16%	5,604	$2.4M	Add +0.2%
BA The Boeing Co.	0.16%	10,834	$2.4M	Reduce -66.4%
PWR Quanta Services Inc.	0.16%	5,496	$2.3M	Reduce -37.8%
ROKU Roku Inc.	0.16%	20,599	$2.2M	New
ORCL Oracle Corp.	0.15%	11,385	$2.2M	Reduce -0.1%
GWRE Guidewire Software Inc.	0.14%	9,943	$2.0M	Reduce -14.3%
NOW ServiceNow Inc.	0.14%	12,870	$2.0M	Reduce -20.1%
COST Costco Wholesale Corp.	0.13%	2,242	$1.9M	Reduce -64.3%
GSHD Goosehead Insurance Inc. Class A	0.13%	26,050	$1.9M	Reduce -58.4%
GH Guardant Health Inc.	0.13%	18,484	$1.9M	New
CRWD CrowdStrike Holdings Inc. Class A	0.12%	3,828	$1.8M	Add +96.2%
BSX Boston Scientific Corp.	0.07%	10,198	$972K	Reduce -47.0%
GLDD Great Lakes Dredge & Dock Co.	0.03%	30,520	$400K	Reduce -93.2%

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