Norwood Investment Partners, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Norwood Investment Partners, LP reported 15 stock positions worth $133.5 million. Its top holding was Api (APG) at 14.2% of the portfolio, followed by GFL Environmental Inc.-Sub VT (GFL, 11.8%) and Clearwater Analytics HDS-A (CWAN, 11.5%). Compared with Q1 2025, it opened 4 new positions, sold out of 3, added to 4 and reduced 7. The biggest buy was a new position in Clearwater Analytics HDS-A (CWAN) and the biggest sale Alight Class A (ALIT, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- MILL VALLEY, CA
- CIK
- 0001888610
- Portfolio Value
- $133.5M (Q2 2025)
- SEC Filing
- 0001888610-25-000004 ↗ filed Aug 12, 2025
Holdings Value
Holdings 15 stocks · $133.5M
| APG Api Group Corp. | 14.19% | 370,960 | $18.9M | Reduce -14.3% |
| GFL GFL Environmental Inc.-Sub VT | 11.79% | 311,864 | $15.7M | Add +41.8% |
| CWAN Clearwater Analytics HDS-A | 11.53% | 702,100 | $15.4M | New |
| DRVN Driven Brands Holdings Inc. | 10.24% | 778,048 | $13.7M | Reduce -16.1% |
| MGNI Magnite Inc. | 8.35% | 462,000 | $11.1M | New |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 6.05% | 95,104 | $8.1M | New |
| ALIT Alight Inc. Class A | 5.65% | 1,331,544 | $7.5M | Reduce -46.8% |
| THRY Thryv Holdings Inc. | 5.24% | 575,548 | $7.0M | New |
| FLYW Flywire Corp.-Voting | 5.08% | 580,076 | $6.8M | Add +30.2% |
| PAR Par Technology Corp. | 4.83% | 93,000 | $6.5M | Reduce -43.9% |
| EEFT Euronet Worldwide Inc. | 4.56% | 60,000 | $6.1M | Reduce -35.4% |
| FSV Firstservice Corp. | 3.78% | 28,877 | $5.0M | Add +119.8% |
| MLNK Meridianlink Inc. | 3.42% | 281,000 | $4.6M | Add +6.9% |
| DSGR Distribution Solutions Group | 2.90% | 140,700 | $3.9M | Reduce -54.8% |
| TFII Tfi International Inc. | 2.41% | 35,822 | $3.2M | Reduce -50.5% |
Portfolio Sells Q1 2025 → Q2 2025
| ALIT Alight Inc. Class A | Reduce -46.8% | 5.65% | −7.61 |
| DSGR Distribution Solutions Group | Reduce -54.8% | 2.90% | −4.88 |
| EEFT Euronet Worldwide Inc. | Reduce -35.4% | 4.56% | −4.29 |
| PAR Par Technology Corp. | Reduce -43.9% | 4.83% | −4.24 |
| DRVN Driven Brands Holdings Inc. | Reduce -16.1% | 10.24% | −3.95 |
| FERG Ferguson Jersey Ltd. | Sold out | 0.00% | −3.00 |
| FA First Advantage Corp. | Sold out | 0.00% | −2.92 |
| TFII Tfi International Inc. | Reduce -50.5% | 2.41% | −2.59 |
| DSP Viant Technology Inc. Class A | Sold out | 0.00% | −2.57 |
| APG Api Group Corp. | Reduce -14.3% | 14.19% | +0.38 |
Portfolio Buys Q1 2025 → Q2 2025
| CWAN Clearwater Analytics HDS-A | New | 11.53% | +11.53 |
| MGNI Magnite Inc. | New | 8.35% | +8.35 |
| KSPI JSC Kaspi.kz ADR | New | 6.05% | +6.05 |
| THRY Thryv Holdings Inc. | New | 5.24% | +5.24 |
| GFL GFL Environmental Inc.-Sub VT | Add +41.8% | 11.79% | +2.30 |
| FSV Firstservice Corp. | Add +119.8% | 3.78% | +1.83 |
| FLYW Flywire Corp.-Voting | Add +30.2% | 5.08% | +1.31 |
| MLNK Meridianlink Inc. | Add +6.9% | 3.42% | −0.93 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 14 | $72.4M | GFL, CTRI, TFII, DRVN, APG |
| Q1 2026 | 15 | $65.0M | GFL, DRVN, APG, TFII, AMRZ |
| Q4 2025 | 15 | $88.8M | APG, GFL, DRVN, FLYW, FSV |
| Q3 2025 | 15 | $116.3M | APG, CWAN, GFL, FLYW, MGNI |
| Q2 2025 | 15 | $133.5M | APG, GFL, CWAN, DRVN, MGNI |
| Q1 2025 | 14 | $112.1M | DRVN, APG, ALIT, GFL, PAR |
| Q4 2024 | 12 | $140.1M | APG, DSGR, ALIT, PAR, TFII |
| Q3 2024 | 12 | $148.2M | DSGR, APG, ALIT, PAR, IMXI |
| Q2 2024 | 11 | $155.3M | APG, DSGR, ALIT, EEFT, IMXI |
| Q1 2024 | 13 | $156.6M | DSGR, APG, WSC, EEFT, IMXI |