Norwood Investment Partners, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Norwood Investment Partners, LP reported 15 stock positions worth $116.3 million. Its top holding was Api (APG) at 16.4% of the portfolio, followed by Clearwater Analytics HDS-A (CWAN, 13.2%) and GFL Environmental Inc.-Sub VT (GFL, 10.8%). Compared with Q2 2025, it opened 2 new positions, sold out of 2, added to 6 and reduced 6. The biggest buy was Flywire Corp.-Voting (FLYW, shares +48%) and the biggest sale Driven Brands (DRVN, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- MILL VALLEY, CA
- CIK
- 0001888610
- Portfolio Value
- $116.3M (Q3 2025)
- SEC Filing
- 0001888610-25-000005 ↗ filed Nov 12, 2025
Holdings Value
Holdings 15 stocks · $116.3M
| APG Api Group Corp. | 16.45% | 556,440 | $19.1M | No change |
| CWAN Clearwater Analytics HDS-A | 13.23% | 853,531 | $15.4M | Add +21.6% |
| GFL GFL Environmental Inc.-Sub VT | 10.79% | 264,800 | $12.5M | Reduce -15.1% |
| FLYW Flywire Corp.-Voting | 10.02% | 860,500 | $11.7M | Add +48.3% |
| MGNI Magnite Inc. | 8.05% | 430,000 | $9.4M | Reduce -6.9% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 7.38% | 105,104 | $8.6M | Add +10.5% |
| THRY Thryv Holdings Inc. | 6.15% | 592,534 | $7.1M | Add +3.0% |
| EEFT Euronet Worldwide Inc. | 5.17% | 68,500 | $6.0M | Add +14.2% |
| PAR Par Technology Corp. | 3.68% | 108,000 | $4.3M | Add +16.1% |
| CLBT Cellebrite Di Ltd. | 3.68% | 230,671 | $4.3M | New |
| DRVN Driven Brands Holdings Inc. | 3.32% | 239,438 | $3.9M | Reduce -69.2% |
| FSV Firstservice Corp. | 3.28% | 20,000 | $3.8M | Reduce -30.7% |
| AMRZ Amrize Ltd. | 3.26% | 78,200 | $3.8M | New |
| DSGR Distribution Solutions Group | 3.12% | 120,700 | $3.6M | Reduce -14.2% |
| TFII Tfi International Inc. | 2.42% | 32,000 | $2.8M | Reduce -10.7% |
Portfolio Sells Q2 2025 → Q3 2025
| DRVN Driven Brands Holdings Inc. | Reduce -69.2% | 3.32% | −6.92 |
| ALIT Alight Inc. Class A | Sold out | 0.00% | −5.65 |
| MLNK Meridianlink Inc. | Sold out | 0.00% | −3.42 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -15.1% | 10.79% | −1.00 |
| FSV Firstservice Corp. | Reduce -30.7% | 3.28% | −0.50 |
| MGNI Magnite Inc. | Reduce -6.9% | 8.05% | −0.29 |
| TFII Tfi International Inc. | Reduce -10.7% | 2.42% | +0.02 |
| DSGR Distribution Solutions Group | Reduce -14.2% | 3.12% | +0.23 |
Portfolio Buys Q2 2025 → Q3 2025
| FLYW Flywire Corp.-Voting | Add +48.3% | 10.02% | +4.94 |
| CLBT Cellebrite Di Ltd. | New | 3.68% | +3.68 |
| AMRZ Amrize Ltd. | New | 3.26% | +3.26 |
| CWAN Clearwater Analytics HDS-A | Add +21.6% | 13.23% | +1.69 |
| KSPI JSC Kaspi.kz ADR | Add +10.5% | 7.38% | +1.34 |
| THRY Thryv Holdings Inc. | Add +3.0% | 6.15% | +0.90 |
| EEFT Euronet Worldwide Inc. | Add +14.2% | 5.17% | +0.62 |
| PAR Par Technology Corp. | Add +16.1% | 3.68% | −1.16 |
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 |