In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Panoramic Capital, LLC reported 42 stock positions worth $157.8 million . Its top holding was Seagate Technology (STX) at 7.6% of the portfolio, followed by Meta Platforms Class A (META, 6.5% ) and First Solar (FSLR, 6.0% ). Compared with Q2 2025, it opened 13 new positions, sold out of 7, added to 15 and reduced 14. The biggest buy was a new position in First Solar (FSLR) and the biggest sale Nvidia (NVDA, shares −63% ).
Location LARKSPUR, CA
CIK 0001950490
Portfolio Value $157.8M (Q3 2025) Holdings 42 stocks · $157.8M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 STX Seagate Technology Holdings 50,981 $12.0M Reduce -52.9% META Meta Platforms Inc. Class A 13,978 $10.3M Add +9.3% FSLR First Solar Inc. 42,905 $9.5M New FIVE Five Below 60,837 $9.4M Add +52.1% MOD Modine Manufacturing Co. 65,116 $9.3M Add +68.8% LITE Lumentum Holdings Inc. 51,411 $8.4M Add +2.8% W Wayfair Inc. Class A 91,053 $8.1M Add +51.8% HALO Halozyme Therapeutics Inc. 89,426 $6.6M Reduce -0.6% SNOW Snowflake Inc. 28,861 $6.5M Add +44.3% NVDA Nvidia Corp. 31,920 $6.0M Reduce -63.0% AMZN Amazon.com Inc. 24,842 $5.5M Reduce -26.4% BOOT Boot Barn Holdings Inc. 29,895 $5.0M Add +19.6% AFRM Affirm Holdings Inc. 58,155 $4.2M Reduce -25.0% CRH CRH PLC 32,879 $3.9M Add +10.8% NBIS Nebius Group NV 32,179 $3.6M Add +221.8% PTON Peloton Interactive Inc. Class A 396,065 $3.6M Add +46.7% ORCL Oracle Corp. 12,662 $3.6M Reduce -15.6% GOOG Alphabet Inc. Class C 12,931 $3.1M New OLED Universal Display Corp. 21,695 $3.1M Reduce -5.7% NFLX Netflix Inc. 2,383 $2.9M Reduce -6.3% CBOE Cboe Global Markets Inc. 11,317 $2.8M Reduce -5.7% MGNI Magnite Inc. 126,080 $2.7M Add +80.1% TWLO Twilio Inc. Class A 27,211 $2.7M Add +81.4% BLND Blend Labs Inc. Class A 660,029 $2.4M Add +3.3% GFL GFL Environmental Inc.-Sub VT 49,030 $2.3M Reduce -5.7% CECO Ceco Environmental Corp. 44,060 $2.3M New EOG EOG Resources Inc. 19,255 $2.2M Reduce -5.9% NPKI NPK International Inc. 170,434 $1.9M New HUCK Huckleberry AI Inc. filed as DOMO INC 119,902 $1.9M Reduce -14.4% BRZE Braze Inc. Class A 60,000 $1.7M New U Unity Software Inc. 39,655 $1.6M New FLNC Fluence Energy Inc. 115,000 $1.2M New LLY Eli Lilly & Co. 1,591 $1.2M Reduce -0.6% OLLI Ollie's Bargain Outlet Holdi 6,510 $836K Reduce -75.0% MNRO Monro Inc. 45,000 $809K New INDV Indivior Ltd. 33,143 $799K New EVLV Evolv Technologies Holdings 102,685 $775K Add +20.8% MDXH Mdxhealth 155,000 $721K New LRCX Lam Research Corp. 5,000 $670K New PLSE Pulse Biosciences Inc. 35,996 $637K Add +36.5% RMNI Rimini Street Inc. 129,608 $607K New FBTC Fidelity Wise Origin Bitcoin 6,000 $599K New
Options reported separately and not counted above: SPY puts ($43.1M), AAPL calls ($10.2M), STX calls ($8.3M), SMCI calls ($2.2M), TWLO calls ($941K).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ NVDA Nvidia Corp. Reduce -63.0% 3.77% −6.73 STX Seagate Technology Holdings Reduce -52.9% 7.62% −4.41 MRVL Marvell Technology Inc. Sold out 0.00% −3.13 AMZN Amazon.com Inc. Reduce -26.4% 3.46% −2.25 MCHP Microchip Technology Inc. Sold out 0.00% −2.11 OLLI Ollie's Bargain Outlet Holdi Reduce -75.0% 0.53% −2.11 LTH Life Time Group Holdings Inc. Sold out 0.00% −1.81 AFRM Affirm Holdings Inc. Reduce -25.0% 2.69% −1.44 LULU Lululemon Athletica Inc. Sold out 0.00% −1.28 NFLX Netflix Inc. Reduce -6.3% 1.81% −0.81 OLED Universal Display Corp. Reduce -5.7% 1.97% −0.76 GFL GFL Environmental Inc.-Sub VT Reduce -5.7% 1.47% −0.55 EOG EOG Resources Inc. Reduce -5.9% 1.37% −0.52 CRMD Cormedix Inc. Sold out 0.00% −0.47 CBOE Cboe Global Markets Inc. Reduce -5.7% 1.76% −0.40 VPG Vishay Precision Group Sold out 0.00% −0.32 HUCK Huckleberry AI Inc. Reduce -14.4% 1.20% −0.30 ORCL Oracle Corp. Reduce -15.6% 2.26% −0.27 LLY Eli Lilly & Co. Reduce -0.6% 0.77% −0.19 TDUP Thredup Inc. Class A Sold out 0.00% −0.12 HALO Halozyme Therapeutics Inc. Reduce -0.6% 4.16% +0.55
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ FSLR First Solar Inc. New 5.99% +5.99 MOD Modine Manufacturing Co. Add +68.8% 5.86% +2.94 W Wayfair Inc. Class A Add +51.8% 5.15% +2.79 GOOG Alphabet Inc. Class C New 2.00% +2.00 FIVE Five Below Add +52.1% 5.96% +1.92 NBIS Nebius Group NV Add +221.8% 2.29% +1.86 LITE Lumentum Holdings Inc. Add +2.8% 5.30% +1.64 CECO Ceco Environmental Corp. New 1.43% +1.43 NPKI NPK International Inc. New 1.22% +1.22 BRZE Braze Inc. Class A New 1.08% +1.08 U Unity Software Inc. New 1.01% +1.01 PTON Peloton Interactive Inc. Class A Add +46.7% 2.26% +0.81 FLNC Fluence Energy Inc. New 0.79% +0.79 SNOW Snowflake Inc. Add +44.3% 4.12% +0.68 MNRO Monro Inc. New 0.51% +0.51 INDV Indivior Ltd. New 0.51% +0.51 MDXH Mdxhealth New 0.46% +0.46 MGNI Magnite Inc. Add +80.1% 1.74% +0.44 LRCX Lam Research Corp. New 0.42% +0.42 CRH CRH PLC Add +10.8% 2.50% +0.40 RMNI Rimini Street Inc. New 0.38% +0.38 FBTC Fidelity Wise Origin Bitcoin New 0.38% +0.38 TWLO Twilio Inc. Class A Add +81.4% 1.73% +0.29 BOOT Boot Barn Holdings Inc. Add +19.6% 3.14% +0.21 PLSE Pulse Biosciences Inc. Add +36.5% 0.40% +0.10 EVLV Evolv Technologies Holdings Add +20.8% 0.49% +0.08 BLND Blend Labs Inc. Class A Add +3.3% 1.53% −0.10 META Meta Platforms Inc. Class A Add +9.3% 6.50% −0.77
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 64,700 $43.1M AAPL Apple Inc. call New 40,000 $10.2M STX Seagate Technology Holdings call New 35,000 $8.3M SMCI Super Micro Computer Inc. call Reduce -6.2% 46,900 $2.2M TWLO Twilio Inc. Class A call New 9,400 $941K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 43 $232.4M STX, ATEX, NVDA, MU, HNGE Q1 2026 38 $142.4M STX, LITE, FIVE, HALO, AMZN Q4 2025 37 $174.7M LITE, NVDA, STX, W, FIVE Q3 2025 42 $157.8M STX, META, FSLR, FIVE, MOD Q2 2025 36 $129.8M STX, NVDA, META, AMZN, AFRM Q1 2025 30 $80.0M STX, HALO, META, NFLX, EOG Q4 2024 41 $125.7M META, NVDA, NFLX, LLY, DDOG