In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Panoramic Capital, LLC reported 37 stock positions worth $174.7 million . Its top holding was Lumentum (LITE) at 10.8% of the portfolio, followed by Nvidia (NVDA, 10.5% ) and Seagate Technology (STX, 8.5% ). Compared with Q3 2025, it opened 9 new positions, sold out of 14, added to 21 and reduced 7. The biggest buy was Nvidia (NVDA, shares +207% ) and the biggest sale an exit from Meta Platforms Class A (META).
Location LARKSPUR, CA
CIK 0001950490
Portfolio Value $174.7M (Q4 2025) Holdings 37 stocks · $174.7M 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 Q3 2025 LITE Lumentum Holdings Inc. 51,386 $18.9M Reduce -0.1% NVDA Nvidia Corp. 98,086 $18.3M Add +207.3% STX Seagate Technology Holdings 53,876 $14.8M Add +5.7% W Wayfair Inc. Class A 93,727 $9.4M Add +2.9% FIVE Five Below 49,798 $9.4M Reduce -18.1% AMZN Amazon.com Inc. 36,251 $8.4M Add +45.9% HALO Halozyme Therapeutics Inc. 122,416 $8.2M Add +36.9% MOD Modine Manufacturing Co. 51,240 $6.8M Reduce -21.3% BOOT Boot Barn Holdings Inc. 34,104 $6.0M Add +14.1% TWLO Twilio Inc. Class A 40,689 $5.8M Add +49.5% GOOG Alphabet Inc. Class C 18,000 $5.6M Add +39.2% BIRK Birkenstock Holding PLC 110,000 $4.5M New SNOW Snowflake Inc. 20,501 $4.5M Reduce -29.0% CRH CRH PLC 34,748 $4.3M Add +5.7% C Citigroup Inc. 36,818 $4.3M New BRZE Braze Inc. Class A 124,652 $4.3M Add +107.8% LLY Eli Lilly & Co. 3,281 $3.5M Add +106.2% AFRM Affirm Holdings Inc. 45,377 $3.4M Reduce -22.0% PTON Peloton Interactive Inc. Class A 501,629 $3.1M Add +26.6% NFLX Netflix Inc. 32,700 $3.1M Add +37.2% MNRO Monro Inc. 143,663 $2.9M Add +219.3% CECO Ceco Environmental Corp. 46,566 $2.8M Add +5.7% FSLR First Solar Inc. 10,364 $2.7M Reduce -75.8% ROST Ross Stores Inc. 15,000 $2.7M New INDV Indivior Ltd. 75,035 $2.7M Add +126.4% NPKI NPK International Inc. 202,754 $2.4M Add +19.0% BLND Blend Labs Inc. Class A 697,689 $2.1M Add +5.7% MIAX Miami International Holdings 46,087 $2.0M New CMG Chipotle Mexican Grill Inc. 50,000 $1.9M New NBIS Nebius Group NV 18,500 $1.5M Reduce -42.5% MDXH Mdxhealth 238,668 $852K Add +54.0% EVLV Evolv Technologies Holdings 108,619 $778K Add +5.8% NRXS Neuraxis Inc. 165,000 $749K New CHYM Chime Financial Inc. Class A 25,000 $629K New PLSE Pulse Biosciences Inc. 38,054 $522K Add +5.7% LWLG Lightwave Logic Inc. 150,000 $486K New BE Bloom Energy Corp. Class A 2,500 $217K New
Options reported separately and not counted above: LITE puts ($9.2M), CWAN calls ($2.4M).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ META Meta Platforms Inc. Class A Sold out 0.00% −6.50 FSLR First Solar Inc. Reduce -75.8% 1.55% −4.45 ORCL Oracle Corp. Sold out 0.00% −2.26 OLED Universal Display Corp. Sold out 0.00% −1.97 MOD Modine Manufacturing Co. Reduce -21.3% 3.92% −1.95 CBOE Cboe Global Markets Inc. Sold out 0.00% −1.76 MGNI Magnite Inc. Sold out 0.00% −1.74 SNOW Snowflake Inc. Reduce -29.0% 2.57% −1.55 GFL GFL Environmental Inc.-Sub VT Sold out 0.00% −1.47 NBIS Nebius Group NV Reduce -42.5% 0.89% −1.40 EOG EOG Resources Inc. Sold out 0.00% −1.37 HUCK Huckleberry AI Inc. Sold out 0.00% −1.20 U Unity Software Inc. Sold out 0.00% −1.01 FLNC Fluence Energy Inc. Sold out 0.00% −0.79 AFRM Affirm Holdings Inc. Reduce -22.0% 1.93% −0.76 FIVE Five Below Reduce -18.1% 5.37% −0.59 OLLI Ollie's Bargain Outlet Holdi Sold out 0.00% −0.53 LRCX Lam Research Corp. Sold out 0.00% −0.42 RMNI Rimini Street Inc. Sold out 0.00% −0.38 FBTC Fidelity Wise Origin Bitcoin Sold out 0.00% −0.38 LITE Lumentum Holdings Inc. Reduce -0.1% 10.84% +5.54
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ NVDA Nvidia Corp. Add +207.3% 10.47% +6.70 BIRK Birkenstock Holding PLC New 2.58% +2.58 C Citigroup Inc. New 2.46% +2.46 TWLO Twilio Inc. Class A Add +49.5% 3.31% +1.59 ROST Ross Stores Inc. New 1.55% +1.55 BRZE Braze Inc. Class A Add +107.8% 2.45% +1.37 AMZN Amazon.com Inc. Add +45.9% 4.79% +1.33 LLY Eli Lilly & Co. Add +106.2% 2.02% +1.25 GOOG Alphabet Inc. Class C Add +39.2% 3.23% +1.24 MIAX Miami International Holdings New 1.17% +1.17 MNRO Monro Inc. Add +219.3% 1.65% +1.14 CMG Chipotle Mexican Grill Inc. New 1.06% +1.06 INDV Indivior Ltd. Add +126.4% 1.54% +1.03 STX Seagate Technology Holdings Add +5.7% 8.49% +0.87 HALO Halozyme Therapeutics Inc. Add +36.9% 4.72% +0.56 NRXS Neuraxis Inc. New 0.43% +0.43 CHYM Chime Financial Inc. Class A New 0.36% +0.36 BOOT Boot Barn Holdings Inc. Add +14.1% 3.44% +0.31 LWLG Lightwave Logic Inc. New 0.28% +0.28 W Wayfair Inc. Class A Add +2.9% 5.39% +0.23 CECO Ceco Environmental Corp. Add +5.7% 1.60% +0.17 NPKI NPK International Inc. Add +19.0% 1.38% +0.16 BE Bloom Energy Corp. Class A New 0.12% +0.12 MDXH Mdxhealth Add +54.0% 0.49% +0.03 CRH CRH PLC Add +5.7% 2.48% −0.02 EVLV Evolv Technologies Holdings Add +5.8% 0.45% −0.05 NFLX Netflix Inc. Add +37.2% 1.75% −0.06 PLSE Pulse Biosciences Inc. Add +5.7% 0.30% −0.10 BLND Blend Labs Inc. Class A Add +5.7% 1.21% −0.31 PTON Peloton Interactive Inc. Class A Add +26.6% 1.77% −0.49
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 64,700 $43.1Mbefore exit AAPL Apple Inc. call Sold out 40,000 $10.2Mbefore exit LITE Lumentum Holdings Inc. put New 25,000 $9.2M STX Seagate Technology Holdings call Sold out 35,000 $8.3Mbefore exit CWAN Clearwater Analytics HDS-A call New 100,000 $2.4M SMCI Super Micro Computer Inc. call Sold out 46,900 $2.2Mbefore exit TWLO Twilio Inc. Class A call Sold out 9,400 $941Kbefore exit
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