Portolan Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Portolan Capital Management, LLC reported 118 stock positions worth $1.6 billion. Its top holding was Celestica (CLS) at 5.4% of the portfolio, followed by Kratos Defense & Security (KTOS, 3.9%) and Elf Beauty (ELF, 3.6%). Compared with Q1 2025, it opened 38 new positions, sold out of 29, added to 47 and reduced 31. The biggest buy was a new position in Aerovironment (AVAV) and the biggest sale Lantheus (LNTH, shares −71%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001350290
- Portfolio Value
- $1.6B (Q2 2025)
- SEC Filing
- 0001104659-25-077571 ↗ filed Aug 13, 2025
Holdings Value
Holdings 118 stocks · $1.6B
| CLS Celestica Inc. | 5.38% | 549,593 | $85.8M | Add +39.9% |
| KTOS Kratos Defense & Security | 3.87% | 1,328,423 | $61.7M | Reduce -9.1% |
| ELF Elf Beauty Inc. | 3.64% | 466,838 | $58.1M | Add +18.1% |
| AVAV Aerovironment Inc. | 3.19% | 178,816 | $51.0M | New |
| MOD Modine Manufacturing Co. | 3.04% | 492,316 | $48.5M | Reduce -0.3% |
| TTMI TTM Technologies | 2.88% | 1,124,157 | $45.9M | Add +10.1% |
| FOUR SHIFT4 Payments Inc. Class A | 2.70% | 435,175 | $43.1M | Add +7.0% |
| GENI Genius Sports Ltd. | 2.66% | 4,086,364 | $42.5M | Reduce -4.5% |
| POWL Powell Industries Inc. | 2.25% | 170,558 | $35.9M | Add +220.4% |
| DBRG Digitalbridge Group Inc. | 2.00% | 3,082,160 | $31.9M | Add +36.0% |
| HNST The Honest Co. Inc. | 1.98% | 6,217,353 | $31.6M | Add +12.7% |
| CSTL Castle Biosciences Inc. | 1.91% | 1,489,572 | $30.4M | Add +17.7% |
| PRCH Porch Group Inc. | 1.81% | 2,442,843 | $28.8M | Reduce -25.8% |
| VPG Vishay Precision Group | 1.75% | 990,439 | $27.8M | Add +20.6% |
| IIIV I3 Verticals Inc. Class A | 1.66% | 961,615 | $26.4M | Add +21.9% |
| LUXE Luxexperience BV | 1.52% | 3,060,537 | $24.3M | Add +16.4% |
| QTRX Quanterix Corp. | 1.51% | 3,633,622 | $24.2M | Add +22.6% |
| FLEX Flex Ltd. | 1.50% | 480,604 | $24.0M | Add +71.1% |
| SLM SLM Corp. | 1.46% | 710,291 | $23.3M | Reduce -53.0% |
| DKNG Draftkings Inc. Class A | 1.32% | 490,547 | $21.0M | Reduce -0.4% |
| LNTH Lantheus Holdings Inc. | 1.31% | 254,477 | $20.8M | Reduce -70.7% |
| WRBY Warby Parker Inc. Class A | 1.31% | 949,277 | $20.8M | Add +254.6% |
| PBPB Potbelly Corp. | 1.28% | 1,667,702 | $20.4M | Add +30.6% |
| ZETA Zeta Global Holdings Corp. Class A | 1.28% | 1,315,690 | $20.4M | Add +77.3% |
| RDNT Radnet Inc. | 1.22% | 341,355 | $19.4M | Reduce -28.6% |
| TLN Talen Energy Corp. | 1.20% | 65,591 | $19.1M | Add +53.7% |
| TPR Tapestry Inc. | 1.19% | 216,711 | $19.0M | Reduce -12.3% |
| METC Ramaco Resources Inc. Class A | 1.17% | 1,419,285 | $18.6M | New |
| MAMA Mama's Creations Inc. | 1.13% | 2,165,550 | $18.0M | Add +19.2% |
| SMTC Semtech Corp. | 1.07% | 379,018 | $17.1M | Add +446.9% |
| GOOS Canada Goose Holdings Inc. | 1.04% | 1,487,497 | $16.6M | New |
| OPRA Opera Ltd.-ADR | 1.04% | 876,440 | $16.6M | Reduce -42.7% |
| CLBT Cellebrite Di Ltd. | 1.01% | 1,011,844 | $16.2M | Add +2.3% |
| HUCK Huckleberry AI Inc. filed as DOMO INC | 0.97% | 1,107,869 | $15.5M | Add +89.6% |
| GTES Gates Industrial Corp. UK Ltd. | 0.95% | 658,829 | $15.2M | Reduce -62.0% |
| BIO Bio-Rad Laboratories-A | 0.95% | 62,784 | $15.2M | Add +188.8% |
| GDOT Green Dot Corp. Class A | 0.95% | 1,401,128 | $15.1M | Add +120.3% |
| WGS Genedx Holdings Corp. | 0.94% | 162,228 | $15.0M | New |
| KRUS Kura Sushi USA Inc. Class A | 0.93% | 172,081 | $14.8M | Reduce -53.9% |
| ALGN Align Technology Inc. | 0.80% | 67,739 | $12.8M | New |
| LHX L3HARRIS Technologies Inc. | 0.78% | 49,516 | $12.4M | New |
| CDNA Caredx Inc. | 0.77% | 629,977 | $12.3M | Add +53.0% |
| VIRT Virtu Financial Inc. Class A | 0.77% | 273,367 | $12.2M | Reduce -29.7% |
| PAYO Payoneer Global Inc. | 0.75% | 1,757,334 | $12.0M | Reduce -21.7% |
| AAOI Applied Optoelectronics Inc. | 0.73% | 455,322 | $11.7M | New |
| OPRT Oportun Financial Corp. | 0.73% | 1,619,470 | $11.6M | Add +97.9% |
| TGLS Tecnoglass Holdings Inc. | 0.73% | 149,816 | $11.6M | Add +104.8% |
| BOOT Boot Barn Holdings Inc. | 0.71% | 74,942 | $11.4M | New |
| ENVA Enova International Inc. | 0.68% | 97,931 | $10.9M | Reduce -13.0% |
| TTWO Take-Two Interactive Softwre | 0.66% | 43,660 | $10.6M | Add +2.2% |
| WLDN Willdan Group Inc. | 0.66% | 168,546 | $10.5M | New |
| ZGN Ermenegildo Zegna NV | 0.63% | 1,183,986 | $10.1M | Add +23.7% |
| HII Huntington Ingalls Industrie | 0.63% | 41,501 | $10.0M | New |
| VRT Vertiv Holdings Co. Class A | 0.62% | 76,715 | $9.9M | Add +831.7% |
| SRAD Sportradar Group AG-A | 0.60% | 341,799 | $9.6M | Reduce -22.0% |
| LINC Lincoln Educational Services | 0.57% | 394,553 | $9.1M | New |
| REAL BROKERAGE INC/THE filed as THE REAL BROKERAGE INC | 0.56% | 1,985,922 | $9.0M | Add +94.1% |
| UTHR United Therapeutics Corp. | 0.55% | 30,763 | $8.8M | Reduce -31.7% |
| GPOR Gulfport Energy Corp. | 0.55% | 43,376 | $8.7M | Add +7.1% |
| META Meta Platforms Inc. Class A | 0.54% | 11,715 | $8.6M | Reduce -5.8% |
| LOCO El Pollo Loco Holdings Inc. | 0.52% | 751,012 | $8.3M | New |
| RDDT Reddit Inc. Class A | 0.51% | 54,517 | $8.2M | Add +1016.0% |
| CADL Candel Therapeutics Inc. | 0.51% | 1,621,728 | $8.2M | Add +84.0% |
| WT Wisdomtree Inc. | 0.49% | 682,368 | $7.9M | New |
| PRIM Primoris Services Corp. | 0.49% | 99,449 | $7.8M | Add +871.2% |
| HZO Marinemax Inc. | 0.49% | 307,988 | $7.7M | Reduce -4.4% |
| SG Sweetgreen Inc. Class A | 0.48% | 516,409 | $7.7M | Add +17.4% |
| ACI Albertsons Cos Inc. Class A | 0.47% | 351,629 | $7.6M | Reduce -50.5% |
| HCAT Health Catalyst Inc. | 0.47% | 1,980,409 | $7.5M | Add +50.4% |
| LMT Lockheed Martin Corp. | 0.46% | 15,981 | $7.4M | New |
| KMPR Kemper Corp. | 0.44% | 109,417 | $7.1M | Reduce -61.8% |
| PWP Perella Weinberg Partners | 0.43% | 352,886 | $6.9M | New |
| GRAB Grab Holdings Ltd. Class A | 0.43% | 1,354,131 | $6.8M | New |
| AVPT Avepoint Inc. | 0.39% | 322,743 | $6.2M | New |
| MYGN Myriad Genetics Inc. | 0.39% | 1,163,400 | $6.2M | Add +111.6% |
| BELFB Bel Fuse Inc. Class B | 0.38% | 62,526 | $6.1M | Reduce -66.1% |
| FN Fabrinet | 0.36% | 19,416 | $5.7M | New |
| SMWB Similarweb Ltd. | 0.36% | 727,592 | $5.7M | Add +96.5% |
| BAND Bandwidth Inc. Class A | 0.34% | 345,571 | $5.5M | New |
| WEAV Weave Communications Inc. | 0.34% | 648,765 | $5.4M | Reduce -31.9% |
| FLR Fluor Corp. | 0.34% | 104,810 | $5.4M | New |
| ESTA Establishment Labs Holdings | 0.33% | 124,392 | $5.3M | Add +23.4% |
| BV Brightview Holdings Inc. | 0.32% | 306,576 | $5.1M | Reduce -27.2% |
| FIVN FIVE9 Inc. | 0.31% | 187,711 | $5.0M | Add +35.8% |
| NTGR Netgear Inc. | 0.31% | 169,294 | $4.9M | Reduce -40.2% |
| SMCI Super Micro Computer Inc. | 0.30% | 98,548 | $4.8M | Reduce -77.3% |
| TSEM Tower Semiconductor Ltd. | 0.30% | 109,632 | $4.8M | New |
| RL Ralph Lauren Corp. | 0.29% | 17,029 | $4.7M | New |
| RCKY Rocky Brands Inc. | 0.29% | 209,186 | $4.6M | New |
| SPWH Sportsman's Warehouse Holdin | 0.29% | 1,325,668 | $4.6M | Add +458.6% |
| GCT Gigacloud Technology Inc. Class A | 0.29% | 230,903 | $4.6M | New |
| TTAM Titan America SA | 0.28% | 359,435 | $4.5M | New |
| BXC Bluelinx Holdings Inc. | 0.28% | 59,102 | $4.4M | Add +142.3% |
| CROX Crocs Inc. | 0.27% | 42,750 | $4.3M | Reduce -78.0% |
| DOUG Douglas Elliman Inc. | 0.27% | 1,831,991 | $4.3M | New |
| SM SM Energy Co. | 0.26% | 170,194 | $4.2M | New |
| DECK Deckers Outdoor Corp. | 0.26% | 39,681 | $4.1M | New |
| FRPT Freshpet Inc. | 0.24% | 56,299 | $3.8M | New |
| PSN Parsons Corp. | 0.23% | 51,707 | $3.7M | New |
| RRX Regal Rexnord Corp. | 0.23% | 24,943 | $3.6M | New |
Portfolio Sells Q1 2025 → Q2 2025
| LNTH Lantheus Holdings Inc. | Reduce -70.7% | 1.31% | −5.13 |
| EBAY eBay Inc. | Sold out | 0.00% | −2.44 |
| SLM SLM Corp. | Reduce -53.0% | 1.46% | −1.92 |
| TREE Lendingtree Inc. | Sold out | 0.00% | −1.68 |
| LQDT Liquidity Services Inc. | Sold out | 0.00% | −1.48 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -62.0% | 0.95% | −1.47 |
| CROX Crocs Inc. | Reduce -78.0% | 0.27% | −1.30 |
| QNST Quinstreet Inc. | Sold out | 0.00% | −1.06 |
| KMPR Kemper Corp. | Reduce -61.8% | 0.44% | −1.01 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −0.94 |
| DY Dycom Industries Inc. | Sold out | 0.00% | −0.94 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.86 |
| RPRX Royalty Pharma PLC Class A | Sold out | 0.00% | −0.83 |
| SMCI Super Micro Computer Inc. | Reduce -77.3% | 0.30% | −0.83 |
| OPRA Opera Ltd.-ADR | Reduce -42.7% | 1.04% | −0.81 |
| NOG Northern Oil and Gas Inc. | Reduce -96.8% | 0.02% | −0.74 |
| ACI Albertsons Cos Inc. Class A | Reduce -50.5% | 0.47% | −0.71 |
| STKL Sunopta Inc. | Sold out | 0.00% | −0.70 |
| BELFB Bel Fuse Inc. Class B | Reduce -66.1% | 0.38% | −0.67 |
| LUCK Lucky Strike Entertainment C | Sold out | 0.00% | −0.65 |
| GES Guess? Inc. | Sold out | 0.00% | −0.65 |
| UPWK Upwork Inc. | Sold out | 0.00% | −0.64 |
| GENI Genius Sports Ltd. | Reduce -4.5% | 2.66% | −0.59 |
| RDNT Radnet Inc. | Reduce -28.6% | 1.22% | −0.59 |
| PSIX Power Solutions Internationa | Sold out | 0.00% | −0.57 |
| KRUS Kura Sushi USA Inc. Class A | Reduce -53.9% | 0.93% | −0.52 |
| UTHR United Therapeutics Corp. | Reduce -31.7% | 0.55% | −0.50 |
| PAYO Payoneer Global Inc. | Reduce -21.7% | 0.75% | −0.49 |
| LIND Lindblad Expeditions Holding | Sold out | 0.00% | −0.49 |
| WEAV Weave Communications Inc. | Reduce -31.9% | 0.34% | −0.46 |
| CTOS Custom Truck One Source Inc. | Sold out | 0.00% | −0.45 |
| GEN Gen Digital Inc. | Sold out | 0.00% | −0.38 |
| ECPG Encore Capital Group Inc. | Sold out | 0.00% | −0.37 |
| VIRT Virtu Financial Inc. Class A | Reduce -29.7% | 0.77% | −0.36 |
| KOS Kosmos Energy Ltd. | Sold out | 0.00% | −0.35 |
| RMNI Rimini Street Inc. | Sold out | 0.00% | −0.33 |
| TPB Turning Point Brands Inc. | Sold out | 0.00% | −0.32 |
| GEHC GE Healthcare Technology | Sold out | 0.00% | −0.29 |
| MRX Marex UK Holdings Ltd. | Reduce -51.9% | 0.21% | −0.26 |
| VKTX Viking Therapeutics Inc. | Sold out | 0.00% | −0.25 |
| TMDX Transmedics Group Inc. | Sold out | 0.00% | −0.24 |
| PACK Ranpak Holdings Corp. | Sold out | 0.00% | −0.24 |
| NTGR Netgear Inc. | Reduce -40.2% | 0.31% | −0.22 |
| RELY Remitly Global Inc. | Sold out | 0.00% | −0.20 |
| EVER Everquote Inc. Class A | Sold out | 0.00% | −0.20 |
| CELH Celsius Holdings Inc. | Reduce -48.9% | 0.21% | −0.17 |
| GCO Genesco Inc. | Sold out | 0.00% | −0.14 |
| ENVA Enova International Inc. | Reduce -13.0% | 0.68% | −0.14 |
| INVE Inve Technologies Inc. | Reduce -43.1% | 0.12% | −0.13 |
| TPR Tapestry Inc. | Reduce -12.3% | 1.19% | −0.13 |
Portfolio Buys Q1 2025 → Q2 2025
| AVAV Aerovironment Inc. | New | 3.19% | +3.19 |
| CLS Celestica Inc. | Add +39.9% | 5.38% | +3.03 |
| ELF Elf Beauty Inc. | Add +18.1% | 3.64% | +1.76 |
| POWL Powell Industries Inc. | Add +220.4% | 2.25% | +1.56 |
| TTMI TTM Technologies | Add +10.1% | 2.88% | +1.29 |
| METC Ramaco Resources Inc. Class A | New | 1.17% | +1.17 |
| GOOS Canada Goose Holdings Inc. | New | 1.04% | +1.04 |
| WGS Genedx Holdings Corp. | New | 0.94% | +0.94 |
| WRBY Warby Parker Inc. Class A | Add +254.6% | 1.31% | +0.93 |
| SMTC Semtech Corp. | Add +446.9% | 1.07% | +0.89 |
| ALGN Align Technology Inc. | New | 0.80% | +0.80 |
| FLEX Flex Ltd. | Add +71.1% | 1.50% | +0.80 |
| LHX L3HARRIS Technologies Inc. | New | 0.78% | +0.78 |
| AAOI Applied Optoelectronics Inc. | New | 0.73% | +0.73 |
| BOOT Boot Barn Holdings Inc. | New | 0.71% | +0.71 |
| WLDN Willdan Group Inc. | New | 0.66% | +0.66 |
| HII Huntington Ingalls Industrie | New | 0.63% | +0.63 |
| HUCK Huckleberry AI Inc. | Add +89.6% | 0.97% | +0.63 |
| VRT Vertiv Holdings Co. Class A | Add +831.7% | 0.62% | +0.57 |
| LINC Lincoln Educational Services | New | 0.57% | +0.57 |
| TLN Talen Energy Corp. | Add +53.7% | 1.20% | +0.55 |
| BIO Bio-Rad Laboratories-A | Add +188.8% | 0.95% | +0.55 |
| GDOT Green Dot Corp. Class A | Add +120.3% | 0.95% | +0.54 |
| LOCO El Pollo Loco Holdings Inc. | New | 0.52% | +0.52 |
| ZETA Zeta Global Holdings Corp. Class A | Add +77.3% | 1.28% | +0.51 |
| WT Wisdomtree Inc. | New | 0.49% | +0.49 |
| DBRG Digitalbridge Group Inc. | Add +36.0% | 2.00% | +0.48 |
| RDDT Reddit Inc. Class A | Add +1016.0% | 0.51% | +0.48 |
| LMT Lockheed Martin Corp. | New | 0.46% | +0.46 |
| PRIM Primoris Services Corp. | Add +871.2% | 0.49% | +0.44 |
| PWP Perella Weinberg Partners | New | 0.43% | +0.43 |
| GRAB Grab Holdings Ltd. Class A | New | 0.43% | +0.43 |
| AVPT Avepoint Inc. | New | 0.39% | +0.39 |
| OPRT Oportun Financial Corp. | Add +97.9% | 0.73% | +0.39 |
| FN Fabrinet | New | 0.36% | +0.36 |
| PBPB Potbelly Corp. | Add +30.6% | 1.28% | +0.36 |
| BAND Bandwidth Inc. Class A | New | 0.34% | +0.34 |
| FLR Fluor Corp. | New | 0.34% | +0.34 |
| TGLS Tecnoglass Holdings Inc. | Add +104.8% | 0.73% | +0.33 |
| TSEM Tower Semiconductor Ltd. | New | 0.30% | +0.30 |
| RL Ralph Lauren Corp. | New | 0.29% | +0.29 |
| RCKY Rocky Brands Inc. | New | 0.29% | +0.29 |
| GCT Gigacloud Technology Inc. Class A | New | 0.29% | +0.29 |
| TTAM Titan America SA | New | 0.28% | +0.28 |
| SPWH Sportsman's Warehouse Holdin | Add +458.6% | 0.29% | +0.27 |
| DOUG Douglas Elliman Inc. | New | 0.27% | +0.27 |
| SM SM Energy Co. | New | 0.26% | +0.26 |
| DECK Deckers Outdoor Corp. | New | 0.26% | +0.26 |
| REAL BROKERAGE INC/THE | Add +94.1% | 0.56% | +0.25 |
| VPG Vishay Precision Group | Add +20.6% | 1.75% | +0.24 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 148 | $2.7B | VPG, VIRT, TTMI, MOD, QLYS |
| Q1 2026 | 144 | $1.9B | MOD, TTMI, CLS, VIRT, AKAM |
| Q4 2025 | 155 | $1.9B | TTMI, MOD, CSTL, CLS, AKAM |
| Q3 2025 | 119 | $1.8B | MOD, TTMI, ELF, DBRG, CLS |
| Q2 2025 | 118 | $1.6B | CLS, KTOS, ELF, AVAV, MOD |
| Q1 2025 | 109 | $1.3B | LNTH, SLM, KTOS, GENI, MOD |
| Q4 2024 | 131 | $1.5B | LNTH, CLS, SMTC, MOD, HNST |
| Q3 2024 | 129 | $1.4B | LNTH, ZETA, KTOS, TLN, CLS |
| Q2 2024 | 117 | $1.2B | LNTH, CLS, SMCI, ZETA, KTOS |
| Q1 2024 | 116 | $1.3B | SMCI, CLS, LNTH, ELF, BIO |