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

0$1.0B$2.0B$3.0B Q1 2024: $1.3B Q1 2024 Q2 2024: $1.2B Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.5B Q4 2024 Q1 2025: $1.3B Q1 2025 Q2 2025: $1.6B $1.6B Q2 2025 Q3 2025: $1.8B Q3 2025 Q4 2025: $1.9B Q4 2025 Q1 2026: $1.9B Q1 2026 Q2 2026: $2.7B Q2 2026

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
CRMD Cormedix Inc. 0.22% 283,663 $3.5M New
FORR Forrester Research Inc. 0.22% 351,726 $3.5M Add +25.6%
NTRA Natera Inc. 0.22% 20,559 $3.5M No change
CELH Celsius Holdings Inc. 0.21% 72,858 $3.4M Reduce -48.9%
MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC 0.21% 83,759 $3.3M Reduce -51.9%
TGEN Tecogen Inc./Waltham Ma 0.20% 465,571 $3.2M New
MSFT Microsoft Corp. 0.20% 6,297 $3.1M Add +8.6%
ORCL Oracle Corp. 0.19% 13,683 $3.0M Add +39.0%
DXCM Dexcom Inc. 0.17% 31,169 $2.7M New
DDI Doubledown Interactive -ADR 0.17% 275,903 $2.6M New
OLPX Olaplex Holdings Inc. 0.14% 1,562,741 $2.2M New
INVE Inve Technologies Inc. filed as IDENTIV INC 0.12% 594,006 $1.9M Reduce -43.1%
CWST Casella Waste Systems Inc. Class A 0.11% 15,303 $1.8M No change
GOOG Alphabet Inc. Class C 0.08% 6,992 $1.2M Add +9.8%
PRTCY Puretech Health PLC - ADR 0.03% 27,795 $479K Add +133.9%
STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC 0.03% 221,512 $454K New
CWH Camping World Holdings Inc. Class A 0.02% 21,050 $362K New
NOG Northern Oil and Gas Inc. 0.02% 10,777 $306K Reduce -96.8%

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 148$2.7BVPG, VIRT, TTMI, MOD, QLYS
Q1 2026 144$1.9BMOD, TTMI, CLS, VIRT, AKAM
Q4 2025 155$1.9BTTMI, MOD, CSTL, CLS, AKAM
Q3 2025 119$1.8BMOD, TTMI, ELF, DBRG, CLS
Q2 2025 118$1.6BCLS, KTOS, ELF, AVAV, MOD
Q1 2025 109$1.3BLNTH, SLM, KTOS, GENI, MOD
Q4 2024 131$1.5BLNTH, CLS, SMTC, MOD, HNST
Q3 2024 129$1.4BLNTH, ZETA, KTOS, TLN, CLS
Q2 2024 117$1.2BLNTH, CLS, SMCI, ZETA, KTOS
Q1 2024 116$1.3BSMCI, CLS, LNTH, ELF, BIO