Portolan Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Portolan Capital Management, LLC reported 119 stock positions worth $1.8 billion. Its top holding was Modine Manufacturing (MOD) at 4.6% of the portfolio, followed by TTM Technologies (TTMI, 3.7%) and Elf Beauty (ELF, 3.5%). Compared with Q2 2025, it opened 41 new positions, sold out of 40, added to 35 and reduced 42. The biggest buy was Modine Manufacturing (MOD, shares +22%) and the biggest sale Celestica (CLS, shares −54%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001350290
Portfolio Value
$1.8B (Q3 2025)
SEC Filing
0001104659-25-111284 ↗ filed Nov 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 Q2 2025 Q3 2025: $1.8B $1.8B Q3 2025 Q4 2025: $1.9B Q4 2025 Q1 2026: $1.9B Q1 2026 Q2 2026: $2.7B Q2 2026

Holdings 119 stocks · $1.8B
MOD Modine Manufacturing Co. 4.63% 602,462 $85.6M Add +22.4%
TTMI TTM Technologies 3.71% 1,188,822 $68.5M Add +5.8%
ELF Elf Beauty Inc. 3.49% 487,525 $64.6M Add +4.4%
DBRG Digitalbridge Group Inc. 3.46% 5,468,226 $64.0M Add +77.4%
CLS Celestica Inc. 3.35% 251,556 $62.0M Reduce -54.2%
KTOS Kratos Defense & Security 2.95% 596,106 $54.5M Reduce -55.1%
SMTC Semtech Corp. 2.59% 668,862 $47.8M Add +76.5%
AVAV Aerovironment Inc. 2.52% 147,929 $46.6M Reduce -17.3%
POWL Powell Industries Inc. 2.45% 148,245 $45.2M Reduce -13.1%
CLBT Cellebrite Di Ltd. 2.43% 2,419,662 $44.8M Add +139.1%
GENI Genius Sports Ltd. 2.42% 3,612,811 $44.7M Reduce -11.6%
HUCK Huckleberry AI Inc. filed as DOMO INC 2.30% 2,684,753 $42.5M Add +142.3%
TLN Talen Energy Corp. 2.18% 94,717 $40.3M Add +44.4%
FLEX Flex Ltd. 1.87% 595,786 $34.5M Add +24.0%
CSTL Castle Biosciences Inc. 1.87% 1,515,111 $34.5M Add +1.7%
GOOS Canada Goose Holdings Inc. 1.62% 2,174,001 $30.0M Add +46.1%
VPG Vishay Precision Group 1.43% 823,298 $26.4M Reduce -16.9%
PRCH Porch Group Inc. 1.39% 1,534,303 $25.7M Reduce -37.2%
HNST The Honest Co. Inc. 1.38% 6,928,004 $25.5M Add +11.4%
IIIV I3 Verticals Inc. Class A 1.31% 747,656 $24.3M Reduce -22.3%
REAL BROKERAGE INC/THE filed as THE REAL BROKERAGE INC 1.30% 5,769,203 $24.1M Add +190.5%
TSEM Tower Semiconductor Ltd. 1.28% 327,305 $23.7M Add +198.6%
OPRA Opera Ltd.-ADR 1.26% 1,124,085 $23.2M Add +28.3%
QTRX Quanterix Corp. 1.25% 4,259,851 $23.1M Add +17.2%
LASR Nlight Inc. 1.23% 769,788 $22.8M New
WWW Wolverine World Wide Inc. 1.18% 796,627 $21.9M New
GDOT Green Dot Corp. Class A 1.17% 1,615,280 $21.7M Add +15.3%
MAMA Mama's Creations Inc. 1.16% 2,034,928 $21.4M Reduce -6.0%
PRIM Primoris Services Corp. 1.11% 149,241 $20.5M Add +50.1%
ZETA Zeta Global Holdings Corp. Class A 1.10% 1,025,195 $20.4M Reduce -22.1%
PSIX Power Solutions Internationa 1.04% 195,804 $19.2M New
FSLR First Solar Inc. 0.99% 83,198 $18.3M New
WRBY Warby Parker Inc. Class A 0.96% 646,088 $17.8M Reduce -31.9%
BELFB Bel Fuse Inc. Class B 0.94% 123,766 $17.5M Add +97.9%
RDNT Radnet Inc. 0.93% 226,669 $17.3M Reduce -33.6%
WIX Wix.com Ltd. 0.92% 95,809 $17.0M New
ACMR Acm Research Inc. Class A 0.86% 405,860 $15.9M New
LNTH Lantheus Holdings Inc. 0.82% 297,208 $15.2M Add +16.8%
VRT Vertiv Holdings Co. Class A 0.82% 100,599 $15.2M Add +31.1%
FOUR SHIFT4 Payments Inc. Class A 0.79% 188,761 $14.6M Reduce -56.6%
SEI Solaris Energy Infrastructur 0.79% 363,440 $14.5M New
SMCI Super Micro Computer Inc. 0.77% 296,341 $14.2M Add +200.7%
AAOI Applied Optoelectronics Inc. 0.77% 546,219 $14.2M Add +20.0%
DKNG Draftkings Inc. Class A 0.75% 372,002 $13.9M Reduce -24.2%
CDNA Caredx Inc. 0.73% 933,532 $13.6M Add +48.2%
LUXE Luxexperience BV 0.72% 1,561,266 $13.3M Reduce -49.0%
BIO Bio-Rad Laboratories-A 0.70% 46,440 $13.0M Reduce -26.0%
SPHR Sphere Entertainment Co. 0.70% 208,418 $12.9M New
LPTH Lightpath Technologies Inc. Class A 0.70% 1,631,622 $12.9M New
ZGN Ermenegildo Zegna NV 0.70% 1,369,176 $12.9M Add +15.6%
CIEN Ciena Corp. 0.70% 88,786 $12.9M New
BAND Bandwidth Inc. Class A 0.67% 745,802 $12.4M Add +115.8%
ALNT Allient Inc. 0.62% 257,653 $11.5M New
RPAY Repay Holdings Corp. 0.62% 2,182,925 $11.4M New
TTWO Take-Two Interactive Softwre 0.61% 43,611 $11.3M Reduce -0.1%
ENVA Enova International Inc. 0.61% 97,817 $11.3M Reduce -0.1%
SMWB Similarweb Ltd. 0.59% 1,179,000 $11.0M Add +62.0%
FN Fabrinet 0.57% 28,770 $10.5M Add +48.2%
HZO Marinemax Inc. 0.54% 392,713 $9.9M Add +27.5%
KRUS Kura Sushi USA Inc. Class A 0.54% 167,408 $9.9M Reduce -2.7%
CELH Celsius Holdings Inc. 0.51% 164,031 $9.4M Add +125.1%
GTES Gates Industrial Corp. UK Ltd. 0.49% 366,945 $9.1M Reduce -44.3%
CXT Crane NXT Co. 0.48% 131,989 $8.9M New
META Meta Platforms Inc. Class A 0.46% 11,688 $8.6M Reduce -0.2%
PL Planet Labs PBC 0.44% 630,964 $8.2M New
LITE Lumentum Holdings Inc. 0.44% 49,457 $8.0M New
RDDT Reddit Inc. Class A 0.43% 34,550 $7.9M Reduce -36.6%
BKSY Blacksky Technology Inc. 0.42% 389,802 $7.9M New
LPRO Open Lending Corp. 0.42% 3,673,890 $7.8M New
TMDX Transmedics Group Inc. 0.42% 68,910 $7.7M New
UTHR United Therapeutics Corp. 0.41% 18,076 $7.6M Reduce -41.2%
GNRC Generac Holdings Inc. 0.41% 45,031 $7.5M New
LINC Lincoln Educational Services 0.41% 319,878 $7.5M Reduce -18.9%
STC Stewart Information Services 0.40% 101,782 $7.5M New
UPWK Upwork Inc. 0.40% 393,929 $7.3M New
TGLS Tecnoglass Holdings Inc. 0.40% 109,265 $7.3M Reduce -27.1%
NUS Nu Skin Enterprises Inc. Class A 0.39% 596,724 $7.3M New
CADL Candel Therapeutics Inc. 0.38% 1,384,142 $7.1M Reduce -14.7%
FEIM Frequency Electronics Inc. 0.37% 203,827 $6.9M New
DOUG Douglas Elliman Inc. 0.36% 2,353,950 $6.7M Add +28.5%
ESTA Establishment Labs Holdings 0.34% 155,096 $6.4M Add +24.7%
TIC Tic Solutions Inc. filed as ACUREN CORP 0.34% 472,954 $6.3M New
GCT Gigacloud Technology Inc. Class A 0.34% 220,387 $6.3M Reduce -4.5%
ECG Everus Construction Group 0.34% 72,930 $6.3M New
LMT Lockheed Martin Corp. 0.34% 12,506 $6.2M Reduce -21.7%
SHLS Shoals Technologies Group -A 0.33% 815,205 $6.0M New
AMRC Ameresco Inc. Class A 0.32% 174,903 $5.9M New
VNET Vnet Group Inc.-ADR 0.32% 567,466 $5.9M New
ONTO Onto Innovation Inc. 0.31% 44,564 $5.8M New
FORR Forrester Research Inc. 0.29% 513,872 $5.4M Add +46.1%
TGEN Tecogen Inc./Waltham Ma 0.28% 595,806 $5.2M Add +28.0%
LEVI Levi Strauss & Co. Class A 0.27% 214,221 $5.0M New
PKE Park Aerospace Corp. 0.27% 245,035 $5.0M New
PRG Prog Holdings Inc. 0.26% 150,161 $4.9M New
OLPX Olaplex Holdings Inc. 0.26% 3,635,124 $4.8M Add +132.6%
WGS Genedx Holdings Corp. 0.26% 44,048 $4.7M Reduce -72.8%
SITM Sitime Corp. 0.25% 15,503 $4.7M New
WYFI Whitefiber Inc. 0.24% 160,669 $4.4M New
CTOS Custom Truck One Source Inc. 0.23% 649,076 $4.2M New
RCKY Rocky Brands Inc. 0.21% 128,307 $3.8M Reduce -38.7%
SRAD Sportradar Group AG-A 0.19% 131,810 $3.5M Reduce -61.4%
MRCY Mercury Systems Inc. 0.19% 44,864 $3.5M New
MSFT Microsoft Corp. 0.17% 5,972 $3.1M Reduce -5.2%
TPR Tapestry Inc. 0.16% 25,868 $2.9M Reduce -88.1%
ORCL Oracle Corp. 0.15% 9,560 $2.7M Reduce -30.1%
SG Sweetgreen Inc. Class A 0.14% 318,147 $2.5M Reduce -38.4%
NTRA Natera Inc. 0.14% 15,588 $2.5M Reduce -24.2%
PLSE Pulse Biosciences Inc. 0.10% 102,197 $1.8M New
PACK Ranpak Holdings Corp. 0.10% 315,456 $1.8M New
GOOG Alphabet Inc. Class C 0.09% 6,992 $1.7M No change
WLDN Willdan Group Inc. 0.09% 17,344 $1.7M Reduce -89.7%
LHX L3HARRIS Technologies Inc. 0.08% 5,051 $1.5M Reduce -89.8%
CWST Casella Waste Systems Inc. Class A 0.08% 15,225 $1.4M Reduce -0.5%
WT Wisdomtree Inc. 0.05% 70,782 $984K Reduce -89.6%
SPWH Sportsman's Warehouse Holdin 0.05% 303,800 $842K Reduce -77.1%
BIDU Baidu Inc. - Spon ADR 0.03% 4,580 $604K New
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 0.03% 14,064 $544K New
BXC Bluelinx Holdings Inc. 0.03% 6,700 $490K Reduce -88.7%
VELO VELO3D Inc. 0.01% 59,921 $184K New

Portfolio Sells Q2 2025 → Q3 2025
CLS Celestica Inc. Reduce -54.2% 3.35% −2.03
FOUR SHIFT4 Payments Inc. Class A Reduce -56.6% 0.79% −1.91
SLM SLM Corp. Sold out 0.00% −1.46
PBPB Potbelly Corp. Sold out 0.00% −1.28
METC Ramaco Resources Inc. Class A Sold out 0.00% −1.17
TPR Tapestry Inc. Reduce -88.1% 0.16% −1.03
KTOS Kratos Defense & Security Reduce -55.1% 2.95% −0.92
LUXE Luxexperience BV Reduce -49.0% 0.72% −0.81
ALGN Align Technology Inc. Sold out 0.00% −0.80
VIRT Virtu Financial Inc. Class A Sold out 0.00% −0.77
PAYO Payoneer Global Inc. Sold out 0.00% −0.75
OPRT Oportun Financial Corp. Sold out 0.00% −0.73
BOOT Boot Barn Holdings Inc. Sold out 0.00% −0.71
LHX L3HARRIS Technologies Inc. Reduce -89.8% 0.08% −0.70
WGS Genedx Holdings Corp. Reduce -72.8% 0.26% −0.68
AVAV Aerovironment Inc. Reduce -17.3% 2.52% −0.67
HII Huntington Ingalls Industrie Sold out 0.00% −0.63
WLDN Willdan Group Inc. Reduce -89.7% 0.09% −0.57
DKNG Draftkings Inc. Class A Reduce -24.2% 0.75% −0.57
GPOR Gulfport Energy Corp. Sold out 0.00% −0.55
LOCO El Pollo Loco Holdings Inc. Sold out 0.00% −0.52
ACI Albertsons Cos Inc. Class A Sold out 0.00% −0.47
HCAT Health Catalyst Inc. Sold out 0.00% −0.47
GTES Gates Industrial Corp. UK Ltd. Reduce -44.3% 0.49% −0.46
KMPR Kemper Corp. Sold out 0.00% −0.44
WT Wisdomtree Inc. Reduce -89.6% 0.05% −0.44
PWP Perella Weinberg Partners Sold out 0.00% −0.43
GRAB Grab Holdings Ltd. Class A Sold out 0.00% −0.43
PRCH Porch Group Inc. Reduce -37.2% 1.39% −0.41
SRAD Sportradar Group AG-A Reduce -61.4% 0.19% −0.41
AVPT Avepoint Inc. Sold out 0.00% −0.39
KRUS Kura Sushi USA Inc. Class A Reduce -2.7% 0.54% −0.39
MYGN Myriad Genetics Inc. Sold out 0.00% −0.39
SG Sweetgreen Inc. Class A Reduce -38.4% 0.14% −0.34
IIIV I3 Verticals Inc. Class A Reduce -22.3% 1.31% −0.34
WRBY Warby Parker Inc. Class A Reduce -31.9% 0.96% −0.34
WEAV Weave Communications Inc. Sold out 0.00% −0.34
FLR Fluor Corp. Sold out 0.00% −0.34
TGLS Tecnoglass Holdings Inc. Reduce -27.1% 0.40% −0.33
BV Brightview Holdings Inc. Sold out 0.00% −0.32
VPG Vishay Precision Group Reduce -16.9% 1.43% −0.32
FIVN FIVE9 Inc. Sold out 0.00% −0.31
NTGR Netgear Inc. Sold out 0.00% −0.31
RL Ralph Lauren Corp. Sold out 0.00% −0.29
RDNT Radnet Inc. Reduce -33.6% 0.93% −0.28
TTAM Titan America SA Sold out 0.00% −0.28
CROX Crocs Inc. Sold out 0.00% −0.27
SM SM Energy Co. Sold out 0.00% −0.26
DECK Deckers Outdoor Corp. Sold out 0.00% −0.26
BXC Bluelinx Holdings Inc. Reduce -88.7% 0.03% −0.25

Portfolio Buys Q2 2025 → Q3 2025
MOD Modine Manufacturing Co. Add +22.4% 4.63% +1.59
SMTC Semtech Corp. Add +76.5% 2.59% +1.51
DBRG Digitalbridge Group Inc. Add +77.4% 3.46% +1.46
CLBT Cellebrite Di Ltd. Add +139.1% 2.43% +1.41
HUCK Huckleberry AI Inc. Add +142.3% 2.30% +1.33
LASR Nlight Inc. New 1.23% +1.23
WWW Wolverine World Wide Inc. New 1.18% +1.18
PSIX Power Solutions Internationa New 1.04% +1.04
FSLR First Solar Inc. New 0.99% +0.99
TLN Talen Energy Corp. Add +44.4% 2.18% +0.98
TSEM Tower Semiconductor Ltd. Add +198.6% 1.28% +0.98
WIX Wix.com Ltd. New 0.92% +0.92
ACMR Acm Research Inc. Class A New 0.86% +0.86
TTMI TTM Technologies Add +5.8% 3.71% +0.83
SEI Solaris Energy Infrastructur New 0.79% +0.79
REAL BROKERAGE INC/THE Add +190.5% 1.30% +0.74
SPHR Sphere Entertainment Co. New 0.70% +0.70
LPTH Lightpath Technologies Inc. Class A New 0.70% +0.70
CIEN Ciena Corp. New 0.70% +0.70
ALNT Allient Inc. New 0.62% +0.62
PRIM Primoris Services Corp. Add +50.1% 1.11% +0.62
RPAY Repay Holdings Corp. New 0.62% +0.62
GOOS Canada Goose Holdings Inc. Add +46.1% 1.62% +0.58
BELFB Bel Fuse Inc. Class B Add +97.9% 0.94% +0.56
CXT Crane NXT Co. New 0.48% +0.48
SMCI Super Micro Computer Inc. Add +200.7% 0.77% +0.47
PL Planet Labs PBC New 0.44% +0.44
LITE Lumentum Holdings Inc. New 0.44% +0.44
BKSY Blacksky Technology Inc. New 0.42% +0.42
LPRO Open Lending Corp. New 0.42% +0.42
TMDX Transmedics Group Inc. New 0.42% +0.42
GNRC Generac Holdings Inc. New 0.41% +0.41
STC Stewart Information Services New 0.40% +0.40
UPWK Upwork Inc. New 0.40% +0.40
NUS Nu Skin Enterprises Inc. Class A New 0.39% +0.39
FEIM Frequency Electronics Inc. New 0.37% +0.37
FLEX Flex Ltd. Add +24.0% 1.87% +0.36
TIC Tic Solutions Inc. New 0.34% +0.34
ECG Everus Construction Group New 0.34% +0.34
BAND Bandwidth Inc. Class A Add +115.8% 0.67% +0.33
SHLS Shoals Technologies Group -A New 0.33% +0.33
AMRC Ameresco Inc. Class A New 0.32% +0.32
VNET Vnet Group Inc.-ADR New 0.32% +0.32
ONTO Onto Innovation Inc. New 0.31% +0.31
CELH Celsius Holdings Inc. Add +125.1% 0.51% +0.30
LEVI Levi Strauss & Co. Class A New 0.27% +0.27
PKE Park Aerospace Corp. New 0.27% +0.27
PRG Prog Holdings Inc. New 0.26% +0.26
SITM Sitime Corp. New 0.25% +0.25
WYFI Whitefiber Inc. New 0.24% +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