Portolan Capital Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Portolan Capital Management, LLC reported 155 stock positions worth $1.9 billion. Its top holding was TTM Technologies (TTMI) at 4.2% of the portfolio, followed by Modine Manufacturing (MOD, 3.8%) and Castle Biosciences (CSTL, 3.6%). Compared with Q3 2025, it opened 57 new positions, sold out of 21, added to 34 and reduced 55. The biggest buy was a new position in Akamai Technologies (AKAM) and the biggest sale Digitalbridge (DBRG, shares −85%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001350290
Portfolio Value
$1.9B (Q4 2025)
SEC Filing
0001104659-26-016304 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $1.9B $1.9B Q4 2025 Q1 2026: $1.9B Q1 2026 Q2 2026: $2.7B Q2 2026

Holdings 155 stocks · $1.9B
TTMI TTM Technologies 4.24% 1,146,682 $79.1M Reduce -3.5%
MOD Modine Manufacturing Co. 3.83% 535,947 $71.6M Reduce -11.0%
CSTL Castle Biosciences Inc. 3.60% 1,729,463 $67.3M Add +14.2%
CLS Celestica Inc. 2.73% 172,275 $50.9M Reduce -31.5%
AKAM Akamai Technologies Inc. 2.45% 524,321 $45.7M New
REAL BROKERAGE INC/THE filed as THE REAL BROKERAGE INC 2.11% 10,779,843 $39.3M Add +86.8%
SMTC Semtech Corp. 2.01% 508,655 $37.5M Reduce -23.9%
BIDU Baidu Inc. - Spon ADR 1.85% 263,681 $34.5M Add +5657.2%
VPG Vishay Precision Group 1.81% 877,669 $33.8M Add +6.6%
GENI Genius Sports Ltd. 1.73% 2,938,119 $32.4M Reduce -18.7%
LNTH Lantheus Holdings Inc. 1.70% 475,789 $31.7M Add +60.1%
FOUR SHIFT4 Payments Inc. Class A 1.58% 468,063 $29.5M Add +148.0%
QTRX Quanterix Corp. 1.54% 4,525,553 $28.8M Add +6.2%
FLEX Flex Ltd. 1.51% 466,913 $28.2M Reduce -21.6%
TLN Talen Energy Corp. 1.51% 74,984 $28.1M Reduce -20.8%
GOOS Canada Goose Holdings Inc. 1.48% 2,138,904 $27.7M Reduce -1.6%
WRBY Warby Parker Inc. Class A 1.44% 1,232,173 $26.8M Add +90.7%
ZETA Zeta Global Holdings Corp. Class A 1.44% 1,318,797 $26.8M Add +28.6%
POWL Powell Industries Inc. 1.35% 79,116 $25.2M Reduce -46.6%
LPTH Lightpath Technologies Inc. Class A 1.35% 2,332,184 $25.2M Add +42.9%
BELFB Bel Fuse Inc. Class B 1.27% 139,513 $23.7M Add +12.7%
CLBT Cellebrite Di Ltd. 1.24% 1,287,287 $23.2M Reduce -46.8%
KTOS Kratos Defense & Security 1.20% 294,006 $22.3M Reduce -50.7%
LUXE Luxexperience BV 1.19% 2,660,674 $22.2M Add +70.4%
LASR Nlight Inc. 1.19% 590,433 $22.1M Reduce -23.3%
FSLR First Solar Inc. 1.10% 78,761 $20.6M Reduce -5.3%
FAF First American Financial 1.06% 320,670 $19.7M New
PRCH Porch Group Inc. 1.02% 2,083,055 $19.0M Add +35.8%
AVAV Aerovironment Inc. 0.98% 75,958 $18.4M Reduce -48.6%
HUCK Huckleberry AI Inc. filed as DOMO INC 0.97% 2,158,770 $18.2M Reduce -19.6%
UTHR United Therapeutics Corp. 0.96% 36,753 $17.9M Add +103.3%
TSEM Tower Semiconductor Ltd. 0.93% 148,525 $17.4M Reduce -54.6%
IIIV I3 Verticals Inc. Class A 0.91% 671,987 $16.9M Reduce -10.1%
MAMA Mama's Creations Inc. 0.90% 1,245,767 $16.8M Reduce -38.8%
SPHR Sphere Entertainment Co. 0.89% 175,646 $16.7M Reduce -15.7%
ALNT Allient Inc. 0.87% 301,888 $16.2M Add +17.2%
JBL Jabil Inc. 0.86% 70,665 $16.1M New
MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC 0.86% 418,745 $16.1M New
ENVA Enova International Inc. 0.82% 97,847 $15.4M Add +0.0%
BIIB Biogen Inc. 0.80% 84,990 $15.0M New
TECH Bio-Techne Corp. 0.78% 249,070 $14.6M New
FCX Freeport-McMoran Inc. 0.78% 288,124 $14.6M New
ELF Elf Beauty Inc. 0.78% 192,322 $14.6M Reduce -60.5%
CDNA Caredx Inc. 0.77% 758,775 $14.3M Reduce -18.7%
UPWK Upwork Inc. 0.76% 719,644 $14.3M Add +82.7%
MGA Magna International Inc. 0.73% 255,481 $13.6M New
CIEN Ciena Corp. 0.71% 56,481 $13.2M Reduce -36.4%
PRIM Primoris Services Corp. 0.70% 105,716 $13.1M Reduce -29.2%
NOVT Novanta Inc. 0.68% 107,095 $12.7M New
DBRG Digitalbridge Group Inc. 0.68% 824,946 $12.7M Reduce -84.9%
VIRT Virtu Financial Inc. Class A 0.67% 376,283 $12.5M New
HNST The Honest Co. Inc. 0.66% 4,804,206 $12.4M Reduce -30.7%
SNAP Snap Inc. Class A 0.65% 1,496,410 $12.1M New
TGLS Tecnoglass Holdings Inc. 0.64% 238,852 $12.0M Add +118.6%
HZO Marinemax Inc. 0.63% 487,426 $11.8M Add +24.1%
TMDX Transmedics Group Inc. 0.63% 96,893 $11.8M Add +40.6%
CNR Core Natural Resources Inc. 0.62% 130,242 $11.5M New
ACMR Acm Research Inc. Class A 0.60% 285,506 $11.3M Reduce -29.6%
SEZL Sezzle Inc. 0.57% 167,873 $10.7M New
GH Guardant Health Inc. 0.57% 104,088 $10.6M New
PACK Ranpak Holdings Corp. 0.57% 1,950,730 $10.6M Add +518.4%
BIO Bio-Rad Laboratories-A 0.55% 34,159 $10.3M Reduce -26.4%
DGII Digi International Inc. 0.55% 237,550 $10.3M New
ZG Zillow Group Inc. Class A 0.55% 150,068 $10.2M New
RPAY Repay Holdings Corp. 0.55% 2,790,281 $10.2M Add +27.8%
METC Ramaco Resources Inc. Class A 0.54% 561,718 $10.1M New
SANM Sanmina Corp. 0.54% 66,589 $10.0M New
KRUS Kura Sushi USA Inc. Class A 0.53% 190,796 $10.0M Add +14.0%
XZO Exzeo Group Inc. 0.53% 405,014 $9.8M New
DAVE Dave Inc. 0.52% 44,001 $9.7M New
TTWO Take-Two Interactive Softwre 0.52% 37,687 $9.6M Reduce -13.6%
MEC Mayville Engineering Co. Inc. 0.51% 512,762 $9.6M New
CADL Candel Therapeutics Inc. 0.51% 1,695,367 $9.6M Add +22.5%
OPRA Opera Ltd.-ADR 0.48% 631,177 $8.9M Reduce -43.9%
RELY Remitly Global Inc. 0.46% 628,019 $8.7M New
WAT Waters Corp. 0.46% 22,379 $8.5M New
RDNT Radnet Inc. 0.45% 117,506 $8.4M Reduce -48.2%
WIX Wix.com Ltd. 0.45% 80,298 $8.3M Reduce -16.2%
STC Stewart Information Services 0.44% 117,708 $8.3M Add +15.7%
PRCT Procept Biorobotics Corp. 0.43% 255,118 $8.0M New
AAOI Applied Optoelectronics Inc. 0.43% 228,458 $8.0M Reduce -58.2%
LPRO Open Lending Corp. 0.39% 4,736,630 $7.3M Add +28.9%
ZGN Ermenegildo Zegna NV 0.39% 710,534 $7.3M Reduce -48.1%
WGS Genedx Holdings Corp. 0.39% 55,776 $7.3M Add +26.6%
NOK Nokia Corp.-Spon ADR 0.37% 1,076,122 $7.0M New
NXT Nextpower Inc. 0.37% 79,789 $7.0M New
ESTA Establishment Labs Holdings 0.37% 94,648 $6.9M Reduce -39.0%
QLYS Qualys Inc. 0.37% 51,855 $6.9M New
VNET Vnet Group Inc.-ADR 0.37% 806,800 $6.8M Add +42.2%
META Meta Platforms Inc. Class A 0.36% 10,318 $6.8M Reduce -11.7%
AMPL Amplitude Inc. Class A 0.35% 560,096 $6.5M New
DKNG Draftkings Inc. Class A 0.34% 183,778 $6.3M Reduce -50.6%
FEIM Frequency Electronics Inc. 0.33% 113,076 $6.1M Reduce -44.5%
DAN Dana Inc. 0.32% 252,423 $6.0M New
WLDN Willdan Group Inc. 0.32% 57,613 $6.0M Add +232.2%
NUS Nu Skin Enterprises Inc. Class A 0.31% 596,724 $5.7M No change
SG Sweetgreen Inc. Class A 0.31% 848,085 $5.7M Add +166.6%
FORR Forrester Research Inc. 0.31% 705,749 $5.7M Add +37.3%
DOUG Douglas Elliman Inc. 0.30% 2,353,950 $5.6M No change
OWLT Owlet Inc. 0.30% 343,543 $5.6M New
ECO Okeanis Eco Tankers Corp. 0.29% 161,815 $5.5M New
PLSE Pulse Biosciences Inc. 0.29% 393,499 $5.4M Add +285.0%
GCT Gigacloud Technology Inc. Class A 0.29% 137,478 $5.4M Reduce -37.6%
VICR Vicor Corp. 0.29% 48,721 $5.3M New
PKE Park Aerospace Corp. 0.28% 245,035 $5.2M No change
GDOT Green Dot Corp. Class A 0.28% 406,734 $5.2M Reduce -74.8%
BAND Bandwidth Inc. Class A 0.28% 336,874 $5.2M Reduce -54.8%
EBAY eBay Inc. 0.27% 58,144 $5.1M New
FN Fabrinet 0.27% 10,878 $5.0M Reduce -62.2%
IESC Ies Holdings Inc. filed as IES HLDGS INC 0.25% 11,792 $4.6M New
FLGT Fulgent Genetics Inc. 0.24% 169,590 $4.5M New
ADEA Adeia Inc. 0.24% 256,208 $4.4M New
OLPX Olaplex Holdings Inc. 0.22% 3,082,600 $4.1M Reduce -15.2%
QGEN Qiagen N.V. 0.22% 90,182 $4.1M New
AMBA Ambarella Inc. 0.21% 54,242 $3.8M New
SMWB Similarweb Ltd. 0.20% 492,861 $3.7M Reduce -58.2%
NTRA Natera Inc. 0.19% 15,588 $3.6M No change
MBLY Mobileye Global Inc. Class A 0.19% 341,936 $3.6M New
SPT Sprout Social Inc. Class A 0.18% 301,473 $3.4M New
MRCY Mercury Systems Inc. 0.18% 46,348 $3.4M Add +3.3%
TPR Tapestry Inc. 0.18% 25,868 $3.3M No change
OSK Oshkosh Corp. 0.17% 25,940 $3.3M New
RRX Regal Rexnord Corp. 0.17% 23,098 $3.2M New
OUST Ouster Inc. 0.17% 145,148 $3.1M New
QMCO Quantum Corp. 0.16% 477,214 $3.1M New
PSNL Personalis Inc. 0.16% 379,197 $3.0M New
MSFT Microsoft Corp. 0.15% 5,972 $2.9M No change
SMCI Super Micro Computer Inc. 0.15% 96,544 $2.8M Reduce -67.4%
INDI Indie Semiconductor Inc. Class A 0.13% 671,998 $2.4M New
TGEN Tecogen Inc./Waltham Ma 0.12% 445,810 $2.2M Reduce -25.2%
GOOG Alphabet Inc. Class C 0.12% 6,992 $2.2M No change
LITE Lumentum Holdings Inc. 0.12% 5,822 $2.1M Reduce -88.2%
ARE Alexandria Real Estate Equit 0.11% 43,555 $2.1M New
GTES Gates Industrial Corp. UK Ltd. 0.11% 97,125 $2.1M Reduce -73.5%
XPEV Xpeng Inc. - ADR 0.11% 96,927 $2.0M New
SD Sandridge Energy Inc. 0.10% 134,000 $1.9M New
ORCL Oracle Corp. 0.10% 9,560 $1.9M No change
SN Sharkninja Inc. 0.10% 15,907 $1.8M New
CWST Casella Waste Systems Inc. Class A 0.08% 15,225 $1.5M No change
VRT Vertiv Holdings Co. Class A 0.08% 9,039 $1.5M Reduce -91.0%
PL Planet Labs PBC 0.07% 68,715 $1.4M Reduce -89.1%
TALO Talos Energy Inc. 0.07% 119,100 $1.3M New
SEI Solaris Energy Infrastructur 0.05% 19,474 $895K Reduce -94.6%
RDDT Reddit Inc. Class A 0.04% 3,558 $818K Reduce -89.7%
ECG Everus Construction Group 0.04% 8,725 $747K Reduce -88.0%
LHX L3HARRIS Technologies Inc. 0.03% 2,157 $633K Reduce -57.3%
SHLS Shoals Technologies Group -A 0.03% 72,781 $619K Reduce -91.1%
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 0.03% 15,359 $536K Add +9.2%
NWL Newell Brands Inc. 0.03% 126,100 $469K New
AMPY Amplify Energy Corp. 0.02% 89,063 $407K New
CMTG Claros Mortgage Trust Inc. 0.02% 119,700 $366K New
WEAV Weave Communications Inc. 0.02% 47,600 $361K New
LINC Lincoln Educational Services 0.02% 14,007 $338K Reduce -95.6%
CRGY Crescent Energy Inc. Class A 0.02% 39,900 $335K New
HBIO Harvard Bioscience Inc. 0.01% 409,650 $274K New

Portfolio Sells Q3 2025 → Q4 2025
DBRG Digitalbridge Group Inc. Reduce -84.9% 0.68% −2.78
ELF Elf Beauty Inc. Reduce -60.5% 0.78% −2.71
KTOS Kratos Defense & Security Reduce -50.7% 1.20% −1.75
AVAV Aerovironment Inc. Reduce -48.6% 0.98% −1.54
HUCK Huckleberry AI Inc. Reduce -19.6% 0.97% −1.33
WWW Wolverine World Wide Inc. Sold out 0.00% −1.18
CLBT Cellebrite Di Ltd. Reduce -46.8% 1.24% −1.18
POWL Powell Industries Inc. Reduce -46.6% 1.35% −1.09
PSIX Power Solutions Internationa Sold out 0.00% −1.04
GDOT Green Dot Corp. Class A Reduce -74.8% 0.28% −0.89
MOD Modine Manufacturing Co. Reduce -11.0% 3.83% −0.80
OPRA Opera Ltd.-ADR Reduce -43.9% 0.48% −0.78
VRT Vertiv Holdings Co. Class A Reduce -91.0% 0.08% −0.74
SEI Solaris Energy Infrastructur Reduce -94.6% 0.05% −0.74
HNST The Honest Co. Inc. Reduce -30.7% 0.66% −0.72
GENI Genius Sports Ltd. Reduce -18.7% 1.73% −0.69
TLN Talen Energy Corp. Reduce -20.8% 1.51% −0.67
CLS Celestica Inc. Reduce -31.5% 2.73% −0.63
SMCI Super Micro Computer Inc. Reduce -67.4% 0.15% −0.62
SMTC Semtech Corp. Reduce -23.9% 2.01% −0.58
CELH Celsius Holdings Inc. Sold out 0.00% −0.51
RDNT Radnet Inc. Reduce -48.2% 0.45% −0.49
CXT Crane NXT Co. Sold out 0.00% −0.48
WIX Wix.com Ltd. Reduce -16.2% 0.45% −0.47
BKSY Blacksky Technology Inc. Sold out 0.00% −0.42
DKNG Draftkings Inc. Class A Reduce -50.6% 0.34% −0.41
GNRC Generac Holdings Inc. Sold out 0.00% −0.41
IIIV I3 Verticals Inc. Class A Reduce -10.1% 0.91% −0.41
PRIM Primoris Services Corp. Reduce -29.2% 0.70% −0.41
SMWB Similarweb Ltd. Reduce -58.2% 0.20% −0.40
BAND Bandwidth Inc. Class A Reduce -54.8% 0.28% −0.39
LINC Lincoln Educational Services Reduce -95.6% 0.02% −0.39
RDDT Reddit Inc. Class A Reduce -89.7% 0.04% −0.39
GTES Gates Industrial Corp. UK Ltd. Reduce -73.5% 0.11% −0.38
PL Planet Labs PBC Reduce -89.1% 0.07% −0.37
FLEX Flex Ltd. Reduce -21.6% 1.51% −0.36
TSEM Tower Semiconductor Ltd. Reduce -54.6% 0.93% −0.35
TIC Tic Solutions Inc. Sold out 0.00% −0.34
AAOI Applied Optoelectronics Inc. Reduce -58.2% 0.43% −0.34
LMT Lockheed Martin Corp. Sold out 0.00% −0.34
LITE Lumentum Holdings Inc. Reduce -88.2% 0.12% −0.32
AMRC Ameresco Inc. Class A Sold out 0.00% −0.32
ONTO Onto Innovation Inc. Sold out 0.00% −0.31
ZGN Ermenegildo Zegna NV Reduce -48.1% 0.39% −0.31
FN Fabrinet Reduce -62.2% 0.27% −0.30
ECG Everus Construction Group Reduce -88.0% 0.04% −0.30
SHLS Shoals Technologies Group -A Reduce -91.1% 0.03% −0.29
LEVI Levi Strauss & Co. Class A Sold out 0.00% −0.27
PRG Prog Holdings Inc. Sold out 0.00% −0.26
MAMA Mama's Creations Inc. Reduce -38.8% 0.90% −0.26

Portfolio Buys Q3 2025 → Q4 2025
AKAM Akamai Technologies Inc. New 2.45% +2.45
BIDU Baidu Inc. - Spon ADR Add +5657.2% 1.85% +1.81
CSTL Castle Biosciences Inc. Add +14.2% 3.60% +1.74
FAF First American Financial New 1.06% +1.06
LNTH Lantheus Holdings Inc. Add +60.1% 1.70% +0.87
JBL Jabil Inc. New 0.86% +0.86
MRX Marex UK Holdings Ltd. New 0.86% +0.86
REAL BROKERAGE INC/THE Add +86.8% 2.11% +0.80
BIIB Biogen Inc. New 0.80% +0.80
FOUR SHIFT4 Payments Inc. Class A Add +148.0% 1.58% +0.79
TECH Bio-Techne Corp. New 0.78% +0.78
FCX Freeport-McMoran Inc. New 0.78% +0.78
MGA Magna International Inc. New 0.73% +0.73
NOVT Novanta Inc. New 0.68% +0.68
VIRT Virtu Financial Inc. Class A New 0.67% +0.67
LPTH Lightpath Technologies Inc. Class A Add +42.9% 1.35% +0.65
SNAP Snap Inc. Class A New 0.65% +0.65
CNR Core Natural Resources Inc. New 0.62% +0.62
SEZL Sezzle Inc. New 0.57% +0.57
GH Guardant Health Inc. New 0.57% +0.57
DGII Digi International Inc. New 0.55% +0.55
UTHR United Therapeutics Corp. Add +103.3% 0.96% +0.55
ZG Zillow Group Inc. Class A New 0.55% +0.55
METC Ramaco Resources Inc. Class A New 0.54% +0.54
SANM Sanmina Corp. New 0.54% +0.54
XZO Exzeo Group Inc. New 0.53% +0.53
DAVE Dave Inc. New 0.52% +0.52
MEC Mayville Engineering Co. Inc. New 0.51% +0.51
WRBY Warby Parker Inc. Class A Add +90.7% 1.44% +0.47
LUXE Luxexperience BV Add +70.4% 1.19% +0.47
PACK Ranpak Holdings Corp. Add +518.4% 0.57% +0.47
RELY Remitly Global Inc. New 0.46% +0.46
WAT Waters Corp. New 0.46% +0.46
PRCT Procept Biorobotics Corp. New 0.43% +0.43
VPG Vishay Precision Group Add +6.6% 1.81% +0.38
NOK Nokia Corp.-Spon ADR New 0.37% +0.37
NXT Nextpower Inc. New 0.37% +0.37
QLYS Qualys Inc. New 0.37% +0.37
UPWK Upwork Inc. Add +82.7% 0.76% +0.37
AMPL Amplitude Inc. Class A New 0.35% +0.35
ZETA Zeta Global Holdings Corp. Class A Add +28.6% 1.44% +0.34
BELFB Bel Fuse Inc. Class B Add +12.7% 1.27% +0.32
DAN Dana Inc. New 0.32% +0.32
OWLT Owlet Inc. New 0.30% +0.30
ECO Okeanis Eco Tankers Corp. New 0.29% +0.29
QTRX Quanterix Corp. Add +6.2% 1.54% +0.29
VICR Vicor Corp. New 0.29% +0.29
EBAY eBay Inc. New 0.27% +0.27
TGLS Tecnoglass Holdings Inc. Add +118.6% 0.64% +0.25
IESC Ies Holdings Inc. New 0.25% +0.25

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