Sea Cliff Partners Management, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Sea Cliff Partners Management, LP reported 15 stock positions worth $293.3 million. Its top holding was Brightspring Health Services (BTSG) at 13.3% of the portfolio, followed by James Hardie Ord (JHX, 8.3%) and Hexcel (HXL, 8.2%). Compared with Q1 2025, it opened 3 new positions, sold out of 3, added to 5 and reduced 7. The biggest buy was a new position in James Hardie Ord (JHX) and the biggest sale an exit from Azek (AZEK).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0002011655
- Portfolio Value
- $293.3M (Q2 2025)
- SEC Filing
- 0001420506-25-002053 ↗ filed Aug 14, 2025
Holdings Value
Holdings 15 stocks · $293.3M
| BTSG Brightspring Health Services | 13.28% | 1,651,171 | $39.0M | Reduce -18.8% |
| JHX James Hardie Ord | 8.33% | 908,385 | $24.4M | New |
| HXL Hexcel Corp. | 8.24% | 427,750 | $24.2M | Reduce -7.3% |
| UDMY Udemy Inc. | 7.80% | 3,255,374 | $22.9M | Reduce -13.8% |
| PTC PTC Inc. | 7.70% | 131,000 | $22.6M | Add +8.3% |
| OKTA Okta Inc. | 7.13% | 209,198 | $20.9M | Add +22.2% |
| PLNT Planet Fitness Inc. Class A | 6.91% | 185,782 | $20.3M | Add +385.6% |
| CZR Caesars Entertainment Inc. | 6.53% | 675,000 | $19.2M | Add +7.7% |
| CNM Core & Main Inc. Class A | 6.38% | 310,000 | $18.7M | Reduce -11.7% |
| CXM Sprinklr Inc. Class A | 6.25% | 2,166,792 | $18.3M | Add +1174.6% |
| GDDY GoDaddy Inc. Class A | 5.65% | 91,995 | $16.6M | Reduce -41.1% |
| EVH Evolent Health Inc. Class A | 4.74% | 1,233,828 | $13.9M | Reduce -1.3% |
| CWAN Clearwater Analytics HDS-A | 4.41% | 590,203 | $12.9M | New |
| JBTM JBT Marel Corp. | 4.10% | 100,000 | $12.0M | Reduce -35.7% |
| MORN Morningstar Inc. | 2.57% | 24,000 | $7.5M | New |
Portfolio Sells Q1 2025 → Q2 2025
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −10.26 |
| MTCH Match Group Inc. | Sold out | 0.00% | −6.00 |
| GDDY GoDaddy Inc. Class A | Reduce -41.1% | 5.65% | −4.46 |
| PLAY Dave & Buster's Entertainmen | Sold out | 0.00% | −2.98 |
| JBTM JBT Marel Corp. | Reduce -35.7% | 4.10% | −2.73 |
| UDMY Udemy Inc. | Reduce -13.8% | 7.80% | −2.72 |
| HXL Hexcel Corp. | Reduce -7.3% | 8.24% | −0.83 |
| BTSG Brightspring Health Services | Reduce -18.8% | 13.28% | +0.07 |
| CNM Core & Main Inc. Class A | Reduce -11.7% | 6.38% | +0.28 |
| EVH Evolent Health Inc. Class A | Reduce -1.3% | 4.74% | +0.48 |
Portfolio Buys Q1 2025 → Q2 2025
| JHX James Hardie Ord | New | 8.33% | +8.33 |
| CXM Sprinklr Inc. Class A | Add +1174.6% | 6.25% | +5.74 |
| PLNT Planet Fitness Inc. Class A | Add +385.6% | 6.91% | +5.58 |
| CWAN Clearwater Analytics HDS-A | New | 4.41% | +4.41 |
| MORN Morningstar Inc. | New | 2.57% | +2.57 |
| PTC PTC Inc. | Add +8.3% | 7.70% | +0.96 |
| CZR Caesars Entertainment Inc. | Add +7.7% | 6.53% | +0.90 |
| OKTA Okta Inc. | Add +22.2% | 7.13% | +0.66 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 14 | $225.5M | BTSG, LTH, WCC, OKTA, JHX |
| Q1 2026 | 13 | $193.7M | BTSG, WCC, LTH, OKTA, ITGR |
| Q4 2025 | 13 | $237.3M | BTSG, WCC, PLNT, HXL, JHX |
| Q3 2025 | 15 | $261.4M | BTSG, PLNT, UDMY, CWAN, OKTA |
| Q2 2025 | 15 | $293.3M | BTSG, JHX, HXL, UDMY, PTC |
| Q1 2025 | 15 | $278.4M | BTSG, UDMY, AZEK, GDDY, HXL |
| Q4 2024 | 15 | $288.3M | BTSG, UDMY, JBTM, HXL, AZEK |
| Q3 2024 | 15 | $298.3M | NABL, NICE, UDMY, COTY, AZEK |
| Q2 2024 | 14 | $292.2M | NABL, UDMY, GDDY, RCM, COTY |
| Q1 2024 | 15 | $304.4M | NICE, UDMY, GDDY, COTY, MSGS |