Shannon River Fund Management LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Shannon River Fund Management LLC reported 20 stock positions worth $621.2 million . Its top holding was Pegasystems (PEGA) at 12.8% of the portfolio, followed by Tower Semiconductor (TSEM, 11.2% ) and Interdigital (IDCC, 9.9% ). Compared with Q2 2025, it opened 5 new positions, sold out of 7, added to 5 and reduced 10. The biggest buy was a new position in Formfactor (FORM) and the biggest sale Coherent (COHR, shares −80% ).
Location NEW YORK, NY
CIK 0001301050
Portfolio Value $621.2M (Q3 2025) Holdings 20 stocks · $621.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 PEGA Pegasystems Inc. 1,384,219 $79.6M Add +0.8% TSEM Tower Semiconductor Ltd. 962,063 $69.6M Reduce -34.4% IDCC Interdigital Inc. 178,720 $61.7M Reduce -24.4% WIX Wix.com Ltd. 330,083 $58.6M Add +42.1% FLEX Flex Ltd. 849,416 $49.2M Reduce -34.8% NCNO Ncino Inc. 1,578,896 $42.8M Add +27.4% FROG Jfrog Ltd. 863,924 $40.9M Add +298.5% MRVL Marvell Technology Inc. 423,644 $35.6M Reduce -40.4% FORM Formfactor Inc. 968,161 $35.3M New GWRE Guidewire Software Inc. 126,057 $29.0M Reduce -16.4% CLH Clean Harbors Inc. 115,870 $26.9M New DOCU Docusign Inc. 283,515 $20.4M Reduce -13.0% CRDO Credo Technology Group Holdi 86,567 $12.6M Reduce -54.5% LRN Stride Inc. 82,928 $12.4M New CWAN Clearwater Analytics HDS-A 677,693 $12.2M Add +1.6% PLTR Palantir Technologies Inc. Class A 57,110 $10.4M Reduce -58.6% CCC CCC Intelligent Solutions Ho 1,075,546 $9.8M Reduce -0.2% COHR Coherent Corp. 89,256 $9.6M Reduce -80.0% TSM Taiwan Semiconductor-SP ADR 8,701 $2.4M New BLZE Backblaze Inc. Class A 229,384 $2.1M New
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ COHR Coherent Corp. Reduce -80.0% 1.55% −4.57 AFRM Affirm Holdings Inc. Sold out 0.00% −3.80 CART Maplebear Inc. Sold out 0.00% −3.16 MRVL Marvell Technology Inc. Reduce -40.4% 5.73% −2.73 ESTC Elastic NV Sold out 0.00% −2.39 FLEX Flex Ltd. Reduce -34.8% 7.93% −2.08 MIR Mirion Technologies Inc. Sold out 0.00% −1.84 U Unity Software Inc. Sold out 0.00% −1.51 NATL NCR Atleos Corp. Sold out 0.00% −1.35 PLTR Palantir Technologies Inc. Class A Reduce -58.6% 1.68% −1.22 GWRE Guidewire Software Inc. Reduce -16.4% 4.66% −0.80 CRDO Credo Technology Group Holdi Reduce -54.5% 2.03% −0.68 PGY Pagaya Technologies Ltd. Class A Sold out 0.00% −0.67 DOCU Docusign Inc. Reduce -13.0% 3.29% −0.62 CCC CCC Intelligent Solutions Ho Reduce -0.2% 1.58% +0.02 TSEM Tower Semiconductor Ltd. Reduce -34.4% 11.20% +1.40 IDCC Interdigital Inc. Reduce -24.4% 9.93% +1.76
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ FORM Formfactor Inc. New 5.68% +5.68 FROG Jfrog Ltd. Add +298.5% 6.58% +5.12 CLH Clean Harbors Inc. New 4.33% +4.33 WIX Wix.com Ltd. Add +42.1% 9.44% +3.77 LRN Stride Inc. New 1.99% +1.99 NCNO Ncino Inc. Add +27.4% 6.89% +1.55 PEGA Pegasystems Inc. Add +0.8% 12.81% +1.37 TSM Taiwan Semiconductor-SP ADR New 0.39% +0.39 BLZE Backblaze Inc. Class A New 0.34% +0.34 CWAN Clearwater Analytics HDS-A Add +1.6% 1.97% −0.29
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 300,000 $64.7Mbefore exit PEGA Pegasystems Inc. put Sold out 700,000 $37.9Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 37 $1.1B TSEM, FLEX, AMD, IDCC, CLS Q1 2026 28 $524.1M TSEM, MRVL, LYV, ABNB, RMBS Q4 2025 26 $637.5M TSEM, PEGA, U, LYV, MRVL Q3 2025 20 $621.2M PEGA, TSEM, IDCC, WIX, FLEX Q2 2025 22 $649.3M PEGA, FLEX, TSEM, MRVL, IDCC Q1 2025 14 $383.2M IDCC, PEGA, TSEM, CWAN, FLEX Q4 2024 17 $565.7M PEGA, IDCC, MRVL, WIX LTD (WIX 0 08/15/25), TSEM Q3 2024 18 $661.7M IDCC, CWAN, TSEM, PEGA, MRVL Q2 2024 21 $581.4M TSEM, CGNX, IDCC, NVDA, WIX Q1 2024 18 $449.1M TSEM, WIX, CGNX, NVDA, IDCC