Spyglass Capital Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Spyglass Capital Management LLC reported 25 stock positions worth $1.8 billion. Its top holding was Affirm (AFRM) at 5.8% of the portfolio, followed by AppLovin Class A (APP, 5.7%) and SHIFT4 Payments Class A (FOUR, 5.7%). Compared with Q3 2024, it opened 2 new positions, sold out of 2, added to 15 and reduced 8. The biggest buy was a new position in Illumina (ILMN) and the biggest sale an exit from Ascendis Pharma A/S (ASND).
- Most Recent 13F
- Q2 2026
- Location
- Greenbrae, CA
- CIK
- 0001654344
- Portfolio Value
- $1.8B (Q4 2024)
- SEC Filing
- 0001172661-25-001035 ↗ filed Feb 14, 2025
Holdings Value
Holdings 25 stocks · $1.8B
| AFRM Affirm Holdings Inc. | 5.83% | 1,702,004 | $103.7M | Reduce -27.5% |
| APP AppLovin Corp. Class A | 5.74% | 315,061 | $102.0M | Reduce -61.5% |
| FOUR SHIFT4 Payments Inc. Class A | 5.73% | 981,859 | $101.9M | Add +22.7% |
| DASH DoorDash Inc. Class A | 5.15% | 546,239 | $91.6M | Reduce -1.3% |
| SNOW Snowflake Inc. | 5.01% | 577,034 | $89.1M | Add +5.3% |
| CSGP Costar Group Inc. | 4.92% | 1,221,607 | $87.5M | Add +47.4% |
| MEDP Medpace Holdings Inc. | 4.91% | 262,660 | $87.3M | Add +85.1% |
| EXAS Exact Sciences Corp. | 4.87% | 1,539,436 | $86.5M | Add +10.2% |
| GLBE Global-E Online Ltd. | 4.56% | 1,487,335 | $81.1M | Add +6.8% |
| PCOR Procore Technologies Inc. | 4.42% | 1,048,154 | $78.5M | Add +12.0% |
| APG Api Group Corp. | 4.19% | 2,070,041 | $74.5M | Add +12.9% |
| HUBS HubSpot Inc. | 4.18% | 106,551 | $74.2M | Add +14.2% |
| SG Sweetgreen Inc. Class A | 4.14% | 2,296,894 | $73.6M | Add +12.0% |
| ILMN Illumina Inc. | 4.04% | 537,716 | $71.9M | New |
| VEEV Veeva Systems Inc. Class A | 3.64% | 307,801 | $64.7M | Add +37.3% |
| ACVA Acv Auctions Inc. Class A | 3.54% | 2,916,586 | $63.0M | Add +11.6% |
| WSC Willscot Holdings Corp. | 3.44% | 1,829,245 | $61.2M | Add +40.5% |
| ALAB Astera Labs Inc. | 3.39% | 455,312 | $60.3M | Reduce -38.1% |
| MDB Mongodb Inc. | 3.27% | 249,683 | $58.1M | Add +5.8% |
| KNSL Kinsale Capital Group Inc. | 3.14% | 119,895 | $55.8M | Add +35.7% |
| GDDY GoDaddy Inc. Class A | 2.97% | 267,614 | $52.8M | Reduce -24.4% |
| FND Floor & Decor Holdings Inc. Class A | 2.48% | 442,104 | $44.1M | Reduce -1.2% |
| SPOT Spotify Technology SA | 2.24% | 89,121 | $39.9M | Reduce -2.5% |
| CYBR Cyberark Software Ltd./Israel | 2.18% | 116,221 | $38.7M | New |
| DUOL Duolingo | 2.03% | 111,173 | $36.0M | Reduce -18.6% |
Portfolio Sells Q3 2024 → Q4 2024
| ASND Ascendis Pharma A/S | Sold out | 0.00% | −6.40 |
| TDG Transdigm Group Inc. | Sold out | 0.00% | −2.29 |
| APP AppLovin Corp. Class A | Reduce -61.5% | 5.74% | −1.27 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -1.2% | 2.48% | −1.17 |
| GDDY GoDaddy Inc. Class A | Reduce -24.4% | 2.97% | −0.68 |
| DUOL Duolingo | Reduce -18.6% | 2.03% | −0.50 |
| AFRM Affirm Holdings Inc. | Reduce -27.5% | 5.83% | −0.46 |
| DASH DoorDash Inc. Class A | Reduce -1.3% | 5.15% | −0.03 |
| SPOT Spotify Technology SA | Reduce -2.5% | 2.24% | +0.03 |
| ALAB Astera Labs Inc. | Reduce -38.1% | 3.39% | +0.86 |
Portfolio Buys Q3 2024 → Q4 2024
| ILMN Illumina Inc. | New | 4.04% | +4.04 |
| CYBR Cyberark Software Ltd./Israel | New | 2.18% | +2.18 |
| MEDP Medpace Holdings Inc. | Add +85.1% | 4.91% | +1.80 |
| FOUR SHIFT4 Payments Inc. Class A | Add +22.7% | 5.73% | +1.07 |
| GLBE Global-E Online Ltd. | Add +6.8% | 4.56% | +1.05 |
| HUBS HubSpot Inc. | Add +14.2% | 4.18% | +0.92 |
| SNOW Snowflake Inc. | Add +5.3% | 5.01% | +0.88 |
| CSGP Costar Group Inc. | Add +47.4% | 4.92% | +0.81 |
| PCOR Procore Technologies Inc. | Add +12.0% | 4.42% | +0.62 |
| VEEV Veeva Systems Inc. Class A | Add +37.3% | 3.64% | +0.55 |
| KNSL Kinsale Capital Group Inc. | Add +35.7% | 3.14% | +0.44 |
| WSC Willscot Holdings Corp. | Add +40.5% | 3.44% | +0.23 |
| APG Api Group Corp. | Add +12.9% | 4.19% | +0.21 |
| ACVA Acv Auctions Inc. Class A | Add +11.6% | 3.54% | +0.05 |
| SG Sweetgreen Inc. Class A | Add +12.0% | 4.14% | −0.63 |
| MDB Mongodb Inc. | Add +5.8% | 3.27% | −0.92 |
| EXAS Exact Sciences Corp. | Add +10.2% | 4.87% | −1.38 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 25 | $1.8B | AFRM, CRDO, IOT, AAON, APP |
| Q1 2026Amended | 25 | $1.4B | IOT, ASND, HUBS, FOUR, AFRM |
| Q4 2025 | 25 | $2.0B | MDB, AFRM, FOUR, HUBS, CSGP |
| Q3 2025 | 25 | $1.9B | APP, EXAS, MDB, HUBS, AAON |
| Q2 2025 | 25 | $1.7B | AFRM, SNOW, FOUR, APP, APG |
| Q1 2025 | 25 | $1.5B | AFRM, SG, FOUR, SNOW, APP |
| Q4 2024 | 25 | $1.8B | AFRM, APP, FOUR, DASH, SNOW |
| Q3 2024 | 25 | $1.5B | APP, ASND, AFRM, EXAS, DASH |
| Q2 2024 | 25 | $1.4B | ASND, FOUR, APP, SG, APG |
| Q1 2024 | 25 | $1.5B | APP, ASND, WSC, CSGP, EXAS |