Spyglass Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Spyglass Capital Management LLC reported 25 stock positions worth $1.5 billion. Its top holding was Affirm (AFRM) at 5.9% of the portfolio, followed by Sweetgreen Class A (SG, 5.8%) and SHIFT4 Payments Class A (FOUR, 5.6%). Compared with Q4 2024, it opened 3 new positions, sold out of 3, added to 10 and reduced 12. The biggest buy was a new position in Robinhood Markets Class A (HOOD) and the biggest sale an exit from Floor & Decor Class A (FND).
- Most Recent 13F
- Q2 2026
- Location
- Greenbrae, CA
- CIK
- 0001654344
- Portfolio Value
- $1.5B (Q1 2025)
- SEC Filing
- 0001172661-25-002179 ↗ filed May 15, 2025
Holdings Value
Holdings 25 stocks · $1.5B
| AFRM Affirm Holdings Inc. | 5.90% | 1,902,425 | $86.0M | Add +11.8% |
| SG Sweetgreen Inc. Class A | 5.82% | 3,386,170 | $84.7M | Add +47.4% |
| FOUR SHIFT4 Payments Inc. Class A | 5.62% | 1,002,330 | $81.9M | Add +2.1% |
| SNOW Snowflake Inc. | 5.60% | 557,726 | $81.5M | Reduce -3.4% |
| APP AppLovin Corp. Class A | 5.50% | 302,224 | $80.1M | Reduce -4.1% |
| MEDP Medpace Holdings Inc. | 5.07% | 242,146 | $73.8M | Reduce -7.8% |
| KNSL Kinsale Capital Group Inc. | 5.06% | 151,421 | $73.7M | Add +26.3% |
| APG Api Group Corp. | 4.91% | 2,000,741 | $71.5M | Reduce -3.4% |
| EXAS Exact Sciences Corp. | 4.69% | 1,576,634 | $68.3M | Add +2.4% |
| PCOR Procore Technologies Inc. | 4.23% | 933,887 | $61.7M | Reduce -10.9% |
| HOOD Robinhood Markets Inc. Class A | 3.78% | 1,321,608 | $55.0M | New |
| ALAB Astera Labs Inc. | 3.72% | 907,949 | $54.2M | Add +99.4% |
| VEEV Veeva Systems Inc. Class A | 3.61% | 227,297 | $52.6M | Reduce -26.1% |
| HUBS HubSpot Inc. | 3.58% | 91,150 | $52.1M | Reduce -14.4% |
| GLBE Global-E Online Ltd. | 3.52% | 1,437,501 | $51.2M | Reduce -3.4% |
| AAON Aaon Inc. | 3.33% | 620,895 | $48.5M | New |
| WSC Willscot Holdings Corp. | 3.29% | 1,723,601 | $47.9M | Reduce -5.8% |
| MDB Mongodb Inc. | 3.25% | 269,595 | $47.3M | Add +8.0% |
| DASH DoorDash Inc. Class A | 3.08% | 245,112 | $44.8M | Reduce -55.1% |
| ILMN Illumina Inc. | 3.05% | 559,057 | $44.4M | Add +4.0% |
| ACVA Acv Auctions Inc. Class A | 3.02% | 3,117,628 | $43.9M | Add +6.9% |
| CYBR Cyberark Software Ltd./Israel | 2.89% | 124,511 | $42.1M | Add +7.1% |
| CSGP Costar Group Inc. | 2.70% | 495,858 | $39.3M | Reduce -59.4% |
| FICO Fair Isaac Corp. | 2.63% | 20,782 | $38.3M | New |
| GDDY GoDaddy Inc. Class A | 2.19% | 176,722 | $31.8M | Reduce -34.0% |
Portfolio Sells Q4 2024 → Q1 2025
| FND Floor & Decor Holdings Inc. Class A | Sold out | 0.00% | −2.48 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −2.24 |
| CSGP Costar Group Inc. | Reduce -59.4% | 2.70% | −2.22 |
| DASH DoorDash Inc. Class A | Reduce -55.1% | 3.08% | −2.08 |
| DUOL Duolingo | Sold out | 0.00% | −2.03 |
| GLBE Global-E Online Ltd. | Reduce -3.4% | 3.52% | −1.04 |
| GDDY GoDaddy Inc. Class A | Reduce -34.0% | 2.19% | −0.79 |
| HUBS HubSpot Inc. | Reduce -14.4% | 3.58% | −0.60 |
| APP AppLovin Corp. Class A | Reduce -4.1% | 5.50% | −0.24 |
| PCOR Procore Technologies Inc. | Reduce -10.9% | 4.23% | −0.18 |
| WSC Willscot Holdings Corp. | Reduce -5.8% | 3.29% | −0.15 |
| VEEV Veeva Systems Inc. Class A | Reduce -26.1% | 3.61% | −0.03 |
| MEDP Medpace Holdings Inc. | Reduce -7.8% | 5.07% | +0.16 |
| SNOW Snowflake Inc. | Reduce -3.4% | 5.60% | +0.59 |
| APG Api Group Corp. | Reduce -3.4% | 4.91% | +0.72 |
Portfolio Buys Q4 2024 → Q1 2025
| HOOD Robinhood Markets Inc. Class A | New | 3.78% | +3.78 |
| AAON Aaon Inc. | New | 3.33% | +3.33 |
| FICO Fair Isaac Corp. | New | 2.63% | +2.63 |
| KNSL Kinsale Capital Group Inc. | Add +26.3% | 5.06% | +1.92 |
| SG Sweetgreen Inc. Class A | Add +47.4% | 5.82% | +1.67 |
| CYBR Cyberark Software Ltd./Israel | Add +7.1% | 2.89% | +0.71 |
| ALAB Astera Labs Inc. | Add +99.4% | 3.72% | +0.33 |
| AFRM Affirm Holdings Inc. | Add +11.8% | 5.90% | +0.07 |
| MDB Mongodb Inc. | Add +8.0% | 3.25% | −0.02 |
| FOUR SHIFT4 Payments Inc. Class A | Add +2.1% | 5.62% | −0.11 |
| EXAS Exact Sciences Corp. | Add +2.4% | 4.69% | −0.18 |
| ACVA Acv Auctions Inc. Class A | Add +6.9% | 3.02% | −0.53 |
| ILMN Illumina Inc. | Add +4.0% | 3.05% | −1.00 |
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 |