Spyglass Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Spyglass Capital Management LLC reported 25 stock positions worth $1.7 billion. Its top holding was Affirm (AFRM) at 7.1% of the portfolio, followed by Snowflake (SNOW, 6.6%) and SHIFT4 Payments Class A (FOUR, 6.0%). Compared with Q1 2025, it opened 3 new positions, sold out of 3, added to 11 and reduced 11. The biggest buy was a new position in Ncino (NCNO) and the biggest sale an exit from Willscot (WSC).
- Most Recent 13F
- Q2 2026
- Location
- Greenbrae, CA
- CIK
- 0001654344
- Portfolio Value
- $1.7B (Q2 2025)
- SEC Filing
- 0001172661-25-003124 ↗ filed Aug 13, 2025
Holdings Value
Holdings 25 stocks · $1.7B
| AFRM Affirm Holdings Inc. | 7.10% | 1,740,283 | $120.3M | Reduce -8.5% |
| SNOW Snowflake Inc. | 6.60% | 500,260 | $111.9M | Reduce -10.3% |
| FOUR SHIFT4 Payments Inc. Class A | 6.01% | 1,027,983 | $101.9M | Add +2.6% |
| APP AppLovin Corp. Class A | 5.27% | 255,187 | $89.3M | Reduce -15.6% |
| APG Api Group Corp. | 5.07% | 2,524,696 | $85.9M | Add +26.2% |
| HOOD Robinhood Markets Inc. Class A | 5.06% | 916,631 | $85.8M | Reduce -30.6% |
| MDB Mongodb Inc. | 4.27% | 345,127 | $72.5M | Add +28.0% |
| EXAS Exact Sciences Corp. | 4.26% | 1,358,663 | $72.2M | Reduce -13.8% |
| KNSL Kinsale Capital Group Inc. | 4.16% | 145,612 | $70.5M | Reduce -3.8% |
| MEDP Medpace Holdings Inc. | 4.16% | 224,471 | $70.5M | Reduce -7.3% |
| ILMN Illumina Inc. | 3.93% | 698,565 | $66.7M | Add +24.9% |
| ALAB Astera Labs Inc. | 3.92% | 734,570 | $66.4M | Reduce -19.1% |
| CSGP Costar Group Inc. | 3.81% | 803,282 | $64.6M | Add +62.0% |
| PCOR Procore Technologies Inc. | 3.62% | 898,098 | $61.4M | Reduce -3.8% |
| VEEV Veeva Systems Inc. Class A | 3.48% | 205,120 | $59.1M | Reduce -9.8% |
| DASH DoorDash Inc. Class A | 3.43% | 235,611 | $58.1M | Reduce -3.9% |
| SG Sweetgreen Inc. Class A | 3.42% | 3,899,813 | $58.0M | Add +15.2% |
| GLBE Global-E Online Ltd. | 3.28% | 1,658,211 | $55.6M | Add +15.3% |
| CYBR Cyberark Software Ltd./Israel | 3.10% | 129,248 | $52.6M | Add +3.8% |
| AAON Aaon Inc. | 3.10% | 712,356 | $52.5M | Add +14.7% |
| ACVA Acv Auctions Inc. Class A | 3.02% | 3,157,130 | $51.2M | Add +1.3% |
| HUBS HubSpot Inc. | 3.01% | 91,780 | $51.1M | Add +0.7% |
| NCNO Ncino Inc. | 2.61% | 1,579,924 | $44.2M | New |
| CDNS Cadence Design SYS Inc. | 2.34% | 128,535 | $39.6M | New |
| DUOL Duolingo | 1.98% | 81,949 | $33.6M | New |
Portfolio Sells Q1 2025 → Q2 2025
| WSC Willscot Holdings Corp. | Sold out | 0.00% | −3.29 |
| FICO Fair Isaac Corp. | Sold out | 0.00% | −2.63 |
| GDDY GoDaddy Inc. Class A | Sold out | 0.00% | −2.19 |
| MEDP Medpace Holdings Inc. | Reduce -7.3% | 4.16% | −0.91 |
| KNSL Kinsale Capital Group Inc. | Reduce -3.8% | 4.16% | −0.90 |
| PCOR Procore Technologies Inc. | Reduce -3.8% | 3.62% | −0.61 |
| EXAS Exact Sciences Corp. | Reduce -13.8% | 4.26% | −0.43 |
| APP AppLovin Corp. Class A | Reduce -15.6% | 5.27% | −0.23 |
| VEEV Veeva Systems Inc. Class A | Reduce -9.8% | 3.48% | −0.13 |
| ALAB Astera Labs Inc. | Reduce -19.1% | 3.92% | +0.20 |
| DASH DoorDash Inc. Class A | Reduce -3.9% | 3.43% | +0.35 |
| SNOW Snowflake Inc. | Reduce -10.3% | 6.60% | +1.01 |
| AFRM Affirm Holdings Inc. | Reduce -8.5% | 7.10% | +1.19 |
| HOOD Robinhood Markets Inc. Class A | Reduce -30.6% | 5.06% | +1.29 |
Portfolio Buys Q1 2025 → Q2 2025
| NCNO Ncino Inc. | New | 2.61% | +2.61 |
| CDNS Cadence Design SYS Inc. | New | 2.34% | +2.34 |
| DUOL Duolingo | New | 1.98% | +1.98 |
| CSGP Costar Group Inc. | Add +62.0% | 3.81% | +1.11 |
| MDB Mongodb Inc. | Add +28.0% | 4.27% | +1.03 |
| ILMN Illumina Inc. | Add +24.9% | 3.93% | +0.89 |
| FOUR SHIFT4 Payments Inc. Class A | Add +2.6% | 6.01% | +0.39 |
| CYBR Cyberark Software Ltd./Israel | Add +3.8% | 3.10% | +0.21 |
| APG Api Group Corp. | Add +26.2% | 5.07% | +0.16 |
| ACVA Acv Auctions Inc. Class A | Add +1.3% | 3.02% | +0.00 |
| AAON Aaon Inc. | Add +14.7% | 3.10% | −0.23 |
| GLBE Global-E Online Ltd. | Add +15.3% | 3.28% | −0.24 |
| HUBS HubSpot Inc. | Add +0.7% | 3.01% | −0.56 |
| SG Sweetgreen Inc. Class A | Add +15.2% | 3.42% | −2.39 |
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 |