Spyglass Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Spyglass Capital Management LLC reported 25 stock positions worth $1.9 billion. Its top holding was AppLovin Class A (APP) at 6.7% of the portfolio, followed by Exact Sciences (EXAS, 6.2%) and Mongodb (MDB, 5.6%). Compared with Q2 2025, it opened 4 new positions, sold out of 4, added to 10 and reduced 11. The biggest buy was a new position in Samsara Class A (IOT) and the biggest sale an exit from Robinhood Markets Class A (HOOD).
- Most Recent 13F
- Q2 2026
- Location
- Greenbrae, CA
- CIK
- 0001654344
- Portfolio Value
- $1.9B (Q3 2025)
- SEC Filing
- 0001172661-25-004841 ↗ filed Nov 14, 2025
Holdings Value
Holdings 25 stocks · $1.9B
| APP AppLovin Corp. Class A | 6.74% | 175,917 | $126.4M | Reduce -31.1% |
| EXAS Exact Sciences Corp. | 6.20% | 2,125,435 | $116.3M | Add +56.4% |
| MDB Mongodb Inc. | 5.62% | 339,723 | $105.4M | Reduce -1.6% |
| HUBS HubSpot Inc. | 5.62% | 225,229 | $105.4M | Add +145.4% |
| AAON Aaon Inc. | 5.33% | 1,068,859 | $99.9M | Add +50.0% |
| GLBE Global-E Online Ltd. | 5.16% | 2,703,171 | $96.7M | Add +63.0% |
| FOUR SHIFT4 Payments Inc. Class A | 5.13% | 1,242,213 | $96.1M | Add +20.8% |
| DUOL Duolingo | 4.61% | 268,726 | $86.5M | Add +227.9% |
| CSGP Costar Group Inc. | 4.51% | 1,002,717 | $84.6M | Add +24.8% |
| SNOW Snowflake Inc. | 4.50% | 374,509 | $84.5M | Reduce -25.1% |
| IOT Samsara Inc. Class A | 4.37% | 2,200,165 | $82.0M | New |
| APG Api Group Corp. | 4.15% | 2,261,685 | $77.7M | Reduce -40.3% |
| MEDP Medpace Holdings Inc. | 4.14% | 150,882 | $77.6M | Reduce -32.8% |
| ASND Ascendis Pharma A/S | 4.12% | 388,647 | $77.3M | New |
| AFRM Affirm Holdings Inc. | 3.91% | 1,003,823 | $73.4M | Reduce -42.3% |
| PCOR Procore Technologies Inc. | 3.67% | 943,888 | $68.8M | Add +5.1% |
| LOAR Loar Holdings Inc. | 3.62% | 849,069 | $67.9M | New |
| KNSL Kinsale Capital Group Inc. | 3.25% | 143,385 | $61.0M | Reduce -1.5% |
| NCNO Ncino Inc. | 3.11% | 2,149,090 | $58.3M | Add +36.0% |
| DASH DoorDash Inc. Class A | 2.35% | 161,702 | $44.0M | Reduce -31.4% |
| FICO Fair Isaac Corp. | 2.21% | 27,673 | $41.4M | New |
| CDNS Cadence Design SYS Inc. | 2.17% | 115,969 | $40.7M | Reduce -9.8% |
| ILMN Illumina Inc. | 2.14% | 422,150 | $40.1M | Reduce -39.6% |
| SG Sweetgreen Inc. Class A | 1.73% | 4,056,570 | $32.4M | Add +4.0% |
| ACVA Acv Auctions Inc. Class A | 1.65% | 3,113,017 | $30.8M | Reduce -1.4% |
Portfolio Sells Q2 2025 → Q3 2025
| HOOD Robinhood Markets Inc. Class A | Sold out | 0.00% | −5.06 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −3.92 |
| VEEV Veeva Systems Inc. Class A | Sold out | 0.00% | −3.48 |
| AFRM Affirm Holdings Inc. | Reduce -42.3% | 3.91% | −3.18 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −3.10 |
| SNOW Snowflake Inc. | Reduce -25.1% | 4.50% | −2.10 |
| ILMN Illumina Inc. | Reduce -39.6% | 2.14% | −1.79 |
| ACVA Acv Auctions Inc. Class A | Reduce -1.4% | 1.65% | −1.37 |
| DASH DoorDash Inc. Class A | Reduce -31.4% | 2.35% | −1.08 |
| APG Api Group Corp. | Reduce -40.3% | 4.15% | −0.92 |
| KNSL Kinsale Capital Group Inc. | Reduce -1.5% | 3.25% | −0.90 |
| CDNS Cadence Design SYS Inc. | Reduce -9.8% | 2.17% | −0.16 |
| MEDP Medpace Holdings Inc. | Reduce -32.8% | 4.14% | −0.02 |
| MDB Mongodb Inc. | Reduce -1.6% | 5.62% | +1.35 |
| APP AppLovin Corp. Class A | Reduce -31.1% | 6.74% | +1.47 |
Portfolio Buys Q2 2025 → Q3 2025
| IOT Samsara Inc. Class A | New | 4.37% | +4.37 |
| ASND Ascendis Pharma A/S | New | 4.12% | +4.12 |
| LOAR Loar Holdings Inc. | New | 3.62% | +3.62 |
| DUOL Duolingo | Add +227.9% | 4.61% | +2.63 |
| HUBS HubSpot Inc. | Add +145.4% | 5.62% | +2.61 |
| AAON Aaon Inc. | Add +50.0% | 5.33% | +2.23 |
| FICO Fair Isaac Corp. | New | 2.21% | +2.21 |
| EXAS Exact Sciences Corp. | Add +56.4% | 6.20% | +1.94 |
| GLBE Global-E Online Ltd. | Add +63.0% | 5.16% | +1.88 |
| CSGP Costar Group Inc. | Add +24.8% | 4.51% | +0.70 |
| NCNO Ncino Inc. | Add +36.0% | 3.11% | +0.50 |
| PCOR Procore Technologies Inc. | Add +5.1% | 3.67% | +0.05 |
| FOUR SHIFT4 Payments Inc. Class A | Add +20.8% | 5.13% | −0.88 |
| SG Sweetgreen Inc. Class A | Add +4.0% | 1.73% | −1.70 |
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 |