Spyglass Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Spyglass Capital Management LLC reported 25 stock positions worth $2.0 billion. Its top holding was Mongodb (MDB) at 5.6% of the portfolio, followed by Affirm (AFRM, 5.4%) and SHIFT4 Payments Class A (FOUR, 5.3%). Compared with Q3 2025, it opened 2 new positions, sold out of 2, added to 16 and reduced 7. The biggest buy was a new position in Carvana (CVNA) and the biggest sale Exact Sciences (EXAS, shares −75%).
- Most Recent 13F
- Q2 2026
- Location
- Greenbrae, CA
- CIK
- 0001654344
- Portfolio Value
- $2.0B (Q4 2025)
- SEC Filing
- 0001172661-26-000853 ↗ filed Feb 17, 2026
Holdings Value
Holdings 25 stocks · $2.0B
| MDB Mongodb Inc. | 5.57% | 265,263 | $111.3M | Reduce -21.9% |
| AFRM Affirm Holdings Inc. | 5.38% | 1,443,580 | $107.4M | Add +43.8% |
| FOUR SHIFT4 Payments Inc. Class A | 5.35% | 1,697,920 | $106.9M | Add +36.7% |
| HUBS HubSpot Inc. | 5.32% | 264,929 | $106.3M | Add +17.6% |
| CSGP Costar Group Inc. | 5.31% | 1,578,449 | $106.1M | Add +57.4% |
| GLBE Global-E Online Ltd. | 5.28% | 2,683,313 | $105.5M | Reduce -0.7% |
| AAON Aaon Inc. | 4.57% | 1,198,921 | $91.4M | Add +12.2% |
| ASND Ascendis Pharma A/S | 4.43% | 415,549 | $88.6M | Add +6.9% |
| APG Api Group Corp. | 4.38% | 2,288,558 | $87.6M | Add +1.2% |
| CDNS Cadence Design SYS Inc. | 4.25% | 271,492 | $84.9M | Add +134.1% |
| FICO Fair Isaac Corp. | 4.19% | 49,539 | $83.8M | Add +79.0% |
| IOT Samsara Inc. Class A | 4.16% | 2,346,995 | $83.2M | Add +6.7% |
| APP AppLovin Corp. Class A | 4.07% | 120,638 | $81.3M | Reduce -31.4% |
| PCOR Procore Technologies Inc. | 3.94% | 1,081,343 | $78.7M | Add +14.6% |
| KNSL Kinsale Capital Group Inc. | 3.86% | 197,186 | $77.1M | Add +37.5% |
| CVNA Carvana Co. | 3.82% | 180,668 | $76.2M | New |
| NCNO Ncino Inc. | 3.73% | 2,909,880 | $74.6M | Add +35.4% |
| SNOW Snowflake Inc. | 3.61% | 328,818 | $72.1M | Reduce -12.2% |
| LOAR Loar Holdings Inc. | 3.08% | 904,131 | $61.5M | Add +6.5% |
| DASH DoorDash Inc. Class A | 3.07% | 270,570 | $61.3M | Add +67.3% |
| CRDO Credo Technology Group Holdi | 2.80% | 388,860 | $56.0M | New |
| EXAS Exact Sciences Corp. | 2.74% | 539,886 | $54.8M | Reduce -74.6% |
| ILMN Illumina Inc. | 2.64% | 401,533 | $52.7M | Reduce -4.9% |
| DUOL Duolingo | 2.52% | 286,873 | $50.3M | Add +6.8% |
| MEDP Medpace Holdings Inc. | 1.94% | 69,175 | $38.9M | Reduce -54.1% |
Portfolio Sells Q3 2025 → Q4 2025
| EXAS Exact Sciences Corp. | Reduce -74.6% | 2.74% | −3.46 |
| APP AppLovin Corp. Class A | Reduce -31.4% | 4.07% | −2.67 |
| MEDP Medpace Holdings Inc. | Reduce -54.1% | 1.94% | −2.19 |
| SG Sweetgreen Inc. Class A | Sold out | 0.00% | −1.73 |
| ACVA Acv Auctions Inc. Class A | Sold out | 0.00% | −1.65 |
| SNOW Snowflake Inc. | Reduce -12.2% | 3.61% | −0.90 |
| MDB Mongodb Inc. | Reduce -21.9% | 5.57% | −0.05 |
| GLBE Global-E Online Ltd. | Reduce -0.7% | 5.28% | +0.12 |
| ILMN Illumina Inc. | Reduce -4.9% | 2.64% | +0.50 |
Portfolio Buys Q3 2025 → Q4 2025
| CVNA Carvana Co. | New | 3.82% | +3.82 |
| CRDO Credo Technology Group Holdi | New | 2.80% | +2.80 |
| CDNS Cadence Design SYS Inc. | Add +134.1% | 4.25% | +2.07 |
| FICO Fair Isaac Corp. | Add +79.0% | 4.19% | +1.98 |
| AFRM Affirm Holdings Inc. | Add +43.8% | 5.38% | +1.46 |
| CSGP Costar Group Inc. | Add +57.4% | 5.31% | +0.80 |
| DASH DoorDash Inc. Class A | Add +67.3% | 3.07% | +0.72 |
| NCNO Ncino Inc. | Add +35.4% | 3.73% | +0.63 |
| KNSL Kinsale Capital Group Inc. | Add +37.5% | 3.86% | +0.61 |
| ASND Ascendis Pharma A/S | Add +6.9% | 4.43% | +0.31 |
| PCOR Procore Technologies Inc. | Add +14.6% | 3.94% | +0.27 |
| APG Api Group Corp. | Add +1.2% | 4.38% | +0.24 |
| FOUR SHIFT4 Payments Inc. Class A | Add +36.7% | 5.35% | +0.22 |
| IOT Samsara Inc. Class A | Add +6.7% | 4.16% | −0.21 |
| HUBS HubSpot Inc. | Add +17.6% | 5.32% | −0.30 |
| LOAR Loar Holdings Inc. | Add +6.5% | 3.08% | −0.55 |
| AAON Aaon Inc. | Add +12.2% | 4.57% | −0.75 |
| DUOL Duolingo | Add +6.8% | 2.52% | −2.09 |
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 |