Summit Partners Public Asset Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Summit Partners Public Asset Management, LLC reported 72 stock positions worth $3.1 billion. Its top holding was Verona Pharma (VRNA) at 6.2% of the portfolio, followed by GE Vernova (GEV, 5.4%) and Insmed (INSM, 4.9%). Compared with Q2 2025, it opened 26 new positions, sold out of 25, added to 25 and reduced 15. The biggest buy was Sandisk (SNDK, shares +4616%) and the biggest sale an exit from Twilio Class A (TWLO).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001638555
- Portfolio Value
- $3.1B (Q3 2025)
- SEC Filing
- 0001172661-25-004936 ↗ filed Nov 14, 2025
Holdings Value
Holdings 72 stocks · $3.1B
| VRNA Verona Pharma Ltd. | 6.20% | 1,785,407 | $190.5M | Reduce -16.7% |
| GEV GE Vernova Inc. | 5.37% | 268,322 | $165.0M | No change |
| INSM Insmed Inc. | 4.89% | 1,041,845 | $150.0M | Add +3.3% |
| SPOT Spotify Technology SA | 4.47% | 196,661 | $137.3M | Add +1.2% |
| NVDA Nvidia Corp. | 3.52% | 579,000 | $108.0M | Reduce -16.0% |
| SNDK Sandisk Corp. | 3.27% | 896,000 | $100.5M | Add +4615.8% |
| ALAB Astera Labs Inc. | 3.25% | 510,000 | $99.9M | Reduce -17.3% |
| RDDT Reddit Inc. Class A | 2.92% | 389,500 | $89.6M | No change |
| WGS Genedx Holdings Corp. | 2.89% | 823,567 | $88.7M | Add +7.3% |
| CVNA Carvana Co. | 2.84% | 230,806 | $87.1M | Add +284.7% |
| TSM Taiwan Semiconductor-SP ADR | 2.78% | 305,225 | $85.2M | Add +18.8% |
| MDB Mongodb Inc. | 2.75% | 272,176 | $84.5M | New |
| TSEM Tower Semiconductor Ltd. | 2.52% | 1,072,047 | $77.5M | Add +5.1% |
| CVLT Commvault Systems Inc. | 2.44% | 396,563 | $74.9M | Add +3.8% |
| RBRK Rubrik Inc. Class A | 2.43% | 908,745 | $74.7M | Reduce -8.6% |
| MKSI MKS Inc. | 2.40% | 596,132 | $73.8M | Add +37.9% |
| SEI Solaris Energy Infrastructur | 2.34% | 1,796,310 | $71.8M | Reduce -25.4% |
| ARGX Argenx SE - ADR | 2.22% | 92,454 | $68.2M | Add +439.9% |
| MSFT Microsoft Corp. | 2.07% | 122,733 | $63.6M | Add +6.7% |
| IOT Samsara Inc. Class A | 2.07% | 1,702,405 | $63.4M | Add +46.5% |
| SNOW Snowflake Inc. | 1.83% | 249,444 | $56.3M | Reduce -8.0% |
| SIMO Silicon Motion Technol-ADR | 1.72% | 558,005 | $52.9M | Add +8.6% |
| IONS Ionis Pharmaceuticals Inc. | 1.60% | 750,000 | $49.1M | New |
| XMTR Xometry Inc. Class A | 1.49% | 838,579 | $45.7M | Reduce -2.3% |
| CRDO Credo Technology Group Holdi | 1.46% | 307,000 | $44.7M | Reduce -26.6% |
| POWL Powell Industries Inc. | 1.42% | 142,762 | $43.5M | New |
| WAY Waystar Holding Corp. | 1.42% | 1,147,197 | $43.5M | Reduce -41.1% |
| CEG Constellation Energy | 1.39% | 130,000 | $42.8M | No change |
| AEIS Advanced Energy Industries | 1.39% | 250,788 | $42.7M | Reduce -29.3% |
| COMP Compass Inc. Class A | 1.39% | 5,300,000 | $42.6M | Add +65.6% |
| MELI MercadoLibre Inc. | 1.38% | 18,176 | $42.5M | Add +3.6% |
| FROG Jfrog Ltd. | 1.38% | 892,825 | $42.3M | New |
| BBIO Bridgebio Pharma Inc. | 1.36% | 806,710 | $41.9M | Add +6.5% |
| SKY Champion Homes Inc. | 1.23% | 492,770 | $37.6M | Add +43.8% |
| VRT Vertiv Holdings Co. Class A | 1.12% | 226,965 | $34.2M | No change |
| FIX Comfort Systems USA Inc. | 1.07% | 40,000 | $33.0M | No change |
| AXON Axon Enterprise Inc. | 0.98% | 42,015 | $30.2M | Add +19.8% |
| HTFL Heartflow Inc. | 0.93% | 848,462 | $28.6M | New |
| FND Floor & Decor Holdings Inc. Class A | 0.84% | 350,000 | $25.8M | Add +133.3% |
| VIAV Viavi Solutions Inc. | 0.84% | 2,023,000 | $25.7M | New |
| HUBS HubSpot Inc. | 0.73% | 48,000 | $22.5M | New |
| NTRA Natera Inc. | 0.65% | 123,587 | $19.9M | Add +35.3% |
| ASND Ascendis Pharma A/S | 0.65% | 100,000 | $19.9M | Reduce -23.1% |
| KLAC KLA Corp. | 0.60% | 17,100 | $18.4M | New |
| AKRO Akero Therapeutics Inc. | 0.58% | 377,152 | $17.9M | Add +2.8% |
| ESTA Establishment Labs Holdings | 0.57% | 430,160 | $17.6M | Add +87.1% |
| ESTC Elastic NV | 0.55% | 200,000 | $16.9M | New |
| ZETA Zeta Global Holdings Corp. Class A | 0.51% | 782,015 | $15.5M | New |
| UPST Upstart Holdings Inc. | 0.50% | 300,000 | $15.2M | Reduce -48.5% |
| LENZ Lenz Therapeutics Inc. | 0.49% | 323,857 | $15.1M | Add +34.9% |
| ADPT Adaptive Biotechnologies | 0.49% | 998,252 | $14.9M | New |
| AAON Aaon Inc. | 0.46% | 150,000 | $14.0M | New |
| FSLR First Solar Inc. | 0.43% | 60,000 | $13.2M | New |
| CDTX Cidara Therapeutics Inc. | 0.41% | 130,000 | $12.4M | New |
| MIR Mirion Technologies Inc. | 0.38% | 500,000 | $11.6M | Reduce -52.2% |
| CSTL Castle Biosciences Inc. | 0.30% | 400,000 | $9.1M | New |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.28% | 85,000 | $8.7M | New |
| GH Guardant Health Inc. | 0.22% | 110,000 | $6.9M | New |
| VEEV Veeva Systems Inc. Class A | 0.19% | 20,000 | $6.0M | No change |
| AMPL Amplitude Inc. Class A | 0.17% | 491,000 | $5.3M | Add +118.2% |
| PAY Paymentus Holdings Inc. Class A | 0.16% | 158,000 | $4.8M | Add +159.0% |
| BLND Blend Labs Inc. Class A | 0.15% | 1,230,000 | $4.5M | New |
| MNDY Monday.com Ltd. | 0.09% | 15,000 | $2.9M | Reduce -82.7% |
| AMBQ Ambiq Micro Inc. | 0.09% | 93,597 | $2.8M | New |
| CRUS Cirrus Logic Inc. | 0.09% | 21,000 | $2.6M | Reduce -79.9% |
| ADI Analog Devices Inc. | 0.08% | 10,000 | $2.5M | New |
| PVLA Palvella Therapeutics Inc. | 0.07% | 34,895 | $2.2M | New |
| ANET Arista Networks Inc. | 0.07% | 13,967 | $2.0M | New |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.06% | 46,000 | $1.8M | New |
| STM Stmicroelectronics NV-NY SHS | 0.06% | 60,000 | $1.7M | New |
| TER Teradyne Inc. | 0.04% | 9,500 | $1.3M | New |
| ADTN Adtran Holdings Inc. | 0.02% | 75,000 | $704K | New |
Options reported separately and not counted above: QQQ puts ($108.1M), SPOT puts ($103.0M), MSFT calls ($100.8M), INSM puts ($72.0M), SEI puts ($69.1M), SNDK puts ($65.6M), CVNA puts ($58.8M), NVDA puts ($58.8M), MDB puts ($46.6M), IWM calls ($43.0M), CEG puts ($42.8M), JBL puts ($41.7M), and 81 more.
Portfolio Sells Q2 2025 → Q3 2025
| TWLO Twilio Inc. Class A | Sold out | 0.00% | −3.07 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −2.46 |
| VRNA Verona Pharma Ltd. | Reduce -16.7% | 6.20% | −1.70 |
| WAY Waystar Holding Corp. | Reduce -41.1% | 1.42% | −1.69 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −1.66 |
| GNRC Generac Holdings Inc. | Sold out | 0.00% | −1.56 |
| ALGM Allegro Microsystems Inc. | Sold out | 0.00% | −1.54 |
| MNTN MNTN Inc. Class A | Sold out | 0.00% | −1.46 |
| RBRK Rubrik Inc. Class A | Reduce -8.6% | 2.43% | −1.04 |
| UPST Upstart Holdings Inc. | Reduce -48.5% | 0.50% | −0.97 |
| MNDY Monday.com Ltd. | Reduce -82.7% | 0.09% | −0.97 |
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −0.78 |
| ACVA Acv Auctions Inc. Class A | Sold out | 0.00% | −0.76 |
| NVDA Nvidia Corp. | Reduce -16.0% | 3.52% | −0.73 |
| ALKT Alkami Technology Inc. | Sold out | 0.00% | −0.66 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.62 |
| EQT Eqt Corp. | Sold out | 0.00% | −0.58 |
| SNOW Snowflake Inc. | Reduce -8.0% | 1.83% | −0.53 |
| MIR Mirion Technologies Inc. | Reduce -52.2% | 0.38% | −0.50 |
| ESLT Elbit Systems Ltd. | Sold out | 0.00% | −0.45 |
| AEIS Advanced Energy Industries | Reduce -29.3% | 1.39% | −0.44 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.36 |
| CRUS Cirrus Logic Inc. | Reduce -79.9% | 0.09% | −0.34 |
| SEI Solaris Energy Infrastructur | Reduce -25.4% | 2.34% | −0.32 |
| CAI Caris Life Sciences Inc. | Sold out | 0.00% | −0.31 |
| GKOS Glaukos Corp. | Sold out | 0.00% | −0.30 |
| ASND Ascendis Pharma A/S | Reduce -23.1% | 0.65% | −0.23 |
| LRCX Lam Research Corp. | Sold out | 0.00% | −0.18 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −0.11 |
| MBLY Mobileye Global Inc. Class A | Sold out | 0.00% | −0.10 |
| ROG Rogers Corp. | Sold out | 0.00% | −0.10 |
| TDUP Thredup Inc. Class A | Sold out | 0.00% | −0.07 |
| CRDO Credo Technology Group Holdi | Reduce -26.6% | 1.46% | −0.05 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.04 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.03 |
| PI Impinj Inc. | Sold out | 0.00% | −0.03 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.02 |
| THRY Thryv Holdings Inc. | Sold out | 0.00% | −0.02 |
| XMTR Xometry Inc. Class A | Reduce -2.3% | 1.49% | +0.36 |
| ALAB Astera Labs Inc. | Reduce -17.3% | 3.25% | +1.08 |
Portfolio Buys Q2 2025 → Q3 2025
| SNDK Sandisk Corp. | Add +4615.8% | 3.27% | +3.24 |
| MDB Mongodb Inc. | New | 2.75% | +2.75 |
| CVNA Carvana Co. | Add +284.7% | 2.84% | +2.05 |
| ARGX Argenx SE - ADR | Add +439.9% | 2.22% | +1.85 |
| IONS Ionis Pharmaceuticals Inc. | New | 1.60% | +1.60 |
| POWL Powell Industries Inc. | New | 1.42% | +1.42 |
| FROG Jfrog Ltd. | New | 1.38% | +1.38 |
| HTFL Heartflow Inc. | New | 0.93% | +0.93 |
| INSM Insmed Inc. | Add +3.3% | 4.89% | +0.93 |
| VIAV Viavi Solutions Inc. | New | 0.84% | +0.84 |
| TSEM Tower Semiconductor Ltd. | Add +5.1% | 2.52% | +0.80 |
| HUBS HubSpot Inc. | New | 0.73% | +0.73 |
| MKSI MKS Inc. | Add +37.9% | 2.40% | +0.73 |
| COMP Compass Inc. Class A | Add +65.6% | 1.39% | +0.60 |
| KLAC KLA Corp. | New | 0.60% | +0.60 |
| ESTC Elastic NV | New | 0.55% | +0.55 |
| TSM Taiwan Semiconductor-SP ADR | Add +18.8% | 2.78% | +0.51 |
| ZETA Zeta Global Holdings Corp. Class A | New | 0.51% | +0.51 |
| ADPT Adaptive Biotechnologies | New | 0.49% | +0.49 |
| AAON Aaon Inc. | New | 0.46% | +0.46 |
| FSLR First Solar Inc. | New | 0.43% | +0.43 |
| CDTX Cidara Therapeutics Inc. | New | 0.41% | +0.41 |
| FND Floor & Decor Holdings Inc. Class A | Add +133.3% | 0.84% | +0.40 |
| SKY Champion Homes Inc. | Add +43.8% | 1.23% | +0.39 |
| CSTL Castle Biosciences Inc. | New | 0.30% | +0.30 |
| IRM Iron Mountain Inc. | New | 0.28% | +0.28 |
| IOT Samsara Inc. Class A | Add +46.5% | 2.07% | +0.26 |
| GH Guardant Health Inc. | New | 0.22% | +0.22 |
| LENZ Lenz Therapeutics Inc. | Add +34.9% | 0.49% | +0.22 |
| SIMO Silicon Motion Technol-ADR | Add +8.6% | 1.72% | +0.22 |
| ESTA Establishment Labs Holdings | Add +87.1% | 0.57% | +0.19 |
| BLND Blend Labs Inc. Class A | New | 0.15% | +0.15 |
| WGS Genedx Holdings Corp. | Add +7.3% | 2.89% | +0.13 |
| AMBQ Ambiq Micro Inc. | New | 0.09% | +0.09 |
| BBIO Bridgebio Pharma Inc. | Add +6.5% | 1.36% | +0.09 |
| ADI Analog Devices Inc. | New | 0.08% | +0.08 |
| PAY Paymentus Holdings Inc. Class A | Add +159.0% | 0.16% | +0.08 |
| PVLA Palvella Therapeutics Inc. | New | 0.07% | +0.07 |
| ANET Arista Networks Inc. | New | 0.07% | +0.07 |
| AMPL Amplitude Inc. Class A | Add +118.2% | 0.17% | +0.06 |
| GDS GDS Holdings Ltd. - ADR | New | 0.06% | +0.06 |
| STM Stmicroelectronics NV-NY SHS | New | 0.06% | +0.06 |
| NTRA Natera Inc. | Add +35.3% | 0.65% | +0.05 |
| TER Teradyne Inc. | New | 0.04% | +0.04 |
| ADTN Adtran Holdings Inc. | New | 0.02% | +0.02 |
| AXON Axon Enterprise Inc. | Add +19.8% | 0.98% | −0.15 |
| CVLT Commvault Systems Inc. | Add +3.8% | 2.44% | −0.16 |
| MSFT Microsoft Corp. | Add +6.7% | 2.07% | −0.16 |
| AKRO Akero Therapeutics Inc. | Add +2.8% | 0.58% | −0.18 |
| MELI MercadoLibre Inc. | Add +3.6% | 1.38% | −0.40 |
Options Activity Q2 2025 → Q3 2025
| VRNA Verona Pharma Ltd. | put | Sold out | 1,400,000 | $132.4Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | New | 180,000 | $108.1M |
| SPOT Spotify Technology SA | put | Add +35.3% | 147,500 | $103.0M |
| MSFT Microsoft Corp. | call | Add +332.4% | 194,600 | $100.8M |
| TSLA Tesla Inc. | put | Sold out | 276,500 | $87.8Mbefore exit |
| INSM Insmed Inc. | put | New | 500,000 | $72.0M |
| SEI Solaris Energy Infrastructur | put | Add +193.0% | 1,730,000 | $69.1M |
| SNDK Sandisk Corp. | put | New | 585,000 | $65.6M |
| CVNA Carvana Co. | put | Add +290.0% | 156,000 | $58.8M |
| NVDA Nvidia Corp. | put | New | 315,000 | $58.8M |
| AMZN Amazon.com Inc. | call | Sold out | 255,000 | $55.9Mbefore exit |
| MDB Mongodb Inc. | put | New | 150,000 | $46.6M |
| IWM iShares Russell 2000 ETF | call | New | 177,700 | $43.0M |
| CEG Constellation Energy | put | New | 130,000 | $42.8M |
| JBL Jabil Inc. | put | New | 192,100 | $41.7M |
| IONS Ionis Pharmaceuticals Inc. | call | New | 599,100 | $39.2M |
| KLAC KLA Corp. | call | New | 34,600 | $37.3M |
| AXON Axon Enterprise Inc. | put | Add +42.9% | 50,000 | $35.9M |
| SNOW Snowflake Inc. | put | New | 150,000 | $33.8M |
| KKR KKR & Co. Inc. | call | New | 245,000 | $31.8M |
| TWLO Twilio Inc. Class A | put | New | 311,000 | $31.1M |
| AAPL Apple Inc. | call | Reduce -45.6% | 119,700 | $30.5M |
| TTD Trade Desk Inc./the Class A | call | Sold out | 400,000 | $28.8Mbefore exit |
| RBRK Rubrik Inc. Class A | put | Reduce -51.2% | 333,800 | $27.5M |
| MKSI MKS Inc. | put | New | 215,000 | $26.6M |
| WGS Genedx Holdings Corp. | put | New | 245,000 | $26.4M |
| CVLT Commvault Systems Inc. | put | Sold out | 150,000 | $26.1Mbefore exit |
| ANET Arista Networks Inc. | put | Sold out | 250,000 | $25.6Mbefore exit |
| UPST Upstart Holdings Inc. | call | Sold out | 385,000 | $24.9Mbefore exit |
| VST Vistra Corp. | call | Sold out | 125,000 | $24.2Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Reduce -83.3% | 100,000 | $24.2M |
| VRT Vertiv Holdings Co. Class A | put | New | 160,000 | $24.1M |
| ZTS Zoetis Inc. | put | Sold out | 145,000 | $22.6Mbefore exit |
| ARGX Argenx SE - ADR | put | Add +75.4% | 30,000 | $22.1M |
| COIN Coinbase Global Inc. Class A | put | Sold out | 62,000 | $21.7Mbefore exit |
| TSEM Tower Semiconductor Ltd. | put | New | 300,000 | $21.7M |
| SIMO Silicon Motion Technol-ADR | put | New | 225,000 | $21.3M |
| IREN Iren Ltd. | put | New | 446,000 | $20.9M |
| APO Apollo Global Management Inc. | put | Sold out | 140,000 | $19.9Mbefore exit |
| RDDT Reddit Inc. Class A | call | Sold out | 126,000 | $19.0Mbefore exit |
| GNRC Generac Holdings Inc. | call | Sold out | 130,000 | $18.6Mbefore exit |
| HD Home Depot Inc. | put | Sold out | 50,000 | $18.3Mbefore exit |
| CVLT Commvault Systems Inc. | call | New | 96,000 | $18.1M |
| ORCL Oracle Corp. | call | New | 63,000 | $17.7M |
| APO Apollo Global Management Inc. | call | Sold out | 120,000 | $17.0Mbefore exit |
| RBRK Rubrik Inc. Class A | call | Add +400.0% | 200,000 | $16.4M |
| MIR Mirion Technologies Inc. | call | Add +536.4% | 700,000 | $16.3M |
| RMBS Rambus Inc. | call | New | 155,000 | $16.2M |
| NRG NRG Energy Inc. | call | Sold out | 100,000 | $16.1Mbefore exit |
| EXAS Exact Sciences Corp. | put | Sold out | 300,000 | $15.9Mbefore exit |
Showing the first 50 of 136.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 79 | $3.8B | SNDK, GH, MKSI, DOCN, SEI |
| Q1 2026 | 66 | $2.2B | TSEM, SNDK, INSM, IONS, SEI |
| Q4 2025 | 69 | $3.6B | SNDK, GEV, INSM, NVDA, MDB |
| Q3 2025 | 72 | $3.1B | VRNA, GEV, INSM, SPOT, NVDA |
| Q2 2025 | 71 | $2.6B | VRNA, SPOT, GEV, NVDA, INSM |
| Q1 2025 | 60 | $2.1B | VRNA, SPOT, WGS, GEV, NTRA |
| Q4 2024 | 67 | $3.0B | RDDT, ALAB, TSM, NTRA, GKOS |
| Q3 2024 | 64 | $2.2B | RDDT, SPOT, NVDA, TSM, ALAB |
| Q2 2024 | 70 | $2.2B | TSM, RDDT, NVDA, GEV, MU |
| Q1 2024 | 68 | $2.1B | MU, TSM, CEG, MELI, NEE |