Telemark Asset Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Telemark Asset Management, LLC reported 54 stock positions worth $1.0 billion. Its top holding was Nvidia (NVDA) at 15.4% of the portfolio, followed by Cameco (CCJ, 6.7%) and Amazon.com (AMZN, 5.5%). Compared with Q3 2024, it opened 13 new positions, sold out of 15, added to 14 and reduced 7. The biggest buy was Bill (BILL, shares +100%) and the biggest sale an exit from Alnylam Pharmaceuticals (ALNY).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001420816
- Portfolio Value
- $1.0B (Q4 2024)
- SEC Filing
- 0000898432-25-000102 ↗ filed Feb 10, 2025
Holdings Value
Holdings 54 stocks · $1.0B
| NVDA Nvidia Corp. | 15.40% | 1,150,000 | $154.4M | No change |
| CCJ Cameco Corp. | 6.66% | 1,300,000 | $66.8M | No change |
| AMZN Amazon.com Inc. | 5.47% | 250,000 | $54.8M | No change |
| HEI Heico Corp. | 3.32% | 140,000 | $33.3M | No change |
| CLH Clean Harbors Inc. | 2.98% | 130,000 | $29.9M | No change |
| TSM Taiwan Semiconductor-SP ADR | 2.95% | 150,000 | $29.6M | Add +50.0% |
| META Meta Platforms Inc. Class A | 2.92% | 50,000 | $29.3M | No change |
| CSGP Costar Group Inc. | 2.86% | 400,000 | $28.6M | Reduce -20.0% |
| GRMN Garmin Ltd. | 2.78% | 135,000 | $27.8M | No change |
| NOW ServiceNow Inc. | 2.64% | 25,000 | $26.5M | Reduce -37.5% |
| BILL Bill Holdings Inc. | 2.53% | 300,000 | $25.4M | Add +100.0% |
| NOVT Novanta Inc. | 2.44% | 160,000 | $24.4M | Add +60.0% |
| HEI.A Heico Corp. Class A | 2.32% | 125,000 | $23.3M | No change |
| ASPN Aspen Aerogels Inc. | 2.24% | 1,892,424 | $22.5M | Add +26.8% |
| FFIV F5 Inc. | 2.01% | 80,000 | $20.1M | Add +33.3% |
| GLW Corning Inc. | 1.90% | 400,000 | $19.0M | No change |
| ARM Arm Holdings PLC-ADR | 1.85% | 150,000 | $18.5M | No change |
| AXON Axon Enterprise Inc. | 1.78% | 30,000 | $17.8M | No change |
| CCC CCC Intelligent Solutions Ho | 1.70% | 1,450,000 | $17.0M | No change |
| IOSP Innospec Inc. | 1.54% | 140,000 | $15.4M | No change |
| AMSC American Superconductor Corp. | 1.47% | 600,000 | $14.8M | No change |
| VRRM Verra Mobility Corp. | 1.45% | 600,000 | $14.5M | Reduce -14.3% |
| RRC Range Resources Corp. | 1.44% | 400,000 | $14.4M | New |
| CDXS Codexis Inc. | 1.43% | 3,000,000 | $14.3M | Add +11.3% |
| EQT Eqt Corp. | 1.38% | 300,000 | $13.8M | New |
| VRT Vertiv Holdings Co. Class A | 1.36% | 120,000 | $13.6M | Add +300.0% |
| BV Brightview Holdings Inc. | 1.36% | 850,000 | $13.6M | Add +6.3% |
| BDSX Biodesix Inc. | 1.26% | 8,282,490 | $12.7M | No change |
| MSFT Microsoft Corp. | 1.26% | 30,000 | $12.6M | Add +50.0% |
| WCN Waste Connections Inc. | 1.20% | 70,000 | $12.0M | No change |
| NXE Nexgen Energy Ltd. | 1.18% | 1,800,000 | $11.9M | Reduce -10.0% |
| GOOGL Alphabet Inc. Class A | 1.13% | 60,000 | $11.4M | New |
| BWXT BWX Technologies Inc. | 1.11% | 100,000 | $11.1M | No change |
| RXST Rxsight Inc. | 1.10% | 321,000 | $11.0M | Add +6.6% |
| CLBT Cellebrite Di Ltd. | 1.10% | 500,000 | $11.0M | Add +25.0% |
| ADI Analog Devices Inc. | 1.06% | 50,000 | $10.6M | No change |
| AAPL Apple Inc. | 1.00% | 40,000 | $10.0M | New |
| TEAM Atlassian Corp. Class A | 0.97% | 40,000 | $9.7M | New |
| HLMN Hillman Solutions Corp. | 0.87% | 900,000 | $8.8M | Add +20.0% |
| MIR Mirion Technologies Inc. | 0.87% | 500,000 | $8.7M | Add +25.0% |
| OSIS Osi Systems Inc. | 0.83% | 50,000 | $8.4M | New |
| EA Electronic Arts Inc. | 0.73% | 50,000 | $7.3M | No change |
| HUBS HubSpot Inc. | 0.69% | 10,000 | $7.0M | New |
| CRM Salesforce Inc. | 0.67% | 20,000 | $6.7M | New |
| ASPI Asp Isotopes Inc. | 0.67% | 1,475,000 | $6.7M | Reduce -13.2% |
| KRNT Kornit Digital Ltd. | 0.62% | 200,000 | $6.2M | Add +400.0% |
| SNX TD Synnex Corp. | 0.58% | 50,000 | $5.9M | New |
| TWLO Twilio Inc. Class A | 0.54% | 50,000 | $5.4M | New |
| TXN Texas Instruments Inc. | 0.47% | 25,000 | $4.7M | Reduce -64.3% |
| SMWB Similarweb Ltd. | 0.42% | 300,000 | $4.3M | New |
| TRMB Trimble Inc. | 0.42% | 60,000 | $4.2M | New |
| KVYO Klaviyo Inc. Class A | 0.41% | 100,000 | $4.1M | New |
| AMPS Altus Power Inc. | 0.37% | 910,000 | $3.7M | Reduce -5.2% |
| TTGT Techtarget Inc. | 0.30% | 150,000 | $3.0M | No change |
Portfolio Sells Q3 2024 → Q4 2024
| ALNY Alnylam Pharmaceuticals Inc. | Sold out | 0.00% | −2.78 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −1.51 |
| FSLR First Solar Inc. | Sold out | 0.00% | −1.51 |
| PI Impinj Inc. | Sold out | 0.00% | −1.31 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −1.17 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −1.14 |
| TXN Texas Instruments Inc. | Reduce -64.3% | 0.47% | −0.99 |
| NOW ServiceNow Inc. | Reduce -37.5% | 2.64% | −0.97 |
| CSGP Costar Group Inc. | Reduce -20.0% | 2.86% | −0.95 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.84 |
| AEM Agnico Eagle Mines Ltd. | Sold out | 0.00% | −0.81 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.65 |
| ONTO Onto Innovation Inc. | Sold out | 0.00% | −0.63 |
| FNV Franco-Nevada Corp. | Sold out | 0.00% | −0.63 |
| LUCK Lucky Strike Entertainment C | Sold out | 0.00% | −0.59 |
| VRRM Verra Mobility Corp. | Reduce -14.3% | 1.45% | −0.52 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.41 |
| WPM Wheaton Precious Metals Corp. | Sold out | 0.00% | −0.37 |
| TERN Terns Pharmaceuticals Inc. | Sold out | 0.00% | −0.25 |
| NXE Nexgen Energy Ltd. | Reduce -10.0% | 1.18% | −0.13 |
| AMPS Altus Power Inc. | Reduce -5.2% | 0.37% | +0.06 |
| ASPI Asp Isotopes Inc. | Reduce -13.2% | 0.67% | +0.19 |
Portfolio Buys Q3 2024 → Q4 2024
| BILL Bill Holdings Inc. | Add +100.0% | 2.53% | +1.74 |
| RRC Range Resources Corp. | New | 1.44% | +1.44 |
| EQT Eqt Corp. | New | 1.38% | +1.38 |
| TSM Taiwan Semiconductor-SP ADR | Add +50.0% | 2.95% | +1.20 |
| GOOGL Alphabet Inc. Class A | New | 1.13% | +1.13 |
| VRT Vertiv Holdings Co. Class A | Add +300.0% | 1.36% | +1.06 |
| AAPL Apple Inc. | New | 1.00% | +1.00 |
| TEAM Atlassian Corp. Class A | New | 0.97% | +0.97 |
| OSIS Osi Systems Inc. | New | 0.83% | +0.83 |
| HUBS HubSpot Inc. | New | 0.69% | +0.69 |
| FFIV F5 Inc. | Add +33.3% | 2.01% | +0.67 |
| CRM Salesforce Inc. | New | 0.67% | +0.67 |
| NOVT Novanta Inc. | Add +60.0% | 2.44% | +0.63 |
| CDXS Codexis Inc. | Add +11.3% | 1.43% | +0.59 |
| SNX TD Synnex Corp. | New | 0.58% | +0.58 |
| TWLO Twilio Inc. Class A | New | 0.54% | +0.54 |
| KRNT Kornit Digital Ltd. | Add +400.0% | 0.62% | +0.51 |
| SMWB Similarweb Ltd. | New | 0.42% | +0.42 |
| MIR Mirion Technologies Inc. | Add +25.0% | 0.87% | +0.42 |
| TRMB Trimble Inc. | New | 0.42% | +0.42 |
| CLBT Cellebrite Di Ltd. | Add +25.0% | 1.10% | +0.42 |
| KVYO Klaviyo Inc. Class A | New | 0.41% | +0.41 |
| MSFT Microsoft Corp. | Add +50.0% | 1.26% | +0.39 |
| BV Brightview Holdings Inc. | Add +6.3% | 1.36% | +0.08 |
| HLMN Hillman Solutions Corp. | Add +20.0% | 0.87% | +0.07 |
| RXST Rxsight Inc. | Add +6.6% | 1.10% | −0.40 |
| ASPN Aspen Aerogels Inc. | Add +26.8% | 2.24% | −1.93 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 57 | $1.4B | NVDA, CCJ, NOVT, HEI, MRNA |
| Q1 2026 | 53 | $1.1B | NVDA, CCJ, HAL, NOVT, AMZN |
| Q4 2025 | 56 | $1.0B | NVDA, CCJ, AMZN, HEI, NOVT |
| Q3 2025 | 47 | $1.1B | NVDA, CCJ, CSGP, HEI, META |
| Q2 2025 | 48 | $942.3M | NVDA, CCJ, HEI, META, CSGP |
| Q1 2025 | 47 | $764.3M | NVDA, CCJ, CSGP, AMZN, HEI |
| Q4 2024 | 54 | $1.0B | NVDA, CCJ, AMZN, HEI, CLH |
| Q3 2024 | 56 | $990.3M | NVDA, CCJ, AMZN, ASPN, CSGP |
| Q2 2024 | 57 | $1.1B | NVDA, CCJ, ARM, AMZN, ASPN |
| Q1 2024 | 63 | $967.7M | NVDA, CCJ, AMZN, ARM, TOWA CORP |