Telemark Asset Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Telemark Asset Management, LLC reported 47 stock positions worth $764.3 million. Its top holding was Nvidia (NVDA) at 11.3% of the portfolio, followed by Cameco (CCJ, 5.4%) and Costar (CSGP, 5.2%). Compared with Q4 2024, it opened 9 new positions, sold out of 16, added to 9 and reduced 16. The biggest buy was Waste Connections (WCN, shares +114%) and the biggest sale Nvidia (NVDA, shares −30%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001420816
- Portfolio Value
- $764.3M (Q1 2025)
- SEC Filing
- 0000898432-25-000335 ↗ filed May 12, 2025
Holdings Value
Holdings 47 stocks · $764.3M
| NVDA Nvidia Corp. | 11.34% | 800,000 | $86.7M | Reduce -30.4% |
| CCJ Cameco Corp. | 5.39% | 1,000,000 | $41.2M | Reduce -23.1% |
| CSGP Costar Group Inc. | 5.18% | 500,000 | $39.6M | Add +25.0% |
| AMZN Amazon.com Inc. | 4.98% | 200,000 | $38.1M | Reduce -20.0% |
| HEI Heico Corp. | 4.89% | 140,000 | $37.4M | No change |
| WCN Waste Connections Inc. | 3.83% | 150,000 | $29.3M | Add +114.3% |
| RRC Range Resources Corp. | 3.66% | 700,000 | $28.0M | Add +75.0% |
| HEI.A Heico Corp. Class A | 3.45% | 125,000 | $26.4M | No change |
| GRMN Garmin Ltd. | 3.41% | 120,000 | $26.1M | Reduce -11.1% |
| CLH Clean Harbors Inc. | 2.84% | 110,000 | $21.7M | Reduce -15.4% |
| EQT Eqt Corp. | 2.80% | 400,000 | $21.4M | Add +33.3% |
| META Meta Platforms Inc. Class A | 2.64% | 35,000 | $20.2M | Reduce -30.0% |
| ADI Analog Devices Inc. | 2.64% | 100,000 | $20.2M | Add +100.0% |
| TSM Taiwan Semiconductor-SP ADR | 2.61% | 120,000 | $19.9M | Reduce -20.0% |
| VRTX Vertex Pharmaceuticals Inc. | 2.54% | 40,000 | $19.4M | New |
| TRMB Trimble Inc. | 2.15% | 250,000 | $16.4M | Add +316.7% |
| FFIV F5 Inc. | 2.09% | 60,000 | $16.0M | Reduce -25.0% |
| AXON Axon Enterprise Inc. | 2.06% | 30,000 | $15.8M | No change |
| FNV Franco-Nevada Corp. | 2.06% | 100,000 | $15.8M | New |
| CRH CRH PLC | 1.73% | 150,000 | $13.2M | New |
| GOOGL Alphabet Inc. Class A | 1.62% | 80,000 | $12.4M | Add +33.3% |
| ASPN Aspen Aerogels Inc. | 1.58% | 1,892,424 | $12.1M | No change |
| BV Brightview Holdings Inc. | 1.51% | 900,000 | $11.6M | Add +5.9% |
| MT Arcelormittal-NY Registered | 1.51% | 400,000 | $11.5M | New |
| NOVT Novanta Inc. | 1.51% | 90,000 | $11.5M | Reduce -43.8% |
| AMSC American Superconductor Corp. | 1.42% | 600,000 | $10.9M | No change |
| AMT American Tower Corp. | 1.42% | 50,000 | $10.9M | New |
| ARM Arm Holdings PLC-ADR | 1.40% | 100,000 | $10.7M | Reduce -33.3% |
| BWXT BWX Technologies Inc. | 1.29% | 100,000 | $9.9M | No change |
| OSIS Osi Systems Inc. | 1.27% | 50,000 | $9.7M | No change |
| CLBT Cellebrite Di Ltd. | 1.27% | 500,000 | $9.7M | No change |
| DE Deere & Co. | 1.23% | 20,000 | $9.4M | New |
| GLW Corning Inc. | 1.20% | 200,000 | $9.2M | Reduce -50.0% |
| WGS Genedx Holdings Corp. | 1.16% | 100,000 | $8.9M | New |
| HLMN Hillman Solutions Corp. | 1.15% | 1,000,000 | $8.8M | Add +11.1% |
| TEAM Atlassian Corp. Class A | 1.11% | 40,000 | $8.5M | No change |
| CDXS Codexis Inc. | 1.06% | 3,000,000 | $8.1M | No change |
| MIR Mirion Technologies Inc. | 0.95% | 500,000 | $7.3M | No change |
| ASPI Asp Isotopes Inc. | 0.91% | 1,475,000 | $6.9M | No change |
| BDSX Biodesix Inc. | 0.68% | 8,282,490 | $5.2M | No change |
| CCC CCC Intelligent Solutions Ho | 0.59% | 500,000 | $4.5M | Reduce -65.5% |
| VRRM Verra Mobility Corp. | 0.59% | 200,000 | $4.5M | Reduce -66.7% |
| KOPN Kopin Corp. | 0.37% | 3,000,000 | $2.8M | New |
| RXST Rxsight Inc. | 0.33% | 100,000 | $2.5M | Reduce -68.8% |
| SMWB Similarweb Ltd. | 0.25% | 230,000 | $1.9M | Reduce -23.3% |
| ARBE Arbe Robotics Ltd. | 0.18% | 1,350,000 | $1.4M | New |
| KRNT Kornit Digital Ltd. | 0.17% | 70,000 | $1.3M | Reduce -65.0% |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -30.4% | 11.34% | −4.06 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −2.64 |
| BILL Bill Holdings Inc. | Sold out | 0.00% | −2.53 |
| IOSP Innospec Inc. | Sold out | 0.00% | −1.54 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −1.36 |
| CCJ Cameco Corp. | Reduce -23.1% | 5.39% | −1.28 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −1.26 |
| NXE Nexgen Energy Ltd. | Sold out | 0.00% | −1.18 |
| CCC CCC Intelligent Solutions Ho | Reduce -65.5% | 0.59% | −1.11 |
| AAPL Apple Inc. | Sold out | 0.00% | −1.00 |
| NOVT Novanta Inc. | Reduce -43.8% | 1.51% | −0.93 |
| VRRM Verra Mobility Corp. | Reduce -66.7% | 0.59% | −0.86 |
| RXST Rxsight Inc. | Reduce -68.8% | 0.33% | −0.77 |
| EA Electronic Arts Inc. | Sold out | 0.00% | −0.73 |
| GLW Corning Inc. | Reduce -50.0% | 1.20% | −0.70 |
| HUBS HubSpot Inc. | Sold out | 0.00% | −0.69 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.67 |
| SNX TD Synnex Corp. | Sold out | 0.00% | −0.58 |
| TWLO Twilio Inc. Class A | Sold out | 0.00% | −0.54 |
| AMZN Amazon.com Inc. | Reduce -20.0% | 4.98% | −0.49 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −0.47 |
| ARM Arm Holdings PLC-ADR | Reduce -33.3% | 1.40% | −0.45 |
| KRNT Kornit Digital Ltd. | Reduce -65.0% | 0.17% | −0.44 |
| KVYO Klaviyo Inc. Class A | Sold out | 0.00% | −0.41 |
| AMPS Altus Power Inc. | Sold out | 0.00% | −0.37 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -20.0% | 2.61% | −0.35 |
| TTGT Techtarget Inc. | Sold out | 0.00% | −0.30 |
| META Meta Platforms Inc. Class A | Reduce -30.0% | 2.64% | −0.28 |
| SMWB Similarweb Ltd. | Reduce -23.3% | 0.25% | −0.18 |
| CLH Clean Harbors Inc. | Reduce -15.4% | 2.84% | −0.15 |
| FFIV F5 Inc. | Reduce -25.0% | 2.09% | +0.08 |
| GRMN Garmin Ltd. | Reduce -11.1% | 3.41% | +0.63 |
Portfolio Buys Q4 2024 → Q1 2025
| WCN Waste Connections Inc. | Add +114.3% | 3.83% | +2.63 |
| VRTX Vertex Pharmaceuticals Inc. | New | 2.54% | +2.54 |
| CSGP Costar Group Inc. | Add +25.0% | 5.18% | +2.33 |
| RRC Range Resources Corp. | Add +75.0% | 3.66% | +2.22 |
| FNV Franco-Nevada Corp. | New | 2.06% | +2.06 |
| CRH CRH PLC | New | 1.73% | +1.73 |
| TRMB Trimble Inc. | Add +316.7% | 2.15% | +1.72 |
| ADI Analog Devices Inc. | Add +100.0% | 2.64% | +1.58 |
| MT Arcelormittal-NY Registered | New | 1.51% | +1.51 |
| AMT American Tower Corp. | New | 1.42% | +1.42 |
| EQT Eqt Corp. | Add +33.3% | 2.80% | +1.42 |
| DE Deere & Co. | New | 1.23% | +1.23 |
| WGS Genedx Holdings Corp. | New | 1.16% | +1.16 |
| GOOGL Alphabet Inc. Class A | Add +33.3% | 1.62% | +0.49 |
| KOPN Kopin Corp. | New | 0.37% | +0.37 |
| HLMN Hillman Solutions Corp. | Add +11.1% | 1.15% | +0.28 |
| ARBE Arbe Robotics Ltd. | New | 0.18% | +0.18 |
| BV Brightview Holdings Inc. | Add +5.9% | 1.51% | +0.16 |
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 |