Telemark Asset Management, LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Telemark Asset Management, LLC reported 48 stock positions worth $942.3 million . Its top holding was Nvidia (NVDA) at 10.1% of the portfolio, followed by Cameco (CCJ, 7.9% ) and Heico (HEI, 4.9% ). Compared with Q1 2025, it opened 12 new positions, sold out of 11, added to 10 and reduced 8. The biggest buy was a new position in Boeing (BA) and the biggest sale an exit from Vertex Pharmaceuticals (VRTX).
Location BOSTON, MA
CIK 0001420816
Portfolio Value $942.3M (Q2 2025) Holdings 48 stocks · $942.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 NVDA Nvidia Corp. 600,000 $94.8M Reduce -25.0% CCJ Cameco Corp. 1,000,000 $74.2M No change HEI Heico Corp. 140,000 $45.9M No change META Meta Platforms Inc. Class A 60,000 $44.3M Add +71.4% CSGP Costar Group Inc. 550,000 $44.2M Add +10.0% AMZN Amazon.com Inc. 200,000 $43.9M No change HEI.A Heico Corp. Class A 125,000 $32.3M No change EQT Eqt Corp. 500,000 $29.2M Add +25.0% RRC Range Resources Corp. 700,000 $28.5M No change WCN Waste Connections Inc. 150,000 $28.0M No change TSM Taiwan Semiconductor-SP ADR 120,000 $27.2M No change CLH Clean Harbors Inc. 110,000 $25.4M No change AMSC American Superconductor Corp. 690,000 $25.3M Add +15.0% AXON Axon Enterprise Inc. 30,000 $24.8M No change TRMB Trimble Inc. 300,000 $22.8M Add +20.0% BA The Boeing Co. 100,000 $21.0M New GRMN Garmin Ltd. 100,000 $20.9M Reduce -16.7% NOVT Novanta Inc. 150,000 $19.3M Add +66.7% BV Brightview Holdings Inc. 1,150,000 $19.1M Add +27.8% ADI Analog Devices Inc. 80,000 $19.0M Reduce -20.0% FNV Franco-Nevada Corp. 100,000 $16.4M No change ARM Arm Holdings PLC-ADR 100,000 $16.2M No change BWXT BWX Technologies Inc. 100,000 $14.4M No change MCHP Microchip Technology Inc. 200,000 $14.1M New MT Arcelormittal-NY Registered 400,000 $12.6M No change GLW Corning Inc. 240,000 $12.6M Add +20.0% TWLO Twilio Inc. Class A 100,000 $12.4M New FFIV F5 Inc. 40,000 $11.8M Reduce -33.3% SHOP Shopify Inc. Class A 100,000 $11.5M New OSIS Osi Systems Inc. 50,000 $11.2M No change KARO Karooooo Ltd. 225,150 $11.0M New MIR Mirion Technologies Inc. 500,000 $10.8M No change ASPN Aspen Aerogels Inc. 1,792,424 $10.6M Reduce -5.3% ASPI Asp Isotopes Inc. 1,425,000 $10.5M Reduce -3.4% CDXS Codexis Inc. 4,000,000 $9.8M Add +33.3% BILL Bill Holdings Inc. 200,000 $9.3M New ASML ASML Holding NV-NY Reg SHS 10,000 $8.0M New CLBT Cellebrite Di Ltd. 500,000 $8.0M No change HLMN Hillman Solutions Corp. 1,000,000 $7.1M No change KOPN Kopin Corp. 4,000,000 $6.1M Add +33.3% NXT Nextpower Inc. filed as NEXTRACKER INC 100,000 $5.4M New GOOGL Alphabet Inc. Class A 30,000 $5.3M Reduce -62.5% MSFT Microsoft Corp. 10,000 $5.0M New ARRY Array Technologies Inc. 500,000 $3.0M New DORM Dorman Products Inc. 20,000 $2.5M New BDSX Biodesix Inc. 8,282,490 $2.3M No change SHLS Shoals Technologies Group -A 500,000 $2.1M New ARBE Arbe Robotics Ltd. 1,150,000 $2.0M Reduce -14.8%
Options reported separately and not counted above: INVESCO QQQ TR puts ($160.0M).
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −2.54 CRH CRH PLC Sold out 0.00% −1.73 AMT American Tower Corp. Sold out 0.00% −1.42 NVDA Nvidia Corp. Reduce -25.0% 10.06% −1.28 DE Deere & Co. Sold out 0.00% −1.23 GRMN Garmin Ltd. Reduce -16.7% 2.21% −1.19 WGS Genedx Holdings Corp. Sold out 0.00% −1.16 TEAM Atlassian Corp. Class A Sold out 0.00% −1.11 GOOGL Alphabet Inc. Class A Reduce -62.5% 0.56% −1.06 FFIV F5 Inc. Reduce -33.3% 1.25% −0.84 ADI Analog Devices Inc. Reduce -20.0% 2.02% −0.62 CCC CCC Intelligent Solutions Ho Sold out 0.00% −0.59 VRRM Verra Mobility Corp. Sold out 0.00% −0.59 ASPN Aspen Aerogels Inc. Reduce -5.3% 1.13% −0.46 RXST Rxsight Inc. Sold out 0.00% −0.33 SMWB Similarweb Ltd. Sold out 0.00% −0.25 KRNT Kornit Digital Ltd. Sold out 0.00% −0.17 ARBE Arbe Robotics Ltd. Reduce -14.8% 0.22% +0.04 ASPI Asp Isotopes Inc. Reduce -3.4% 1.11% +0.21
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ BA The Boeing Co. New 2.22% +2.22 META Meta Platforms Inc. Class A Add +71.4% 4.70% +2.06 MCHP Microchip Technology Inc. New 1.49% +1.49 TWLO Twilio Inc. Class A New 1.32% +1.32 AMSC American Superconductor Corp. Add +15.0% 2.69% +1.26 SHOP Shopify Inc. Class A New 1.22% +1.22 KARO Karooooo Ltd. New 1.17% +1.17 BILL Bill Holdings Inc. New 0.98% +0.98 ASML ASML Holding NV-NY Reg SHS New 0.85% +0.85 NXT Nextpower Inc. New 0.58% +0.58 NOVT Novanta Inc. Add +66.7% 2.05% +0.55 MSFT Microsoft Corp. New 0.53% +0.53 BV Brightview Holdings Inc. Add +27.8% 2.03% +0.52 ARRY Array Technologies Inc. New 0.31% +0.31 EQT Eqt Corp. Add +25.0% 3.09% +0.30 KOPN Kopin Corp. Add +33.3% 0.65% +0.28 TRMB Trimble Inc. Add +20.0% 2.42% +0.27 DORM Dorman Products Inc. New 0.26% +0.26 SHLS Shoals Technologies Group -A New 0.23% +0.23 GLW Corning Inc. Add +20.0% 1.34% +0.14 CDXS Codexis Inc. Add +33.3% 1.04% −0.02 CSGP Costar Group Inc. Add +10.0% 4.69% −0.49
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ INVESCO QQQ TR put New 290,000 $160.0M
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 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