Telemark Asset Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Telemark Asset Management, LLC reported 47 stock positions worth $1.1 billion. Its top holding was Nvidia (NVDA) at 10.6% of the portfolio, followed by Cameco (CCJ, 8.0%) and Costar (CSGP, 4.4%). Compared with Q2 2025, it opened 7 new positions, sold out of 8, added to 11 and reduced 5. The biggest buy was Franco-Nevada (FNV, shares +50%) and the biggest sale an exit from Boeing (BA).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001420816
- Portfolio Value
- $1.1B (Q3 2025)
- SEC Filing
- 0000898432-25-000879 ↗ filed Nov 10, 2025
Holdings Value
Holdings 47 stocks · $1.1B
| NVDA Nvidia Corp. | 10.63% | 600,000 | $111.9M | No change |
| CCJ Cameco Corp. | 7.96% | 1,000,000 | $83.9M | No change |
| CSGP Costar Group Inc. | 4.40% | 550,000 | $46.4M | No change |
| HEI Heico Corp. | 4.29% | 140,000 | $45.2M | No change |
| META Meta Platforms Inc. Class A | 4.18% | 60,000 | $44.1M | No change |
| AMZN Amazon.com Inc. | 4.17% | 200,000 | $43.9M | No change |
| AMSC American Superconductor Corp. | 3.89% | 690,000 | $41.0M | No change |
| TSM Taiwan Semiconductor-SP ADR | 3.18% | 120,000 | $33.5M | No change |
| FNV Franco-Nevada Corp. | 3.17% | 150,000 | $33.4M | Add +50.0% |
| HEI.A Heico Corp. Class A | 3.01% | 125,000 | $31.8M | No change |
| WCN Waste Connections Inc. | 2.50% | 150,000 | $26.4M | No change |
| CLH Clean Harbors Inc. | 2.42% | 110,000 | $25.5M | No change |
| NOVT Novanta Inc. | 2.38% | 250,000 | $25.0M | Add +66.7% |
| GRMN Garmin Ltd. | 2.34% | 100,000 | $24.6M | No change |
| ADI Analog Devices Inc. | 2.33% | 100,000 | $24.6M | Add +25.0% |
| TRMB Trimble Inc. | 2.32% | 300,000 | $24.5M | No change |
| EQT Eqt Corp. | 2.32% | 450,000 | $24.5M | Reduce -10.0% |
| BWXT BWX Technologies Inc. | 2.19% | 125,000 | $23.0M | Add +25.0% |
| RRC Range Resources Corp. | 2.14% | 600,000 | $22.6M | Reduce -14.3% |
| AXON Axon Enterprise Inc. | 2.04% | 30,000 | $21.5M | No change |
| TWLO Twilio Inc. Class A | 1.90% | 200,000 | $20.0M | Add +100.0% |
| GLW Corning Inc. | 1.87% | 240,000 | $19.7M | No change |
| SHOP Shopify Inc. Class A | 1.83% | 130,000 | $19.3M | Add +30.0% |
| MCHP Microchip Technology Inc. | 1.83% | 300,000 | $19.3M | Add +50.0% |
| BV Brightview Holdings Inc. | 1.46% | 1,150,000 | $15.4M | No change |
| WGS Genedx Holdings Corp. | 1.23% | 120,000 | $12.9M | New |
| FFIV F5 Inc. | 1.23% | 40,000 | $12.9M | No change |
| MRNA Moderna Inc. | 1.23% | 500,000 | $12.9M | New |
| KARO Karooooo Ltd. | 1.22% | 225,150 | $12.9M | No change |
| ASPI Asp Isotopes Inc. | 1.21% | 1,325,000 | $12.7M | Reduce -7.0% |
| ASPN Aspen Aerogels Inc. | 1.18% | 1,792,424 | $12.5M | No change |
| GOOGL Alphabet Inc. Class A | 1.15% | 50,000 | $12.2M | Add +66.7% |
| KOPN Kopin Corp. | 1.15% | 5,000,000 | $12.2M | Add +25.0% |
| MIR Mirion Technologies Inc. | 1.10% | 500,000 | $11.6M | No change |
| CLBT Cellebrite Di Ltd. | 1.06% | 600,000 | $11.1M | Add +20.0% |
| CDXS Codexis Inc. | 0.93% | 4,000,000 | $9.8M | No change |
| TER Teradyne Inc. | 0.91% | 70,000 | $9.6M | New |
| HLMN Hillman Solutions Corp. | 0.87% | 1,000,000 | $9.2M | No change |
| SNOW Snowflake Inc. | 0.86% | 40,000 | $9.0M | New |
| ALM Almonty Industries Inc. | 0.74% | 1,300,000 | $7.8M | New |
| SHLS Shoals Technologies Group -A | 0.70% | 1,000,000 | $7.4M | Add +100.0% |
| ARM Arm Holdings PLC-ADR | 0.67% | 50,000 | $7.1M | Reduce -50.0% |
| MSFT Microsoft Corp. | 0.49% | 10,000 | $5.2M | No change |
| ASML ASML Holding NV-NY Reg SHS | 0.37% | 4,000 | $3.9M | Reduce -60.0% |
| LRCX Lam Research Corp. | 0.32% | 25,000 | $3.3M | New |
| CAMT Camtek Ltd. | 0.30% | 30,000 | $3.2M | New |
| BDSX Biodesix Inc. | 0.30% | 414,124 | $3.1M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| BA The Boeing Co. | Sold out | 0.00% | −2.22 |
| MT Arcelormittal-NY Registered | Sold out | 0.00% | −1.34 |
| OSIS Osi Systems Inc. | Sold out | 0.00% | −1.19 |
| ARM Arm Holdings PLC-ADR | Reduce -50.0% | 0.67% | −1.04 |
| BILL Bill Holdings Inc. | Sold out | 0.00% | −0.98 |
| RRC Range Resources Corp. | Reduce -14.3% | 2.14% | −0.88 |
| EQT Eqt Corp. | Reduce -10.0% | 2.32% | −0.77 |
| NXT Nextpower Inc. | Sold out | 0.00% | −0.58 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -60.0% | 0.37% | −0.48 |
| ARRY Array Technologies Inc. | Sold out | 0.00% | −0.31 |
| DORM Dorman Products Inc. | Sold out | 0.00% | −0.26 |
| ARBE Arbe Robotics Ltd. | Sold out | 0.00% | −0.22 |
| ASPI Asp Isotopes Inc. | Reduce -7.0% | 1.21% | +0.10 |
Portfolio Buys Q2 2025 → Q3 2025
| FNV Franco-Nevada Corp. | Add +50.0% | 3.17% | +1.43 |
| WGS Genedx Holdings Corp. | New | 1.23% | +1.23 |
| MRNA Moderna Inc. | New | 1.23% | +1.23 |
| TER Teradyne Inc. | New | 0.91% | +0.91 |
| SNOW Snowflake Inc. | New | 0.86% | +0.86 |
| ALM Almonty Industries Inc. | New | 0.74% | +0.74 |
| BWXT BWX Technologies Inc. | Add +25.0% | 2.19% | +0.66 |
| SHOP Shopify Inc. Class A | Add +30.0% | 1.83% | +0.61 |
| GOOGL Alphabet Inc. Class A | Add +66.7% | 1.15% | +0.59 |
| TWLO Twilio Inc. Class A | Add +100.0% | 1.90% | +0.58 |
| KOPN Kopin Corp. | Add +25.0% | 1.15% | +0.50 |
| SHLS Shoals Technologies Group -A | Add +100.0% | 0.70% | +0.48 |
| MCHP Microchip Technology Inc. | Add +50.0% | 1.83% | +0.34 |
| NOVT Novanta Inc. | Add +66.7% | 2.38% | +0.32 |
| LRCX Lam Research Corp. | New | 0.32% | +0.32 |
| ADI Analog Devices Inc. | Add +25.0% | 2.33% | +0.31 |
| CAMT Camtek Ltd. | New | 0.30% | +0.30 |
| CLBT Cellebrite Di Ltd. | Add +20.0% | 1.06% | +0.21 |
Options Activity Q2 2025 → Q3 2025
| INVESCO QQQ TR | put | Sold out | 290,000 | $160.0Mbefore exit |
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 |