Telemark Asset Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Telemark Asset Management, LLC reported 56 stock positions worth $1.0 billion. Its top holding was Nvidia (NVDA) at 11.2% of the portfolio, followed by Cameco (CCJ, 9.1%) and Amazon.com (AMZN, 4.6%). Compared with Q3 2025, it opened 14 new positions, sold out of 5, added to 8 and reduced 21. The biggest buy was Novanta (NOVT, shares +50%) and the biggest sale an exit from Costar (CSGP).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001420816
- Portfolio Value
- $1.0B (Q4 2025)
- SEC Filing
- 0000898432-26-000088 ↗ filed Feb 11, 2026
Holdings Value
Holdings 56 stocks · $1.0B
| NVDA Nvidia Corp. | 11.18% | 600,000 | $111.9M | No change |
| CCJ Cameco Corp. | 9.14% | 1,000,000 | $91.5M | No change |
| AMZN Amazon.com Inc. | 4.61% | 200,000 | $46.2M | No change |
| HEI Heico Corp. | 4.52% | 140,000 | $45.3M | No change |
| NOVT Novanta Inc. | 4.46% | 375,000 | $44.6M | Add +50.0% |
| HEI.A Heico Corp. Class A | 3.15% | 125,000 | $31.6M | No change |
| TSM Taiwan Semiconductor-SP ADR | 3.04% | 100,000 | $30.4M | Reduce -16.7% |
| META Meta Platforms Inc. Class A | 2.64% | 40,000 | $26.4M | Reduce -33.3% |
| TRMB Trimble Inc. | 2.35% | 300,000 | $23.5M | No change |
| ADI Analog Devices Inc. | 2.30% | 85,000 | $23.1M | Reduce -15.0% |
| MCHP Microchip Technology Inc. | 2.23% | 350,000 | $22.3M | Add +16.7% |
| WCN Waste Connections Inc. | 2.10% | 120,000 | $21.0M | Reduce -20.0% |
| SHOP Shopify Inc. Class A | 2.09% | 130,000 | $20.9M | No change |
| FNV Franco-Nevada Corp. | 2.07% | 100,000 | $20.7M | Reduce -33.3% |
| CLH Clean Harbors Inc. | 1.87% | 80,000 | $18.8M | Reduce -27.3% |
| AMSC American Superconductor Corp. | 1.78% | 619,900 | $17.8M | Reduce -10.2% |
| PLTR Palantir Technologies Inc. Class A | 1.78% | 100,000 | $17.8M | New |
| GLW Corning Inc. | 1.75% | 200,000 | $17.5M | Reduce -16.7% |
| BWXT BWX Technologies Inc. | 1.73% | 100,000 | $17.3M | Reduce -20.0% |
| MDB Mongodb Inc. | 1.68% | 40,000 | $16.8M | New |
| KOPN Kopin Corp. | 1.64% | 7,000,000 | $16.4M | Add +40.0% |
| EQT Eqt Corp. | 1.61% | 300,000 | $16.1M | Reduce -33.3% |
| GOOGL Alphabet Inc. Class A | 1.56% | 50,000 | $15.7M | No change |
| MSFT Microsoft Corp. | 1.45% | 30,000 | $14.5M | Add +200.0% |
| TER Teradyne Inc. | 1.35% | 70,000 | $13.5M | No change |
| APP AppLovin Corp. Class A | 1.35% | 20,000 | $13.5M | New |
| MOD Modine Manufacturing Co. | 1.33% | 100,000 | $13.4M | New |
| FSLR First Solar Inc. | 1.30% | 50,000 | $13.1M | New |
| WGS Genedx Holdings Corp. | 1.30% | 100,000 | $13.0M | Reduce -16.7% |
| SHLS Shoals Technologies Group -A | 1.27% | 1,500,000 | $12.8M | Add +50.0% |
| MIR Mirion Technologies Inc. | 1.17% | 500,000 | $11.7M | No change |
| ALM Almonty Industries Inc. | 1.14% | 1,300,000 | $11.5M | No change |
| AXON Axon Enterprise Inc. | 1.13% | 20,000 | $11.4M | Reduce -33.3% |
| ASML ASML Holding NV-NY Reg SHS | 1.07% | 10,000 | $10.7M | Add +150.0% |
| RRC Range Resources Corp. | 1.06% | 300,000 | $10.6M | Reduce -50.0% |
| AMAT Applied Materials Inc. | 1.03% | 40,000 | $10.3M | New |
| KARO Karooooo Ltd. | 1.02% | 225,150 | $10.2M | No change |
| GRMN Garmin Ltd. | 1.01% | 50,000 | $10.1M | Reduce -50.0% |
| DOCN Digitalocean Holdings Inc. | 0.96% | 200,000 | $9.6M | New |
| ORA Ormat Technologies Inc. | 0.88% | 80,000 | $8.8M | New |
| LRCX Lam Research Corp. | 0.85% | 50,000 | $8.6M | Add +100.0% |
| BV Brightview Holdings Inc. | 0.82% | 650,000 | $8.2M | Reduce -43.5% |
| HLMN Hillman Solutions Corp. | 0.82% | 950,000 | $8.2M | Reduce -5.0% |
| ALNT Allient Inc. | 0.81% | 150,000 | $8.1M | New |
| CAMT Camtek Ltd. | 0.74% | 70,000 | $7.4M | Add +133.3% |
| CLBT Cellebrite Di Ltd. | 0.72% | 400,000 | $7.2M | Reduce -33.3% |
| CDXS Codexis Inc. | 0.63% | 3,846,411 | $6.3M | Reduce -3.8% |
| BETA Beta Technologies Inc. Class A | 0.56% | 200,000 | $5.6M | New |
| ARM Arm Holdings PLC-ADR | 0.55% | 50,000 | $5.5M | No change |
| ASPI Asp Isotopes Inc. | 0.44% | 825,000 | $4.4M | Reduce -37.7% |
| LPTH Lightpath Technologies Inc. Class A | 0.42% | 385,000 | $4.2M | New |
| RIVN Rivian Automotive Inc. Class A | 0.39% | 200,000 | $3.9M | New |
| EPAC Enerpac Tool Group Corp. | 0.38% | 100,000 | $3.8M | New |
| ASPN Aspen Aerogels Inc. | 0.28% | 1,000,000 | $2.8M | Reduce -44.2% |
| ANDG Andersen Group Inc. Class A | 0.26% | 100,000 | $2.6M | New |
| BDSX Biodesix Inc. | 0.22% | 327,824 | $2.2M | Reduce -20.8% |
Portfolio Sells Q3 2025 → Q4 2025
| CSGP Costar Group Inc. | Sold out | 0.00% | −4.40 |
| AMSC American Superconductor Corp. | Reduce -10.2% | 1.78% | −2.11 |
| TWLO Twilio Inc. Class A | Sold out | 0.00% | −1.90 |
| META Meta Platforms Inc. Class A | Reduce -33.3% | 2.64% | −1.54 |
| GRMN Garmin Ltd. | Reduce -50.0% | 1.01% | −1.32 |
| FFIV F5 Inc. | Sold out | 0.00% | −1.23 |
| MRNA Moderna Inc. | Sold out | 0.00% | −1.23 |
| FNV Franco-Nevada Corp. | Reduce -33.3% | 2.07% | −1.10 |
| RRC Range Resources Corp. | Reduce -50.0% | 1.06% | −1.09 |
| AXON Axon Enterprise Inc. | Reduce -33.3% | 1.13% | −0.91 |
| ASPN Aspen Aerogels Inc. | Reduce -44.2% | 0.28% | −0.90 |
| SNOW Snowflake Inc. | Sold out | 0.00% | −0.86 |
| ASPI Asp Isotopes Inc. | Reduce -37.7% | 0.44% | −0.77 |
| EQT Eqt Corp. | Reduce -33.3% | 1.61% | −0.72 |
| BV Brightview Holdings Inc. | Reduce -43.5% | 0.82% | −0.64 |
| CLH Clean Harbors Inc. | Reduce -27.3% | 1.87% | −0.55 |
| BWXT BWX Technologies Inc. | Reduce -20.0% | 1.73% | −0.46 |
| WCN Waste Connections Inc. | Reduce -20.0% | 2.10% | −0.40 |
| CLBT Cellebrite Di Ltd. | Reduce -33.3% | 0.72% | −0.33 |
| CDXS Codexis Inc. | Reduce -3.8% | 0.63% | −0.30 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -16.7% | 3.04% | −0.15 |
| GLW Corning Inc. | Reduce -16.7% | 1.75% | −0.12 |
| BDSX Biodesix Inc. | Reduce -20.8% | 0.22% | −0.07 |
| HLMN Hillman Solutions Corp. | Reduce -5.0% | 0.82% | −0.05 |
| ADI Analog Devices Inc. | Reduce -15.0% | 2.30% | −0.03 |
| WGS Genedx Holdings Corp. | Reduce -16.7% | 1.30% | +0.07 |
Portfolio Buys Q3 2025 → Q4 2025
| NOVT Novanta Inc. | Add +50.0% | 4.46% | +2.08 |
| PLTR Palantir Technologies Inc. Class A | New | 1.78% | +1.78 |
| MDB Mongodb Inc. | New | 1.68% | +1.68 |
| APP AppLovin Corp. Class A | New | 1.35% | +1.35 |
| MOD Modine Manufacturing Co. | New | 1.33% | +1.33 |
| FSLR First Solar Inc. | New | 1.30% | +1.30 |
| AMAT Applied Materials Inc. | New | 1.03% | +1.03 |
| DOCN Digitalocean Holdings Inc. | New | 0.96% | +0.96 |
| MSFT Microsoft Corp. | Add +200.0% | 1.45% | +0.96 |
| ORA Ormat Technologies Inc. | New | 0.88% | +0.88 |
| ALNT Allient Inc. | New | 0.81% | +0.81 |
| ASML ASML Holding NV-NY Reg SHS | Add +150.0% | 1.07% | +0.70 |
| SHLS Shoals Technologies Group -A | Add +50.0% | 1.27% | +0.57 |
| BETA Beta Technologies Inc. Class A | New | 0.56% | +0.56 |
| LRCX Lam Research Corp. | Add +100.0% | 0.85% | +0.54 |
| KOPN Kopin Corp. | Add +40.0% | 1.64% | +0.48 |
| CAMT Camtek Ltd. | Add +133.3% | 0.74% | +0.44 |
| LPTH Lightpath Technologies Inc. Class A | New | 0.42% | +0.42 |
| MCHP Microchip Technology Inc. | Add +16.7% | 2.23% | +0.40 |
| RIVN Rivian Automotive Inc. Class A | New | 0.39% | +0.39 |
| EPAC Enerpac Tool Group Corp. | New | 0.38% | +0.38 |
| ANDG Andersen Group Inc. Class A | New | 0.26% | +0.26 |
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 |