Toronado Partners, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Toronado Partners, LLC reported 12 stock positions worth $150.9 million. Its top holding was Impinj (PI) at 12.1% of the portfolio, followed by Twilio Class A (TWLO, 11.7%) and Tripadvisor (TRIP, 9.1%). Compared with Q2 2025, it opened 2 new positions, sold out of 1, added to 5 and reduced 5. The biggest buy was a new position in Enphase Energy (ENPH) and the biggest sale Fabrinet (FN, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001749611
- Portfolio Value
- $150.9M (Q3 2025)
- SEC Filing
- 0001420506-25-003183 ↗ filed Nov 13, 2025
Holdings Value
Holdings 12 stocks · $150.9M
| PI Impinj Inc. | 12.08% | 100,795 | $18.2M | Reduce -49.0% |
| TWLO Twilio Inc. Class A | 11.69% | 176,177 | $17.6M | Add +22.7% |
| TRIP Tripadvisor Inc. | 9.09% | 843,654 | $13.7M | Reduce -14.8% |
| EVER Everquote Inc. Class A | 8.91% | 587,440 | $13.4M | Add +10.4% |
| SITM Sitime Corp. | 8.15% | 40,785 | $12.3M | Reduce -31.2% |
| HLIT Harmonic Inc. | 8.13% | 1,204,593 | $12.3M | Add +0.7% |
| FN Fabrinet | 8.02% | 33,167 | $12.1M | Reduce -60.7% |
| JAMF Jamf Holding Corp. filed as JAMF HLDG CORP | 7.87% | 1,109,255 | $11.9M | Add +23.1% |
| ESTC Elastic NV | 7.26% | 129,548 | $10.9M | Reduce -15.4% |
| ENPH Enphase Energy Inc. | 7.07% | 301,379 | $10.7M | New |
| AMPL Amplitude Inc. Class A | 6.89% | 970,344 | $10.4M | Add +236.4% |
| STUB Stubhub Holdings Inc. Class A | 4.86% | 435,332 | $7.3M | New |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| ENPH Enphase Energy Inc. | New | 7.07% | +7.07 |
| STUB Stubhub Holdings Inc. Class A | New | 4.86% | +4.86 |
| AMPL Amplitude Inc. Class A | Add +236.4% | 6.89% | +4.36 |
| JAMF Jamf Holding Corp. | Add +23.1% | 7.87% | +1.78 |
| HLIT Harmonic Inc. | Add +0.7% | 8.13% | +0.09 |
| EVER Everquote Inc. Class A | Add +10.4% | 8.91% | −0.22 |
| TWLO Twilio Inc. Class A | Add +22.7% | 11.69% | −0.99 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $35.5M | PI, SITM, EVER, KRNT, IDCC |
| Q1 2026 | 11 | $53.0M | PI, FN, WIX, ESTC, SITM |
| Q4 2025 | 11 | $104.7M | TWLO, PI, ESTC, SITM, HLIT |
| Q3 2025 | 12 | $150.9M | PI, TWLO, TRIP, EVER, SITM |
| Q2 2025 | 11 | $140.9M | FN, PI, TWLO, TRIP, ESTC |
| Q1 2025 | 11 | $142.9M | FN, PI, SITM, TWLO, TRIP |
| Q4 2024 | 11 | $158.3M | FN, TWLO, HLIT, SITM, ALAB |
| Q3 2024 | 11 | $167.3M | FN, HLIT, TWLO, ESTC, SITM |
| Q2 2024 | 10 | $156.1M | FN, HLIT, ESTC, JAMF, MITK |
| Q1 2024 | 11 | $180.6M | PI, FN, HLIT, TWLO, MITK |