Tran Capital Management, L.P.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 21, 2025), Tran Capital Management, L.P. reported 63 stock positions worth $881.9 million. Its top holding was Amazon.com (AMZN) at 8.2% of the portfolio, followed by Microsoft (MSFT, 6.9%) and Talen Energy (TLN, 6.7%). Compared with Q3 2024, it opened 4 new positions, sold out of 2, added to 5 and reduced 34. The biggest buy was a new position in Air Products & Chemicals (APD) and the biggest sale Amn Healthcare Services (AMN, shares −53%).

Most Recent 13F
Q2 2026
Location
SAN RAFAEL, CA
CIK
0001009262
Portfolio Value
$881.9M (Q4 2024)
SEC Filing
0001104659-25-004834 ↗ filed Jan 21, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $898.2M Q1 2024 Q2 2024: $862.0M Q2 2024 Q3 2024: $928.5M Q3 2024 Q4 2024: $881.9M $881.9M Q4 2024 Q1 2025: $743.3M Q1 2025 Q2 2025: $849.6M Q2 2025 Q3 2025: $836.6M Q3 2025 Q4 2025: $834.9M Q4 2025 Q1 2026: $728.3M Q1 2026 Q2 2026: $868.7M Q2 2026

Holdings 63 stocks · $881.9M
AMZN Amazon.com Inc. 8.18% 328,681 $72.1M Reduce -4.5%
MSFT Microsoft Corp. 6.94% 145,213 $61.2M Reduce -4.1%
TLN Talen Energy Corp. 6.68% 292,344 $58.9M Reduce -4.4%
NVDA Nvidia Corp. 6.50% 426,880 $57.3M Reduce -4.6%
AER Aercap Holdings NV 5.33% 491,180 $47.0M Reduce -11.3%
TMUS T-Mobile US Inc. 4.99% 199,462 $44.0M Reduce -3.7%
TSM Taiwan Semiconductor-SP ADR 4.80% 214,541 $42.4M Reduce -5.8%
DHR Danaher Corp. 4.74% 182,191 $41.8M Reduce -4.7%
META Meta Platforms Inc. Class A 4.62% 69,545 $40.7M Reduce -4.1%
FERG Ferguson Enterprises Inc. 4.39% 223,132 $38.7M Reduce -4.3%
PANW Palo Alto Networks Inc. 4.26% 206,481 $37.6M Reduce -5.0%
CRM Salesforce Inc. 3.33% 87,711 $29.3M Reduce -7.3%
INTU Intuit Inc. 3.25% 45,643 $28.7M Reduce -5.4%
SHW The Sherwin-Williams Co. 2.97% 76,945 $26.2M Reduce -5.6%
MLM Martin Marietta Materials 2.96% 50,616 $26.1M Reduce -4.9%
IQV Iqvia Holdings Inc. 2.79% 125,113 $24.6M Reduce -7.9%
ENTG Entegris Inc. 2.64% 234,926 $23.3M Reduce -5.3%
VEEV Veeva Systems Inc. Class A 2.52% 105,613 $22.2M Reduce -6.6%
GOOGL Alphabet Inc. Class A 2.36% 110,171 $20.9M Reduce -4.7%
GTLB Gitlab Inc. Class A 2.24% 351,178 $19.8M Reduce -6.0%
SCHW Schwab (charles) Corp. 1.65% 196,324 $14.5M Add +1.0%
EXPE Expedia Group Inc. 1.45% 68,499 $12.8M Reduce -0.2%
PGR Progressive Corp. 1.34% 49,488 $11.9M Reduce -1.3%
UNH Unitedhealth Group Inc. 1.14% 19,875 $10.1M Add +3.0%
ACN Accenture PLC Class A 1.08% 27,064 $9.5M Reduce -0.2%
APD Air Products & Chemicals Inc. 0.96% 29,303 $8.5M New
BLDR Builders Firstsource Inc. 0.87% 53,715 $7.7M New
NKE Nike Inc. Class B 0.83% 97,161 $7.4M Reduce -9.9%
AMN Amn Healthcare Services Inc. 0.63% 231,376 $5.5M Reduce -52.7%
ELF Elf Beauty Inc. 0.49% 34,197 $4.3M New
FICO Fair Isaac Corp. 0.28% 1,229 $2.4M No change
GGG Graco Inc. 0.27% 27,794 $2.3M Reduce -7.1%
AAPL Apple Inc. 0.25% 8,833 $2.2M Add +0.5%
EXR Extra Space Storage Inc. 0.20% 11,910 $1.8M No change
KEYS Keysight Technologies Inc. 0.16% 8,958 $1.4M Reduce -4.5%
TSLA Tesla Inc. 0.15% 3,194 $1.3M Add +1.9%
NTAP Netapp Inc. 0.14% 11,001 $1.3M Reduce -18.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.13% 1,972 $1.2M Add +6.9%
ADP Automatic Data Processing 0.13% 3,927 $1.1M Reduce -26.3%
PAYX Paychex Inc. 0.13% 7,887 $1.1M Reduce -9.4%
LLY Eli Lilly & Co. 0.10% 1,126 $869K Reduce -58.8%
AFL Aflac Inc. 0.09% 8,000 $828K No change
LHX L3HARRIS Technologies Inc. 0.09% 3,796 $798K Reduce -8.8%
TXN Texas Instruments Inc. 0.08% 3,776 $708K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.07% 5,787 $644K No change
XYZ Block Inc. 0.07% 6,768 $575K No change
EEM iShares MSCI Emerging Market 0.06% 12,475 $522K No change
CSCO Cisco Systems Inc. 0.06% 8,500 $503K No change
SCHP Schwab U.S. Tips ETF 0.06% 19,160 $495K No change
SCHR Schwab Intermediate-Term US 0.06% 20,282 $493K No change
IWM iShares Russell 2000 ETF 0.05% 2,090 $462K No change
RSP Invesco S&P 500 Equal Weight 0.05% 2,560 $449K No change
AMD Advanced Micro Devices 0.05% 3,659 $442K No change
BF.B Brown-Forman Corp. Class B 0.05% 11,575 $440K Reduce -26.9%
VMBS Vanguard Mortgage-Backed Sec 0.05% 9,179 $416K No change
IEFA iShares Core MSCI Eafe ETF 0.04% 4,740 $333K No change
IEF iShares 7-10 Year Treasury B 0.04% 3,450 $319K No change
HD Home Depot Inc. 0.03% 771 $300K Reduce -22.9%
TECH Bio-Techne Corp. 0.03% 4,000 $288K No change
JNJ Johnson & Johnson 0.03% 1,600 $231K No change
BRK.B Berkshire Hathaway Inc. Class B 0.03% 500 $227K No change
PFF iShares Preferred & Income S 0.03% 7,115 $224K No change
AHR American Healthcare REIT Inc. 0.02% 7,350 $209K New

Portfolio Sells Q3 2024 → Q4 2024
AMN Amn Healthcare Services Inc. Reduce -52.7% 0.63% −1.61
DHI D.R. Horton Inc. Sold out 0.00% −1.25
PYPL PayPal Holdings Inc. Sold out 0.00% −1.24
DHR Danaher Corp. Reduce -4.7% 4.74% −0.98
IQV Iqvia Holdings Inc. Reduce -7.9% 2.79% −0.68
FERG Ferguson Enterprises Inc. Reduce -4.3% 4.39% −0.60
SHW The Sherwin-Williams Co. Reduce -5.6% 2.97% −0.39
ENTG Entegris Inc. Reduce -5.3% 2.64% −0.37
AER Aercap Holdings NV Reduce -11.3% 5.33% −0.32
NKE Nike Inc. Class B Reduce -9.9% 0.83% −0.19
LLY Eli Lilly & Co. Reduce -58.8% 0.10% −0.16
MLM Martin Marietta Materials Reduce -4.9% 2.96% −0.12
MSFT Microsoft Corp. Reduce -4.1% 6.94% −0.07
VEEV Veeva Systems Inc. Class A Reduce -6.6% 2.52% −0.04
NTAP Netapp Inc. Reduce -18.5% 0.14% −0.03
BF.B Brown-Forman Corp. Class B Reduce -26.9% 0.05% −0.03
ADP Automatic Data Processing Reduce -26.3% 0.13% −0.03
PGR Progressive Corp. Reduce -1.3% 1.34% −0.03
GGG Graco Inc. Reduce -7.1% 0.27% −0.02
LHX L3HARRIS Technologies Inc. Reduce -8.8% 0.09% −0.02
HD Home Depot Inc. Reduce -22.9% 0.03% −0.01
PAYX Paychex Inc. Reduce -9.4% 0.13% −0.00
KEYS Keysight Technologies Inc. Reduce -4.5% 0.16% +0.00
INTU Intuit Inc. Reduce -5.4% 3.25% +0.03
ACN Accenture PLC Class A Reduce -0.2% 1.08% +0.05
META Meta Platforms Inc. Class A Reduce -4.1% 4.62% +0.14
GTLB Gitlab Inc. Class A Reduce -6.0% 2.24% +0.17
PANW Palo Alto Networks Inc. Reduce -5.0% 4.26% +0.26
GOOGL Alphabet Inc. Class A Reduce -4.7% 2.36% +0.30
EXPE Expedia Group Inc. Reduce -0.2% 1.45% +0.35
TMUS T-Mobile US Inc. Reduce -3.7% 4.99% +0.39
CRM Salesforce Inc. Reduce -7.3% 3.33% +0.54
TSM Taiwan Semiconductor-SP ADR Reduce -5.8% 4.80% +0.54
NVDA Nvidia Corp. Reduce -4.6% 6.50% +0.65
TLN Talen Energy Corp. Reduce -4.4% 6.68% +0.81
AMZN Amazon.com Inc. Reduce -4.5% 8.18% +1.27

Portfolio Buys Q3 2024 → Q4 2024
APD Air Products & Chemicals Inc. New 0.96% +0.96
BLDR Builders Firstsource Inc. New 0.87% +0.87
ELF Elf Beauty Inc. New 0.49% +0.49
SCHW Schwab (charles) Corp. Add +1.0% 1.65% +0.29
TSLA Tesla Inc. Add +1.9% 0.15% +0.06
AAPL Apple Inc. Add +0.5% 0.25% +0.03
AHR American Healthcare REIT Inc. New 0.02% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +6.9% 0.13% +0.02
UNH Unitedhealth Group Inc. Add +3.0% 1.14% −0.08

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 66$868.7MARM, PANW, NVDA, AMZN, GOOGL
Q1 2026 71$728.3MNVDA, ARM, FERG, AMZN, MSFT
Q4 2025 73$834.9MNVDA, TLN, AMZN, MSFT, DHR
Q3 2025 71$836.6MTLN, NVDA, MSFT, AMZN, FERG
Q2 2025 68$849.6MMSFT, AMZN, NVDA, TLN, META
Q1 2025 65$743.3MAMZN, TLN, MSFT, NVDA, DHR
Q4 2024 63$881.9MAMZN, MSFT, TLN, NVDA, AER
Q3 2024 61$928.5MMSFT, AMZN, TLN, NVDA, DHR
Q2 2024 51$862.0MMSFT, AMZN, AER, NVDA, DHR
Q1 2024 47$898.2MMSFT, AMZN, AER, FERG, DHR