Tran Capital Management, L.P.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 15, 2025), Tran Capital Management, L.P. reported 65 stock positions worth $743.3 million. Its top holding was Amazon.com (AMZN) at 7.6% of the portfolio, followed by Talen Energy (TLN, 7.2%) and Microsoft (MSFT, 6.8%). Compared with Q4 2024, it opened 4 new positions, sold out of 2, added to 9 and reduced 30. The biggest buy was a new position in Costar (CSGP) and the biggest sale Aercap (AER, shares −84%).

Most Recent 13F
Q2 2026
Location
SAN RAFAEL, CA
CIK
0001009262
Portfolio Value
$743.3M (Q1 2025)
SEC Filing
0001104659-25-035177 ↗ filed Apr 15, 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 Q4 2024 Q1 2025: $743.3M $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 65 stocks · $743.3M
AMZN Amazon.com Inc. 7.60% 296,957 $56.5M Reduce -9.7%
TLN Talen Energy Corp. 7.17% 266,930 $53.3M Reduce -8.7%
MSFT Microsoft Corp. 6.80% 134,639 $50.5M Reduce -7.3%
NVDA Nvidia Corp. 5.71% 391,775 $42.5M Reduce -8.2%
DHR Danaher Corp. 5.25% 190,519 $39.1M Add +4.6%
META Meta Platforms Inc. Class A 4.79% 61,797 $35.6M Reduce -11.1%
FERG Ferguson Enterprises Inc. 4.36% 202,289 $32.4M Reduce -9.3%
PANW Palo Alto Networks Inc. 4.35% 189,400 $32.3M Reduce -8.3%
TSM Taiwan Semiconductor-SP ADR 4.22% 188,744 $31.3M Reduce -12.0%
TMUS T-Mobile US Inc. 3.96% 110,435 $29.5M Reduce -44.6%
MLM Martin Marietta Materials 3.58% 55,616 $26.6M Add +9.9%
INTU Intuit Inc. 3.42% 41,448 $25.4M Reduce -9.2%
CRM Salesforce Inc. 3.36% 92,950 $24.9M Add +6.0%
CSGP Costar Group Inc. 3.08% 288,760 $22.9M New
VEEV Veeva Systems Inc. Class A 3.00% 96,258 $22.3M Reduce -8.9%
BLDR Builders Firstsource Inc. 2.45% 145,719 $18.2M Add +171.3%
GEV GE Vernova Inc. 2.13% 51,925 $15.9M New
GOOGL Alphabet Inc. Class A 2.12% 102,063 $15.8M Reduce -7.4%
GTLB Gitlab Inc. Class A 2.00% 316,535 $14.9M Reduce -9.9%
JEF Jefferies Financial Group Inc. 1.99% 276,532 $14.8M New
SCHW Schwab (charles) Corp. 1.88% 178,422 $14.0M Reduce -9.1%
PGR Progressive Corp. 1.71% 44,798 $12.7M Reduce -9.5%
ELF Elf Beauty Inc. 1.53% 181,494 $11.4M Add +430.7%
SHW The Sherwin-Williams Co. 1.52% 32,306 $11.3M Reduce -58.0%
IQV Iqvia Holdings Inc. 1.48% 62,436 $11.0M Reduce -50.1%
EXPE Expedia Group Inc. 1.45% 63,908 $10.7M Reduce -6.7%
ENTG Entegris Inc. 1.31% 111,267 $9.7M Reduce -52.6%
APD Air Products & Chemicals Inc. 1.18% 29,701 $8.8M Add +1.4%
AER Aercap Holdings NV 1.06% 77,015 $7.9M Reduce -84.3%
NKE Nike Inc. Class B 0.85% 99,802 $6.3M Add +2.7%
NFLX Netflix Inc. 0.77% 6,126 $5.7M New
ACN Accenture PLC Class A 0.52% 12,418 $3.9M Reduce -54.1%
FICO Fair Isaac Corp. 0.30% 1,229 $2.3M No change
GGG Graco Inc. 0.30% 26,819 $2.2M Reduce -3.5%
AAPL Apple Inc. 0.28% 9,270 $2.1M Add +5.0%
EXR Extra Space Storage Inc. 0.24% 11,910 $1.8M No change
KEYS Keysight Technologies Inc. 0.18% 8,823 $1.3M Reduce -1.5%
PAYX Paychex Inc. 0.16% 7,887 $1.2M No change
ADP Automatic Data Processing 0.16% 3,927 $1.2M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.14% 1,813 $1.0M Reduce -8.1%
LLY Eli Lilly & Co. 0.13% 1,126 $930K No change
NTAP Netapp Inc. 0.12% 10,169 $893K Reduce -7.6%
AFL Aflac Inc. 0.12% 8,000 $890K No change
TSLA Tesla Inc. 0.11% 3,164 $820K Reduce -0.9%
LHX L3HARRIS Technologies Inc. 0.10% 3,532 $739K Reduce -7.0%
TXN Texas Instruments Inc. 0.09% 3,776 $679K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.08% 5,787 $571K No change
EEM iShares MSCI Emerging Market 0.07% 12,475 $545K No change
CSCO Cisco Systems Inc. 0.07% 8,500 $525K No change
SCHP Schwab U.S. Tips ETF 0.07% 18,283 $492K Reduce -4.6%
SCHR Schwab Intermediate-Term US 0.06% 19,325 $480K Reduce -4.7%
RSP Invesco S&P 500 Equal Weight 0.06% 2,560 $443K No change
IWM iShares Russell 2000 ETF 0.06% 2,090 $417K No change
AMD Advanced Micro Devices 0.05% 3,974 $408K Add +8.6%
VMBS Vanguard Mortgage-Backed Sec 0.05% 8,506 $394K Reduce -7.3%
BF.B Brown-Forman Corp. Class B 0.05% 11,575 $393K No change
XYZ Block Inc. 0.05% 6,768 $368K No change
IEFA iShares Core MSCI Eafe ETF 0.05% 4,740 $359K No change
IEF iShares 7-10 Year Treasury B 0.04% 3,450 $329K No change
HD Home Depot Inc. 0.04% 771 $283K No change
BRK.B Berkshire Hathaway Inc. Class B 0.04% 500 $266K No change
JNJ Johnson & Johnson 0.04% 1,600 $265K No change
TECH Bio-Techne Corp. 0.03% 4,000 $235K No change
AHR American Healthcare REIT Inc. 0.03% 7,350 $223K No change
PFF iShares Preferred & Income S 0.03% 7,115 $219K No change

Portfolio Sells Q4 2024 → Q1 2025
AER Aercap Holdings NV Reduce -84.3% 1.06% −4.27
SHW The Sherwin-Williams Co. Reduce -58.0% 1.52% −1.45
ENTG Entegris Inc. Reduce -52.6% 1.31% −1.33
IQV Iqvia Holdings Inc. Reduce -50.1% 1.48% −1.31
UNH Unitedhealth Group Inc. Sold out 0.00% −1.14
TMUS T-Mobile US Inc. Reduce -44.6% 3.96% −1.03
NVDA Nvidia Corp. Reduce -8.2% 5.71% −0.79
AMN Amn Healthcare Services Inc. Sold out 0.00% −0.63
TSM Taiwan Semiconductor-SP ADR Reduce -12.0% 4.22% −0.59
AMZN Amazon.com Inc. Reduce -9.7% 7.60% −0.58
ACN Accenture PLC Class A Reduce -54.1% 0.52% −0.56
GTLB Gitlab Inc. Class A Reduce -9.9% 2.00% −0.24
GOOGL Alphabet Inc. Class A Reduce -7.4% 2.12% −0.24
MSFT Microsoft Corp. Reduce -7.3% 6.80% −0.14
TSLA Tesla Inc. Reduce -0.9% 0.11% −0.04
FERG Ferguson Enterprises Inc. Reduce -9.3% 4.36% −0.03
NTAP Netapp Inc. Reduce -7.6% 0.12% −0.02
EXPE Expedia Group Inc. Reduce -6.7% 1.45% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -8.1% 0.14% +0.01
VMBS Vanguard Mortgage-Backed Sec Reduce -7.3% 0.05% +0.01
SCHR Schwab Intermediate-Term US Reduce -4.7% 0.06% +0.01
LHX L3HARRIS Technologies Inc. Reduce -7.0% 0.10% +0.01
SCHP Schwab U.S. Tips ETF Reduce -4.6% 0.07% +0.01
KEYS Keysight Technologies Inc. Reduce -1.5% 0.18% +0.01
GGG Graco Inc. Reduce -3.5% 0.30% +0.04
PANW Palo Alto Networks Inc. Reduce -8.3% 4.35% +0.09
INTU Intuit Inc. Reduce -9.2% 3.42% +0.17
META Meta Platforms Inc. Class A Reduce -11.1% 4.79% +0.17
SCHW Schwab (charles) Corp. Reduce -9.1% 1.88% +0.23
PGR Progressive Corp. Reduce -9.5% 1.71% +0.36
VEEV Veeva Systems Inc. Class A Reduce -8.9% 3.00% +0.48
TLN Talen Energy Corp. Reduce -8.7% 7.17% +0.49

Portfolio Buys Q4 2024 → Q1 2025
CSGP Costar Group Inc. New 3.08% +3.08
GEV GE Vernova Inc. New 2.13% +2.13
JEF Jefferies Financial Group Inc. New 1.99% +1.99
BLDR Builders Firstsource Inc. Add +171.3% 2.45% +1.58
ELF Elf Beauty Inc. Add +430.7% 1.53% +1.05
NFLX Netflix Inc. New 0.77% +0.77
MLM Martin Marietta Materials Add +9.9% 3.58% +0.61
DHR Danaher Corp. Add +4.6% 5.25% +0.51
APD Air Products & Chemicals Inc. Add +1.4% 1.18% +0.21
CRM Salesforce Inc. Add +6.0% 3.36% +0.03
AAPL Apple Inc. Add +5.0% 0.28% +0.03
NKE Nike Inc. Class B Add +2.7% 0.85% +0.02
AMD Advanced Micro Devices Add +8.6% 0.05% +0.00

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