Tran Capital Management, L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 14, 2025), Tran Capital Management, L.P. reported 68 stock positions worth $849.6 million. Its top holding was Microsoft (MSFT) at 7.8% of the portfolio, followed by Amazon.com (AMZN, 7.5%) and Nvidia (NVDA, 7.1%). Compared with Q1 2025, it opened 6 new positions, sold out of 3, added to 9 and reduced 28. The biggest buy was Fair Isaac (FICO, shares +754%) and the biggest sale Builders Firstsource (BLDR, shares −98%).

Most Recent 13F
Q2 2026
Location
SAN RAFAEL, CA
CIK
0001009262
Portfolio Value
$849.6M (Q2 2025)
SEC Filing
0001104659-25-067664 ↗ filed Jul 14, 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 Q1 2025 Q2 2025: $849.6M $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 68 stocks · $849.6M
MSFT Microsoft Corp. 7.76% 132,590 $66.0M Reduce -1.5%
AMZN Amazon.com Inc. 7.55% 292,285 $64.1M Reduce -1.6%
NVDA Nvidia Corp. 7.13% 383,291 $60.6M Reduce -2.2%
TLN Talen Energy Corp. 6.97% 203,560 $59.2M Reduce -23.7%
META Meta Platforms Inc. Class A 5.29% 60,852 $44.9M Reduce -1.5%
FERG Ferguson Enterprises Inc. 5.10% 199,174 $43.4M Reduce -1.5%
PANW Palo Alto Networks Inc. 4.50% 186,926 $38.3M Reduce -1.3%
DHR Danaher Corp. 4.24% 182,188 $36.0M Reduce -4.4%
INTU Intuit Inc. 3.81% 41,102 $32.4M Reduce -0.8%
MLM Martin Marietta Materials 3.77% 58,309 $32.0M Add +4.8%
GEV GE Vernova Inc. 3.69% 59,229 $31.3M Add +14.1%
TSM Taiwan Semiconductor-SP ADR 3.60% 134,926 $30.6M Reduce -28.5%
VEEV Veeva Systems Inc. Class A 3.24% 95,715 $27.6M Reduce -0.6%
TMUS T-Mobile US Inc. 3.06% 109,126 $26.0M Reduce -1.2%
CRM Salesforce Inc. 2.96% 92,134 $25.1M Reduce -0.9%
CSGP Costar Group Inc. 2.71% 286,120 $23.0M Reduce -0.9%
FICO Fair Isaac Corp. 2.26% 10,491 $19.2M Add +753.6%
GTLB Gitlab Inc. Class A 2.16% 406,252 $18.3M Add +28.3%
GOOGL Alphabet Inc. Class A 2.08% 100,335 $17.7M Reduce -1.7%
NFLX Netflix Inc. 2.05% 12,988 $17.4M Add +112.0%
SCHW Schwab (charles) Corp. 1.78% 165,535 $15.1M Reduce -7.2%
ELV Elevance Health Inc. 1.69% 36,817 $14.3M New
COF Capital One Financial Corp. 1.54% 61,627 $13.1M New
PGR Progressive Corp. 1.39% 44,327 $11.8M Reduce -1.1%
SHW The Sherwin-Williams Co. 1.28% 31,796 $10.9M Reduce -1.6%
NKE Nike Inc. Class B 1.07% 127,434 $9.1M Add +27.7%
AER Aercap Holdings NV 1.05% 76,315 $8.9M Reduce -0.9%
EXPE Expedia Group Inc. 1.04% 52,532 $8.9M Reduce -17.8%
APD Air Products & Chemicals Inc. 0.96% 28,915 $8.2M Reduce -2.6%
THC Tenet Healthcare Corp. 0.73% 35,438 $6.2M New
ACN Accenture PLC Class A 0.42% 11,949 $3.6M Reduce -3.8%
GGG Graco Inc. 0.24% 23,269 $2.0M Reduce -13.2%
AAPL Apple Inc. 0.22% 9,234 $1.9M Reduce -0.4%
EXR Extra Space Storage Inc. 0.21% 11,910 $1.8M No change
KEYS Keysight Technologies Inc. 0.15% 8,038 $1.3M Reduce -8.9%
ADP Automatic Data Processing 0.14% 3,927 $1.2M No change
PAYX Paychex Inc. 0.14% 7,887 $1.1M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.13% 1,813 $1.1M No change
NTAP Netapp Inc. 0.13% 10,169 $1.1M No change
TSLA Tesla Inc. 0.12% 3,164 $1.0M No change
LPLA LPL Financial Holdings Inc. 0.11% 2,554 $958K New
LHX L3HARRIS Technologies Inc. 0.10% 3,532 $886K No change
LLY Eli Lilly & Co. 0.10% 1,126 $878K No change
AFL Aflac Inc. 0.10% 8,000 $844K No change
TXN Texas Instruments Inc. 0.09% 3,776 $784K No change
ENTG Entegris Inc. 0.09% 9,230 $744K Reduce -91.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.08% 5,787 $718K No change
EEM iShares MSCI Emerging Market 0.08% 13,359 $644K Add +7.1%
CSCO Cisco Systems Inc. 0.07% 8,500 $590K No change
AMD Advanced Micro Devices 0.06% 3,874 $550K Reduce -2.5%
MKL Markel Group Inc. 0.06% 271 $541K New
SCHP Schwab U.S. Tips ETF 0.06% 18,283 $488K No change
SCHR Schwab Intermediate-Term US 0.06% 19,325 $484K No change
RSP Invesco S&P 500 Equal Weight 0.05% 2,560 $465K No change
XYZ Block Inc. 0.05% 6,768 $460K No change
IEFA iShares Core MSCI Eafe ETF 0.05% 5,465 $456K Add +15.3%
IWM iShares Russell 2000 ETF 0.05% 2,091 $451K Add +0.1%
VMBS Vanguard Mortgage-Backed Sec 0.05% 8,506 $394K No change
BLDR Builders Firstsource Inc. 0.05% 3,371 $393K Reduce -97.7%
IEF iShares 7-10 Year Treasury B 0.04% 3,450 $330K No change
BF.B Brown-Forman Corp. Class B 0.04% 11,575 $311K No change
HD Home Depot Inc. 0.03% 771 $283K No change
AHR American Healthcare REIT Inc. 0.03% 7,350 $270K No change
JNJ Johnson & Johnson 0.03% 1,600 $244K No change
BRK.B Berkshire Hathaway Inc. Class B 0.03% 500 $243K No change
JPM JPMorgan Chase & Co. 0.03% 801 $232K New
PFF iShares Preferred & Income S 0.03% 7,115 $218K No change
TECH Bio-Techne Corp. 0.02% 4,000 $206K No change

Portfolio Sells Q1 2025 → Q2 2025
BLDR Builders Firstsource Inc. Reduce -97.7% 0.05% −2.40
JEF Jefferies Financial Group Inc. Sold out 0.00% −1.99
ELF Elf Beauty Inc. Sold out 0.00% −1.53
IQV Iqvia Holdings Inc. Sold out 0.00% −1.48
ENTG Entegris Inc. Reduce -91.7% 0.09% −1.22
DHR Danaher Corp. Reduce -4.4% 4.24% −1.02
TMUS T-Mobile US Inc. Reduce -1.2% 3.06% −0.90
TSM Taiwan Semiconductor-SP ADR Reduce -28.5% 3.60% −0.62
EXPE Expedia Group Inc. Reduce -17.8% 1.04% −0.40
CRM Salesforce Inc. Reduce -0.9% 2.96% −0.40
CSGP Costar Group Inc. Reduce -0.9% 2.71% −0.37
PGR Progressive Corp. Reduce -1.1% 1.39% −0.31
SHW The Sherwin-Williams Co. Reduce -1.6% 1.28% −0.23
APD Air Products & Chemicals Inc. Reduce -2.6% 0.96% −0.22
TLN Talen Energy Corp. Reduce -23.7% 6.97% −0.20
SCHW Schwab (charles) Corp. Reduce -7.2% 1.78% −0.10
ACN Accenture PLC Class A Reduce -3.8% 0.42% −0.10
GGG Graco Inc. Reduce -13.2% 0.24% −0.07
AAPL Apple Inc. Reduce -0.4% 0.22% −0.05
AMZN Amazon.com Inc. Reduce -1.6% 7.55% −0.05
GOOGL Alphabet Inc. Class A Reduce -1.7% 2.08% −0.04
KEYS Keysight Technologies Inc. Reduce -8.9% 0.15% −0.02
AER Aercap Holdings NV Reduce -0.9% 1.05% −0.01
AMD Advanced Micro Devices Reduce -2.5% 0.06% +0.01
PANW Palo Alto Networks Inc. Reduce -1.3% 4.50% +0.15
VEEV Veeva Systems Inc. Class A Reduce -0.6% 3.24% +0.24
INTU Intuit Inc. Reduce -0.8% 3.81% +0.39
META Meta Platforms Inc. Class A Reduce -1.5% 5.29% +0.49
FERG Ferguson Enterprises Inc. Reduce -1.5% 5.10% +0.74
MSFT Microsoft Corp. Reduce -1.5% 7.76% +0.96
NVDA Nvidia Corp. Reduce -2.2% 7.13% +1.42

Portfolio Buys Q1 2025 → Q2 2025
FICO Fair Isaac Corp. Add +753.6% 2.26% +1.95
ELV Elevance Health Inc. New 1.69% +1.69
GEV GE Vernova Inc. Add +14.1% 3.69% +1.56
COF Capital One Financial Corp. New 1.54% +1.54
NFLX Netflix Inc. Add +112.0% 2.05% +1.28
THC Tenet Healthcare Corp. New 0.73% +0.73
NKE Nike Inc. Class B Add +27.7% 1.07% +0.21
MLM Martin Marietta Materials Add +4.8% 3.77% +0.19
GTLB Gitlab Inc. Class A Add +28.3% 2.16% +0.16
LPLA LPL Financial Holdings Inc. New 0.11% +0.11
MKL Markel Group Inc. New 0.06% +0.06
JPM JPMorgan Chase & Co. New 0.03% +0.03
IEFA iShares Core MSCI Eafe ETF Add +15.3% 0.05% +0.01
EEM iShares MSCI Emerging Market Add +7.1% 0.08% +0.00
IWM iShares Russell 2000 ETF Add +0.1% 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