Tran Capital Management, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 23, 2025), Tran Capital Management, L.P. reported 71 stock positions worth $836.6 million. Its top holding was Talen Energy (TLN) at 8.2% of the portfolio, followed by Nvidia (NVDA, 8.0%) and Microsoft (MSFT, 7.7%). Compared with Q2 2025, it opened 6 new positions, sold out of 3, added to 4 and reduced 35. The biggest buy was a new position in Ati (ATI) and the biggest sale T-Mobile US (TMUS, shares −90%).

Most Recent 13F
Q2 2026
Location
SAN RAFAEL, CA
CIK
0001009262
Portfolio Value
$836.6M (Q3 2025)
SEC Filing
0001104659-25-101729 ↗ filed Oct 23, 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 Q2 2025 Q3 2025: $836.6M $836.6M Q3 2025 Q4 2025: $834.9M Q4 2025 Q1 2026: $728.3M Q1 2026 Q2 2026: $868.7M Q2 2026

Holdings 71 stocks · $836.6M
TLN Talen Energy Corp. 8.23% 161,812 $68.8M Reduce -20.5%
NVDA Nvidia Corp. 7.98% 357,684 $66.7M Reduce -6.7%
MSFT Microsoft Corp. 7.69% 124,244 $64.4M Reduce -6.3%
AMZN Amazon.com Inc. 7.14% 271,914 $59.7M Reduce -7.0%
FERG Ferguson Enterprises Inc. 4.54% 168,969 $37.9M Reduce -15.2%
META Meta Platforms Inc. Class A 4.50% 51,208 $37.6M Reduce -15.8%
PANW Palo Alto Networks Inc. 4.27% 175,264 $35.7M Reduce -6.2%
DHR Danaher Corp. 4.26% 179,804 $35.6M Reduce -1.3%
TSM Taiwan Semiconductor-SP ADR 4.13% 123,697 $34.5M Reduce -8.3%
MLM Martin Marietta Materials 4.03% 53,534 $33.7M Reduce -8.2%
INTU Intuit Inc. 3.10% 37,981 $25.9M Reduce -7.6%
VEEV Veeva Systems Inc. Class A 2.96% 83,047 $24.7M Reduce -13.2%
FICO Fair Isaac Corp. 2.90% 16,222 $24.3M Add +54.6%
ATI Ati Inc. 2.81% 289,414 $23.5M New
CSGP Costar Group Inc. 2.68% 265,590 $22.4M Reduce -7.2%
GOOGL Alphabet Inc. Class A 2.66% 91,374 $22.2M Reduce -8.9%
GEV GE Vernova Inc. 2.57% 35,014 $21.5M Reduce -40.9%
CRM Salesforce Inc. 2.26% 79,676 $18.9M Reduce -13.5%
MKL Markel Group Inc. 1.90% 8,298 $15.9M Add +2962.0%
SCHW Schwab (charles) Corp. 1.84% 161,258 $15.4M Reduce -2.6%
SPSC SPS Commerce Inc. 1.84% 147,591 $15.4M New
NFLX Netflix Inc. 1.82% 12,710 $15.2M Reduce -2.1%
BLDR Builders Firstsource Inc. 1.48% 102,154 $12.4M Add +2930.4%
COF Capital One Financial Corp. 1.46% 57,297 $12.2M Reduce -7.0%
EXPE Expedia Group Inc. 1.32% 51,634 $11.0M Reduce -1.7%
AER Aercap Holdings NV 1.09% 75,435 $9.1M Reduce -1.1%
NKE Nike Inc. Class B 1.05% 126,324 $8.8M Reduce -0.9%
APD Air Products & Chemicals Inc. 0.92% 28,278 $7.7M Reduce -2.2%
ELF Elf Beauty Inc. 0.89% 56,132 $7.4M New
THC Tenet Healthcare Corp. 0.89% 36,472 $7.4M Add +2.9%
PGR Progressive Corp. 0.82% 27,930 $6.9M Reduce -37.0%
TMUS T-Mobile US Inc. 0.30% 10,492 $2.5M Reduce -90.4%
AAPL Apple Inc. 0.27% 8,770 $2.2M Reduce -5.0%
SHW The Sherwin-Williams Co. 0.23% 5,550 $1.9M Reduce -82.5%
EXR Extra Space Storage Inc. 0.20% 11,910 $1.7M No change
ACN Accenture PLC Class A 0.20% 6,708 $1.7M Reduce -43.9%
GGG Graco Inc. 0.20% 19,350 $1.6M Reduce -16.8%
TSLA Tesla Inc. 0.17% 3,164 $1.4M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.14% 1,813 $1.2M No change
NTAP Netapp Inc. 0.14% 10,169 $1.2M No change
ADP Automatic Data Processing 0.14% 3,927 $1.2M No change
KEYS Keysight Technologies Inc. 0.13% 6,368 $1.1M Reduce -20.8%
LHX L3HARRIS Technologies Inc. 0.13% 3,532 $1.1M No change
PAYX Paychex Inc. 0.12% 7,887 $1000K No change
AFL Aflac Inc. 0.11% 8,000 $894K No change
LLY Eli Lilly & Co. 0.10% 1,126 $859K No change
LPLA LPL Financial Holdings Inc. 0.10% 2,554 $850K No change
ENTG Entegris Inc. 0.10% 9,140 $845K Reduce -1.0%
TXN Texas Instruments Inc. 0.08% 3,776 $694K No change
AVTR Avantor Inc. 0.08% 55,400 $691K New
QXO Qxo Inc. 0.08% 36,000 $686K New
EEM iShares MSCI Emerging Market 0.08% 12,475 $666K Reduce -6.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.08% 5,787 $663K No change
AMD Advanced Micro Devices 0.07% 3,874 $627K No change
CSCO Cisco Systems Inc. 0.07% 8,500 $582K No change
IWM iShares Russell 2000 ETF 0.06% 2,090 $506K Reduce -0.1%
SCHP Schwab U.S. Tips ETF 0.06% 18,283 $493K No change
SCHR Schwab Intermediate-Term US 0.06% 19,325 $486K No change
RSP Invesco S&P 500 Equal Weight 0.06% 2,560 $486K No change
IEFA iShares Core MSCI Eafe ETF 0.05% 4,740 $414K Reduce -13.3%
VMBS Vanguard Mortgage-Backed Sec 0.05% 8,506 $399K No change
IEF iShares 7-10 Year Treasury B 0.04% 3,450 $333K No change
BF.B Brown-Forman Corp. Class B 0.04% 11,575 $313K No change
HD Home Depot Inc. 0.04% 771 $312K No change
AHR American Healthcare REIT Inc. 0.04% 7,350 $309K No change
JNJ Johnson & Johnson 0.04% 1,600 $297K No change
SGOV iShares 0-3 Month Treasury B 0.03% 2,500 $252K New
BRK.B Berkshire Hathaway Inc. Class B 0.03% 500 $251K No change
JPM JPMorgan Chase & Co. 0.03% 754 $238K Reduce -5.9%
PFF iShares Preferred & Income S 0.03% 7,115 $225K No change
TECH Bio-Techne Corp. 0.03% 4,000 $223K No change

Portfolio Sells Q2 2025 → Q3 2025
TMUS T-Mobile US Inc. Reduce -90.4% 0.30% −2.76
GTLB Gitlab Inc. Class A Sold out 0.00% −2.16
ELV Elevance Health Inc. Sold out 0.00% −1.69
GEV GE Vernova Inc. Reduce -40.9% 2.57% −1.12
SHW The Sherwin-Williams Co. Reduce -82.5% 0.23% −1.06
META Meta Platforms Inc. Class A Reduce -15.8% 4.50% −0.79
INTU Intuit Inc. Reduce -7.6% 3.10% −0.71
CRM Salesforce Inc. Reduce -13.5% 2.26% −0.70
FERG Ferguson Enterprises Inc. Reduce -15.2% 4.54% −0.57
PGR Progressive Corp. Reduce -37.0% 0.82% −0.57
AMZN Amazon.com Inc. Reduce -7.0% 7.14% −0.41
VEEV Veeva Systems Inc. Class A Reduce -13.2% 2.96% −0.29
PANW Palo Alto Networks Inc. Reduce -6.2% 4.27% −0.24
NFLX Netflix Inc. Reduce -2.1% 1.82% −0.23
ACN Accenture PLC Class A Reduce -43.9% 0.20% −0.22
COF Capital One Financial Corp. Reduce -7.0% 1.46% −0.09
MSFT Microsoft Corp. Reduce -6.3% 7.69% −0.07
XYZ Block Inc. Sold out 0.00% −0.05
GGG Graco Inc. Reduce -16.8% 0.20% −0.04
APD Air Products & Chemicals Inc. Reduce -2.2% 0.92% −0.04
CSGP Costar Group Inc. Reduce -7.2% 2.68% −0.03
KEYS Keysight Technologies Inc. Reduce -20.8% 0.13% −0.02
NKE Nike Inc. Class B Reduce -0.9% 1.05% −0.01
IEFA iShares Core MSCI Eafe ETF Reduce -13.3% 0.05% −0.00
JPM JPMorgan Chase & Co. Reduce -5.9% 0.03% +0.00
EEM iShares MSCI Emerging Market Reduce -6.6% 0.08% +0.00
IWM iShares Russell 2000 ETF Reduce -0.1% 0.06% +0.01
ENTG Entegris Inc. Reduce -1.0% 0.10% +0.01
DHR Danaher Corp. Reduce -1.3% 4.26% +0.03
AER Aercap Holdings NV Reduce -1.1% 1.09% +0.04
AAPL Apple Inc. Reduce -5.0% 0.27% +0.04
SCHW Schwab (charles) Corp. Reduce -2.6% 1.84% +0.06
MLM Martin Marietta Materials Reduce -8.2% 4.03% +0.27
EXPE Expedia Group Inc. Reduce -1.7% 1.32% +0.28
TSM Taiwan Semiconductor-SP ADR Reduce -8.3% 4.13% +0.53
GOOGL Alphabet Inc. Class A Reduce -8.9% 2.66% +0.57
NVDA Nvidia Corp. Reduce -6.7% 7.98% +0.85
TLN Talen Energy Corp. Reduce -20.5% 8.23% +1.26

Portfolio Buys Q2 2025 → Q3 2025
ATI Ati Inc. New 2.81% +2.81
SPSC SPS Commerce Inc. New 1.84% +1.84
MKL Markel Group Inc. Add +2962.0% 1.90% +1.83
BLDR Builders Firstsource Inc. Add +2930.4% 1.48% +1.43
ELF Elf Beauty Inc. New 0.89% +0.89
FICO Fair Isaac Corp. Add +54.6% 2.90% +0.64
THC Tenet Healthcare Corp. Add +2.9% 0.89% +0.15
AVTR Avantor Inc. New 0.08% +0.08
QXO Qxo Inc. New 0.08% +0.08
SGOV iShares 0-3 Month Treasury B New 0.03% +0.03

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