Tran Capital Management, L.P.

Name: TRAN CAPITAL MANAGEMENT, L.P. 13F holdings, Q4 2025
Creator: TRAN CAPITAL MANAGEMENT, L.P.
Published: 2026-01-20

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 20, 2026), Tran Capital Management, L.P. reported 73 stock positions worth $834.9 million. Its top holding was Nvidia (NVDA) at 7.3% of the portfolio, followed by Talen Energy (TLN, 7.2%) and Amazon.com (AMZN, 7.1%). Compared with Q3 2025, it opened 7 new positions, sold out of 5, added to 18 and reduced 26. The biggest buy was a new position in Intl Flavors & Fragrances (IFF) and the biggest sale Markel (MKL, shares −97%).

Most Recent 13F: Q2 2026
Location: SAN RAFAEL, CA
CIK: 0001009262
Portfolio Value: $834.9M (Q4 2025)
SEC Filing: 0001104659-26-004950 ↗ filed Jan 20, 2026

Holdings Value

Holdings 73 stocks · $834.9M


NVDA Nvidia Corp.	7.30%	326,827	$61.0M	Reduce -8.6%
TLN Talen Energy Corp.	7.19%	160,045	$60.0M	Reduce -1.1%
AMZN Amazon.com Inc.	7.13%	257,804	$59.5M	Reduce -5.2%
MSFT Microsoft Corp.	6.96%	120,170	$58.1M	Reduce -3.3%
DHR Danaher Corp.	5.00%	182,224	$41.7M	Add +1.4%
ATI Ati Inc.	4.84%	352,322	$40.4M	Add +21.7%
TSM Taiwan Semiconductor-SP ADR	4.49%	123,387	$37.5M	Reduce -0.3%
FERG Ferguson Enterprises Inc.	4.48%	168,110	$37.4M	Reduce -0.5%
GOOGL Alphabet Inc. Class A	4.12%	109,996	$34.4M	Add +20.4%
MLM Martin Marietta Materials	4.04%	54,153	$33.7M	Add +1.2%
META Meta Platforms Inc. Class A	4.02%	50,888	$33.6M	Reduce -0.6%
FICO Fair Isaac Corp.	3.90%	19,283	$32.6M	Add +18.9%
PANW Palo Alto Networks Inc.	3.86%	175,133	$32.3M	Reduce -0.1%
INTU Intuit Inc.	3.01%	37,976	$25.2M	Reduce -0.0%
GEV GE Vernova Inc.	2.76%	35,198	$23.0M	Add +0.5%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA	2.63%	325,326	$21.9M	New
ARM Arm Holdings PLC-ADR	2.48%	189,496	$20.7M	New
NFLX Netflix Inc.	2.35%	209,059	$19.6M	Add +64.5%
CRM Salesforce Inc.	2.33%	73,388	$19.4M	Reduce -7.9%
CSGP Costar Group Inc.	1.88%	233,303	$15.7M	Reduce -12.2%
SCHW Schwab (charles) Corp.	1.78%	148,984	$14.9M	Reduce -7.6%
EXPE Expedia Group Inc.	1.61%	47,347	$13.4M	Reduce -8.3%
AER Aercap Holdings NV	1.28%	74,360	$10.7M	Reduce -1.4%
VEEV Veeva Systems Inc. Class A	1.23%	46,069	$10.3M	Reduce -44.5%
THC Tenet Healthcare Corp.	0.82%	34,364	$6.8M	Reduce -5.8%
NKE Nike Inc. Class B	0.81%	106,554	$6.8M	Reduce -15.7%
COF Capital One Financial Corp.	0.81%	27,864	$6.8M	Reduce -51.4%
PGR Progressive Corp.	0.76%	27,930	$6.4M	No change
ELF Elf Beauty Inc.	0.66%	72,515	$5.5M	Add +29.2%
RWT Redwood Trust Inc.	0.35%	532,982	$2.9M	New
SCHR Schwab Intermediate-Term US	0.33%	111,105	$2.8M	Add +474.9%
PFF iShares Preferred & Income S	0.33%	88,563	$2.7M	Add +1144.7%
VMBS Vanguard Mortgage-Backed Sec	0.33%	57,746	$2.7M	Add +578.9%
SCHP Schwab U.S. Tips ETF	0.32%	101,895	$2.7M	Add +457.3%
SPY SS SPDR S&P 500 ETF Trust-US	0.31%	3,797	$2.6M	Add +109.4%
AAPL Apple Inc.	0.29%	8,898	$2.4M	Add +1.5%
TMUS T-Mobile US Inc.	0.25%	10,345	$2.1M	Reduce -1.4%
SHW The Sherwin-Williams Co.	0.22%	5,550	$1.8M	No change
EXR Extra Space Storage Inc.	0.19%	11,910	$1.6M	No change
GGG Graco Inc.	0.18%	18,825	$1.5M	Reduce -2.7%
TSLA Tesla Inc.	0.17%	3,164	$1.4M	No change
KEYS Keysight Technologies Inc.	0.15%	6,168	$1.3M	Reduce -3.1%
LLY Eli Lilly & Co.	0.14%	1,126	$1.2M	No change
NTAP Netapp Inc.	0.13%	10,169	$1.1M	No change
LHX L3HARRIS Technologies Inc.	0.12%	3,532	$1.0M	No change
ADP Automatic Data Processing	0.12%	3,927	$1.0M	No change
PAYX Paychex Inc.	0.11%	7,887	$885K	No change
AFL Aflac Inc.	0.11%	8,000	$882K	No change
AMD Advanced Micro Devices	0.10%	3,874	$830K	No change
BWXT BWX Technologies Inc.	0.09%	4,507	$779K	New
EEM iShares MSCI Emerging Market	0.08%	12,475	$683K	No change
LPLA LPL Financial Holdings Inc.	0.08%	1,849	$660K	Reduce -27.6%
TXN Texas Instruments Inc.	0.08%	3,776	$655K	No change
CSCO Cisco Systems Inc.	0.08%	8,500	$655K	No change
ENTG Entegris Inc.	0.07%	7,168	$604K	Reduce -21.6%
IWM iShares Russell 2000 ETF	0.06%	2,159	$531K	Add +3.3%
AVTR Avantor Inc.	0.06%	43,508	$499K	Reduce -21.5%
RSP Invesco S&P 500 Equal Weight	0.06%	2,560	$490K	No change
MKL Markel Group Inc.	0.06%	222	$477K	Reduce -97.3%
IEFA iShares Core MSCI Eafe ETF	0.05%	4,855	$434K	Add +2.4%
AHR American Healthcare REIT Inc.	0.04%	7,350	$346K	No change
IEF iShares 7-10 Year Treasury B	0.04%	3,450	$332K	No change
JNJ Johnson & Johnson	0.04%	1,600	$331K	No change
BF.B Brown-Forman Corp. Class B	0.04%	11,575	$302K	No change
QXO Qxo Inc.	0.03%	14,283	$276K	Reduce -60.3%
HD Home Depot Inc.	0.03%	794	$273K	Add +3.0%
VRT Vertiv Holdings Co. Class A	0.03%	1,632	$264K	New
WCC Wesco International Inc.	0.03%	1,069	$262K	New
BRK.B Berkshire Hathaway Inc. Class B	0.03%	500	$251K	No change
SGOV iShares 0-3 Month Treasury B	0.03%	2,500	$251K	No change
JPM JPMorgan Chase & Co.	0.03%	758	$244K	Add +0.5%
TECH Bio-Techne Corp.	0.03%	4,000	$235K	No change
SHOP Shopify Inc. Class A	0.03%	1,384	$223K	New

Portfolio Sells Q3 2025 → Q4 2025


MKL Markel Group Inc.	Reduce -97.3%	0.06%	−1.84
SPSC SPS Commerce Inc.	Sold out	0.00%	−1.84
VEEV Veeva Systems Inc. Class A	Reduce -44.5%	1.23%	−1.73
BLDR Builders Firstsource Inc.	Sold out	0.00%	−1.48
TLN Talen Energy Corp.	Reduce -1.1%	7.19%	−1.04
APD Air Products & Chemicals Inc.	Sold out	0.00%	−0.92
CSGP Costar Group Inc.	Reduce -12.2%	1.88%	−0.80
MSFT Microsoft Corp.	Reduce -3.3%	6.96%	−0.73
NVDA Nvidia Corp.	Reduce -8.6%	7.30%	−0.68
COF Capital One Financial Corp.	Reduce -51.4%	0.81%	−0.65
META Meta Platforms Inc. Class A	Reduce -0.6%	4.02%	−0.47
PANW Palo Alto Networks Inc.	Reduce -0.1%	3.86%	−0.40
NKE Nike Inc. Class B	Reduce -15.7%	0.81%	−0.24
ACN Accenture PLC Class A	Sold out	0.00%	−0.20
INTU Intuit Inc.	Reduce -0.0%	3.01%	−0.09
DIS The Walt Disney Co.	Sold out	0.00%	−0.08
THC Tenet Healthcare Corp.	Reduce -5.8%	0.82%	−0.07
SCHW Schwab (charles) Corp.	Reduce -7.6%	1.78%	−0.06
FERG Ferguson Enterprises Inc.	Reduce -0.5%	4.48%	−0.05
QXO Qxo Inc.	Reduce -60.3%	0.03%	−0.05
TMUS T-Mobile US Inc.	Reduce -1.4%	0.25%	−0.05
ENTG Entegris Inc.	Reduce -21.6%	0.07%	−0.03
AVTR Avantor Inc.	Reduce -21.5%	0.06%	−0.02
LPLA LPL Financial Holdings Inc.	Reduce -27.6%	0.08%	−0.02
GGG Graco Inc.	Reduce -2.7%	0.18%	−0.01
AMZN Amazon.com Inc.	Reduce -5.2%	7.13%	−0.01
KEYS Keysight Technologies Inc.	Reduce -3.1%	0.15%	+0.02
CRM Salesforce Inc.	Reduce -7.9%	2.33%	+0.07
AER Aercap Holdings NV	Reduce -1.4%	1.28%	+0.19
EXPE Expedia Group Inc.	Reduce -8.3%	1.61%	+0.29
TSM Taiwan Semiconductor-SP ADR	Reduce -0.3%	4.49%	+0.36

Portfolio Buys Q3 2025 → Q4 2025


IFF Intl Flavors & Fragrances	New	2.63%	+2.63
ARM Arm Holdings PLC-ADR	New	2.48%	+2.48
ATI Ati Inc.	Add +21.7%	4.84%	+2.03
GOOGL Alphabet Inc. Class A	Add +20.4%	4.12%	+1.47
FICO Fair Isaac Corp.	Add +18.9%	3.90%	+1.00
DHR Danaher Corp.	Add +1.4%	5.00%	+0.74
NFLX Netflix Inc.	Add +64.5%	2.35%	+0.53
RWT Redwood Trust Inc.	New	0.35%	+0.35
PFF iShares Preferred & Income S	Add +1144.7%	0.33%	+0.30
VMBS Vanguard Mortgage-Backed Sec	Add +578.9%	0.33%	+0.28
SCHR Schwab Intermediate-Term US	Add +474.9%	0.33%	+0.28
SCHP Schwab U.S. Tips ETF	Add +457.3%	0.32%	+0.26
GEV GE Vernova Inc.	Add +0.5%	2.76%	+0.18
SPY SS SPDR S&P 500 ETF Trust-US	Add +109.4%	0.31%	+0.17
BWXT BWX Technologies Inc.	New	0.09%	+0.09
VRT Vertiv Holdings Co. Class A	New	0.03%	+0.03
WCC Wesco International Inc.	New	0.03%	+0.03
SHOP Shopify Inc. Class A	New	0.03%	+0.03
AAPL Apple Inc.	Add +1.5%	0.29%	+0.02
MLM Martin Marietta Materials	Add +1.2%	4.04%	+0.01
IWM iShares Russell 2000 ETF	Add +3.3%	0.06%	+0.00
IEFA iShares Core MSCI Eafe ETF	Add +2.4%	0.05%	+0.00
JPM JPMorgan Chase & Co.	Add +0.5%	0.03%	+0.00
HD Home Depot Inc.	Add +3.0%	0.03%	−0.00
ELF Elf Beauty Inc.	Add +29.2%	0.66%	−0.23

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	66	$868.7M	ARM, PANW, NVDA, AMZN, GOOGL
Q1 2026	71	$728.3M	NVDA, ARM, FERG, AMZN, MSFT
Q4 2025	73	$834.9M	NVDA, TLN, AMZN, MSFT, DHR
Q3 2025	71	$836.6M	TLN, NVDA, MSFT, AMZN, FERG
Q2 2025	68	$849.6M	MSFT, AMZN, NVDA, TLN, META
Q1 2025	65	$743.3M	AMZN, TLN, MSFT, NVDA, DHR
Q4 2024	63	$881.9M	AMZN, MSFT, TLN, NVDA, AER
Q3 2024	61	$928.5M	MSFT, AMZN, TLN, NVDA, DHR
Q2 2024	51	$862.0M	MSFT, AMZN, AER, NVDA, DHR
Q1 2024	47	$898.2M	MSFT, AMZN, AER, FERG, DHR