CIK 1540531
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Hotels, Restaurants & Leisure | 23.83% | 2 |
| Software & IT Services | 23.11% | 2 |
| Software | 13.86% | 4 |
| Unclassified | 13.66% | 1 |
| Pharmaceuticals & Biotechnology | 7.27% | 2 |
| Health Care Equipment & Supplies | 7.27% | 2 |
| Banks | 4.59% | 2 |
| Utilities | 4.51% | 1 |
| Food Products | 1.01% | 1 |
| Chemicals | 0.72% | 1 |
| Technology Hardware & Equipment | 0.14% | 1 |
| Machinery | 0.04% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | SHAK | Shake Shack Inc. | Consumer Discretionary | 18.57% |
| 2 | GDS | Gds Holdings Ltd | Information Technology | 17.52% |
| 3 | TBBB | BBB FOODS INC | Unclassified | 13.66% |
| 4 | RBLX | Roblox Corp | Information Technology | 9.07% |
| 5 | TOST | Toast, Inc. | Information Technology | 5.58% |
| 6 | KRUS | KURA SUSHI USA, INC. | Consumer Discretionary | 5.26% |
| 7 | WRBY | Warby Parker Inc. | Health Care | 4.64% |
| 8 | HE | HAWAIIAN ELECTRIC INDUSTRIES INC | Utilities | 4.51% |
| 9 | AFRM | Affirm Holdings, Inc. | Financials | 4.14% |
| 10 | RGEN | REPLIGEN CORP | Health Care | 3.80% |
19/20 names classified · sector 86.3% of weight · industry 86.3% · mkt cap 68.4%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 86.3% of the book is sector-classified (unclassified names shown, never dropped).
Only 43% of book weight classified — the grid is NOT representative of the whole book.
Classified: 43.0% of book weight (9/20 names) · unclassified 57.0%: GDS, TBBB, RBLX, KRUS, NET, MRVI, HTFL, OFRM, NU, AEHR +1 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | SHAKSHAKE SHACK INC | 1,243,595 | $110M | 18.6% | TRIM −37% |
| 2 | GDSGDS HLDGS LTD | 2,576,576 | $104M | 17.5% | TRIM −40% |
| 3 | TBBBBBB FOODS INC | 2,287,770 | $81M | 13.7% | TRIM −3% |
| 4 | RBLXROBLOX CORP | 950,000 | $54M | 9.1% | TRIM −10% |
| 5 | TOSTTOAST INC | 1,247,840 | $33M | 5.6% | TRIM −32% |
| 6 | KRUSKURA SUSHI USA INC | 446,415 | $31M | 5.3% | TRIM −18% |
| 7 | WRBYWARBY PARKER INC | 1,304,727 | $27M | 4.6% | NEW |
| 8 | HEHAWAIIAN ELEC INDS INC MTN B | 1,800,000 | $27M | 4.5% | TRIM −3% |
| 9 | AFRMAFFIRM HLDGS INC | 535,000 | $25M | 4.1% | ADD 53% |
| 10 | RGENREPLIGEN CORP | 191,233 | $23M | 3.8% | TRIM −21% |
| 11 | NETCLOUDFLARE INC | 105,000 | $22M | 3.7% | TRIM −36% |
| 12 | MRVIMARAVAI LIFESCIENCES HLDGS I | 7,260,195 | $21M | 3.5% | TRIM −19% |
| 13 | HTFLHEARTFLOW INC | 640,000 | $16M | 2.6% | NEW |
| 14 | SHOPSHOPIFY INC | 52,000 | $6M | 1.0% | NEW |
| 15 | OFRMONCE UPON A FARM PBC | 365,000 | $6M | 1.0% | NEW |
| 16 | ELFE L F BEAUTY INC | 70,000 | $4M | 0.7% | NEW |
| 17 | NUNU HLDGS LTD | 185,000 | $3M | 0.4% | HOLD |
| 18 | AEHRAEHR TEST SYS | 22,000 | $815,760 | 0.1% | NEW |
| 19 | CRWVCOREWEAVE INC | 7,000 | $542,290 | 0.1% | NEW |
| 20 | ACMRACM RESH INC | 6,100 | $240,035 | 0.0% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| SHAKSHAKE SHACK INC | 1.8M | 1.6M | 1.5M | 1.8M | 2.0M | 1.2M | $110M |
| GDSGDS HLDGS LTD | 5.6M | 4.9M | 4.9M | 4.5M | 4.3M | 2.6M | $104M |
| TBBBBBB FOODS INC | 1.7M | 2.3M | 2.4M | 3.4M | 2.4M | 2.3M | $81M |
| RBLXROBLOX CORP | 2.1M | 1.2M | 1.1M | 1.1M | 1.1M | 950K | $54M |
| TOSTTOAST INC | 3.1M | 1.8M | 1.8M | 1.8M | 1.8M | 1.2M | $33M |
| KRUSKURA SUSHI USA INC | 556K | 556K | 556K | 556K | 541K | 446K | $31M |
| WRBYWARBY PARKER INC | — | 1.2M | — | — | — | 1.3M | $27M |
| HEHAWAIIAN ELEC INDS INC MTN B | — | — | — | — | 1.9M | 1.8M | $27M |
| AFRMAFFIRM HLDGS INC | — | 325K | 350K | 350K | 350K | 535K | $25M |
| RGENREPLIGEN CORP | 247K | 241K | 241K | 241K | 241K | 191K | $23M |
| NETCLOUDFLARE INC | 165K | 165K | 165K | 165K | 165K | 105K | $22M |
| MRVIMARAVAI LIFESCIENCES HLDGS I | 11.6M | 12.5M | 12.5M | 12.5M | 8.9M | 7.3M | $21M |
| HTFLHEARTFLOW INC | — | — | — | — | — | 640K | $16M |
| SHOPSHOPIFY INC | — | — | — | — | — | 52K | $6M |
| OFRMONCE UPON A FARM PBC | — | — | — | — | — | 365K | $6M |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
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