SEC 13F Intelligence

Managers / Q4 2025 · view latest →

FORMULA GROWTH LTD

CIK 0001093219 · 1010 SHERBROOKE ST W SUITE 2300, MONTREAL, A8, H3A 2R7 · 514-288-5136

Reported Value
$260M
Q4 2025
Positions
125
Filings on Record
30
2019–present window
Filed
Feb 13, 2026
original filing

Summary

Formula Growth Ltd reported $260M in U.S.-listed holdings across 125 positions for Q4 2025.

Its largest position, MU, represents 3.5% of the portfolio.

Compared with Q3 2025, the fund opened 29 new positions and exited 26.

Portfolio Metrics

Turnover
+18.4%
vs prior filed quarter
Top-10 Concentration
+23.4%
share of reported value
Largest Position
+3.5%
Micron Technology
New / Exited
29 / 26
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $608MQ4 ’18Q1 ’19: $708MQ2 ’19: $700MQ3 ’19: $667MQ4 ’19: $793MQ4 ’19Q1 ’20: $522MQ2 ’20: $591MQ3 ’20: $535MQ4 ’20: $599MQ4 ’20Q1 ’21: $695MQ2 ’21: $725MQ3 ’21: $699MQ4 ’21: $563MQ4 ’21Q1 ’22: $530MQ2 ’22: $361MQ3 ’22: $350MQ4 ’22: $353MQ4 ’22Q1 ’23: $310MQ2 ’23: $314MQ3 ’23: $293MQ4 ’23: $312MQ4 ’23Q1 ’24: $313MQ2 ’24: $275MQ3 ’24: $291MQ4 ’24: $295MQ4 ’24Q1 ’25: $247MQ2 ’25: $265MQ3 ’25: $281MQ4 ’25: $260MQ4 ’25Q1 ’26: $222Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 84.8%Other: 12.8%ADR: 2.4%
  • Common Stock · 84.8% · $220M
  • Other · 12.8% · $33M
  • ADR · 2.4% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GDYNGRID DYNAMICS HLDGS INCNEW+328.3K328.3K+$3M$3M
OLAORLA MNG LTD NEWNEW+182.0K182.0K+$2M$2M
FSLRFIRST SOLAR INCNEW+9.2K9.2K+$2M$2M
NSPINSPERITY INCNEW+46.7K46.7K+$2M$2M
NOKNOKIA CORPNEW+275.0K275.0K+$2M$2M
SHOOMADDEN STEVEN LTDNEW+42.2K42.2K+$2M$2M
OWLTOWLET INCNEW+105.0K105.0K+$2M$2M
NOWSERVICENOW INCNEW+10.0K10.0K+$2M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MUMICRON TECHNOLOGY INChistory →COM3.52%$9M32.0K
2SWIMLATHAM GROUP INChistory →COM2.95%$8M1.21M
3JAMES HARDIE INDS PLCORD SHS2.45%$6M306.8K
4LAWCS DISCO INChistory →COM2.24%$6M750.0K
5LINDLINDBLAD EXPEDITIONS HLDGS Ihistory →COM2.24%$6M403.6K
6STRATASYS LTDSHS2.21%$6M660.0K
7PACKRANPAK HOLDINGS CORPhistory →COM CL A2.06%$5M989.5K
8BILLBILL HOLDINGS INChistory →COM2.00%$5M95.0K
9TEAM1EURATLASSIAN CORPORATIONhistory →CL A1.94%$5M31.0K
10ALHCALIGNMENT HEALTHCARE INChistory →COM1.82%$5M239.5K
11COMPCOMPASS INChistory →CL A1.74%$5M427.3K
12RYAAYRYANAIR HOLDINGS PLChistory →SPONSORED ADS1.74%$5M62.4K
13CECOCECO ENVIRONMENTAL CORPhistory →COM1.63%$4M70.7K
14CAPRI HOLDINGS LIMITEDSHS1.54%$4M163.4K
15ARCBARCBEST CORPhistory →COM1.45%$4M50.8K
16HQYHEALTHEQUITY INChistory →COM1.39%$4M39.4K
17UUNITY SOFTWARE INChistory →COM1.36%$4M80.0K
18LAURLAUREATE EDUCATION INChistory →COMMON STOCK1.34%$3M103.3K
19PODDINSULET CORPhistory →COM1.32%$3M12.0K
20BTSGBRIGHTSPRING HEALTH SVCS INChistory →COM1.30%$3M89.9K
21XPOXPO INChistory →COM1.20%$3M23.0K
22RBARB GLOBAL INChistory →COM1.20%$3M30.3K
23GENIUS SPORTS LIMITEDSHARES CL A1.17%$3M276.7K
24SSNCSS&C TECHNOLOGIES HLDGS INChistory →COM1.17%$3M34.7K
25ORNORION GROUP HLDGS INChistory →COM1.15%$3M301.3K
26GDYNGRID DYNAMICS HLDGS INChistory →CL A1.14%$3M328.3K
27MONDAY COM LTDSHS1.14%$3M20.0K
28FABRINETSHS1.12%$3M6.4K
29UAUNDER ARMOUR INChistory →CL C1.11%$3M600.0K
30UTHUNITED THERAPEUTICS CORP DELhistory →COM1.05%$3M5.6K
31AEYEAUDIOEYE INChistory →COM NEW1.04%$3M270.0K
32BBWBUILD-A-BEAR WORKSHOP INChistory →COM1.04%$3M43.9K
33RHRHhistory →COM1.04%$3M15.0K
34BB4AXOS FINANCIAL INChistory →COM1.02%$3M30.6K
35CVSAADTALEM GLOBAL ED INChistory →COM1.01%$3M25.3K
36TBCHTURTLE BEACH CORPCOM NEW0.97%$3M180.1K
37NTRANATERA INCCOM0.97%$3M11.0K
38OLAORLA MNG LTD NEWCOM0.94%$2M182.0K
39FSLRFIRST SOLAR INCCOM0.93%$2M9.2K
40FOXFFOX FACTORY HLDG CORPCOM0.92%$2M139.2K
41GPNGLOBAL PMTS INCCOM0.92%$2M30.8K
42HCAHCA HEALTHCARE INCCOM0.90%$2M5.0K
43CSGPCOSTAR GROUP INCCOM0.88%$2M34.0K
44SAHSONIC AUTOMOTIVE INCCL A0.85%$2M35.8K
45UBERUBER TECHNOLOGIES INCCOM0.83%$2M26.5K
46CLEARWATER ANALYTICS HLDGS ICL A0.82%$2M87.9K
47GLXYGALAXY DIGITAL INC.CL A0.82%$2M94.8K
48PANWPALO ALTO NETWORKS INCCOM0.78%$2M10.9K
49VCTRVICTORY CAP HLDGS INCCOM CL A0.76%$2M31.3K
50TPCTUTOR PERINI CORPCOM0.75%$2M29.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$222M137May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$260M125Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$281M122Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$265M119Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$247M118May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$295M115Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$291M109Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$275M109Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$313M112May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$312M128Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$293M136Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$314M135Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$310M129May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$353M129Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$350M127Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$361M130Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$530M140May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$563M138Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$699M146Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$725M147Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$695M164May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$599M138Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$535M148Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$591M142Aug 13, 202013F-HRchanges · EDGAR ↗
Q1 2020$522M152May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$793M139Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$667M147Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$700M150Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$708M145May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$608M139Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.