SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Spark Investment Management LLC

CIK 0001554871 · 150 EAST 58TH STREET, 26TH FLOOR, NEW YORK, NY, 10155 · 212-826-3709

Reported Value
$40M
Q4 2025
Positions
27
Filings on Record
29
2019–present window
Filed
Feb 11, 2026
original filing

Summary

Spark Investment Management LLC reported $40M in U.S.-listed holdings across 27 positions for Q4 2025.

The portfolio is heavily concentrated: AMZN alone accounts for 24.8% of reported value.

Compared with Q3 2025, the fund opened 10 new positions and exited 3.

Portfolio Metrics

Turnover
+24.8%
vs prior filed quarter
Top-10 Concentration
+78.2%
share of reported value
Largest Position
+24.8%
Amazon Com
New / Exited
10 / 3
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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
Q1 ’19: $2.2BQ1 ’19Q2 ’19: $1.4BQ3 ’19: $782MQ4 ’19: $853MQ1 ’20: $188MQ1 ’20Q2 ’20: $27MQ3 ’20: $72MQ4 ’20: $121MQ1 ’21: $149MQ1 ’21Q2 ’21: $182MQ3 ’21: $173MQ4 ’21: $139MQ1 ’22: $104MQ1 ’22Q2 ’22: $69MQ3 ’22: $52MQ4 ’22: $46MQ1 ’23: $39MQ1 ’23Q2 ’23: $29MQ3 ’23: $17MQ4 ’23: $17MQ1 ’24: $18MQ1 ’24Q2 ’24: $17MQ3 ’24: $17MQ4 ’24: $21MQ1 ’25: $29MQ1 ’25Q2 ’25: $36MQ3 ’25: $40MQ4 ’25: $40MQ1 ’26: $42MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 100.0%Other: 0.0%
  • Common Stock · 100.0% · $40M
  • Other · 0.0% · $0

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NGDNNEW GOLD INC CDANEW+279.0K279.0K+$2M$2M
VETVERMILION ENERGY INCNEW+277.0K277.0K+$2M$2M
DOOBRP INCNEW+19.0K19.0K+$1M$1M
EFXTENERFLEX LTDNEW+60.0K60.0K+$925,032$925,032
OBEOBSIDIAN ENERGY LTDNEW+97.0K97.0K+$595,077$595,077
CGAUCENTERRA GOLD INCNEW+41.0K41.0K+$590,281$590,281
PDSPRECISION DRILLING CORPNEW+4.0K4.0K+$287,039$287,039
GOOSCANADA GOOSE HLDGS INCNEW+16.0K16.0K+$207,389$207,389

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

Holdings — Q4 2025

27 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AMZNAMAZON COM INChistory →COM24.81%$10M43.2K
2SPOTSPOTIFY TECHNOLOGY S Ahistory →SHS10.12%$4M7.0K
3TSLATESLA INChistory →COM6.72%$3M6.0K
4CLSCELESTICA INChistory →COM6.63%$3M9.0K
5NGDNNEW GOLD INC CDAhistory →COM6.05%$2M279.0K
6VETVERMILION ENERGY INChistory →COM5.74%$2M277.0K
7KGCKINROSS GOLD CORPhistory →COM5.61%$2M80.0K
8TFPMTRIPLE FLAG PRECIOUS METALhistory →COM4.80%$2M58.0K
9OTEXOPEN TEXT CORPhistory →COM4.38%$2M54.0K
10DOOBRP INChistory →COM SUN VTG3.34%$1M19.0K
11NVDANVIDIA CORPORATIONhistory →COM3.20%$1M6.9K
12LSPDLIGHTSPEED COMMERCE INChistory →SUB VTG SHS2.85%$1M95.0K
13EFXTENERFLEX LTDhistory →COM2.30%$925,03260.0K
14MNDYMONDAY COM LTDhistory →SHS2.17%$870,6045.9K
15SIISPROTT INChistory →COM NEW1.95%$783,6248.0K
16TWLOTWILIO INChistory →CL A1.84%$739,6485.2K
17OBEOBSIDIAN ENERGY LTDhistory →COM1.48%$595,07797.0K
18CGAUCENTERRA GOLD INChistory →COM1.47%$590,28141.0K
19XYZBLOCK INChistory →CL A1.41%$566,2838.7K
20PDSPRECISION DRILLING CORPCOM NEW0.71%$287,0394.0K
21SLSRSOLARIS RES INCCOM NEW0.64%$256,46732.0K
22BIRDALLBIRDS INCCL A NEW0.59%$236,29957.6K
23FOSLFOSSIL GROUP INCCOM0.52%$210,18455.9K
24GOOSCANADA GOOSE HLDGS INCSHS SUB VTG0.52%$207,38916.0K
25HITIHIGH TIDE INCCOM NEW0.11%$42,78316.0K
26LGOLARGO INCCOM0.03%$10,49911.0K
27SINOVAC BIOTECH LTDSHS0.00%$029.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$42M28May 11, 202613F-HRchanges · EDGAR ↗
Q4 2025$40M27Feb 11, 202613F-HRchanges · EDGAR ↗
Q3 2025$40M20Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$36M23Aug 11, 202513F-HRchanges · EDGAR ↗
Q1 2025$29M18May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$21M8Feb 11, 202513F-HRchanges · EDGAR ↗
Q3 2024$17M9Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$17M11Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$18M13May 13, 202413F-HRchanges · EDGAR ↗
Q4 2023$17M11Feb 12, 202413F-HRchanges · EDGAR ↗
Q3 2023$17M13Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$29M14Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$39M13May 11, 202313F-HRchanges · EDGAR ↗
Q4 2022$46M14Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$52M25Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$69M28Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$104M27May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$139M29Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$173M34Nov 10, 202113F-HRchanges · EDGAR ↗
Q2 2021$182M43Aug 12, 202113F-HRchanges · EDGAR ↗
Q1 2021$149M43May 13, 202113F-HRchanges · EDGAR ↗
Q4 2020$121M54Feb 11, 202113F-HRchanges · EDGAR ↗
Q3 2020$72M52Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$27M87Aug 12, 202013F-HRchanges · EDGAR ↗
Q1 2020$188M369May 12, 202013F-HRchanges · EDGAR ↗
Q4 2019$853M542Feb 11, 202013F-HRchanges · EDGAR ↗
Q3 2019$782M393Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.4B549Aug 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$2.2B635May 7, 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 ↗.