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Spark Investment Management LLC

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13F filer, CIK 1554871, NEW YORK, NY

Spark Investment Management LLC reported $40,165,824 across 27 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-11. Its ten largest share positions make up 78.2% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000899140-26-000156

Period
2025-12-31
Reported value
$40.2M
Holdings
27
Top 10 weight
78.2%
New
10
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NGDnew+279,000$2.43M
VETnew+277,000$2.3M
DOOnew+19,000$1.34M
EFXTnew+60,000$925K
OBEnew+97,000$595K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
CLSreduced-18,000-$5.32M
TFPMreduced-50,000-$1.66M
Sandstorm Gold Ltdexited-111,000-$1.39M
CCJexited-10,000-$839K
ASMexited-137,000-$718K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0000899140-26-000156, largest first. % of portfolio is the value over $40,165,824, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,180 shares; 2024Q4: 43,180 shares; 2025Q1: 43,180 shares; 2025Q2: 43,180 shares; 2025Q3: 43,180 shares; 2025Q4: 43,180 shares 43,180$9.97M24.81%0Timeline
SPOTSPOTIFY TECHNOLOGY S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,600 shares; 2024Q4: 7,000 shares; 2025Q1: 7,000 shares; 2025Q2: 7,000 shares; 2025Q3: 7,000 shares; 2025Q4: 7,000 shares 7,000$4.06M10.12%0Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,000 shares; 2024Q4: 6,000 shares; 2025Q1: 6,000 shares; 2025Q2: 6,000 shares; 2025Q3: 6,000 shares; 2025Q4: 6,000 shares 6,000$2.7M6.72%0Timeline
CLSCELESTICA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 20,000 shares; 2025Q2: 23,000 shares; 2025Q3: 27,000 shares; 2025Q4: 9,000 shares 9,000$2.66M6.63%-18,000Timeline
NGDNEW GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 48,000 shares; 2025Q3: not reported; 2025Q4: 279,000 shares 279,000$2.43M6.05%newTimeline
VETVERMILION ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 277,000 shares 277,000$2.3M5.74%newTimeline
KGCKINROSS GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 67,000 shares; 2025Q2: 98,000 shares; 2025Q3: 98,000 shares; 2025Q4: 80,000 shares 80,000$2.25M5.61%-18,000Timeline
TFPMTRIPLE FLAG PRECIOUS METALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 108,000 shares; 2025Q3: 108,000 shares; 2025Q4: 58,000 shares 58,000$1.93M4.8%-50,000Timeline
OTEXOPEN TEXT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 40,000 shares; 2025Q4: 54,000 shares 54,000$1.76M4.38%+14,000Timeline
DOOBRP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 19,000 shares 19,000$1.34M3.34%newTimeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 21,100 shares; 2025Q1: 15,600 shares; 2025Q2: 13,600 shares; 2025Q3: 8,600 shares; 2025Q4: 6,900 shares 6,900$1.29M3.2%-1,700Timeline
LSPDLIGHTSPEED COMMERCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 78,000 shares; 2025Q4: 95,000 shares 95,000$1.15M2.85%+17,000Timeline
EFXTENERFLEX LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 280,000 shares; 2025Q2: 22,000 shares; 2025Q3: not reported; 2025Q4: 60,000 shares 60,000$925K2.3%newTimeline
MNDYMONDAY COM LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,900 shares; 2024Q4: 5,900 shares; 2025Q1: 5,900 shares; 2025Q2: 5,900 shares; 2025Q3: 5,900 shares; 2025Q4: 5,900 shares 5,900$871K2.17%0Timeline
SIISPROTT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 8,000 shares; 2025Q4: 8,000 shares 8,000$784K1.95%0Timeline
TWLOTWILIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,200 shares; 2024Q4: 5,200 shares; 2025Q1: 5,200 shares; 2025Q2: 5,200 shares; 2025Q3: 5,200 shares; 2025Q4: 5,200 shares 5,200$740K1.84%0Timeline
OBEOBSIDIAN ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 97,000 shares 97,000$595K1.48%newTimeline
CGAUCENTERRA GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 41,000 shares 41,000$590K1.47%newTimeline
XYZBLOCK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,700 shares; 2024Q4: 8,700 shares; 2025Q1: 8,700 shares; 2025Q2: 8,700 shares; 2025Q3: 8,700 shares; 2025Q4: 8,700 shares 8,700$566K1.41%0Timeline
PDSPRECISION DRILLING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,000 shares 4,000$287K0.71%newTimeline
SLSRSOLARIS RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 27,000 shares; 2025Q4: 32,000 shares 32,000$256K0.64%+5,000Timeline
BIRDSMARTBIRD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 57,634 shares; 2025Q2: 57,634 shares; 2025Q3: 57,634 shares; 2025Q4: 57,634 shares 57,634$236K0.59%0Timeline
FOSLFOSSIL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,900 shares; 2024Q4: 55,900 shares; 2025Q1: 55,900 shares; 2025Q2: 55,900 shares; 2025Q3: 55,900 shares; 2025Q4: 55,900 shares 55,900$210K0.52%0Timeline
GOOSCANADA GOOSE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 41,000 shares; 2025Q2: 41,000 shares; 2025Q3: not reported; 2025Q4: 16,000 shares 16,000$207K0.52%newTimeline
HITIHIGH TIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 16,000 shares 16,000$42.8K0.11%newTimeline
LGOLARGO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 11,000 shares 11,000$10.5K0.03%newTimeline
SVASINOVAC BIOTECH LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 29,100 shares; 2025Q3: 29,100 shares; 2025Q4: 29,100 shares 29,100$00%0Value filed as zero, left out of ratios.Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
Sandstorm Gold LtdSandstorm Gold Ltd111,000$1.39Mshares
CCJCAMECO CORP10,000$839Kshares
ASMAVINO SILVER & GOLD MINES LT137,000$718Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000899140-26-000156 base2026-02-11acceptance time not in the bulk data set