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Spyglass Capital Management LLC

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13F filer, CIK 1654344, Greenbrae, CA

Spyglass Capital Management LLC reported $1,998,488,883 across 25 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 49.84% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-000853

Period
2025-12-31
Reported value
$2B
Holdings
25
Top 10 weight
49.84%
New
2
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CVNAnew+180,668$76.2M
CRDOnew+388,860$56M
CDNSadded+155,523$48.6M
CSGPadded+575,732$38.7M
FICOadded+21,866$37M

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
EXASreduced-1,585,549-$161M
MEDPreduced-81,707-$45.9M
APPreduced-55,279-$37.2M
SGexited-4,056,570-$32.4M
MDBreduced-74,460-$31.3M

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 0001172661-26-000853, largest first. % of portfolio is the value over $1,998,488,883, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
MDBMONGODB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 235,971 shares; 2024Q4: 249,683 shares; 2025Q1: 269,595 shares; 2025Q2: 345,127 shares; 2025Q3: 339,723 shares; 2025Q4: 265,263 shares 265,263$111M5.57%-74,460Timeline
AFRMAFFIRM HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,348,095 shares; 2024Q4: 1,702,004 shares; 2025Q1: 1,902,425 shares; 2025Q2: 1,740,283 shares; 2025Q3: 1,003,823 shares; 2025Q4: 1,443,580 shares 1,443,580$107M5.38%+439,757Timeline
FOURSHIFT4 PMTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 800,320 shares; 2024Q4: 981,859 shares; 2025Q1: 1,002,330 shares; 2025Q2: 1,027,983 shares; 2025Q3: 1,242,213 shares; 2025Q4: 1,697,920 shares 1,697,920$107M5.35%+455,707Timeline
HUBSHUBSPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 93,328 shares; 2024Q4: 106,551 shares; 2025Q1: 91,150 shares; 2025Q2: 91,780 shares; 2025Q3: 225,229 shares; 2025Q4: 264,929 shares 264,929$106M5.32%+39,700Timeline
CSGPCOSTAR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 829,004 shares; 2024Q4: 1,221,607 shares; 2025Q1: 495,858 shares; 2025Q2: 803,282 shares; 2025Q3: 1,002,717 shares; 2025Q4: 1,578,449 shares 1,578,449$106M5.31%+575,732Timeline
GLBEGLOBAL E ONLINE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,392,671 shares; 2024Q4: 1,487,335 shares; 2025Q1: 1,437,501 shares; 2025Q2: 1,658,211 shares; 2025Q3: 2,703,171 shares; 2025Q4: 2,683,313 shares 2,683,313$105M5.28%-19,858Timeline
AAONAAON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 620,895 shares; 2025Q2: 712,356 shares; 2025Q3: 1,068,859 shares; 2025Q4: 1,198,921 shares 1,198,921$91.4M4.57%+130,062Timeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 652,841 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 388,647 shares; 2025Q4: 415,549 shares 415,549$88.6M4.43%+26,902Timeline
APGAPI GROUP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,834,189 shares; 2024Q4: 2,070,041 shares; 2025Q1: 2,000,741 shares; 2025Q2: 2,524,696 shares; 2025Q3: 2,261,685 shares; 2025Q4: 2,288,558 shares 2,288,558$87.6M4.38%+26,873Timeline
CDNSCADENCE DESIGN SYSTEM 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: 128,535 shares; 2025Q3: 115,969 shares; 2025Q4: 271,492 shares 271,492$84.9M4.25%+155,523Timeline
FICOFAIR ISAAC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 20,782 shares; 2025Q2: not reported; 2025Q3: 27,673 shares; 2025Q4: 49,539 shares 49,539$83.8M4.19%+21,866Timeline
IOTSAMSARA 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: 2,200,165 shares; 2025Q4: 2,346,995 shares 2,346,995$83.2M4.16%+146,830Timeline
APPAPPLOVIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 818,109 shares; 2024Q4: 315,061 shares; 2025Q1: 302,224 shares; 2025Q2: 255,187 shares; 2025Q3: 175,917 shares; 2025Q4: 120,638 shares 120,638$81.3M4.07%-55,279Timeline
PCORPROCORE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 935,896 shares; 2024Q4: 1,048,154 shares; 2025Q1: 933,887 shares; 2025Q2: 898,098 shares; 2025Q3: 943,888 shares; 2025Q4: 1,081,343 shares 1,081,343$78.7M3.94%+137,455Timeline
KNSLKINSALE CAP GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 88,348 shares; 2024Q4: 119,895 shares; 2025Q1: 151,421 shares; 2025Q2: 145,612 shares; 2025Q3: 143,385 shares; 2025Q4: 197,186 shares 197,186$77.1M3.86%+53,801Timeline
CVNACARVANA COQuarterly 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: 180,668 shares 180,668$76.2M3.82%newTimeline
NCNONCINO 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: 1,579,924 shares; 2025Q3: 2,149,090 shares; 2025Q4: 2,909,880 shares 2,909,880$74.6M3.73%+760,790Timeline
SNOWSNOWFLAKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 547,848 shares; 2024Q4: 577,034 shares; 2025Q1: 557,726 shares; 2025Q2: 500,260 shares; 2025Q3: 374,509 shares; 2025Q4: 328,818 shares 328,818$72.1M3.61%-45,691Timeline
LOARLOAR HOLDINGS 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: 849,069 shares; 2025Q4: 904,131 shares 904,131$61.5M3.08%+55,062Timeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 553,194 shares; 2024Q4: 546,239 shares; 2025Q1: 245,112 shares; 2025Q2: 235,611 shares; 2025Q3: 161,702 shares; 2025Q4: 270,570 shares 270,570$61.3M3.07%+108,868Timeline
CRDOCREDO TECHNOLOGY GROUP HOLDIQuarterly 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: 388,860 shares 388,860$56M2.8%newTimeline
EXASEXACT SCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,397,093 shares; 2024Q4: 1,539,436 shares; 2025Q1: 1,576,634 shares; 2025Q2: 1,358,663 shares; 2025Q3: 2,125,435 shares; 2025Q4: 539,886 shares 539,886$54.8M2.74%-1,585,549Timeline
ILMNILLUMINA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 537,716 shares; 2025Q1: 559,057 shares; 2025Q2: 698,565 shares; 2025Q3: 422,150 shares; 2025Q4: 401,533 shares 401,533$52.7M2.64%-20,617Timeline
DUOLDUOLINGO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 136,559 shares; 2024Q4: 111,173 shares; 2025Q1: not reported; 2025Q2: 81,949 shares; 2025Q3: 268,726 shares; 2025Q4: 286,873 shares 286,873$50.3M2.52%+18,147Timeline
MEDPMEDPACE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 141,882 shares; 2024Q4: 262,660 shares; 2025Q1: 242,146 shares; 2025Q2: 224,471 shares; 2025Q3: 150,882 shares; 2025Q4: 69,175 shares 69,175$38.9M1.94%-81,707Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
SGSWEETGREEN INC4,056,570$32.4Mshares
ACVAACV AUCTIONS INC3,113,017$30.8Mshares

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 0001172661-26-000853 base2026-02-17acceptance time not in the bulk data set