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Toronado Partners, LLC

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13F filer, CIK 1749611, SAN FRANCISCO, CA

Toronado Partners, LLC reported $150,863,278 across 12 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 88.25% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-25-003183

Period
2025-09-30
Reported value
$151M
Holdings
12
Top 10 weight
88.25%
New
2
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ENPHnew+301,379$10.7M
STUBnew+435,332$7.33M
AMPLadded+681,856$7.31M
TWLOadded+32,568$3.26M
JAMFadded+208,019$2.23M

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
FNreduced-51,162-$18.7M
PIreduced-96,646-$17.5M
SITMreduced-18,527-$5.58M
TRIPreduced-146,995-$2.39M
ESTCreduced-23,580-$1.99M

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, Q3 2025

Share positions as resolved from 13F-HR 0001420506-25-003183, largest first. % of portfolio is the value over $150,863,278, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
PIIMPINJ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 66,449 shares; 2024Q4: 90,668 shares; 2025Q1: 216,773 shares; 2025Q2: 197,441 shares; 2025Q3: 100,795 shares 100,795$18.2M12.08%-96,646Timeline
TWLOTWILIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 291,250 shares; 2024Q4: 160,250 shares; 2025Q1: 147,654 shares; 2025Q2: 143,609 shares; 2025Q3: 176,177 shares 176,177$17.6M11.69%+32,568Timeline
TRIPTRIPADVISOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 713,163 shares; 2025Q1: 936,607 shares; 2025Q2: 990,649 shares; 2025Q3: 843,654 shares 843,654$13.7M9.09%-146,995Timeline
EVEREVERQUOTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 450,104 shares; 2024Q4: 718,774 shares; 2025Q1: 463,613 shares; 2025Q2: 531,884 shares; 2025Q3: 587,440 shares 587,440$13.4M8.91%+55,556Timeline
SITMSITIME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 94,510 shares; 2024Q4: 75,625 shares; 2025Q1: 127,986 shares; 2025Q2: 59,312 shares; 2025Q3: 40,785 shares 40,785$12.3M8.15%-18,527Timeline
HLITHARMONIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,307,335 shares; 2024Q4: 1,273,396 shares; 2025Q1: 1,196,640 shares; 2025Q2: 1,196,640 shares; 2025Q3: 1,204,593 shares 1,204,593$12.3M8.13%+7,953Timeline
FNFABRINETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,046 shares; 2024Q4: 98,746 shares; 2025Q1: 101,329 shares; 2025Q2: 84,329 shares; 2025Q3: 33,167 shares 33,167$12.1M8.02%-51,162Timeline
JAMFJAMF HOLDING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 895,162 shares; 2024Q4: 941,083 shares; 2025Q1: 967,963 shares; 2025Q2: 901,236 shares; 2025Q3: 1,109,255 shares 1,109,255$11.9M7.87%+208,019Timeline
ESTCELASTIC N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 236,785 shares; 2024Q4: 122,685 shares; 2025Q1: 135,735 shares; 2025Q2: 153,128 shares; 2025Q3: 129,548 shares 129,548$10.9M7.26%-23,580Timeline
ENPHENPHASE ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 301,379 shares 301,379$10.7M7.07%newTimeline
AMPLAMPLITUDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 288,488 shares; 2025Q3: 970,344 shares 970,344$10.4M6.9%+681,856Timeline
STUBSTUBHUB HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 435,332 shares 435,332$7.33M4.86%newTimeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
RSKDRISKIFIED LTD287,270$1.43Mshares

How Q3 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 0001420506-25-003183 base2025-11-13acceptance time not in the bulk data set