Spyglass Capital Management LLC Long-Term Concentrated

Location: San Francisco, CA

CIK: 0001654344 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Aug 13, 2025

Total Value: $1.696B (100.0% shares, 0.0% debt)

Holdings (25)

AFRM AFFIRM HLDGS INC 7.1%

Value $120M Shares 1,740,283 Share Price $69.14 * Est. Cost/Share $47.29 Unrealized @ Report Date +9.7%

SNOW SNOWFLAKE INC 6.6%

Value $112M Shares 500,260 Share Price $223.77 * Est. Cost/Share $160.89 Unrealized @ Report Date +12.4%

FOUR SHIFT4 PMTS INC 6.0%

Value $102M Shares 1,027,983 Share Price $99.11 * Est. Cost/Share $71.29 Unrealized @ Report Date +22.3%

APP APPLOVIN CORP 5.3%

Value $89.34M Shares 255,187 Share Price $350.08 * Est. Cost/Share $66.80 Unrealized @ Report Date +385.4%

APG API GROUP CORP 5.1%

Value $85.92M Shares 2,524,696 Share Price $34.03 * Est. Cost/Share $21.26 Unrealized @ Report Date +34.7%

HOOD ROBINHOOD MKTS INC 5.1%

Value $85.82M Shares 916,631 Share Price $93.63 * Est. Cost/Share $47.54 Unrealized @ Report Date +24.5%

MDB MONGODB INC 4.3%

Value $72.47M Shares 345,127 Share Price $209.99 * Est. Cost/Share $268.78 Unrealized @ Report Date -31.2%

EXAS EXACT SCIENCES CORP 4.3%

Value $72.2M Shares 1,358,663 Share Price $53.14 * Est. Cost/Share $73.31 Unrealized @ Report Date -30.7%

KNSL KINSALE CAP GROUP INC 4.2%

Value $70.46M Shares 145,612 Share Price $483.90 * Est. Cost/Share $428.13 Unrealized @ Report Date +8.8%

MEDP MEDPACE HLDGS INC 4.2%

Value $70.45M Shares 224,471 Share Price $313.86 * Est. Cost/Share $291.42 Unrealized @ Report Date +3.0%

ILMN ILLUMINA INC 3.9%

Value $66.65M Shares 698,565 Share Price $95.41 * Est. Cost/Share $129.13 Unrealized @ Report Date -37.2%

ALAB ASTERA LABS INC 3.9%

Value $66.42M Shares 734,570 Share Price $90.42 * Est. Cost/Share $69.65 Unrealized @ Report Date +13.4%

CSGP COSTAR GROUP INC 3.8%

Value $64.58M Shares 803,282 Share Price $80.40 * Est. Cost/Share $79.15 Unrealized @ Report Date -1.6%

PCOR PROCORE TECHNOLOGIES INC 3.6%

Value $61.45M Shares 898,098 Share Price $68.42 * Est. Cost/Share $66.90 Unrealized @ Report Date -2.4%

VEEV VEEVA SYS INC 3.5%

Value $59.07M Shares 205,120 Share Price $287.98 * Est. Cost/Share $214.99 Unrealized @ Report Date +15.4%

DASH DOORDASH INC 3.4%

Value $58.08M Shares 235,611 Share Price $246.51 * Est. Cost/Share $90.19 Unrealized @ Report Date +122.4%

SG SWEETGREEN INC 3.4%

Value $58.03M Shares 3,899,813 Share Price $14.88 * Est. Cost/Share $18.37 Unrealized @ Report Date -10.3%

GLBE GLOBAL E ONLINE LTD 3.3%

Value $55.62M Shares 1,658,211 Share Price $33.54 Est. Cost/Share $32.29 Unrealized @ Report Date +4.5%

— CYBERARK SOFTWARE LTD 3.1%

Value $52.59M Shares 129,248 Share Price $406.88 Est. Cost/Share $336.16 Unrealized @ Report Date —

AAON AAON INC 3.1%

Value $52.54M Shares 712,356 Share Price $73.75 * Est. Cost/Share $100.71 Unrealized @ Report Date -13.2%

ACVA ACV AUCTIONS INC 3.0%

Value $51.21M Shares 3,157,130 Share Price $16.22 * Est. Cost/Share $18.35 Unrealized @ Report Date -15.2%

HUBS HUBSPOT INC 3.0%

Value $51.09M Shares 91,780 Share Price $556.63 * Est. Cost/Share $501.19 Unrealized @ Report Date +16.9%

NCNO NCINO INC 2.6%

Value $44.19M Shares 1,579,924 Share Price $27.97 * Est. Cost/Share $24.98 Unrealized @ Report Date 0.0%

CDNS CADENCE DESIGN SYSTEM INC 2.3%

Value $39.61M Shares 128,535 Share Price $308.15 * Est. Cost/Share $290.76 Unrealized @ Report Date 0.0%

DUOL DUOLINGO INC 2.0%

Value $33.6M Shares 81,949 Share Price $410.02 * Est. Cost/Share $438.78 Unrealized @ Report Date 0.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AFRM	AFFIRM HLDGS INC	1,740,283	$120M	7.1%	$69.14 *	$47.29	+9.7%	COM CL A	00827B106
SNOW	SNOWFLAKE INC	500,260	$112M	6.6%	$223.77 *	$160.89	+12.4%	CL A	833445109
FOUR	SHIFT4 PMTS INC	1,027,983	$102M	6.0%	$99.11 *	$71.29	+22.3%	CL A	82452J109
APP	APPLOVIN CORP	255,187	$89.34M	5.3%	$350.08 *	$66.80	+385.4%	COM CL A	03831W108
APG	API GROUP CORP	2,524,696	$85.92M	5.1%	$34.03 *	$21.26	+34.7%	COM STK	00187Y100
HOOD	ROBINHOOD MKTS INC	916,631	$85.82M	5.1%	$93.63 *	$47.54	+24.5%	COM CL A	770700102
MDB	MONGODB INC	345,127	$72.47M	4.3%	$209.99 *	$268.78	-31.2%	CL A	60937P106
EXAS	EXACT SCIENCES CORP	1,358,663	$72.2M	4.3%	$53.14 *	$73.31	-30.7%	COM	30063P105
KNSL	KINSALE CAP GROUP INC	145,612	$70.46M	4.2%	$483.90 *	$428.13	+8.8%	COM	49714P108
MEDP	MEDPACE HLDGS INC	224,471	$70.45M	4.2%	$313.86 *	$291.42	+3.0%	COM	58506Q109
ILMN	ILLUMINA INC	698,565	$66.65M	3.9%	$95.41 *	$129.13	-37.2%	COM	452327109
ALAB	ASTERA LABS INC	734,570	$66.42M	3.9%	$90.42 *	$69.65	+13.4%	COM	04626A103
CSGP	COSTAR GROUP INC	803,282	$64.58M	3.8%	$80.40 *	$79.15	-1.6%	COM	22160N109
PCOR	PROCORE TECHNOLOGIES INC	898,098	$61.45M	3.6%	$68.42 *	$66.90	-2.4%	COM	74275K108
VEEV	VEEVA SYS INC	205,120	$59.07M	3.5%	$287.98 *	$214.99	+15.4%	CL A COM	922475108
DASH	DOORDASH INC	235,611	$58.08M	3.4%	$246.51 *	$90.19	+122.4%	CL A	25809K105
SG	SWEETGREEN INC	3,899,813	$58.03M	3.4%	$14.88 *	$18.37	-10.3%	COM CL A	87043Q108
GLBE	GLOBAL E ONLINE LTD	1,658,211	$55.62M	3.3%	$33.54	$32.29	+4.5%	SHS	M5216V106
—	CYBERARK SOFTWARE LTD	129,248	$52.59M	3.1%	$406.88	$336.16	—	SHS	M2682V108
AAON	AAON INC	712,356	$52.54M	3.1%	$73.75 *	$100.71	-13.2%	COM PAR $0.004	000360206
ACVA	ACV AUCTIONS INC	3,157,130	$51.21M	3.0%	$16.22 *	$18.35	-15.2%	COM CL A	00091G104
HUBS	HUBSPOT INC	91,780	$51.09M	3.0%	$556.63 *	$501.19	+16.9%	COM	443573100
NCNO	NCINO INC	1,579,924	$44.19M	2.6%	$27.97 *	$24.98	0.0%	COM	63947X101
CDNS	CADENCE DESIGN SYSTEM INC	128,535	$39.61M	2.3%	$308.15 *	$290.76	0.0%	COM	127387108
DUOL	DUOLINGO INC	81,949	$33.6M	2.0%	$410.02 *	$438.78	0.0%	CL A COM	26603R106