Spyglass Capital Management LLC Long-Term Concentrated

CIK: 0001654344 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $1,998,489 (100.0% shares, 0.0% debt)

Holdings (25)

New Positions (2)

CVNA CARVANA CO 3.8%

Value ($000) $76,246 Shares 180,668 Est. Cost $371.73 Unrealized 0.0%

CRDO CREDO TECHNOLOGY GROUP HOLDI 2.8%

Value ($000) $55,953 Shares 388,860 Est. Cost $153.78 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVNA	CARVANA CO	180,668	$76,246	3.8%	$371.73	0.0%	CL A	146869102
CRDO	CREDO TECHNOLOGY GROUP HOLDI	388,860	$55,953	2.8%	$153.78	0.0%	ORDINARY SHARES	G25457105

Increased Positions (16)

CDNS CADENCE DESIGN SYSTEM INC 4.2%

Value ($000) $84,863 (+108.3%) Shares 271,492 (+134.1%) Est. Cost $311.13 Unrealized +4.9%

FICO FAIR ISAAC CORP 4.2%

Value ($000) $83,752 (+102.2%) Shares 49,539 (+79.0%) Est. Cost $1599.85 Unrealized +7.6%

DUOL DUOLINGO INC 2.5%

Value ($000) $50,346 (-41.8%) Shares 286,873 (+6.8%) Est. Cost $358.00 Unrealized -34.2%

AFRM AFFIRM HLDGS INC 5.4%

Value ($000) $107,446 (+46.5%) Shares 1,443,580 (+43.8%) Est. Cost $54.81 Unrealized +31.3%

CSGP COSTAR GROUP INC 5.3%

Value ($000) $106,135 (+25.5%) Shares 1,578,449 (+57.4%) Est. Cost $77.28 Unrealized -8.3%

DASH DOORDASH INC 3.1%

Value ($000) $61,279 (+39.3%) Shares 270,570 (+67.3%) Est. Cost $148.28 Unrealized +58.2%

NCNO NCINO INC 3.7%

Value ($000) $74,609 (+28.1%) Shares 2,909,880 (+35.4%) Est. Cost $25.92 Unrealized -2.0%

KNSL KINSALE CAP GROUP INC 3.9%

Value ($000) $77,123 (+26.5%) Shares 197,186 (+37.5%) Est. Cost $422.55 Unrealized -3.5%

ASND ASCENDIS PHARMA A/S 4.4%

Value ($000) $88,612 (+14.7%) Shares 415,549 (+6.9%) Est. Cost $199.74 Unrealized —

FOUR SHIFT4 PMTS INC 5.3%

Value ($000) $106,918 (+11.2%) Shares 1,697,920 (+36.7%) Est. Cost $73.85 Unrealized -4.3%

PCOR PROCORE TECHNOLOGIES INC 3.9%

Value ($000) $78,657 (+14.3%) Shares 1,081,343 (+14.6%) Est. Cost $67.93 Unrealized +8.9%

APG API GROUP CORP 4.4%

Value ($000) $87,560 (+12.6%) Shares 2,288,558 (+1.2%) Est. Cost $21.44 Unrealized +72.4%

AAON AAON INC 4.6%

Value ($000) $91,418 (-8.5%) Shares 1,198,921 (+12.2%) Est. Cost $94.16 Unrealized -2.0%

LOAR LOAR HOLDINGS INC 3.1%

Value ($000) $61,481 (-9.5%) Shares 904,131 (+6.5%) Est. Cost $75.06 Unrealized -2.9%

IOT SAMSARA INC 4.2%

Value ($000) $83,201 (+1.5%) Shares 2,346,995 (+6.7%) Est. Cost $37.24 Unrealized +3.9%

HUBS HUBSPOT INC 5.3%

Value ($000) $106,316 (+0.9%) Shares 264,929 (+17.6%) Est. Cost $489.11 Unrealized -15.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CDNS	CADENCE DESIGN SYSTEM INC	271,492 (+134.1%)	$84,863 (+108.3%)	4.2%	$311.13	+4.9%	COM	127387108
FICO	FAIR ISAAC CORP	49,539 (+79.0%)	$83,752 (+102.2%)	4.2%	$1599.85	+7.6%	COM	303250104
DUOL	DUOLINGO INC	286,873 (+6.8%)	$50,346 (-41.8%)	2.5%	$358.00	-34.2%	CL A COM	26603R106
AFRM	AFFIRM HLDGS INC	1,443,580 (+43.8%)	$107,446 (+46.5%)	5.4%	$54.81	+31.3%	COM CL A	00827B106
CSGP	COSTAR GROUP INC	1,578,449 (+57.4%)	$106,135 (+25.5%)	5.3%	$77.28	-8.3%	COM	22160N109
DASH	DOORDASH INC	270,570 (+67.3%)	$61,279 (+39.3%)	3.1%	$148.28	+58.2%	CL A	25809K105
NCNO	NCINO INC	2,909,880 (+35.4%)	$74,609 (+28.1%)	3.7%	$25.92	-2.0%	COM	63947X101
KNSL	KINSALE CAP GROUP INC	197,186 (+37.5%)	$77,123 (+26.5%)	3.9%	$422.55	-3.5%	COM	49714P108
ASND	ASCENDIS PHARMA A/S	415,549 (+6.9%)	$88,612 (+14.7%)	4.4%	$199.74	—	SPONSORED ADR	04351P101
FOUR	SHIFT4 PMTS INC	1,697,920 (+36.7%)	$106,918 (+11.2%)	5.3%	$73.85	-4.3%	CL A	82452J109
PCOR	PROCORE TECHNOLOGIES INC	1,081,343 (+14.6%)	$78,657 (+14.3%)	3.9%	$67.93	+8.9%	COM	74275K108
APG	API GROUP CORP	2,288,558 (+1.2%)	$87,560 (+12.6%)	4.4%	$21.44	+72.4%	COM STK	00187Y100
AAON	AAON INC	1,198,921 (+12.2%)	$91,418 (-8.5%)	4.6%	$94.16	-2.0%	COM PAR $0.004	000360206
LOAR	LOAR HOLDINGS INC	904,131 (+6.5%)	$61,481 (-9.5%)	3.1%	$75.06	-2.9%	COM SHS	53947R105
IOT	SAMSARA INC	2,346,995 (+6.7%)	$83,201 (+1.5%)	4.2%	$37.24	+3.9%	COM CL A	79589L106
HUBS	HUBSPOT INC	264,929 (+17.6%)	$106,316 (+0.9%)	5.3%	$489.11	-15.3%	COM	443573100

Exited Positions (2)

SG SWEETGREEN INC 1.6%

Value ($000) $32,371 Shares 4,056,570 Est. Cost $18.08 Unrealized -62.0%

ACVA ACV AUCTIONS INC 1.5%

Value ($000) $30,850 Shares 3,113,017 Est. Cost $18.35 Unrealized -55.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SG	SWEETGREEN INC	4,056,570	$32,371	1.6%	$18.08	-62.0%	—	87043Q108
ACVA	ACV AUCTIONS INC	3,113,017	$30,850	1.5%	$18.35	-55.9%	—	00091G104

Decreased Positions (6)

EXAS EXACT SCIENCES CORP 2.7%

Value ($000) $54,831 (-52.8%) Shares 539,886 (-74.6%) Est. Cost $64.89 Unrealized +23.8%

APP APPLOVIN CORP 4.1%

Value ($000) $81,288 (-35.7%) Shares 120,638 (-31.4%) Est. Cost $66.80 Unrealized +843.3%

MEDP MEDPACE HLDGS INC 1.9%

Value ($000) $38,852 (-49.9%) Shares 69,175 (-54.2%) Est. Cost $291.42 Unrealized +94.8%

ILMN ILLUMINA INC 2.6%

Value ($000) $52,665 (+31.4%) Shares 401,533 (-4.9%) Est. Cost $129.13 Unrealized -9.1%

SNOW SNOWFLAKE INC 3.6%

Value ($000) $72,130 (-14.6%) Shares 328,818 (-12.2%) Est. Cost $160.89 Unrealized +51.7%

MDB MONGODB INC 5.6%

Value ($000) $111,328 (+5.6%) Shares 265,263 (-21.9%) Est. Cost $268.78 Unrealized +35.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXAS	EXACT SCIENCES CORP	539,886 (-74.6%)	$54,831 (-52.8%)	2.7%	$64.89	+23.8%	COM	30063P105
APP	APPLOVIN CORP	120,638 (-31.4%)	$81,288 (-35.7%)	4.1%	$66.80	+843.3%	COM CL A	03831W108
MEDP	MEDPACE HLDGS INC	69,175 (-54.2%)	$38,852 (-49.9%)	1.9%	$291.42	+94.8%	COM	58506Q109
ILMN	ILLUMINA INC	401,533 (-4.9%)	$52,665 (+31.4%)	2.6%	$129.13	-9.1%	COM	452327109
SNOW	SNOWFLAKE INC	328,818 (-12.2%)	$72,130 (-14.6%)	3.6%	$160.89	+51.7%	COM SHS	833445109
MDB	MONGODB INC	265,263 (-21.9%)	$111,328 (+5.6%)	5.6%	$268.78	+35.4%	CL A	60937P106

Unchanged Positions (1)

GLBE GLOBAL E ONLINE LTD 5.3%

Value ($000) $105,481 Shares 2,683,313 Est. Cost $33.00 Unrealized +12.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLBE	GLOBAL E ONLINE LTD	2,683,313	$105,481	5.3%	$33.00	+12.4%	SHS	M5216V106