Nicholas Investment Partners LP's Q4 2025 13F is in
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 13, 2026 · 177 reported positions · accession 0001389574-26-000001
This filing covers a somewhat different set of reporting entities than the fund's prior filing, so a few of the changes below may reflect that rather than trading.
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | REV GROUP INC (REVG) | 2.0% | 0.2% | −1.8 pts | −362K sh | −88% |
| New | MADDEN STEVEN LTD (SHOO) | — | 1.5% | +1.5 pts | +422K sh | new |
| New | ABERCROMBIE & FITCH CO (ANF) | — | 1.4% | +1.4 pts | +130K sh | new |
| Reduced | RUSH STREET INTERACTIVE INC (RSI) | 2.5% | 0.9% | −1.5 pts | −796K sh | −58% |
| New | CENTURY ALUM CO (CENX) | — | 0.9% | +0.9 pts | +291K sh | new |
| Increased | WINGSTOP INC (WING) | 0.3% | 1.2% | +0.8 pts | +44,015 sh | +300% |
| Exited | MR COOPER GROUP INC (COOP) | 0.8% | — | −0.8 pts | −41,680 sh | −100% |
| Exited | MOELIS & CO (MC) | 0.7% | — | −0.7 pts | −119K sh | −100% |
| Increased | ABIVAX SA (ABVX) | 0.1% | 0.9% | +0.8 pts | +63,640 sh | +328% |
| Exited | RAMACO RES INC (METC) | 0.7% | — | −0.7 pts | −243K sh | −100% |
| New | APOGEE THERAPEUTICS INC (APGE) | — | 0.7% | +0.7 pts | +113K sh | new |
| Increased | LENDINGCLUB CORP (LC) | 0.4% | 1.1% | +0.7 pts | +419K sh | +145% |
| Increased | AXSOME THERAPEUTICS INC (AXSM) | 0.5% | 1.4% | +0.9 pts | +42,907 sh | +88% |
| Exited | COMMVAULT SYS INC (CVLT) | 0.6% | — | −0.6 pts | −38,329 sh | −100% |
| Reduced | ARES MANAGEMENT CORPORATION (ARES) | 1.0% | 0.3% | −0.7 pts | −46,878 sh | −65% |
| Exited | AXON ENTERPRISE INC (AXON) | 0.6% | — | −0.6 pts | −9,788 sh | −100% |
| New | VERA THERAPEUTICS INC (VERA) | — | 0.6% | +0.6 pts | +145K sh | new |
| New | SITIME CORP (SITM) | — | 0.6% | +0.6 pts | +20,178 sh | new |
| New | TERNS PHARMACEUTICALS INC (TERN) | — | 0.6% | +0.6 pts | +166K sh | new |
| New | IDEAYA BIOSCIENCES INC (IDYA) | — | 0.6% | +0.6 pts | +192K sh | new |
| Exited | VARONIS SYS INC (VRNS) | 0.5% | — | −0.5 pts | −107K sh | −100% |
| Exited | GATES INDL CORP PLC (GTES) | 0.5% | — | −0.5 pts | −242K sh | −100% |
| Exited | CLEAN HARBORS INC (CLH) | 0.5% | — | −0.5 pts | −25,353 sh | −100% |
| Exited | MERUS N V (MRUS) | 0.5% | — | −0.5 pts | −61,558 sh | −100% |
| Increased | TFI INTL INC (TFII) | 0.2% | 0.7% | +0.5 pts | +55,161 sh | +179% |
| New | ISHARES TR (IWO) | — | 0.5% | +0.5 pts | +17,261 sh | new |
| Increased | XENON PHARMACEUTICALS INC (XENE) | 0.4% | 0.9% | +0.5 pts | +124K sh | +104% |
| New | COGENT BIOSCIENCES INC (COGT) | — | 0.4% | +0.4 pts | +151K sh | new |
| Reduced | INTUITIVE SURGICAL INC (ISRG) | 0.4% | 0.1% | −0.4 pts | −9,263 sh | −87% |
| Exited | WIX COM LTD (WIX) | 0.4% | — | −0.4 pts | −27,783 sh | −100% |
| Exited | FLOWSERVE CORP (FLS) | 0.4% | — | −0.4 pts | −92,602 sh | −100% |
| New | PATRICK INDS INC (PATK) | — | 0.4% | +0.4 pts | +47,965 sh | new |
| Exited | ARCELLX INC (ACLX) | 0.4% | — | −0.4 pts | −58,894 sh | −100% |
| Exited | HARROW INC (HROW) | 0.4% | — | −0.4 pts | −95,834 sh | −100% |
| New | ARCUS BIOSCIENCES INC (RCUS) | — | 0.4% | +0.4 pts | +204K sh | new |
| New | ORMAT TECHNOLOGIES INC (ORA) | — | 0.4% | +0.4 pts | +43,767 sh | new |
| New | SEMTECH CORP (SMTC) | — | 0.4% | +0.4 pts | +64,399 sh | new |
| New |
CUSHMAN AND WAKEFIELD LTD (CWK)
new — newly listed security (e.g. spin-off)
|
— | 0.4% | +0.4 pts | +286K sh | new |
| Reduced | ISHARES TR (IWM) | 0.5% | 0.1% | −0.4 pts | −17,762 sh | −78% |
| Exited | CHENIERE ENERGY INC (LNG) | 0.4% | — | −0.4 pts | −17,258 sh | −100% |
| Exited | MAGNOLIA OIL & GAS CORP (MGY) | 0.3% | — | −0.3 pts | −166K sh | −100% |
| Exited | DESCARTES SYS GROUP INC (DSGX) | 0.3% | — | −0.3 pts | −40,467 sh | −100% |
| Exited | CHEESECAKE FACTORY INC (CAKE) | 0.3% | — | −0.3 pts | −69,174 sh | −100% |
| Increased | REVOLUTION MEDICINES INC (RVMD) | 1.1% | 2.1% | +1.0 pts | +49,800 sh | +19% |
| New | ONTO INNOVATION INC (ONTO) | — | 0.3% | +0.3 pts | +24,095 sh | new |
| New | RHYTHM PHARMACEUTICALS INC (RYTM) | — | 0.3% | +0.3 pts | +34,710 sh | new |
| Increased | NUVALENT INC (NUVL) | 0.9% | 1.3% | +0.4 pts | +36,305 sh | +29% |
| New | SANMINA CORPORATION (SANM) | — | 0.3% | +0.3 pts | +24,286 sh | new |
| New | JBT MAREL CORPORATION (JBT) | — | 0.3% | +0.3 pts | +23,842 sh | new |
| Exited | BILL HOLDINGS INC (BILL) | 0.3% | — | −0.3 pts | −63,811 sh | −100% |
The 50 largest of 176 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 21.9% of the equity book
Changes in the top 10 this quarter: RVMD entered · BBIO entered · SHOO entered · RSI left · REVG left · MSFT left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | BWX TECHNOLOGIES INC (BWXT) | 4.2% | 3.7% | |
| 2 | INSMED INC (INSM) | 2.3% | 2.6% | |
| 3 | KRATOS DEFENSE & SEC SOLUTIO (KTOS) | 3.3% | 2.5% | |
| 4 | EMBRAER S.A. (EMBJ) | 2.2% | 2.3% | |
| 5 | REVOLUTION MEDICINES INC (RVMD) | 1.1% | 2.1% | Entered the top 10 |
| 6 | BROADCOM INC (AVGO) | 2.0% | 2.0% | |
| 7 | NVIDIA CORPORATION (NVDA) | 2.0% | 1.9% | |
| 8 | BRIDGEBIO PHARMA INC (BBIO) | 1.2% | 1.8% | Entered the top 10 |
| 9 | GE VERNOVA INC (GEV) | 1.6% | 1.6% | |
| 10 | MADDEN STEVEN LTD (SHOO) | 0.0% | 1.5% | Entered the top 10 |
| — | RUSH STREET INTERACTIVE INC (RSI) | 2.5% | 0.9% | Left the top 10 |
| — | REV GROUP INC (REVG) | 2.0% | 0.2% | Left the top 10 |
| — | MICROSOFT CORP (MSFT) | 1.6% | 1.4% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).