Top Institutional Investors

FORMULA GROWTH LTD — 13F Holdings & Portfolio

CIK 1093219 · latest 13F-HR filed 2026-11-13

Backtest portfolio

FORMULA GROWTH LTD manages $259.8M in 13F-reported U.S. long-equity assets across 150 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are MU (4.92%), SSYS (2.80%), U (2.44%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 30 new positions and exited 25; 43 existing positions rose in reported value and 67 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$259.8M

Long-equity book

Holdings
150

Distinct positions

Period
2026-09-30

Filed 2026-11-13

Q/Q Activity
+30 / −25 / ↑43 / ↓67

vs 2026-06-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q3 26
MU4.9% · 0%SSYS2.8% · +2%U2.4% · +11%SWIM2.4% · -28%NOK2.2% · +180%EQPT2.1% · +44%FOXF2.0% · +16%COMP1.6% · -4%XPO1.6% · 0%PANW1.5% · -9%FPS1.5% · +247%KVYO1.5% · -18%JHX1.4% · -26%LAW1.3% · +6%CALX1.3% · -13%RYAAY1.3% · 0%GH1.3% · -2%BILL1.2% · 0%CECO1.1% · -23%SSNC1.0% · 0%AX1.0% · 0%TWLO1.0% · 0%CVSA1.0% · -18%PACK1.0% · +16%MEC1.0% · +120%MDB0.9% · +17%LULU0.9% · 0%STLN0.9% · newFN0.9% · 0%ICLR0.9% · -28%BTSG0.9% · -21%ABNB0.9% · +17%UA0.8% · 0%SAH0.8% · 0%ECG0.8% · +84%HCA0.8% · 0%SOPH0.8% · newFCFS0.8% · 0%CPA0.8% · 0%EVH0.8% · +19%AIR0.8% · -7%LIND0.8% · -44%CDNA0.7% · -63%EXFY0.7% · -6%UBER0.7% · 0%CLS0.7% · newTBCH0.7% · +7%ARLO0.7% · 0%LFST0.7% · -1%AEYE0.6% · +25%MANE0.6% · -1%TRLV0.6% · +27%CBLL0.6% · +112%TTMI0.6% · newJBHT0.6% · 0%AVAV0.6% · newPODD0.6% · -1%GENI0.6% · -2%KEX0.6% · 0%ORN0.6% · -30%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q2 26 → Q3 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

5 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 23.5%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Apr 10, 2026.

Assets Under Management
$343.5M
Discretionary
$343.5M
Employees
15
Accounts
7
Address
1010 SHERBROOKE STREET WEST
SUITE 2300
MONTREAL H3A 2R7
Canada
Phone
(514) 288-5136
Website
Name Title / Status Ownership Type
Cheung, Nelson, NMN ControlDIRECTOR
since Nov 2016
Less than 5%Individual
FORMULA GROWTH INTERNATIONAL LIMITED ControlOWNER
since Jan 2005
75% or moreForeign Entity
FORTIN, CAMERON, MICHAEL PHELPS ControlDIRECTOR
since Apr 2024
Less than 5%Individual
KELLY, RANDALL, WILLIAM ControlDIRECTOR
since Jan 2005
Less than 5%Individual
Kiriazidis, Argirios, John ControlCOO/CCO/DIRECTOR
since Jan 2005
Less than 5%Individual
SINCLAIR, JAMES, BRODIE ControlDIRECTOR
since Apr 2024
Less than 5%Individual
STAPLES, ANTHONY, TAYLOR ControlDIRECTOR
since Jan 2005
Less than 5%Individual
KELLY, RANDALL, WILLIAM Control
Indirect owner via FORMULA GROWTH INTERNATIONAL LIMITED
SHAREHOLDER
since Jul 2013
25–50%Individual
Ownership & leadership changes · 10 filings with changes since Mar 30, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Oct 23, 2024 filing
  • AddedFORTIN, CAMERON, MICHAEL PHELPS · DIRECTOR · Less than 5% · control person
  • AddedSINCLAIR, JAMES, BRODIE · DIRECTOR · Less than 5% · control person
Mar 28, 2024 filing
  • ChangedKELLY, RANDALL, WILLIAM · indirect via FORMULA GROWTH INTERNATIONAL LIMITED: ownership 50–75% → 25–50%
Mar 30, 2023 filing
  • No longer listedLIDDY, JOHN, PHILIP · DIRECTOR · Less than 5% · control person · listed since Jan 2005
Mar 30, 2022 filing
  • ChangedKiriazidis, Argirios, John · title CCO/DIRECTOR → COO/CCO/DIRECTOR
Dec 21, 2018 filing
  • No longer listedGentile, Michael, Anthony · DIRECTOR · Less than 5% · control person · listed since Nov 2016
Mar 31, 2018 filing
  • No longer listedLIDDY, JOHN, PHILIP · SHAREHOLDER · 25–50% · indirect via FORMULA GROWTH INTERNATIONAL LIMITED · control person · listed since Jul 2013
  • ChangedKELLY, RANDALL, WILLIAM · indirect via FORMULA GROWTH INTERNATIONAL LIMITED: ownership 25–50% → 50–75%
Nov 7, 2017 filing
  • No longer listedJOSYD INC. · OWNER · 75% or more · control person · listed since Jan 2005
  • No longer listedKELLY, RANDALL, WILLIAM · SHAREHOLDER · 25–50% · indirect via JOSYD INC. · control person · listed since Jul 2013
  • No longer listedLIDDY, JOHN, PHILIP · SHAREHOLDER · 25–50% · indirect via JOSYD INC. · control person · listed since Jul 2013
  • AddedFORMULA GROWTH INTERNATIONAL LIMITED · OWNER · 75% or more · control person
  • AddedKELLY, RANDALL, WILLIAM · SHAREHOLDER · 25–50% · indirect via FORMULA GROWTH INTERNATIONAL LIMITED · control person
  • AddedLIDDY, JOHN, PHILIP · SHAREHOLDER · 25–50% · indirect via FORMULA GROWTH INTERNATIONAL LIMITED · control person
Mar 31, 2017 filing
  • No longer listedCATAFAGO, RENE · DIRECTOR · Less than 5% · control person · listed since Jan 2005
  • AddedCheung, Nelson, NMN · DIRECTOR · Less than 5% · control person
  • AddedGentile, Michael, Anthony · DIRECTOR · Less than 5% · control person
  • AddedKiriazidis, Argirios, John · CCO/DIRECTOR · Less than 5% · control person
Mar 28, 2014 filing
  • No longer listedDOBSON, JOHN · SH · 50–75% · indirect via JOSYD INC. · control person · listed since Nov 1979
  • AddedKELLY, RANDALL, WILLIAM · SHAREHOLDER · 25–50% · indirect via JOSYD INC. · control person
  • AddedLIDDY, JOHN, PHILIP · SHAREHOLDER · 25–50% · indirect via JOSYD INC. · control person
  • Listed againLIDDY, JOHN, PHILIP · DIRECTOR · Less than 5% · control person
Apr 1, 2013 filing
  • No longer listedLIDDY, JOHN, PHILIP · DIRECTOR · Less than 5% · control person · listed since Jan 2005
Older changes (1 more filing)
Mar 30, 2012 filing (earliest on record)
  • ListedCATAFAGO, RENE · DIRECTOR · Less than 5% · control person
  • ListedDOBSON, JOHN · SH · 50–75% · indirect via JOSYD INC. · control person
  • ListedJOSYD INC. · OWNER · 75% or more · control person
  • ListedKELLY, RANDALL, WILLIAM · DIRECTOR · Less than 5% · control person
  • ListedLIDDY, JOHN, PHILIP · DIRECTOR · Less than 5% · control person
  • ListedSTAPLES, ANTHONY, TAYLOR · DIRECTOR · Less than 5% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

FORMULA GROWTH LTD Holdings (2026-09-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 MICRON TECHNOLOGY INC MU 595112103 $12.8M 4.92% 12,000 SH
2 STRATASYS LTD SSYS M85548101 $7.3M 2.80% 875,000 SH
3 UNITY SOFTWARE INC U 91332U101 $6.3M 2.44% 155,000 SH
4 LATHAM GROUP INC SWIM 51819L107 $6.2M 2.39% 996,237 SH
5 NOKIA CORP NOK 654902204 $5.7M 2.19% 560,000 SH
6 EQUIPMENTSHARE COM INC EQPT 29445S100 $5.4M 2.07% 308,933 SH
7 FOX FACTORY HLDG CORP FOXF 35138V102 $5.2M 1.99% 281,018 SH
8 COMPASS INC COMP 20464U100 $4.2M 1.60% 468,730 SH
9 XPO INC XPO 983793100 $4.0M 1.56% 23,000 SH
10 PALO ALTO NETWORKS INC PANW 697435105 $4.0M 1.52% 9,946 SH
11 FORGENT POWER SOLUTIONS INC FPS 34631F102 $3.9M 1.52% 105,362 SH
12 KLAVIYO INC KVYO 49845K101 $3.9M 1.48% 245,000 SH
13 JAMES HARDIE INDS PLC JHX G4253H101 $3.6M 1.38% 141,138 SH
14 CS DISCO INC LAW 126327105 $3.5M 1.34% 850,000 SH
15 CALIX INC CALX 13100M509 $3.4M 1.32% 100,000 SH
16 RYANAIR HOLDINGS PLC RYAAY 783513203 $3.4M 1.32% 62,388 SH
17 GUARDANT HEALTH INC GH 40131M109 $3.4M 1.30% 18,900 SH
18 BILL HOLDINGS INC BILL 090043100 $3.2M 1.23% 75,000 SH
19 CECO ENVIRONMENTAL CORP CECO 125141101 $2.9M 1.13% 42,259 SH
20 SS&C TECH HLDGS SSNC 78467J100 $2.7M 1.03% 34,725 SH
21 AXOS FINANCIAL INC AX 05465C100 $2.7M 1.02% 30,624 SH
22 TWILIO INC TWLO 90138F102 $2.6M 1.01% 9,000 SH
23 COVISTA INC CVSA 00737L103 $2.5M 0.98% 20,774 SH
24 RANPAK HOLDINGS CORP PACK 75321W103 $2.5M 0.96% 602,804 SH
25 MAYVILLE ENGR CO INC MEC 578605107 $2.5M 0.95% 165,000 SH
26 MONGODB INC MDB 60937P106 $2.4M 0.94% 7,000 SH
27 LULULEMON ATHLETICA INC LULU 550021109 $2.4M 0.93% 25,000 SH
28 STARLING ONCOLOGY INC STLN 68236X100 $2.3M 0.90% 368,400 SH
29 FABRINET FN G3323L100 $2.3M 0.88% 5,370 SH
30 ICON PUB LTD CO ICLR G4705A100 $2.3M 0.88% 13,388 SH
31 BRIGHTSPRING HEALTH SVCS INC BTSG 10950A106 $2.3M 0.87% 39,700 SH
32 AIRBNB INC ABNB 009066101 $2.2M 0.87% 14,000 SH
33 UNDER ARMOUR INC UA 904311206 $2.2M 0.84% 500,000 SH
34 SONIC AUTOMOTIVE INC SAH 83545G102 $2.2M 0.83% 35,800 SH
35 EVERUS CONSTR GROUP ECG 300426103 $2.2M 0.83% 18,326 SH
36 HCA HEALTHCARE INC HCA 40412C101 $2.1M 0.82% 5,000 SH
37 SOPHIA GENETICS SA SOPH H82027105 $2.1M 0.82% 254,000 SH
38 FIRSTCASH HOLDINGS INC FCFS 33768G107 $2.1M 0.81% 10,000 SH
39 COPA HOLDINGS SA CPA P31076105 $2.0M 0.79% 15,500 SH
40 EVOLENT HEALTH INC EVH 30050B101 $2.0M 0.78% 578,000 SH
41 AAR CORP AIR 000361105 $2.0M 0.76% 19,421 SH
42 LINDBLAD EXPEDITIONS HLDGS I LIND 535219109 $2.0M 0.76% 62,656 SH
43 CAREDX INC CDNA 14167L103 $1.9M 0.72% 28,691 SH
44 EXPENSIFY INC EXFY 30219Q106 $1.9M 0.71% 825,000 SH
45 UBER TECHNOLOGIES INC UBER 90353T100 $1.8M 0.70% 26,500 SH
46 CELESTICA INC CLS 15101Q207 $1.8M 0.70% 5,000 SH
47 TURTLE BEACH CORP TBCH 900450206 $1.8M 0.69% 141,176 SH
48 ARLO TECHNOLOGIES INC ARLO 04206A101 $1.7M 0.67% 140,000 SH
49 LIFESTANCE HEALTH GROUP INC LFST 53228F101 $1.7M 0.66% 143,418 SH
50 AUDIOEYE INC AEYE 050734201 $1.7M 0.65% 250,000 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-11-13 $259.8M 150 0001011438-26-000699
2026-06-30 2026-08-17 $284.3M 145 0001011438-26-000552
2026-03-31 2026-05-14 $221.6M 137 0001011438-26-000309
2025-12-31 2026-02-13 $259.5M 125 0001011438-26-000104
2025-09-30 2025-11-13 $281.1M 122 0001011438-25-000530
Filer Information
Address
1010 SHERBROOKE ST W SUITE 2300
MONTREAL, A8 H3A 2R7
Phone
(514) 288-5136
Filing Manager
FORMULA GROWTH LTD
MONTREAL, A8
Signatory
Ari Kiriazidis
Chief Compliance Officer