Light Street Capital Management
Light Street Capital Management, founded by Glen Kacher in 2010, is a hedge fund known for its focus on technology and growth-oriented investments. Kacher, a former portfolio manager at Integral Capital Partners and analyst at Tiger Management, brings a deep understanding of the tech sector to his investment strategy. The fund primarily employs a long/short equity strategy, aiming to capitalize on both the growth potential and volatility of the technology market.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 24 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| TSM | $76.9M | 14.40% | $337.16 | $431.17 | +27.9% | 14.4% | |
| NVDA | $47.5M | 8.89% | $174.40 | $195.93 | +12.3% | 8.9% | |
| AVGO | $46.4M | 8.68% | $309.02 | $368.74 | +19.3% | 8.7% | |
| AMD | $44.6M | 8.35% | $203.43 | $510.19 | +150.8% | 8.3% | |
| CHYM | $38.9M | 7.28% | $18.73 | $21.11 | +12.7% | 7.3% | |
| TSMPUT | $36.9M | 6.91% | $337.16 | $431.17 | +27.9% | 6.9% | |
| MKSI | $28.1M | 5.26% | $229.81 | $348.17 | +51.5% | 5.3% | |
| FROG | $27.0M | 5.05% | $46.93 | $96.61 | +105.9% | 5.0% | |
| AMZN | $26.0M | 4.87% | $208.27 | $245.41 | +17.8% | 4.9% | |
| GTLB | $25.3M | 4.74% | $21.64 | $33.05 | +52.7% | 4.7% | |
| BILL | $23.9M | 4.48% | $38.30 | $40.78 | +6.5% | 4.5% | |
| CPNG | $19.9M | 3.72% | $18.88 | $18.45 | -2.3% | 3.7% | |
| AMKR | $18.3M | 3.43% | $45.03 | $65.34 | +45.1% | 3.4% | |
| ASML | $14.5M | 2.71% | $1317.95 | $1734.81 | +31.6% | 2.7% | |
| GOOGL | $12.2M | 2.29% | $287.39 | $367.14 | +27.8% | 2.3% | |
| IOT | $12.2M | 2.28% | $31.69 | $36.49 | +15.2% | 2.3% | |
| CLBT | $8.8M | 1.65% | $13.78 | $16.62 | +20.6% | 1.6% | |
| BE | $6.9M | 1.28% | $135.49 | $265.95 | +96.3% | 1.3% | |
| NXPI | $5.0M | 0.94% | $196.19 | $270.62 | +37.9% | 0.9% | |
| DDOG | $4.7M | 0.88% | $118.05 | $258.27 | +118.8% | 0.9% | |
| ADI | $3.3M | 0.63% | $318.14 | $376.04 | +18.2% | 0.6% | |
| GDS | $2.9M | 0.54% | $40.29 | $30.58 | -24.1% | 0.5% | |
| LITE | $2.0M | 0.38% | $702.76 | $697.26 | -0.8% | 0.4% | |
| AMPL | $2.0M | 0.37% | $6.82 | $9.16 | +34.3% | 0.4% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (5)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| CPNG | $19.9M | -2.3% | |
| IOT | $12.2M | +15.2% | |
| BE | $6.9M | +96.3% | |
| DDOG | $4.7M | +118.8% | |
| LITE | $2.0M | -0.8% |
Exited Positions (6)
| Ticker | Issuer | Notional |
|---|---|---|
| CFLT | $27.5M | |
| CEG | $22.3M | |
| RDDT | $20.7M | |
| NFLX | $18.8M | |
| TEAM | $10.3M | |
| AAPL | $2.7M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| MKSI | $25.0M | +524.4% | +51.5% | |
| AMZN | $9.9M | +79.6% | +17.8% | |
| AMKR | $7.0M | +41.4% | +45.1% | |
| CLBT | $-0.1M | +30.1% | +20.6% | |
| FROG | $-1.9M | +24.5% | +105.9% | |
| GTLB | $-14.5M | +10.4% | +52.7% | |
| GDS | $0.6M | +9.8% | -24.1% | |
| AVGO | $-3.4M | +4.2% | +19.3% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| AMPL | $-15.4M | -80.5% | +34.3% | |
| GOOGL | $-29.9M | -68.4% | +27.8% | |
| TSMPUT | $-44.7M | -59.3% | +27.9% | |
| BILL | $-23.9M | -28.8% | +6.5% | |
| CHYM | $-29.3M | -23.3% | +12.7% | |
| NVDA | $-15.9M | -19.9% | +12.3% | |
| TSMPUT | $-4.7M | -15.2% | +27.9% | |
| ASML | $2.7M | -0.4% | +31.6% |
Quarter Activity
During the quarter, Light Street Capital Management initiated notable new positions in CPNG, IOT, and BE, with investments amounting to $20 million, $12 million, and $7 million respectively. The fund exited significant holdings in CFLT, CEG, and RDDT, which previously represented $28 million, $22 million, and $21 million in assets. Additionally, there was a substantial increase in the position size of MKSI, now valued at $524 million, and a notable reduction in holdings of AMPL and GOOGL, decreasing by $80 million and $68 million respectively.
AI Commentary
<p>Light Street Capital Management's portfolio is heavily concentrated in the technology sector, particularly in semiconductor and software companies. The top holdings include Taiwan Semiconductor Manufacturing (TSM) with a significant 14.4% allocation, followed by NVIDIA Corporation (NVDA) at 8.9%, Broadcom Inc (AVGO) at 8.7%, and Advanced Micro Devices (AMD) at 8.3%. The fund also holds a put option on TSM, indicating a strategic hedge or bearish outlook on this specific stock. Other notable holdings are Chime Financial Inc (CHYM), MKS Inc. (MKSI), JFrog Ltd (FROG), Amazon.com Inc (AMZN), and GitLab Inc (GTLB), each reflecting substantial investments in their respective technology niches.</p> <p>The recent quarter's activity suggests a strategic shift in Light Street Capital Management's investment thesis. New positions in Coupang (CPNG), Samsara Inc (IOT), Bloom Energy (BE), Datadog (DDOG), and Lumentum Holdings (LITE) indicate a bullish stance on e-commerce, IoT, clean energy, cloud monitoring, and optical networking sectors respectively. The closure of positions in Confluent (CFLT), Constellation Energy (CEG), Redditt (RDDT), Netflix (NFLX), and Atlassian Corporation (TEAM) might signal a move away from media, entertainment, and certain technology services. Notably, the fund has significantly increased its stake in MKS Inc. (MKSI) by 524% and Amazon (AMZN) by 80%, reinforcing a strong confidence in industrial technology and e-commerce platforms. Conversely, substantial reductions in Amplitude (AMPL), Google (GOOGL), and Bill.com (BILL) suggest a reevaluation of investments in digital optimization, search engines, and financial automation services.</p>