FORMULA GROWTH LTD

MONTREAL, A8 · CIK 1093219 · 13F filing filed 2026-08-17

SEC-registered investment adviser since 2017 · corporation

Assets managed$343.5m
Staff15 · 7 in investment roles
Main clients (by assets)Private funds 100%
Private funds7 (6 hedge) · $343.5m gross assets
Websiteformulagrowth.ca
Form ADV · 2026-04-10SEC adviser record

Legal entityFORMULA GROWTH LIMITED (CA)

Kindhedge funds
Others nearbyMontréal, New York, NY

As an employer

Offices in2 countries
Private fundshedge 6, other private 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Montreal (main office)Canada	Canada	about 5
New York, NYUnited States	United States	2

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$284.3m reported value +28.3% vs Q1 2026

145positions

22.8%in top 10

32 new 28 added 43 reduced 24 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MICRON TECHNOLOGY INC COM MU	MU	12,000	$13.9m4.87%	4.87%	Reduced -9.0k	-9,000 -42.9%
2	LATHAM GROUP INC COM SWIM	SWIM	1,375,082	$8.9m3.13%	3.13%	Added +120.0k	+120,000 9.6%
3	STRATASYS LTD SHS SSYS	SSYS	860,000	$7.4m2.59%	2.59%	Added +60.0k	+60,000 7.5%
4	COMPASS INC CL A COMP	COMP	487,300	$6.0m2.11%	2.11%	Reduced -80.0k	-80,000 -14.1%
5	ALIGNMENT HEALTHCARE INC COM ALHC	ALHC	221,347	$5.3m1.85%	1.85%	Reduced -17.9k	-17,861 -7.5%
6	CECO ENVIRONMENTAL CORP COM CECO	CECO	55,159	$5.0m1.76%	1.76%	Reduced -7.2k	-7,185 -11.5%
7	JAMES HARDIE INDS PLC ORD SHS JHX	JHX	189,765	$5.0m1.75%	1.75%	Reduced -47.1k	-47,075 -19.9%
8	XPO INC COM XPO	XPO	23,000	$4.7m1.66%	1.66%	Unchanged
9	KLAVIYO INC COM SER A KVYO	KVYO	300,000	$4.5m1.59%	1.59%	Added +150.0k	+150,000 100.0%
10	ORION GROUP HLDGS INC COM ORN	ORN	256,633	$4.3m1.52%	1.52%	Reduced -41.1k	-41,063 -13.8%
11	CALIX INC COM CALX	CALX	115,000	$4.3m1.51%	1.51%	Added +77.0k	+77,000 202.6%
12	EQUIPMENTSHARE COM INC COM CL A EQPT	EQPT	214,523	$4.2m1.48%	1.48%	Added +77.6k	+77,573 56.6%
13	FOX FACTORY HLDG CORP COM FOXF	FOXF	242,442	$4.1m1.44%	1.44%	Reduced -36.8k	-36,764 -13.2%
14	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	62,388	$4.0m1.42%	1.42%	Unchanged
15	UNITY SOFTWARE INC COM U	U	140,000	$4.0m1.41%	1.41%	Added +10.0k	+10,000 7.7%
16	RANPAK HOLDINGS CORP COM CL A PACK	PACK	522,055	$3.8m1.34%	1.34%	Reduced -172.5k	-172,472 -24.8%
17	PALO ALTO NETWORKS INC COM PANW	PANW	10,946	$3.7m1.31%	1.31%	Unchanged
18	MODINE MFG CO COM MOD	MOD	13,540	$3.6m1.27%	1.27%	Reduced -1.2k	-1,160 -7.9%
19	BRIGHTSPRING HEALTH SVCS INC COM BTSG	BTSG	50,344	$3.5m1.23%	1.23%	Reduced -19.3k	-19,334 -27.8%
20	ICON PLC SHS ICLR	ICLR	18,692	$3.2m1.14%	1.14%	Added +11.7k	+11,692 167.0%
21	RB GLOBAL INC COM RBA	RBA	27,604	$3.2m1.13%	1.13%	Reduced -104	-104 -0.4%
22	LINDBLAD EXPEDITIONS HLDGS I COM LIND	LIND	111,491	$3.1m1.11%	1.11%	Added +55.9k	+55,900 100.6%
23	ADTALEM GLOBAL ED INC COM CVSA	CVSA	25,196	$3.1m1.10%	1.10%	Reduced -108	-108 -0.4%
24	UNDER ARMOUR INC CL C UA	UA	500,000	$3.1m1.09%	1.09%	Added +100.0k	+100,000 25.0%
25	HEALTHEQUITY INC COM HQY	HQY	34,417	$3.1m1.09%	1.09%	Reduced -135	-135 -0.4%
26	SONIC AUTOMOTIVE INC CL A SAH	SAH	35,800	$3.0m1.07%	1.07%	Unchanged
27	CS DISCO INC COM LAW	LAW	800,000	$3.0m1.06%	1.06%	Unchanged
28	FABRINET SHS FN	FN	5,370	$3.0m1.06%	1.06%	Reduced -1.0k	-1,030 -16.1%
29	AAR CORP COM AIR	AIR	20,890	$3.0m1.05%	1.05%	Reduced -84	-84 -0.4%
30	AXOS FINANCIAL INC COM AX	AX	30,624	$3.0m1.05%	1.05%	Unchanged
31	GUARDANT HEALTH INC COM GH	GH	19,300	$2.9m1.02%	1.02%	New
32	UNITED THERAPEUTICS CORP DEL COM UTHR	UTHR	5,334	$2.9m1.02%	1.02%	Reduced -22	-22 -0.4%
33	LULULEMON ATHLETICA INC COM LULU	LULU	25,000	$2.9m1.00%	1.00%	Added +5.0k	+5,000 25.0%
34	MAYVILLE ENGR CO INC COM MEC	MEC	75,000	$2.8m0.99%	0.99%	Reduced -25.0k	-25,000 -25.0%
35	LANTHEUS HLDGS INC COM LNTH	LNTH	25,131	$2.8m0.98%	0.98%	Added +9.1k	+9,131 57.1%
36	BILL HOLDINGS INC COM BILL	BILL	75,000	$2.7m0.95%	0.95%	Unchanged
37	NOKIA CORP SPONSORED ADR NOK	NOK	200,000	$2.7m0.93%	0.93%	Reduced -275.0k	-275,000 -57.9%
38	EVOLENT HEALTH INC CL A EVH	EVH	485,000	$2.6m0.92%	0.92%	Added +270.0k	+270,000 125.6%
39	COPA HOLDINGS SA CL A CPA	CPA	15,500	$2.4m0.85%	0.85%	Unchanged
40	INSPERITY INC COM NSP	NSP	56,700	$2.3m0.82%	0.82%	Reduced -10.0k	-10,000 -15.0%
41	RH COM RH	RH	14,000	$2.3m0.81%	0.81%	Added +1.0k	+1,000 7.7%
42	AGILYSYS INC COM AGYS	AGYS	22,000	$2.3m0.81%	0.81%	Added +10.0k	+10,000 83.3%
43	CAREDX INC COM CDNA	CDNA	78,026	$2.2m0.78%	0.78%	Reduced -452	-452 -0.6%
44	FIRSTCASH HOLDINGS INC COM FCFS	FCFS	10,000	$2.2m0.76%	0.76%	Unchanged
45	SS&C TECHNOLOGIES HLDGS INC COM SSNC	SSNC	34,725	$2.2m0.76%	0.76%	Unchanged
46	TUTOR PERINI CORP COM TPC	TPC	24,586	$2.0m0.72%	0.72%	Reduced -4.4k	-4,376 -15.1%
47	HUNT J B TRANS SVCS INC COM JBHT	JBHT	7,000	$2.0m0.71%	0.71%	Unchanged
48	MONGODB INC CL A MDB	MDB	6,000	$2.0m0.71%	0.71%	Reduced -3.0k	-3,000 -33.3%
49	HCA HEALTHCARE INC COM HCA	HCA	5,000	$1.9m0.69%	0.69%	Unchanged
50	GLOBAL PMTS INC COM GPN	GPN	26,759	$1.9m0.68%	0.68%	Added +14.0k	+14,000 109.7%
51	LAUREATE EDUCATION INC COMMON STOCK LAUR	LAUR	52,977	$1.9m0.68%	0.68%	Reduced -200	-200 -0.4%
52	BUILD-A-BEAR WORKSHOP INC COM BBW	BBW	62,642	$1.9m0.67%	0.67%	Added +27.5k	+27,500 78.2%
53	UBER TECHNOLOGIES INC COM UBER	UBER	26,500	$1.9m0.67%	0.67%	Unchanged
54	ARLO TECHNOLOGIES INC COM ARLO	ARLO	140,000	$1.9m0.66%	0.66%	Unchanged
55	TWILIO INC CL A TWLO	TWLO	9,000	$1.9m0.65%	0.65%	Reduced -1.7k	-1,688 -15.8%
56	NEXTRACKER INC CLASS A COM NXT	NXT	15,481	$1.8m0.65%	0.65%	Reduced -3.1k	-3,122 -16.8%
57	INSULET CORP COM PODD	PODD	11,991	$1.8m0.64%	0.64%	Reduced -38	-38 -0.3%
58	GXO LOGISTICS INCORPORATED COMMON STOCK GXO	GXO	34,000	$1.7m0.61%	0.61%	Unchanged
59	AIRBNB INC COM CL A ABNB	ABNB	12,000	$1.7m0.60%	0.60%	Added +2.0k	+2,000 20.0%
60	VERADERMICS INC COMMON STOCK MANE	MANE	13,923	$1.7m0.60%	0.60%	Reduced -77	-77 -0.6%
61	ULTRA CLEAN HLDGS INC COM UCTT	UCTT	11,900	$1.7m0.60%	0.60%	New
62	FORGENT POWER SOLUTIONS INC COM SHS CL A FPS	FPS	30,335	$1.7m0.60%	0.60%	Reduced -52.5k	-52,517 -63.4%
63	GENIUS SPORTS LIMITED SHARES CL A GENI	GENI	275,187	$1.7m0.59%	0.59%	Reduced -1.2k	-1,168 -0.4%
64	CASELLA WASTE SYS INC CL A CWST	CWST	17,053	$1.7m0.58%	0.58%	Unchanged
65	EVERUS CONSTR GROUP COM ECG	ECG	9,951	$1.7m0.58%	0.58%	New
66	TURTLE BEACH CORP COM NEW TBCH	TBCH	131,426	$1.6m0.58%	0.58%	Added +76.4k	+76,351 138.6%
67	APOLLO GLOBAL MGMT INC COM APO	APO	13,800	$1.6m0.57%	0.57%	Added +5.3k	+5,300 62.4%
68	THE ONCOLOGY INSTITUTE INC COM STLN	STLN	300,000	$1.6m0.57%	0.57%	New
69	KIRBY CORP COM KEX	KEX	11,745	$1.6m0.56%	0.56%	Unchanged
70	PROFOUND MED CORP COM NEW PROF	PROF	240,088	$1.6m0.56%	0.56%	Reduced -1.1k	-1,050 -0.4%
71	VERACYTE INC COM VCYT	VCYT	27,000	$1.6m0.56%	0.56%	Unchanged
72	LIBERTY GLOBAL LTD COM CL C LBTYK	LBTYK	142,702	$1.6m0.55%	0.55%	Unchanged
73	EXPENSIFY INC COM CL A EXFY	EXFY	875,000	$1.6m0.55%	0.55%	Reduced -15.0k	-15,000 -1.7%
74	LIFESTANCE HEALTH GROUP INC COM LFST	LFST	145,000	$1.6m0.55%	0.55%	New
75	TAT TECHNOLOGIES LTD ORD NEW TATT	TATT	30,801	$1.5m0.52%	0.52%	Unchanged
76	HOME BANCSHARES INC COM HOMB	HOMB	51,912	$1.5m0.52%	0.52%	Unchanged
77	LUMENTUM HLDGS INC COM LITE	LITE	1,700	$1.5m0.51%	0.51%	New
78	FIRST SOLAR INC COM FSLR	FSLR	6,072	$1.4m0.50%	0.50%	Reduced -22	-22 -0.4%
79	GRID DYNAMICS HLDGS INC CL A GDYN	GDYN	251,896	$1.4m0.50%	0.50%	Reduced -1.0k	-1,045 -0.4%
80	ATLASSIAN CORPORATION CL A TEAM	TEAM	18,000	$1.4m0.49%	0.49%	Unchanged
81	SERVICENOW INC COM NOW	NOW	14,000	$1.4m0.49%	0.49%	New
82	IMPINJ INC COM PI	PI	9,500	$1.4m0.48%	0.48%	New
83	SILICON MOTION TECHNOLOGY CO SPONSORED ADR SIMO	SIMO	3,800	$1.3m0.45%	0.45%	New
84	PLANET FITNESS INC CL A PLNT	PLNT	24,000	$1.3m0.44%	0.44%	New
85	AEVEX CORP COM CL A AVEX	AVEX	59,000	$1.2m0.43%	0.43%	New
86	EXPEDIA GROUP INC COM NEW EXPE	EXPE	4,760	$1.2m0.43%	0.43%	Added +1.7k	+1,700 55.6%
87	PAGERDUTY INC COM PD	PD	125,000	$1.2m0.42%	0.42%	Added +25.0k	+25,000 25.0%
88	TRULIEVE CANNABIS CORP SUB VTG SHS SUB VTG SHS		120,000	$1.2m0.41%	0.41%	New
89	AUDIOEYE INC COM NEW AEYE	AEYE	200,000	$1.2m0.41%	0.41%	Unchanged
90	TELESAT CORP CL A & CL B SHS TSAT	TSAT	22,873	$1.2m0.41%	0.41%	New
91	WEX INC COM WEX	WEX	8,200	$1.2m0.41%	0.41%	Unchanged
92	CIMPRESS PLC SHS EURO CMPR	CMPR	11,300	$1.1m0.40%	0.40%	Unchanged
93	VERICEL CORP COM VCEL	VCEL	25,824	$1.1m0.40%	0.40%	Unchanged
94	VICTORY CAP HLDGS INC COM CL A VCTR	VCTR	13,426	$1.1m0.40%	0.40%	Unchanged
95	TETRA TECH INC NEW COM TTEK	TTEK	39,050	$1.1m0.40%	0.40%	Unchanged
96	KOPIN CORP COM KOPN	KOPN	250,000	$1.1m0.39%	0.39%	New
97	LKQ CORP COM LKQ	LKQ	42,300	$1.1m0.39%	0.39%	Unchanged
98	POSTAL REALTY TRUST INC CL A PSTL	PSTL	45,000	$1.1m0.39%	0.39%	Added +29.0k	+29,000 181.2%
99	SANDISK CORP COM SNDK	SNDK	480	$1.1m0.38%	0.38%	New
100	TANDEM DIABETES CARE INC COM NEW TNDM	TNDM	70,304	$1.1m0.37%	0.37%	Reduced -524	-524 -0.7%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
NAVAN INC NAVN	NAVN	140,000	$1.9m140.0k shares
ARCBEST CORP ARCB	ARCB	18,838	$1.9m18.8k shares
INSMED INC INSM	INSM	9,000	$1.5m9.0k shares
WORKDAY INC WDAY	WDAY	10,000	$1.3m10.0k shares
ORLA MNG LTD NEW OLA	OLA	74,000	$1.2m74.0k shares
CASTLE BIOSCIENCES INC CSTL	CSTL	46,000	$1.1m46.0k shares
CONSTRUCTION PARTNERS INC ROAD	ROAD	10,000	$1.1m10.0k shares
ON HLDG AG ONON	ONON	30,000	$1.0m30.0k shares
NATIONAL VISION HLDGS INC EYE	EYE	31,300	$810.7k31.3k shares
HUBSPOT INC HUBS	HUBS	3,000	$732.3k3.0k shares
HYCROFT MINING HOLDING CORP HYMC	HYMC	20,000	$704.0k20.0k shares
THOMSON REUTERS CORP		7,300	$656.9k7.3k shares
TARGET CORP TGT	TGT	5,300	$642.4k5.3k shares
OKTA INC OKTA	OKTA	8,000	$629.7k8.0k shares
GLOBANT S A GLOB	GLOB	12,900	$594.8k12.9k shares
ENERGY SVCS ACQUISITION CORP ESOA	ESOA	42,689	$560.5k42.7k shares
HOLLEY INC HLLY	HLLY	138,520	$425.3k138.5k shares
VITAL FARMS INC VITL	VITL	28,000	$395.4k28.0k shares
VAIL RESORTS INC MTN	MTN	3,000	$385.0k3.0k shares
INTERNATIONAL MNY EXPRESS IN IMXI	IMXI	22,058	$348.5k22.1k shares
SAVERS VALUE VLG INC SVV	SVV	45,257	$336.7k45.3k shares
BANC OF CALIFORNIA INC BANC	BANC	17,000	$298.9k17.0k shares
TRISALUS LIFE SCIENCES INC TLSI	TLSI	50,000	$200.0k50.0k shares
MDA SPACE LTD MDA	MDA	5,000	$126.6k5.0k shares