# 12 West Capital Management LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1540531. Source: https://holderbook.com/funds/1540531-12-west-capital-management-lp/

- Reported value: $534.7M
- Positions: 18
- Weight of the ten largest: 85.7%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| GDS HLDGS LTD | [GDS](https://holderbook.com/stocks/GDS/) | $77.0M | 2,563,192 | 14.4% | 31 |
| BBB FOODS INC | [TBBB](https://holderbook.com/stocks/TBBB/) | $71.6M | 1,717,770 | 13.4% | 7 |
| ROBLOX CORP | [RBLX](https://holderbook.com/stocks/RBLX/) | $51.7M | 950,000 | 9.7% | 22 |
| SHAKE SHACK INC | [SHAK](https://holderbook.com/stocks/SHAK/) | $48.4M | 863,411 | 9.0% | 31 |
| MARAVAI LIFESCIENCES HLDGS I | [MRVI](https://holderbook.com/stocks/MRVI/) | $44.1M | 7,060,195 | 8.2% | 14 |
| REPLIGEN CORP | [RGEN](https://holderbook.com/stocks/RGEN/) | $38.2M | 280,165 | 7.1% | 29 |
| AFFIRM HLDGS INC | [AFRM](https://holderbook.com/stocks/AFRM/) | $37.5M | 460,000 | 7.0% | 6 |
| TOAST INC | [TOST](https://holderbook.com/stocks/TOST/) | $34.7M | 1,247,840 | 6.5% | 19 |
| ACM RESH INC | [ACMR](https://holderbook.com/stocks/ACMR/) | $28.6M | 225,000 | 5.3% | 2 |
| HEARTFLOW INC | [HTFL](https://holderbook.com/stocks/HTFL/) | $26.5M | 902,500 | 5.0% | 2 |
| CLOUDFLARE INC | [NET](https://holderbook.com/stocks/NET/) | $25.8M | 105,000 | 4.8% | 25 |
| HAWAIIAN ELEC INDS INC MTN B | [HE](https://holderbook.com/stocks/HE/) | $15.2M | 1,125,000 | 2.8% | 3 |
| KURA SUSHI USA INC | [KRUS](https://holderbook.com/stocks/KRUS/) | $10.1M | 175,000 | 1.9% | 14 |
| ONCE UPON A FARM PBC | [OFRM](https://holderbook.com/stocks/OFRM/) | $7.5M | 365,000 | 1.4% | 2 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $5.9M | 52,000 | 1.1% | 2 |
| ENPHASE ENERGY INC | [ENPH](https://holderbook.com/stocks/ENPH/) | $4.9M | 100,000 | 0.9% | 1 |
| ON SEMICONDUCTOR CORP | [ON](https://holderbook.com/stocks/ON/) | $4.7M | 50,000 | 0.9% | 1 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $2.5M | 185,000 | 0.5% | 6 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +1.7% | +14.8% | -13.1% | 100% |
| Q1 2026 | -7.0% | -4.6% | -2.3% | 100% |
| Q4 2025 | -6.8% | +2.4% | -9.1% | 100% |
| Q3 2025 | -3.3% | +7.8% | -11.1% | 100% |
| Q2 2025 | +37.9% | +10.5% | +27.4% | 100% |
| Q1 2025 | -17.5% | -4.6% | -13.0% | 100% |
| Q4 2024 | +14.2% | +2.1% | +12.1% | 100% |
| Q3 2024 | +13.8% | +5.4% | +8.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $534.7M | 18 |
| Q1 2026 | $592.4M | 20 |
| Q4 2025 | $839.7M | 18 |
| Q3 2025 | $964.1M | 17 |
| Q2 2025 | $945.5M | 17 |
| Q1 2025 | $677.6M | 17 |
| Q4 2024 | $954.6M | 16 |
| Q3 2024 | $977.4M | 17 |
| Q2 2024 | $972.7M | 19 |
| Q1 2024 | $1.1B | 24 |
| Q4 2023 | $1.1B | 20 |
| Q3 2023 | $1.1B | 24 |