# Nebula Research & Development LLC

> Institutional holdings reported to the SEC as of Q2 2025 on Form 13F. CIK 1792635. Source: https://holderbook.com/funds/1792635-nebula-research-development-llc/

- Reported value: $1.2B
- Positions: 935
- Weight of the ten largest: 4.4%
- Filed: 2025-08-14

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 |
|---|---|---|---|---|---|
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $5.2M | 26,018 | 0.4% | 4 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $5.2M | 53,518 | 0.4% | 8 |
| WARBY PARKER INC | [WRBY](https://holderbook.com/stocks/WRBY/) | $5.2M | 238,412 | 0.4% | 7 |
| HUBSPOT INC | [HUBS](https://holderbook.com/stocks/HUBS/) | $5.2M | 9,389 | 0.4% | 3 |
| LOGITECH INTL S A | [LOGI](https://holderbook.com/stocks/LOGI/) | $5.2M | 57,972 | 0.4% | 3 |
| CHIPOTLE MEXICAN GRILL INC | [CMG](https://holderbook.com/stocks/CMG/) | $5.2M | 92,980 | 0.4% | 5 |
| WW GRAINGER INC | [GWW](https://holderbook.com/stocks/GWW/) | $5.2M | 5,018 | 0.4% | 2 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $5.2M | 23,766 | 0.4% | 5 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $5.2M | 10,465 | 0.4% | 4 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $5.2M | 52,423 | 0.4% | 2 |
| STRIDE INC | [LRN](https://holderbook.com/stocks/LRN/) | $5.2M | 35,744 | 0.4% | 1 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $5.2M | 32,707 | 0.4% | 6 |
| JEFFERIES FINANCIAL GROUP IN | [JEF](https://holderbook.com/stocks/JEF/) | $5.0M | 92,285 | 0.4% | 2 |
| CAMPING WORLD HLDGS INC | [CWH](https://holderbook.com/stocks/CWH/) | $5.0M | 290,739 | 0.4% | 3 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $5.0M | 43,143 | 0.4% | 3 |
| ARGAN INC | [AGX](https://holderbook.com/stocks/AGX/) | $5.0M | 22,517 | 0.4% | 7 |
| PINTEREST INC | [PINS](https://holderbook.com/stocks/PINS/) | $5.0M | 138,299 | 0.4% | 3 |
| URBAN OUTFITTERS INC | [URBN](https://holderbook.com/stocks/URBN/) | $4.9M | 68,218 | 0.4% | 2 |
| SPROUTS FMRS MKT INC | [SFM](https://holderbook.com/stocks/SFM/) | $4.9M | 29,626 | 0.4% | 7 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $4.8M | 21,311 | 0.4% | 1 |
| NRG ENERGY INC | [NRG](https://holderbook.com/stocks/NRG/) | $4.8M | 30,002 | 0.4% | 1 |
| BIRKENSTOCK HOLDING PLC | [BIRK](https://holderbook.com/stocks/BIRK/) | $4.8M | 97,846 | 0.4% | 3 |
| AMERICAN AIRLINES GROUP INC | [AAL](https://holderbook.com/stocks/AAL/) | $4.8M | 428,752 | 0.4% | 1 |
| MUELLER INDS INC | [MLI](https://holderbook.com/stocks/MLI/) | $4.8M | 60,228 | 0.4% | 5 |
| ROKU INC | [ROKU](https://holderbook.com/stocks/ROKU/) | $4.7M | 53,632 | 0.4% | 2 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $4.7M | 6,329 | 0.4% | 4 |
| ALASKA AIR GROUP INC | [ALK](https://holderbook.com/stocks/ALK/) | $4.7M | 94,346 | 0.4% | 2 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $4.6M | 69,833 | 0.4% | 1 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $4.6M | 15,476 | 0.4% | 4 |
| WYNN RESORTS LTD | [WYNN](https://holderbook.com/stocks/WYNN/) | $4.4M | 47,481 | 0.4% | 6 |
| CHOICE HOTELS INTL INC | [CHH](https://holderbook.com/stocks/CHH/) | $4.4M | 34,952 | 0.4% | 2 |
| SMITH A O CORP | [AOS](https://holderbook.com/stocks/AOS/) | $4.4M | 67,510 | 0.4% | 4 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $4.4M | 15,998 | 0.4% | 3 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $4.3M | 13,123 | 0.4% | 2 |
| SEI INVTS CO | [SEIC](https://holderbook.com/stocks/SEIC/) | $4.3M | 47,985 | 0.4% | 5 |
| LKQ CORP | [LKQ](https://holderbook.com/stocks/LKQ/) | $4.3M | 115,491 | 0.4% | 1 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $4.2M | 34,102 | 0.4% | 5 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $4.2M | 388,399 | 0.4% | 1 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $4.1M | 8,799 | 0.4% | 4 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $4.1M | 23,802 | 0.3% | 1 |
| ROBLOX CORP | [RBLX](https://holderbook.com/stocks/RBLX/) | $4.1M | 38,969 | 0.3% | 5 |
| TEMPUS AI INC | [TEM](https://holderbook.com/stocks/TEM/) | $4.0M | 63,639 | 0.3% | 3 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $4.0M | 11,314 | 0.3% | 4 |
| SERVICETITAN INC | [TTAN](https://holderbook.com/stocks/TTAN/) | $4.0M | 37,266 | 0.3% | 1 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $4.0M | 22,535 | 0.3% | 2 |
| NASDAQ INC | [NDAQ](https://holderbook.com/stocks/NDAQ/) | $4.0M | 44,315 | 0.3% | 2 |
| PLANET FITNESS MASTER ISSUER | [PLNT](https://holderbook.com/stocks/PLNT/) | $3.9M | 36,204 | 0.3% | 2 |
| FEDERATED HERMES INC | [FHI](https://holderbook.com/stocks/FHI/) | $3.9M | 88,828 | 0.3% | 9 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $3.9M | 10,737 | 0.3% | 1 |
| UPSTART HLDGS INC | [UPST](https://holderbook.com/stocks/UPST/) | $3.9M | 60,689 | 0.3% | 4 |
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $3.9M | 2,575 | 0.3% | 2 |
| GRANITE CONSTR INC | [GVA](https://holderbook.com/stocks/GVA/) | $3.9M | 41,685 | 0.3% | 2 |
| MAGNOLIA OIL & GAS CORP | [MGY](https://holderbook.com/stocks/MGY/) | $3.9M | 171,271 | 0.3% | 4 |
| AIRBNB INC | [ABNB](https://holderbook.com/stocks/ABNB/) | $3.8M | 29,068 | 0.3% | 4 |
| RUBRIK INC. | [RBRK](https://holderbook.com/stocks/RBRK/) | $3.8M | 42,453 | 0.3% | 3 |
| INTERDIGITAL INC | [IDCC](https://holderbook.com/stocks/IDCC/) | $3.8M | 16,915 | 0.3% | 4 |
| ONTO INNOVATION INC | [ONTO](https://holderbook.com/stocks/ONTO/) | $3.7M | 36,661 | 0.3% | 5 |
| INSMED INC | [INSM](https://holderbook.com/stocks/INSM/) | $3.7M | 36,661 | 0.3% | 2 |
| CALIX INC | [CALX](https://holderbook.com/stocks/CALX/) | $3.7M | 68,827 | 0.3% | 5 |
| AFFIRM HLDGS INC | [AFRM](https://holderbook.com/stocks/AFRM/) | $3.7M | 52,871 | 0.3% | 1 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $3.6M | 4,633 | 0.3% | 1 |
| CENTENE CORP DEL | [CNC](https://holderbook.com/stocks/CNC/) | $3.6M | 67,204 | 0.3% | 3 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $3.6M | 41,616 | 0.3% | 7 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $3.6M | 13,125 | 0.3% | 4 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $3.6M | 19,742 | 0.3% | 5 |
| OLD REP INTL CORP | [ORI](https://holderbook.com/stocks/ORI/) | $3.5M | 91,375 | 0.3% | 2 |
| KARMAN HLDGS INC | [KRMN](https://holderbook.com/stocks/KRMN/) | $3.5M | 69,317 | 0.3% | 1 |
| REMITLY GLOBAL INC | [RELY](https://holderbook.com/stocks/RELY/) | $3.5M | 185,433 | 0.3% | 2 |
| BALCHEM CORP | [BCPC](https://holderbook.com/stocks/BCPC/) | $3.5M | 21,697 | 0.3% | 5 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $3.4M | 12,861 | 0.3% | 1 |
| ROLLINS INC | [ROL](https://holderbook.com/stocks/ROL/) | $3.4M | 60,259 | 0.3% | 5 |
| GAP INC | [GAP](https://holderbook.com/stocks/GAP/) | $3.3M | 153,007 | 0.3% | 1 |
| LULULEMON ATHLETICA INC | [LULU](https://holderbook.com/stocks/LULU/) | $3.3M | 13,996 | 0.3% | 1 |
| STERIS PLC | [STE](https://holderbook.com/stocks/STE/) | $3.3M | 13,829 | 0.3% | 1 |
| UBS GROUP AG | [UBS](https://holderbook.com/stocks/UBS/) | $3.3M | 98,175 | 0.3% | 4 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $3.3M | 27,877 | 0.3% | 2 |
| DUTCH BROS INC | [BROS](https://holderbook.com/stocks/BROS/) | $3.2M | 47,509 | 0.3% | 4 |
| CRANE COMPANY | [CR](https://holderbook.com/stocks/CR/) | $3.2M | 16,912 | 0.3% | 3 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $3.2M | 5,680 | 0.3% | 5 |
| FIRSTCASH HOLDINGS INC | [FCFS](https://holderbook.com/stocks/FCFS/) | $3.2M | 23,475 | 0.3% | 3 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $3.2M | 45,813 | 0.3% | 4 |
| KOHLS CORP | [KSS](https://holderbook.com/stocks/KSS/) | $3.1M | 371,141 | 0.3% | 2 |
| STATE STR CORP | [STT](https://holderbook.com/stocks/STT/) | $3.1M | 29,546 | 0.3% | 4 |
| FIVE BELOW INC | [FIVE](https://holderbook.com/stocks/FIVE/) | $3.1M | 23,647 | 0.3% | 3 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $3.1M | 20,293 | 0.3% | 2 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $3.0M | 28,269 | 0.3% | 1 |
| VORNADO RLTY TR | [VNO](https://holderbook.com/stocks/VNO/) | $3.0M | 79,499 | 0.3% | 2 |
| EQUITY RESIDENTIAL | [EQR](https://holderbook.com/stocks/EQR/) | $3.0M | 44,982 | 0.3% | 5 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $3.0M | 5,248 | 0.3% | 5 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $3.0M | 9,198 | 0.3% | 1 |
| WHIRLPOOL CORP | [WHR](https://holderbook.com/stocks/WHR/) | $3.0M | 29,671 | 0.3% | 1 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $3.0M | 5,517 | 0.3% | 3 |
| DOUGLAS EMMETT INC | [DEI](https://holderbook.com/stocks/DEI/) | $3.0M | 199,291 | 0.3% | 2 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $3.0M | 6,466 | 0.3% | 3 |
| ATI INC | [ATI](https://holderbook.com/stocks/ATI/) | $3.0M | 34,259 | 0.3% | 2 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $2.9M | 21,461 | 0.2% | 2 |
| WATTS WATER TECHNOLOGIES INC | [WTS](https://holderbook.com/stocks/WTS/) | $2.9M | 11,717 | 0.2% | 2 |
| GENERAL MTRS CO | [GM](https://holderbook.com/stocks/GM/) | $2.9M | 58,526 | 0.2% | 6 |
| TFI INTERNATIONAL INC | [TFII](https://holderbook.com/stocks/TFII/) | $2.9M | 32,056 | 0.2% | 2 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $2.9M | 54,597 | 0.2% | 2 |

## 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 2025 | +8.7% | +10.5% | -1.8% | 100% |
| Q1 2025 | -4.9% | -4.6% | -0.4% | 100% |
| Q4 2024 | +0.1% | +2.1% | -2.0% | 100% |
| Q3 2024 | +7.6% | +5.4% | +2.2% | 100% |
| Q2 2024 | -2.9% | +4.0% | -7.0% | 100% |
| Q1 2024 | +6.6% | +10.0% | -3.4% | 100% |
| Q4 2023 | +13.3% | +11.2% | +2.1% | 100% |
| Q3 2023 | -7.6% | -3.6% | -4.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2025 | $1.2B | 935 |
| Q1 2025 | $1.1B | 925 |
| Q4 2024 | $852.0M | 870 |
| Q3 2024 | $836.1M | 901 |
| Q2 2024 | $617.6M | 779 |
| Q1 2024 | $464.3M | 703 |
| Q4 2023 | $331.7M | 619 |
| Q3 2023 | $189.7M | 473 |
| Q2 2023 | $132.0M | 324 |
| Q1 2023 | $56.6M | 220 |