12 West Capital Management LP 13F: Quarter-over-Quarter Portfolio Changes
12 West Capital Management LP reported a disclosed portfolio value of approximately $592.4 million in its latest SEC Form 13F-HR filing for Q1 2026, down 29.5% quarter on quarter. Over the quarter, the fund initiated 8 new positions, bought more shares in 1 holding, trimmed 10 holdings, and exited 6 positions.
12 West Capital Management LP's top buy was a new stake in Warby Parker INC (WRBY) , equal to 4.6% of the disclosed portfolio. Its top sell was Klaviyo INC (KVYO) . The fund exited the position completely after it had accounted for 7.1% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| WARBY PARKER INC | WRBY | 4.6% | History → |
| HEARTFLOW INC | HTFL | 2.6% | Holders → |
| SHOPIFY INC | SHOP | 1.0% | Holders → |
| ONCE UPON A FARM PBC | OFRM | 1.0% | Holders → |
| E L F BEAUTY INC | ELF | 0.7% | Holders → |
| AEHR TEST SYS | AEHR | 0.1% | Holders → |
| COREWEAVE INC | CRWV | 0.1% | Holders → |
| ACM RESH INC | ACMR | 0.0% | Holders → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| AFFIRM HLDGS INC | AFRM | +1.0% | +52.9% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| GDS HLDGS LTD | GDS | -0.3% | 39.9% | History → |
| SHAKE SHACK INC | SHAK | -0.4% | 36.7% | History → |
| CLOUDFLARE INC | NET | -0.2% | 36.4% | Holders → |
| TOAST INC | TOST | -2.2% | 32.5% | History → |
| REPLIGEN CORP | RGEN | -0.9% | 20.7% | History → |
| MARAVAI LIFESCIENCES HLDGS I | MRVI | 0.0% | 18.6% | Holders → |
| KURA SUSHI USA INC | KRUS | 1.9% | 17.5% | History → |
| ROBLOX CORP | RBLX | -1.1% | 9.5% | History → |
| BBB FOODS INC | TBBB | 4.3% | 3.2% | History → |
| HAWAIIAN ELEC INDS INC MTN B | HE | 1.8% | 2.7% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| KLAVIYO INC | KVYO | 7.1% |
| WINGSTOP INC | WING | 2.2% |
| BETA BIONICS INC | BBNX | 2.1% |
| FIRST WATCH RESTAURANT GROUP | FWRG | 1.9% |
| COUPANG INC | CPNG | 0.7% |
| OSCAR HEALTH INC | OSCR | 0.2% |
Net Portfolio Value ChangeQ1 2026
- $0.8BPrior quarter
- $0.6BCurrent quarter
- $-0.2BNet delta
- -29.5%% change
Methodology & FAQ
How 12 West Capital Management LP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for 12 West Capital Management LP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did 12 West Capital Management LP buy in Q1 2026?
In Q1 2026, 12 West Capital Management LP initiated 8 new positions (WARBY PARKER INC (WRBY), HEARTFLOW INC (HTFL), SHOPIFY INC (SHOP), ONCE UPON A FARM PBC (OFRM), E L F BEAUTY INC (ELF), AEHR TEST SYS (AEHR), COREWEAVE INC (CRWV), ACM RESH INC (ACMR)); bought more shares of AFFIRM HLDGS INC (AFRM).
What stocks did 12 West Capital Management LP sell in Q1 2026?
In Q1 2026, 12 West Capital Management LP fully sold 6 positions (KLAVIYO INC (KVYO), WINGSTOP INC (WING), BETA BIONICS INC (BBNX), FIRST WATCH RESTAURANT GROUP (FWRG), COUPANG INC (CPNG), OSCAR HEALTH INC (OSCR)); reduced holdings in GDS HLDGS LTD (GDS), SHAKE SHACK INC (SHAK), CLOUDFLARE INC (NET), TOAST INC (TOST), REPLIGEN CORP (RGEN) — the largest 5 of 10 reductions.
Which positions did 12 West Capital Management LP initiate in Q1 2026?
12 West Capital Management LP established 8 new positions in Q1 2026: WARBY PARKER INC (WRBY, 4.6%), HEARTFLOW INC (HTFL, 2.6%), SHOPIFY INC (SHOP, 1.0%), ONCE UPON A FARM PBC (OFRM, 1.0%), E L F BEAUTY INC (ELF, 0.7%), AEHR TEST SYS (AEHR, 0.1%), COREWEAVE INC (CRWV, 0.1%), ACM RESH INC (ACMR, 0.0%).
Which existing positions saw the largest allocation increases for 12 West Capital Management LP in Q1 2026?
Of 1 existing position with share-count increases in Q1 2026, the largest were: AFFIRM HLDGS INC (AFRM, +1.0% weight, +52.9% shares).
Which positions did 12 West Capital Management LP fully exit in Q1 2026?
12 West Capital Management LP fully exited 6 positions in Q1 2026: KLAVIYO INC (KVYO, last-reported weight 7.1%), WINGSTOP INC (WING, last-reported weight 2.2%), BETA BIONICS INC (BBNX, last-reported weight 2.1%), FIRST WATCH RESTAURANT GROUP (FWRG, last-reported weight 1.9%), COUPANG INC (CPNG, last-reported weight 0.7%), OSCAR HEALTH INC (OSCR, last-reported weight 0.2%).
Which existing positions saw the largest allocation reductions for 12 West Capital Management LP in Q1 2026?
Of 10 existing positions with share-count reductions in Q1 2026, the largest were: GDS HLDGS LTD (GDS, -0.3% weight, -39.9% shares), SHAKE SHACK INC (SHAK, -0.4% weight, -36.7% shares), CLOUDFLARE INC (NET, -0.2% weight, -36.4% shares), TOAST INC (TOST, -2.2% weight, -32.5% shares), REPLIGEN CORP (RGEN, -0.9% weight, -20.7% shares), MARAVAI LIFESCIENCES HLDGS I (MRVI, 0.0% weight, -18.6% shares), KURA SUSHI USA INC (KRUS, 1.9% weight, -17.5% shares), ROBLOX CORP (RBLX, -1.1% weight, -9.5% shares), BBB FOODS INC (TBBB, 4.3% weight, -3.2% shares), HAWAIIAN ELEC INDS INC MTN B (HE, 1.8% weight, -2.7% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.