LIGHT STREET CAPITAL MANAGEMENT, LLC

Hedge Fund • Long/Short

LIGHT STREET CAPITAL MANAGEMENT, LLC is a Long/Short Hedge Fund based in Palo Alto, CA led by Glen Thomas Kacher, reporting $1.1B in AUM as of Q3 2025 with 76% Technology concentration, 69% concentrated in top 10 holdings, and 76% technology allocation.

FounderGlen Thomas Kacher

Portfolio Value: $594.5M
Positions: 27
Top Holding: TSM at 13.58%
Last Reported: Q3 2025

Address505 Hamilton Avenue, Suite 110, Palo Alto, CA, 94301, United States

Top Holdings

Largest long holdings in LIGHT STREET CAPITAL MANAGEMENT, LLC's portfolio (69.3% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Taiwan Semiconductor Manufacturing Company TSM	Semiconductors Technology	$80.7M	13.58%	-$19.5M Sold	— 289.1K shares	Q1 2023 Held for 2y 8m
2 Nvidia NVDA	Semiconductors Technology	$51.6M	8.68%	-$14.2M Sold	0.00% 276.7K shares	Q4 2022 Held for 2y 11m
3 BILL Holdings BILL	Software - Application Technology	$51.0M	8.58%	+$17.1M Bought	0.95% 962.5K shares	Q4 2023 Held for 1y 11m
4 Advanced Micro Devices AMD	Semiconductors Technology	$40.6M	6.83%	-$6.7M Sold	0.02% 251.1K shares	Q4 2022 Held for 2y 11m
5 GitLab GTLB	Software - Application Technology	$38.3M	6.45%	+$16.9M Bought	0.51% 850.0K shares	Q3 2024 Held for 1y 2m
6 Broadcom Inc. AVGO	Semiconductors Technology	$32.8M	5.51%	-$7.6M Sold	0.00% 99.3K shares	Q3 2023 Held for 2y 2m
7 Chime Financial, Inc. Class A Common Stock CHYM	Unknown Unknown	$30.1M	5.06%	+$16.1M Bought	0.40% 1.5M shares	Q2 2025 Held for 5 months
8 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$29.8M	5.01%	+$29.8M Bought	0.00% 122.5K shares	Q3 2025 Held for 2 months
9 Datadog, Inc. DDOG	Software - Application Technology	$29.5M	4.96%	+$29.5M Bought	0.06% 207.0K shares	Q3 2025 Held for 2 months
10 JFrog Ltd. FROG	Software - Application Technology	$27.4M	4.61%	-$1.4M Sold	0.50% 579.3K shares	Q1 2023 Held for 2y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in LIGHT STREET CAPITAL MANAGEMENT, LLC's latest filing

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Market Value

$594.5M

Prior: $489.5M

Q/Q Change

+21.44%

+$104.9M

Net Flows % of MV

-12.15%

Turnover Ratio

34.75%

New Purchases

3 stocks

$28.1M

Added To

8 stocks

+$78.4M

Sold Out Of

7 stocks

$89.4M

Reduced Holdings

11 stocks

-$89.4M

Increased Positions

Position	Shares Δ	Change
1 BABA Alibaba Group Holding Limited BABA	New	0 → 105.0K +$18.8M
2 AppFolio APPF	New	0 → 20.0K +$5.5M
3 monday.com MNDY	New	0 → 19.8K +$3.8M
4 Constellation Energy CEG	+1,021.7%	4.3K → 48.0K +$14.4M
5 ASML ASML ASML	+235.42%	5.5K → 18.5K +$12.6M

Decreased Positions

Position	Shares Δ	Change
1 Celestica CLS	Sold	169.3K → 0 −$26.4M
2 Meta Platforms, Inc. META	Sold	26.9K → 0 −$19.9M
3 Netflix NFLX	Sold	11.5K → 0 −$15.5M
4 BlackLine BL	Sold	257.5K → 0 −$14.6M
5 Mercado Libre MELI	Sold	3.0K → 0 −$8.0M