Whetstone Capital Advisors, LLC

Hedge Fund • Long/Short

Whetstone Capital Advisors, LLC is a Long/Short Hedge Fund based in Richmond, VA led by David Alan Atterbury, managing $361.1M across 56 long positions as of Q3 2025 with 57% Technology concentration, 74% concentrated in top 10 holdings, 18% allocation to NET, and 57% technology allocation.

PresidentDavid Alan Atterbury

Portfolio Value: $361.1M
Positions: 56
Top Holding: NET at 18.49%
Last Reported: Q3 2025

Address4120 W. Broad Street, Richmond, VA, 23230, United States

Top Holdings

Largest long holdings in Whetstone Capital Advisors, LLC's portfolio (74.2% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Cloudflare, Inc. NET	Software - Infrastructure Technology	$66.8M	18.49%	-$965.7K Sold	0.09% 311.2K shares	Q3 2019 Held for 6y 2m
2 Dave, Inc. DAVE	Software - Application Technology	$55.2M	15.28%	—	2.05% 276.7K shares	Q1 2023 Held for 2y 8m
3 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$31.8M	8.79%	—	0.00% 130.4K shares	Q2 2014 Held for 11y 5m
4 OptimizeRx OPRX	Medical - Healthcare Information Services Healthcare	$30.9M	8.56%	—	8.12% 1.5M shares	Q4 2024 Held for 11 months
5 Amazon AMZN	Specialty Retail Consumer Cyclical	$20.5M	5.67%	—	0.00% 93.2K shares	Q4 2017 Held for 7y 11m
6 monday.com MNDY	Software - Application Technology	$15.3M	4.25%	—	0.15% 79.2K shares	Q4 2021 Held for 3y 11m
7 Backblaze, Inc. BLZE	Software - Infrastructure Technology	$13.6M	3.75%	+$2.5M Bought	2.59% 1.5M shares	Q4 2021 Held for 3y 11m
8 Toast TOST	Software - Infrastructure Technology	$12.2M	3.39%	—	0.06% 335.0K shares	Q3 2023 Held for 2y 2m
9 Sera Prognostics SERA	Medical - Diagnostics & Research Healthcare	$11.1M	3.08%	—	9.54% 3.6M shares	Q2 2025 Held for 5 months
10 Health Catalyst HCAT	Medical - Healthcare Information Services Healthcare	$10.6M	2.94%	—	5.30% 3.7M shares	Q1 2025 Held for 8 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Whetstone Capital Advisors, LLC's latest filing

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Market Value

$361.1M

Prior: $354.0M

Q/Q Change

+2.02%

+$7.1M

Net Flows % of MV

-0.28%

Turnover Ratio

9.2%

New Purchases

26 stocks

$24.2M

Added To

8 stocks

+$10.0M

Sold Out Of

7 stocks

$17.8M

Reduced Holdings

4 stocks

-$17.4M

Increased Positions

Position	Shares Δ	Change
1 PROG Holdings PRG	New	0 → 267.6K +$8.7M
2 Vertex, Inc. VERX	New	0 → 113.5K +$2.8M
3 LifeMD, Inc. LFMD	New	0 → 370.8K +$2.5M
4 OneStream, Inc. OS	New	0 → 112.3K +$2.1M
5 Sezzle SEZL	New	0 → 21.7K +$1.7M

Decreased Positions

Position	Shares Δ	Change
1 Freshworks, Inc. FRSH	Sold	492.2K → 0 −$7.3M
2 Zeta Global Holdings ZETA	Sold	416.9K → 0 −$6.5M
3 eToro Group Ltd. Class A Common Shares ETOR	Sold	34.6K → 0 −$2.3M
4 CBIZ CBZ	Sold	11.4K → 0 −$816.4K
5 CS Disco LAW	Sold	79.6K → 0 −$347.7K