12 West Capital Management LP
12 West Capital Management LP reported 18 US-listed holdings worth $534.7 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: GDS Hldgs Ltd (14.4%), BBB Foods Inc. (13.4%) and Roblox Corp. (9.7%). Against the quarter before, it opened 2 positions, added to 3, trimmed 7 and sold out of 4.
The 14 largest of its 18 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +10.8% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 2
- Enphase Energy, Inc. ENPH$4.9 million
- ON Semiconductor Corp. ON$4.7 million
Added to 3
- ACM Research, Inc. ACMR+218,900 shares · +3589%
- Repligen Corp. RGEN+88,932 shares · +47%
- Heartflow Inc. HTFL+262,500 shares · +41%
Trimmed 7
- BBB Foods Inc. TBBB-570,000 shares · -25%
- Shake Shack Inc. SHAK-380,184 shares · -31%
- Kura Sushi USA Inc. KRUS-271,415 shares · -61%
- Hawaiian Electric Industries Inc. HE-675,000 shares · -38%
- Affirm Hldgs Inc. AFRM-75,000 shares · -14%
- Maravai Lifesciences Hldgs I MRVI-200,000 shares · -3%
- GDS Hldgs Ltd GDS-13,384 shares · -1%
Sold out of 4
- Warby Parker Inc. WRBY$27.5 million last quarter
- e.l.f. Beauty, Inc. ELF$4.2 million last quarter
- Aehr Test Sys AEHR$815,760 last quarter
- Coreweave Inc. CRWV$542,290 last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| GDS Hldgs Ltd GDS | 2.6M | $77.0 million | 14.40% | -13.4K |
| BBB Foods Inc. TBBB | 1.7M | $71.6 million | 13.39% | -570.0K |
| Roblox Corp. RBLX | 950.0K | $51.7 million | 9.66% | no change |
| Shake Shack Inc. SHAK | 863.4K | $48.4 million | 9.05% | -380.2K |
| Maravai Lifesciences Hldgs I MRVI | 7.1M | $44.1 million | 8.24% | -200.0K |
| Repligen Corp. RGEN | 280.2K | $38.2 million | 7.15% | +88.9K |
| Affirm Hldgs Inc. AFRM | 460.0K | $37.5 million | 7.02% | -75.0K |
| Toast, Inc. TOST | 1.2M | $34.7 million | 6.49% | no change |
| ACM Research, Inc. ACMR | 225.0K | $28.6 million | 5.34% | +218.9K |
| Heartflow Inc. HTFL | 902.5K | $26.5 million | 4.95% | +262.5K |
| Cloudflare Inc. NET | 105.0K | $25.8 million | 4.82% | no change |
| Hawaiian Electric Industries Inc. HE | 1.1M | $15.2 million | 2.85% | -675.0K |
| Kura Sushi USA Inc. KRUS | 175.0K | $10.1 million | 1.88% | -271.4K |
| Once Upon A Farm PBC OFRM | 365.0K | $7.5 million | 1.40% | no change |
| Shopify Inc. SHOP | 52.0K | $5.9 million | 1.11% | no change |
| Enphase Energy, Inc. ENPH | 100.0K | $4.9 million | 0.92% | new |
| ON Semiconductor Corp. ON | 50.0K | $4.7 million | 0.88% | new |
| Nu Holdings Ltd. NU | 185.0K | $2.5 million | 0.46% | no change |