12 West Capital Management LP
Long book
$592.4M
Q1 2026
Positions
20
Top-10 weight
87%
concentration
Last quarter
+2.1%
SPY +14.8%
Turnover
54%
of book per quarter
Strategy in plain words
auto-generated from filings12 West Capital Management LP is a concentrated fundamental stock-picker, running a $592.4M US long book across 20 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: SHAKE SHACK INC - CLASS A, GDS HOLDINGS LTD - ADR, BBB FOODS INC-CLASS A, ROBLOX CORP -CLASS A, TOAST INC-CLASS A.
Over the last 9 quarters its long book ran on average 2.2pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-11.6%
Q2 2024
+12.6%
Q3 2024
+14.1%
Q4 2024
-17.5%
Q1 2025
+37.9%
Q2 2025
-3.3%
Q3 2025
-6.8%
Q4 2025
-7.0%
Q1 2026
+2.1%
Sector allocation
Consumer discretionary 45%
Technology 24%
Healthcare 18%
Financials 6%
Utilities 5%
Consumer staples 1%
Other 1%
Industrials 0%
Long book by quarter
What does 12 West own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SHAK SHAKE SHACK INC - CLASS A | Consumer discretionary | 1.2M | $110.0M | 18.6% | -36.7% |
| TBBB BBB FOODS INC-CLASS A | Consumer discretionary | 2.3M | $80.9M | 13.7% | -3.2% |
| RBLX ROBLOX CORP -CLASS A | Technology | 950.0K | $53.7M | 9.1% | -9.5% |
| TOST TOAST INC-CLASS A | Technology | 1.2M | $33.1M | 5.6% | -32.5% |
| KRUS KURA SUSHI USA INC-CLASS A | Consumer discretionary | 446.4K | $31.2M | 5.3% | -17.5% |
| WRBY WARBY PARKER INC-CLASS A | Healthcare | 1.3M | $27.5M | 4.6% | New |
| HE HAWAIIAN ELECTRIC INDS | Utilities | 1.8M | $26.7M | 4.5% | -2.7% |
| AFRM AFFIRM HOLDINGS INC | Financials | 535.0K | $24.5M | 4.1% | +52.9% |
| RGEN REPLIGEN CORP | Healthcare | 191.2K | $22.5M | 3.8% | -20.7% |
| NET CLOUDFLARE INC - CLASS A | Technology | 105.0K | $21.7M | 3.7% | -36.4% |
| MRVI MARAVAI LIFESCIENCES HLDGS-A | Healthcare | 7.3M | $20.5M | 3.5% | -18.6% |
| HTFL HEARTFLOW INC | Healthcare | 640.0K | $15.6M | 2.6% | New |
| SHOP SHOPIFY INC - CLASS A | Technology | 52.0K | $6.2M | 1.0% | New |
| OFRM ONCE UPON A FARM PBC | Consumer staples | 365.0K | $6.0M | 1.0% | New |
| ELF ELF BEAUTY INC | Other | 70.0K | $4.2M | 0.7% | New |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 185.0K | $2.7M | 0.4% | Held |
| AEHR AEHR TEST SYSTEMS | Technology | 22.0K | $816K | 0.1% | New |
| CRWV COREWEAVE INC-CL A | Technology | 7.0K | $542K | 0.1% | New |
| ACMR ACM RESEARCH INC-CLASS A | Industrials | 6.1K | $240K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 20 | $592.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 18 | $839.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 17 | $964.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 17 | $945.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 17 | $677.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 16 | $954.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 17 | $977.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 19 | $972.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 25 | $39.5M | canonical | SEC ↗ |
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