StepStone Group LP
Long book
$207.5M
Q1 2026
Positions
18
Top-10 weight
96%
concentration
Last quarter
+22.8%
SPY +14.8%
Turnover
42%
of book per quarter
Strategy in plain words
auto-generated from filingsStepStone Group LP is a concentrated fundamental stock-picker, running a $207.5M US long book across 18 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: KARMAN HOLDINGS INC, STUBHUB HOLDINGS INC-CLASS A, XANADU QUANTUM TECHNOLO-CL B, ONKURE THERAPEUTICS INC-A, UIPATH INC - CLASS A.
Over the last 9 quarters its long book ran on average 8.9pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-21.4%
Q2 2024
+14.5%
Q3 2024
+3.9%
Q4 2024
-27.8%
Q1 2025
+13.8%
Q2 2025
+0.3%
Q3 2025
-6.8%
Q4 2025
-39.1%
Q1 2026
+22.8%
Sector allocation
Industrials 34%
Technology 26%
Services media 24%
Healthcare 14%
Financials 1%
Consumer discretionary 0%
Long book by quarter
What does StepStone Group own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| KRMN KARMAN HOLDINGS INC | Industrials | 877.3K | $70.2M | 33.8% | Held |
| STUB STUBHUB HOLDINGS INC-CLASS A | Services media | 7.6M | $47.2M | 22.7% | Held |
| XNDU XANADU QUANTUM TECHNOLO-CL B | Technology | 3.4M | $26.2M | 12.6% | New |
| OKUR ONKURE THERAPEUTICS INC-A | Healthcare | 2.7M | $11.0M | 5.3% | +440.8% |
| PATH UIPATH INC - CLASS A | Technology | 903.0K | $10.0M | 4.8% | Held |
| KDK KODIAK AI INC | Technology | 1.4M | $9.8M | 4.7% | 0.0% |
| TRDA ENTRADA THERAPEUTICS INC | Healthcare | 761.3K | $9.6M | 4.6% | Held |
| NAVN NAVAN INC-CL A | Technology | 483.9K | $6.4M | 3.1% | +13.3% |
| PHAT PHATHOM PHARMACEUTICALS INC | Healthcare | 422.1K | $4.7M | 2.3% | Held |
| EIKN EIKON THERAPEUTICS INC | Healthcare | 395.3K | $4.2M | 2.0% | New |
| DKNG DRAFTKINGS INC-CL A | Services media | 160.9K | $3.5M | 1.7% | Held |
| CHYM CHIME FINANCIAL INC-CL A | Financials | 150.0K | $2.8M | 1.4% | Held |
| MDB MONGODB INC | Technology | 2.0K | $497K | 0.2% | New |
| GROV GROVE COLLABORATIVE HOLDINGS | Consumer discretionary | 380.7K | $487K | 0.2% | Held |
| TNYA TENAYA THERAPEUTICS INC | Healthcare | 462.2K | $319K | 0.2% | Held |
| VIA VIA TRANSPORTATION INC-CL A | Technology | 16.0K | $240K | 0.1% | Held |
| NOW SERVICENOW INC | Technology | 638 | $67K | 0.0% | -95.9% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 18 | $207.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 23 | $186.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 16 | $212.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 14 | $73.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 16 | $97.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 14 | $114.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 14 | $274.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 16 | $493.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 21 | $471.6M | canonical | SEC ↗ |
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