TREMBLANT CAPITAL GROUP

Tremblant Capital Group's 13F book shrank from $3.9 billion to $3.1 billion this quarter — a 21% contraction — and the selling was broad: full exits from Monday.com ($96.6 million), Warner Bros Discovery ($83.7 million), CyberArk ($82.8 million) and LPL Financial ($79.4 million), plus a 47.8% share-count cut to nCino (-$63.0 million) and a 30.0% cut to Disney (-$17.4 million). But the single largest dollar decline in the entire portfolio wasn't a sale at all: Varonis Systems (VRNS) lost $38.3 million in value even as Tremblant's share count in it rose 2.0% — the fund kept buying while the position bled value, rather than cutting a name that was underperforming. That pattern repeats with DoorDash (shares up 13.6%, value down $33.3 million) and Grab Holdings (shares up 10.1%, value down $21.3 million). Against that backdrop of both broad de-risking and continued conviction-buying into weakness, Tremblant also opened fresh stakes in Palo Alto Networks ($80.9 million), MKS Inc. ($75.8 million) and — notably for a growth-and-consumer-tech specialist — Amazon ($23.4 million), a mega-cap name new to the book.