# EDGAR Filing Document

**Accession Number:** 0001093219
**File Stem:** 0001011438-26-000104
**Filing Date:** 2026-2
**Character Count:** 15759
**Document Hash:** 45443b77a56d59818cca4e542f9ee5d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001011438-26-000104.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001011438-26-000104

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORMULA GROWTH LTD
- **CENTRAL INDEX KEY:** 0001093219

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17511
- **FILM NUMBER:** 26632417

**BUSINESS ADDRESS:**
- **STREET 1:** 1010 SHERBROOKE ST W SUITE 2300
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 2R7
- **BUSINESS PHONE:** 514-288-5136

**MAIL ADDRESS:**
- **STREET 1:** 1010 SHERBROOKE ST W SUITE 2300
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 2R7

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** FORMULA GROWTH LTD<br>**Address:** 1010 SHERBROOKE ST W SUITE 2300<br>MONTREAL, A8 H3A 2R7

**Form 13F File Number:** 028-17511

**CRD Number (if applicable):** 000163245

**SEC File Number (if applicable):** 801-110365

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Ari Kiriazidis<br>**Title:** Chief Compliance Officer<br>**Phone:** 514-288-5136

**Signature, Place, and Date of Signing:**

/s/ Ari Kiriazidis  Montreal, A8  02-13-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 125

**Form 13F Information Table Value Total:** $259534537

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AAR CORP | COM | 000361105 |  | 1490220 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| ABERCROMBIE  FITCH CO | CL A | 002896207 |  | 654524 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| ADTALEM GLOBAL ED INC | COM | 00737L103 |  | 2621826 | 25339 | SH |  | SOLE |  | 25339 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 678600 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ALIGNMENT HEALTHCARE INC | COM | 01625V104 |  | 4730283 | 239508 | SH |  | SOLE |  | 239508 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 1412860 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| ARCBEST CORP | COM | 03937C105 |  | 3771671 | 50838 | SH |  | SOLE |  | 50838 | 0 | 0 |
| ARGAN INC | COM | 04010E109 |  | 1109153 | 3540 | SH |  | SOLE |  | 3540 | 0 | 0 |
| ARLO TECHNOLOGIES INC | COM | 04206A101 |  | 1399000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ASANA INC | CL A | 04342Y104 |  | 1645200 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 5026340 | 31000 | SH |  | SOLE |  | 31000 | 0 | 0 |
| AUDIOEYE INC | COM NEW | 050734201 |  | 2697300 | 270000 | SH |  | SOLE |  | 270000 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 2638564 | 30624 | SH |  | SOLE |  | 30624 | 0 | 0 |
| BILL HOLDINGS INC | COM | 090043100 |  | 5181300 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| BIRKENSTOCK HOLDING PLC | COM SHS | M2029K104 |  | 409000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BRIGHTSPRING HEALTH SVCS INC | COM | 10950A106 |  | 3365444 | 89865 | SH |  | SOLE |  | 89865 | 0 | 0 |
| BUILD-A-BEAR WORKSHOP INC | COM | 120076104 |  | 2692326 | 43942 | SH |  | SOLE |  | 43942 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 411560 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CALIX INC | COM | 13100M509 |  | 529300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 3986374 | 163376 | SH |  | SOLE |  | 163376 | 0 | 0 |
| CAREDX INC | COM | 14167L103 |  | 1896585 | 100668 | SH |  | SOLE |  | 100668 | 0 | 0 |
| CASELLA WASTE SYS INC | CL A | 147448104 |  | 1670171 | 17053 | SH |  | SOLE |  | 17053 | 0 | 0 |
| CECO ENVIRONMENTAL CORP | COM | 125141101 |  | 4232592 | 70720 | SH |  | SOLE |  | 70720 | 0 | 0 |
| CIMPRESS PLC | SHS EURO | G2143T103 |  | 752467 | 11300 | SH |  | SOLE |  | 11300 | 0 | 0 |
| CLEARWATER ANALYTICS HLDGS I | CL A | 185123106 |  | 2119738 | 87883 | SH |  | SOLE |  | 87883 | 0 | 0 |
| COMMVAULT SYS INC | COM | 204166102 |  | 1002880 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 4516561 | 427300 | SH |  | SOLE |  | 427300 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 1869455 | 15500 | SH |  | SOLE |  | 15500 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 2286160 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| CS DISCO INC | COM | 126327105 |  | 5820000 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 932233 | 14046 | SH |  | SOLE |  | 14046 | 0 | 0 |
| DOLBY LABORATORIES INC | COM CL A | 25659T107 |  | 1021098 | 15900 | SH |  | SOLE |  | 15900 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 1638165 | 15434 | SH |  | SOLE |  | 15434 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 989430 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 781936 | 2760 | SH |  | SOLE |  | 2760 | 0 | 0 |
| EXPENSIFY INC | COM CL A | 30219Q106 |  | 1359000 | 900000 | SH |  | SOLE |  | 900000 | 0 | 0 |
| FABRINET | SHS | G3323L100 |  | 2913792 | 6400 | SH |  | SOLE |  | 6400 | 0 | 0 |
| FIGMA INC | CLASS A COM STK | 316841105 |  | 859510 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| FIGS INC | CL A | 30260D103 |  | 1073520 | 94500 | SH |  | SOLE |  | 94500 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 2403316 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| FIRSTCASH HOLDINGS INC | COM | 33768G107 |  | 1593800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| FOX FACTORY HLDG CORP | COM | 35138V102 |  | 2381815 | 139206 | SH |  | SOLE |  | 139206 | 0 | 0 |
| GALAXY DIGITAL INC. | CL A | 36317J209 |  | 2119102 | 94772 | SH |  | SOLE |  | 94772 | 0 | 0 |
| GENEDX HOLDINGS CORP | COM CL A | 81663L200 |  | 1519621 | 11684 | SH |  | SOLE |  | 11684 | 0 | 0 |
| GENIUS SPORTS LIMITED | SHARES CL A | G3934V109 |  | 3049454 | 276720 | SH |  | SOLE |  | 276720 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 2380747 | 30759 | SH |  | SOLE |  | 30759 | 0 | 0 |
| GRID DYNAMICS HLDGS INC | CL A | 39813G109 |  | 2964820 | 328330 | SH |  | SOLE |  | 328330 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 1789760 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 2334300 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| HEALTHEQUITY INC | COM | 42226A107 |  | 3609434 | 39400 | SH |  | SOLE |  | 39400 | 0 | 0 |
| HELIOS TECHNOLOGIES INC | COM | 42328H109 |  | 535435 | 10010 | SH |  | SOLE |  | 10010 | 0 | 0 |
| HOLLEY INC | COM | 43538H103 |  | 572088 | 138520 | SH |  | SOLE |  | 138520 | 0 | 0 |
| HOME BANCSHARES INC | COM | 436893200 |  | 1442115 | 51912 | SH |  | SOLE |  | 51912 | 0 | 0 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 1360380 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| INSPERITY INC | COM | 45778Q107 |  | 1808224 | 46700 | SH |  | SOLE |  | 46700 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 3420828 | 12035 | SH |  | SOLE |  | 12035 | 0 | 0 |
| INTERNATIONAL MNY EXPRESS IN | COM | 46005L101 |  | 338811 | 22058 | SH |  | SOLE |  | 22058 | 0 | 0 |
| IVANHOE ELECTRIC INC | COM | 46578C108 |  | 594424 | 37198 | SH |  | SOLE |  | 37198 | 0 | 0 |
| JAMES HARDIE INDS PLC | ORD SHS | G4253H101 |  | 6366930 | 306840 | SH |  | SOLE |  | 306840 | 0 | 0 |
| KIRBY CORP | COM | 497266106 |  | 1294064 | 11745 | SH |  | SOLE |  | 11745 | 0 | 0 |
| KURA SUSHI USA INC | CL A COM | 501270102 |  | 815301 | 15580 | SH |  | SOLE |  | 15580 | 0 | 0 |
| LATHAM GROUP INC | COM | 51819L107 |  | 7652271 | 1205082 | SH |  | SOLE |  | 1205082 | 0 | 0 |
| LAUREATE EDUCATION INC | COMMON STOCK | 518613203 |  | 3478044 | 103298 | SH |  | SOLE |  | 103298 | 0 | 0 |
| LIBERTY GLOBAL LTD | COM CL C | G61188127 |  | 1575430 | 142702 | SH |  | SOLE |  | 142702 | 0 | 0 |
| LINDBLAD EXPEDITIONS HLDGS I | COM | 535219109 |  | 5819782 | 403591 | SH |  | SOLE |  | 403591 | 0 | 0 |
| LKQ CORP | COM | 501889208 |  | 1277460 | 42300 | SH |  | SOLE |  | 42300 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 1246860 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| MAYVILLE ENGR CO INC | COM | 578605107 |  | 748800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 330045 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 9133120 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 2951200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 2524114 | 11018 | SH |  | SOLE |  | 11018 | 0 | 0 |
| NAVAN INC | CL A | 639193101 |  | 854000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| NEXTPOWER INC | CLASS A COM | 65290E101 |  | 1623730 | 18640 | SH |  | SOLE |  | 18640 | 0 | 0 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 1779250 | 275000 | SH |  | SOLE |  | 275000 | 0 | 0 |
| OKTA INC | CL A | 679295105 |  | 951170 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| ORION GROUP HLDGS INC | COM | 68628V308 |  | 2994882 | 301296 | SH |  | SOLE |  | 301296 | 0 | 0 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 2451540 | 182000 | SH |  | SOLE |  | 182000 | 0 | 0 |
| OWLET INC | CL A NEW | 69120X206 |  | 1699950 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| PAGERDUTY INC | COM | 69553P100 |  | 1311000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 2016253 | 10946 | SH |  | SOLE |  | 10946 | 0 | 0 |
| PARSONS CORP DEL | COM | 70202L102 |  | 927000 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| PENUMBRA INC | COM | 70975L107 |  | 1274731 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| PROCORE TECHNOLOGIES INC | COM | 74275K108 |  | 487358 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| PROFOUND MED CORP | COM NEW | 74319B502 |  | 1596965 | 202918 | SH |  | SOLE |  | 202918 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 1225508 | 17176 | SH |  | SOLE |  | 17176 | 0 | 0 |
| RANPAK HOLDINGS CORP | COM CL A | 75321W103 |  | 5353341 | 989527 | SH |  | SOLE |  | 989527 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 |  | 3113155 | 30263 | SH |  | SOLE |  | 30263 | 0 | 0 |
| RH | COM | 74967X103 |  | 2687250 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| RINGCENTRAL INC | CL A | 76680R206 |  | 664240 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| RXO INC | COMMON STOCK | 74982T103 |  | 568800 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| RXSIGHT INC | COM | 78349D107 |  | 625200 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADS | 783513203 |  | 4503790 | 62388 | SH |  | SOLE |  | 62388 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 243251 | 26968 | SH |  | SOLE |  | 26968 | 0 | 0 |
| SAVERS VALUE VLG INC | COM | 80517M109 |  | 422700 | 45257 | SH |  | SOLE |  | 45257 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 1531900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SONIC AUTOMOTIVE INC | CL A | 83545G102 |  | 2214588 | 35800 | SH |  | SOLE |  | 35800 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 3035660 | 34725 | SH |  | SOLE |  | 34725 | 0 | 0 |
| MADDEN STEVEN LTD | COM | 556269108 |  | 1758207 | 42224 | SH |  | SOLE |  | 42224 | 0 | 0 |
| STRATASYS LTD | SHS | M85548101 |  | 5728800 | 660000 | SH |  | SOLE |  | 660000 | 0 | 0 |
| TANDEM DIABETES CARE INC | COM NEW | 875372203 |  | 1558800 | 70919 | SH |  | SOLE |  | 70919 | 0 | 0 |
| TAT TECHNOLOGIES LTD | ORD NEW | M8740S227 |  | 1375573 | 30801 | SH |  | SOLE |  | 30801 | 0 | 0 |
| TETRA TECH INC NEW | COM | 88162G103 |  | 1309737 | 39050 | SH |  | SOLE |  | 39050 | 0 | 0 |
| TIC SOLUTIONS INC | COM | 00510N102 |  | 687328 | 67985 | SH |  | SOLE |  | 67985 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 1898000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| TURTLE BEACH CORP | COM NEW | 900450206 |  | 2526452 | 180075 | SH |  | SOLE |  | 180075 | 0 | 0 |
| TUTOR PERINI CORP | COM | 901109108 |  | 1943580 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| TWILIO INC | CL A | 90138F102 |  | 1520261 | 10688 | SH |  | SOLE |  | 10688 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 2165315 | 26500 | SH |  | SOLE |  | 26500 | 0 | 0 |
| UNDER ARMOUR INC | CL C | 904311206 |  | 2880000 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 2735422 | 5614 | SH |  | SOLE |  | 5614 | 0 | 0 |
| UNITY SOFTWARE INC | COM | 91332U101 |  | 3533600 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| USA RARE EARTH INC | COM | 91733P107 |  | 238000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| UWM HOLDINGS CORPORATION | COM CL A | 91823B109 |  | 547500 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| VERACYTE INC | COM | 92337F107 |  | 1136700 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| VERICEL CORP | COM | 92346J108 |  | 929922 | 25824 | SH |  | SOLE |  | 25824 | 0 | 0 |
| V F CORP | COM | 918204108 |  | 1188236 | 65721 | SH |  | SOLE |  | 65721 | 0 | 0 |
| VICTORY CAP HLDGS INC | COM CL A | 92645B103 |  | 1972635 | 31267 | SH |  | SOLE |  | 31267 | 0 | 0 |
| VITAL FARMS INC | COM | 92847W103 |  | 958200 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| VUZIX CORP | COM NEW | 92921W300 |  | 1247400 | 330000 | SH |  | SOLE |  | 330000 | 0 | 0 |
| WESCO INTL INC | COM | 95082P105 |  | 1174272 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| WEX INC | COM | 96208T104 |  | 1221636 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| XPEL INC | COM | 98379L100 |  | 1227786 | 24600 | SH |  | SOLE |  | 24600 | 0 | 0 |
| XPO INC | COM | 983793100 |  | 3125930 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| ZIPRECRUITER INC | CL A | 98980B103 |  | 1170000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |

---