# EDGAR Filing Document

**Accession Number:** 0001093219
**File Stem:** 0001011438-25-000422
**Filing Date:** 2025-8
**Character Count:** 15335
**Document Hash:** 49c5eda164a56360c0bbdc6ea834b53b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001011438-25-000422.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001011438-25-000422

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**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:** 251211387

**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:** 06-30-2025

**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  08-13-2025<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:** 119

**Form 13F Information Table Value Total:** $264693147

      (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 |
| ADTALEM GLOBAL ED INC | COM | 00737L103 |  | 3377957 | 26550 | SH |  | SOLE |  | 26550 | 0 | 0 |
| ALIGNMENT HEALTHCARE INC | COM | 01625V104 |  | 2536912 | 181208 | SH |  | SOLE |  | 181208 | 0 | 0 |
| ALLIANCEBERNSTEIN HLDG L P | UNIT LTD PARTN | 01881G106 |  | 1759365 | 43090 | SH |  | SOLE |  | 43090 | 0 | 0 |
| ARCBEST CORP | COM | 03937C105 |  | 4784862 | 62133 | SH |  | SOLE |  | 62133 | 0 | 0 |
| ARDENT HEALTH INC | COM | 03980N107 |  | 2185450 | 159989 | SH |  | SOLE |  | 159989 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 1446740 | 8353 | SH |  | SOLE |  | 8353 | 0 | 0 |
| ASANA INC | CL A | 04342Y104 |  | 2700000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 5889610 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| AUDIOEYE INC | COM NEW | 050734201 |  | 3029000 | 260000 | SH |  | SOLE |  | 260000 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 2328649 | 30624 | SH |  | SOLE |  | 30624 | 0 | 0 |
| BEL FUSE INC | CL B | 077347300 |  | 586140 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| BELLRING BRANDS INC | COMMON STOCK | 07831C103 |  | 617476 | 10659 | SH |  | SOLE |  | 10659 | 0 | 0 |
| BILL HOLDINGS INC | COM | 090043100 |  | 4959072 | 107200 | SH |  | SOLE |  | 107200 | 0 | 0 |
| BLACKSKY TECHNOLOGY INC | CL A NEW | 09263B207 |  | 2026657 | 98477 | SH |  | SOLE |  | 98477 | 0 | 0 |
| BUILD-A-BEAR WORKSHOP INC | COM | 120076104 |  | 3273854 | 63496 | SH |  | SOLE |  | 63496 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 466760 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CALIX INC | COM | 13100M509 |  | 531900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 1344973 | 18119 | SH |  | SOLE |  | 18119 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 3003265 | 169676 | SH |  | SOLE |  | 169676 | 0 | 0 |
| CAREDX INC | COM | 14167L103 |  | 3757405 | 192293 | SH |  | SOLE |  | 192293 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 3439723 | 122323 | SH |  | SOLE |  | 122323 | 0 | 0 |
| CASELLA WASTE SYS INC | CL A | 147448104 |  | 1967575 | 17053 | SH |  | SOLE |  | 17053 | 0 | 0 |
| CECO ENVIRONMENTAL CORP | COM | 125141101 |  | 2893027 | 102191 | SH |  | SOLE |  | 102191 | 0 | 0 |
| CENTURY CASINOS INC | COM | 156492100 |  | 289008 | 136647 | SH |  | SOLE |  | 136647 | 0 | 0 |
| CIMPRESS PLC | SHS EURO | G2143T103 |  | 531100 | 11300 | SH |  | SOLE |  | 11300 | 0 | 0 |
| CLEARWATER ANALYTICS HLDGS I | CL A | 185123106 |  | 1535100 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 1704535 | 15500 | SH |  | SOLE |  | 15500 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 2733600 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| CS DISCO INC | COM | 126327105 |  | 3627100 | 830000 | SH |  | SOLE |  | 830000 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 1581080 | 868725 | SH |  | SOLE |  | 868725 | 0 | 0 |
| DENNYS CORP | COM | 24869P104 |  | 1180329 | 287885 | SH |  | SOLE |  | 287885 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 4149156 | 47533 | SH |  | SOLE |  | 47533 | 0 | 0 |
| DOLBY LABORATORIES INC | COM CL A | 25659T107 |  | 1180734 | 15900 | SH |  | SOLE |  | 15900 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 1841518 | 16100 | SH |  | SOLE |  | 16100 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 1317940 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| EXPENSIFY INC | COM CL A | 30219Q106 |  | 2978500 | 1150000 | SH |  | SOLE |  | 1150000 | 0 | 0 |
| FABRINET | SHS | G3323L100 |  | 2327972 | 7900 | SH |  | SOLE |  | 7900 | 0 | 0 |
| FIRSTCASH HOLDINGS INC | COM | 33768G107 |  | 1351400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| FOX FACTORY HLDG CORP | COM | 35138V102 |  | 621652 | 23965 | SH |  | SOLE |  | 23965 | 0 | 0 |
| GENIUS SPORTS LIMITED | SHARES CL A | G3934V109 |  | 3803488 | 365720 | SH |  | SOLE |  | 365720 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 1417829 | 17714 | SH |  | SOLE |  | 17714 | 0 | 0 |
| GROCERY OUTLET HLDG CORP | COM | 39874R101 |  | 1083720 | 87256 | SH |  | SOLE |  | 87256 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 1655800 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 2298600 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| HEALTHEQUITY INC | COM | 42226A107 |  | 3089372 | 29490 | SH |  | SOLE |  | 29490 | 0 | 0 |
| HIMAX TECHNOLOGIES INC | SPONSORED ADR | 43289P106 |  | 1331400 | 149093 | SH |  | SOLE |  | 149093 | 0 | 0 |
| HOME BANCSHARES INC | COM | 436893200 |  | 1477416 | 51912 | SH |  | SOLE |  | 51912 | 0 | 0 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 1005200 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 5481498 | 17447 | SH |  | SOLE |  | 17447 | 0 | 0 |
| INTERNATIONAL MNY EXPRESS IN | COM | 46005L101 |  | 222565 | 22058 | SH |  | SOLE |  | 22058 | 0 | 0 |
| IVANHOE ELECTRIC INC | COM | 46578C108 |  | 2248761 | 247934 | SH |  | SOLE |  | 247934 | 0 | 0 |
| JAMES HARDIE INDS PLC | SPONSORED ADR | 47030M106 |  | 5919565 | 220140 | SH |  | SOLE |  | 220140 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 292734 | 2981 | SH |  | SOLE |  | 2981 | 0 | 0 |
| KINDERCARE LEARNING COMPANIE | COM | 49456W105 |  | 703637 | 69667 | SH |  | SOLE |  | 69667 | 0 | 0 |
| KIRBY CORP | COM | 497266106 |  | 1332000 | 11745 | SH |  | SOLE |  | 11745 | 0 | 0 |
| KURA SUSHI USA INC | CL A COM | 501270102 |  | 2299799 | 26717 | SH |  | SOLE |  | 26717 | 0 | 0 |
| LANTHEUS HLDGS INC | COM | 516544103 |  | 2134008 | 26069 | SH |  | SOLE |  | 26069 | 0 | 0 |
| LATHAM GROUP INC | COM | 51819L107 |  | 8409051 | 1318033 | SH |  | SOLE |  | 1318033 | 0 | 0 |
| LEAR CORP | COM NEW | 521865204 |  | 548699 | 5777 | SH |  | SOLE |  | 5777 | 0 | 0 |
| LEVI STRAUSS  CO NEW | CL A COM STK | 52736R102 |  | 874300 | 47285 | SH |  | SOLE |  | 47285 | 0 | 0 |
| LIBERTY GLOBAL LTD | COM CL C | G61188127 |  | 1471258 | 142702 | SH |  | SOLE |  | 142702 | 0 | 0 |
| LINDBLAD EXPEDITIONS HLDGS I | COM | 535219109 |  | 4862924 | 416703 | SH |  | SOLE |  | 416703 | 0 | 0 |
| LKQ CORP | COM | 501889208 |  | 1565523 | 42300 | SH |  | SOLE |  | 42300 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 1187900 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| MERIT MED SYS INC | COM | 589889104 |  | 2615664 | 27981 | SH |  | SOLE |  | 27981 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 369045 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 4683500 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 2414153 | 14290 | SH |  | SOLE |  | 14290 | 0 | 0 |
| NV5 GLOBAL INC | COM | 62945V109 |  | 1362310 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| ORION GROUP HLDGS INC | COM | 68628V308 |  | 3073669 | 338883 | SH |  | SOLE |  | 338883 | 0 | 0 |
| PAGERDUTY INC | COM | 69553P100 |  | 1146000 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 |  | 2832425 | 293820 | SH |  | SOLE |  | 293820 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 2239989 | 10946 | SH |  | SOLE |  | 10946 | 0 | 0 |
| PALOMAR HLDGS INC | COM | 69753M105 |  | 193430 | 1254 | SH |  | SOLE |  | 1254 | 0 | 0 |
| PERFORMANT HEALTHCARE INC | COM | 71377E105 |  | 1810000 | 452500 | SH |  | SOLE |  | 452500 | 0 | 0 |
| PHREESIA INC | COM | 71944F106 |  | 3117338 | 109534 | SH |  | SOLE |  | 109534 | 0 | 0 |
| PROFOUND MED CORP | COM NEW | 74319B502 |  | 1421416 | 240918 | SH |  | SOLE |  | 240918 | 0 | 0 |
| PROS HOLDINGS INC | COM | 74346Y103 |  | 1566000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 3026986 | 53189 | SH |  | SOLE |  | 53189 | 0 | 0 |
| RANPAK HOLDINGS CORP | COM CL A | 75321W103 |  | 1145731 | 320933 | SH |  | SOLE |  | 320933 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 |  | 3319393 | 31259 | SH |  | SOLE |  | 31259 | 0 | 0 |
| RH | COM | 74967X103 |  | 3704596 | 19600 | SH |  | SOLE |  | 19600 | 0 | 0 |
| RIMINI STR INC DEL | COM | 76674Q107 |  | 754000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| RINGCENTRAL INC | CL A | 76680R206 |  | 483679 | 17061 | SH |  | SOLE |  | 17061 | 0 | 0 |
| RXO INC | COMMON STOCK | 74982T103 |  | 707400 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADS | 783513203 |  | 3597916 | 62388 | SH |  | SOLE |  | 62388 | 0 | 0 |
| SEMRUSH HLDGS INC | CL A COM | 81686C104 |  | 678750 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 1717180 | 17326 | SH |  | SOLE |  | 17326 | 0 | 0 |
| SIMILARWEB LTD | SHS | M84137104 |  | 784000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| SLEEP NUMBER CORP | COM | 83125X103 |  | 1540768 | 228093 | SH |  | SOLE |  | 228093 | 0 | 0 |
| SONIC AUTOMOTIVE INC | CL A | 83545G102 |  | 2861494 | 35800 | SH |  | SOLE |  | 35800 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 2875230 | 34725 | SH |  | SOLE |  | 34725 | 0 | 0 |
| STRATASYS LTD | SHS | M85548101 |  | 7455500 | 650000 | SH |  | SOLE |  | 650000 | 0 | 0 |
| SUNRISE COMMUNICATIONS AG | ADS CL A | 867975104 |  | 1274637 | 22540 | SH |  | SOLE |  | 22540 | 0 | 0 |
| TANDEM DIABETES CARE INC | COM NEW | 875372203 |  | 2275869 | 122096 | SH |  | SOLE |  | 122096 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 1819248 | 20718 | SH |  | SOLE |  | 20718 | 0 | 0 |
| TAT TECHNOLOGIES LTD | ORD NEW | M8740S227 |  | 2132089 | 69813 | SH |  | SOLE |  | 69813 | 0 | 0 |
| TETRA TECH INC NEW | COM | 88162G103 |  | 1404238 | 39050 | SH |  | SOLE |  | 39050 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 4463380 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| TURTLE BEACH CORP | COM NEW | 900450206 |  | 1613546 | 116670 | SH |  | SOLE |  | 116670 | 0 | 0 |
| TUTOR PERINI CORP | COM | 901109108 |  | 3621193 | 77409 | SH |  | SOLE |  | 77409 | 0 | 0 |
| TWILIO INC | CL A | 90138F102 |  | 1741040 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 2752350 | 29500 | SH |  | SOLE |  | 29500 | 0 | 0 |
| UNDER ARMOUR INC | CL C | 904311206 |  | 6490000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 2366902 | 8237 | SH |  | SOLE |  | 8237 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1505879 | 4827 | SH |  | SOLE |  | 4827 | 0 | 0 |
| UNITY SOFTWARE INC | COM | 91332U101 |  | 5082000 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| UNIVERSAL TECHNICAL INST INC | COM | 913915104 |  | 2416425 | 71302 | SH |  | SOLE |  | 71302 | 0 | 0 |
| VERACYTE INC | COM | 92337F107 |  | 729810 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| VERICEL CORP | COM | 92346J108 |  | 1098811 | 25824 | SH |  | SOLE |  | 25824 | 0 | 0 |
| V F CORP | COM | 918204108 |  | 816778 | 69513 | SH |  | SOLE |  | 69513 | 0 | 0 |
| VICTORY CAP HLDGS INC | COM CL A | 92645B103 |  | 2096144 | 32922 | SH |  | SOLE |  | 32922 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 1205498 | 6220 | SH |  | SOLE |  | 6220 | 0 | 0 |
| WAYFAIR INC | CL A | 94419L101 |  | 1523103 | 29783 | SH |  | SOLE |  | 29783 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 1892107 | 24264 | SH |  | SOLE |  | 24264 | 0 | 0 |
| WEX INC | COM | 96208T104 |  | 1204498 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| WIX COM LTD | SHS | M98068105 |  | 1228065 | 7750 | SH |  | SOLE |  | 7750 | 0 | 0 |
| XPO INC | COM | 983793100 |  | 2904670 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| XPONENTIAL FITNESS INC | COM CL A | 98422X101 |  | 963162 | 128593 | SH |  | SOLE |  | 128593 | 0 | 0 |

---