Top funds
No. 7 this year · Hedge fund · Palo Alto

Light Street

Run by Glen Kacher since 2010. Picks tech companies it expects to win, and bets against the ones it expects to lose.
If you’d given them $1,000 on January 1, by September 30 you’d have
$1,157
15.7% in 2026, through Sep 30
The rose 11.8% over the same months (not counting dividends, the cash some companies pay their owners).
As reported by Institutional Investor via Hedgeweek, for Jan 1 – Sep 30, 2026 · Main fund, which also bets against stocks

Their record

In 2025:
$1,000
about $1,370
(+37%)
The S&P 500 rose 16.4% in 2025 (not counting dividends, the cash some companies pay their owners).
As reported by Bloomberg via Hedgeweek, for Jan 1 – Dec 31, 2025
S&P 500 data: S&P Dow Jones Indices LLC, via FRED.

What they own

Biggest bets first. The % is how much of their stock money is in that company. Tap a stock to open its page.
Already owned
Added lately
Sold lately
A full bar is 15% of their money.
— aren’t counted in share of their money.

Just bought

15
Between April and June, compared with the report before.

Sold

10
Dollar amounts use the price on Jun 30, 2026, or on Mar 31, 2026 for stocks they sold completely.

Year by year

Each calendar year’s result for Light Street’s main fund. Light Street doesn’t publish its results. These figures are from news reports, which don’t say whether fees were taken out. The reports are mostly Institutional Investor’s, Reuters’ and Bloomberg’s. 2010–2016 weren’t reported reliably.
Up in 7 of the 10 years shown, down in 3.
2026 · Jan 1 – Jun 30
about +37.1%
2025
about +37%
2024
+59.4%
2023
+45.7%
2022
−54.0%
2021
about −26%
2020
about +61.7%
2019
about −1.8%
2018
about +3.5%
2017
about +38.6%
Sources: Institutional Investor, 21 Oct 2025: after 2020 the fund ‘lost 26 and 54 percent in the two ensuing years,… · Reuters · Institutional Investor · Institutional Investor

Where their money goes

Each square is $1 of every $100 they have in stocks.

Who invests with them

From Form ADV, the form investment firms file with the SEC about their clients, their money and their staff.
About 733 investors
In its 18 private funds.
$1.57 billion it manages
All the money it invests for its clients, by its own count.
14 people work there
5 of them pick investments.
$10 million minimum to join
For Light Street Argon, L.P., its biggest fund. Its managers and staff own 32% of it.

Its biggest funds

Light Street Argon, L.P.
About 205 investors
$298 million
Light Street Xenon, Ltd.
About 62 investors
$234 million
Light Street Beacon II, L.P.
About 147 investors
$210 million
Light Street SPV9, LLC
About 22 investors
$97 million
Light Street Tungsten Onshore Fund, L.P.
About 15 investors
$65 million
And 13 smaller funds.
  • Investor counts are approximate, and someone in two of its funds counts twice.
From the Form ADV filed by Light Street Capital Management, LLC on Mar 27, 2026.
View it on SEC.gov

At a glance

Money they have in stocks
$851 million
$850,689,258
Stocks they own
27
plus 1 option bet
Their 5 biggest bets
41% of their money
Holdings as of
Jun 30, 2026
Reported on
Aug 14, 2026
Run by
Glen Kacher
Based in
Palo Alto
Investing since
2010
The original report
SEC.gov ↗︎

Good to know

  • Bets against companies don’t appear in these reports, only what it owns.
Holdings as of Jun 30, 2026, from Light Street’s Form 13F, filed Aug 14, 2026.
View the filing on SEC.gov
Not investment advice. For information and education only. Holdings: SEC Form 13F filings and the funds’ own letters. Returns: as reported by the funds or the press, linked at each number. Investors and money managed: the managers’ Form ADV filings with the SEC. Not affiliated with the SEC or any fund.
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