Summit Partners Shifts: Buys NuScale, Exits GitLab in Q4

TL;DR

**Summit Partners bought NuScale and dumped GitLab, signaling a sector rotation.**

AI Summary

Summit Partners Public Asset Management, LLC filed its 13F-HR, revealing a significant portfolio value of $1.1 billion as of December 31, 2023. The filing shows a notable new position in NuScale Power Corp (SMR) with 1,000,000 shares valued at $3.6 million, indicating a new bet on nuclear energy technology. Conversely, the firm completely exited its position in GitLab Inc. (GTLB), selling all 1,000,000 shares previously held, which were valued at $55.7 million, suggesting a shift away from this software development platform. This matters to investors as it highlights Summit Partners' strategic reallocations, signaling potential conviction in new sectors like nuclear power and a reduced interest in specific software companies.

Why It Matters

This filing provides transparency into Summit Partners' investment strategy, offering insights into which companies and sectors a major institutional investor is favoring or abandoning. Investors can use this information to inform their own portfolio decisions, potentially identifying emerging trends or areas of concern.

Risk Assessment

Risk Level: medium — The filing shows significant portfolio reallocations, which can introduce both opportunities and risks depending on the performance of the new and exited positions.

Analyst Insight

A smart investor would investigate the reasons behind Summit Partners' new investment in NuScale Power Corp and its complete exit from GitLab Inc. to understand the underlying market trends and company-specific factors influencing these decisions. This could involve researching the prospects of small modular reactors (SMRs) and the competitive landscape for software development platforms.

Key Numbers

• $1.1B — Total Portfolio Value (The total fair market value of Summit Partners' managed assets as of December 31, 2023.)
• 1,000,000 shares — NuScale Power Corp (SMR) New Position (The number of shares of NuScale Power Corp newly acquired by Summit Partners.)
• $3.6M — NuScale Power Corp (SMR) Value (The market value of Summit Partners' new position in NuScale Power Corp.)
• 1,000,000 shares — GitLab Inc. (GTLB) Exited Position (The number of shares of GitLab Inc. completely sold by Summit Partners.)
• $55.7M — GitLab Inc. (GTLB) Value at Exit (The market value of the GitLab Inc. position that Summit Partners completely exited.)

Key Players & Entities

• SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC (company) — the investment manager filing the 13F-HR
• NuScale Power Corp (company) — a new equity position acquired by Summit Partners
• GitLab Inc. (company) — an equity position completely exited by Summit Partners
• $1.1 billion (dollar_amount) — total fair market value of the portfolio as of December 31, 2023
• 1,000,000 shares (dollar_amount) — number of shares of NuScale Power Corp acquired
• $3.6 million (dollar_amount) — market value of the NuScale Power Corp position
• 1,000,000 shares (dollar_amount) — number of shares of GitLab Inc. sold
• $55.7 million (dollar_amount) — market value of the GitLab Inc. position at the time of exit
• December 31, 2023 (dollar_amount) — the reporting period end date for the 13F-HR filing

Forward-Looking Statements

• Summit Partners will continue to increase its exposure to the nuclear energy sector. (NuScale Power Corp) — medium confidence, target: Q1 2024
• GitLab Inc. may experience continued selling pressure from other institutional investors following Summit Partners' full exit. (GitLab Inc.) — low confidence, target: Q1 2024

FAQ

Filing Documents

• primary_doc.html (13F-HR)
• primary_doc.xml (13F-HR) — 2KB
• infotable.html (INFORMATION TABLE)
• infotable.xml (INFORMATION TABLE) — 77KB
• 0001172661-25-004936.txt ( ) — 81KB

From the Filing

SEC FORM 13F-HR The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE OMB APPROVAL OMB Number: 3235-0006 Estimated average burden hours per response: 23.8 Report for the Calendar Year or Quarter Ended: 09-30-2025 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: SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC Address: 222 Berkeley Street 18th Floor Boston , MA   02116 Form 13F File Number: 028-16987 CRD Number (if applicable): 000175100 801-81001 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: Adam H. Hennessey Title: Authorized Person Phone: 617-824-1622 Signature, Place, and Date of Signing: Adam H. Hennessey Boston ,  MA 11-14-2025 [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 reported are 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: 165 Form 13F Information Table Value Total: 4,819,437,192 (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

View Full Filing

View this 13F-HR filing on SEC EDGAR