Whetstone Capital Advisors, LLC

Overview

Whetstone Capital Advisors, LLC is a private investment firm specializing in growth equity investments. The firm employs a value-oriented, research-intensive investment process centered on identifying businesses with discernible competitive advantages in industries benefiting from secular growth. Whetstone focuses its research efforts within specific circles of competence, including software, payments, internet technology, and media. The long portfolio is typically concentrated in 15–20 high-conviction ideas, while the short portfolio tends to be more diversified and includes both stand-alone shorts based on fundamental research and positions that are hedges against the longs. The firm's investment strategy emphasizes a disciplined and research-driven approach, seeking to deliver value for its clients through a concentrated portfolio of high-conviction positions. Whetstone Capital Advisors aims to identify undervalued growth opportunities while exercising risk management by investing in businesses with sustainable competitive advantages. The approach emphasizes partnership with clients and transparency in the investment process. Whetstone Capital Advisors, LLC was founded in 2014 and is headquartered in Shawnee Mission, Kansas. The firm manages a portfolio valued at approximately $320.53 million as of December 31, 2025, comprising 54 distinct securities. The top 10 holdings comprised 77.8% of the portfolio, with Financials as the largest sector allocation. Quarterly activity included 9 new positions and 11 complete exits. The firm's portfolio includes investments in companies such as Repay Holdings Corporation, Exzeo Group, Blend Labs, and Fiverr International. The firm's team includes Portfolio Manager and Managing Partner David Atterbury, who has experience with DS Advisors and the 1818 Partners Fund at Brown Brothers Harriman, as well as Andrew Carlson, an Investment Analyst, and Jordan Hulet, an Analyst. The firm is committed to providing exceptional service and advice to its clients, focusing on their financial goals, objectives, and risk tolerance. Whetstone Capital Advisors, LLC is registered with the U.S. Securities and Exchange Commission (SEC) and files Form 13F reports, disclosing its equity holdings and investment positions. The firm's most recent 13F filing was on February 13, 2026, for the Q4 2025 period, reporting a portfolio value of $320.53 million and 54 individual positions. The firm's portfolio is diversified across various sectors, with a significant concentration in the Financials sector. Whetstone Capital Advisors, LLC is dedicated to delivering exceptional results to its clients through a disciplined and research-driven investment process, focusing on identifying businesses with sustainable competitive advantages in industries benefiting from secular growth. The firm's approach emphasizes partnership with clients and transparency in the investment process, aiming to provide value through a concentrated portfolio of high-conviction positions.