Neil Mehta's Trades and Holdings in Q3 2025

Breaking down the stocks Neil Mehta (Greenoaks) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Greenoaks' 13F filed on November 14, 2025.

Who are Neil Mehta and Greenoaks?

Greenoaks is a concentrated investment firm founded in 2012 by Neil Mehta, a former Benchmark partner. The firm maintains the conviction that only a small handful of companies truly define each generation. With approximately $7 billion under management, Greenoaks employs a high-conviction, research-intensive approach to identify these exceptional businesses across both private and public markets. Mehta's strategy involves building deep partnerships with intensely focused management teams and maintaining positions for decades as these companies execute their long-term vision.

Greenoaks.com
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Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Greenoaks Capital's Neil Mehta maintained his concentrated, decade-long investment thesis in Q3 2025, anchoring the portfolio around logistics-intensive e-commerce platforms Coupang and Amazon while initiating positions in collaborative software leaders Figma and cloud-based life sciences platform Veeva. The moves reflect Mehta's signature high-conviction approach of identifying generational technology companies with dominant market positions and defensible infrastructure, exiting construction management software provider Procore Technologies to concentrate capital in businesses demonstrating stronger network effects and recurring revenue models.

New Investments

Figma FIG

Neil Mehta bought $214.37M of Figma in Q3 2025. Figma delivered strong Q3 2025 results with 38% year-over-year revenue growth to a quarterly record of $274.2 million, while beating earnings expectations with $0.10 EPS. The company's decision to raise full-year guidance reflects management confidence in sustained growth momentum powered by its AI-enabled design platform. The market responded positively, with shares appreciating 4.5% on the earnings announcement date.

• Q3 revenue grew 38% year-over-year to a quarterly record of $274.2 million.
• EPS of $0.10 exceeded expectations in Q3 2025.
• Stock price increased 4.5% on November 6 following earnings announcement.

Veeva VEEV

Neil Mehta bought $69.42M of Veeva in Q3 2025. Veeva Systems demonstrated strong execution over the last two quarters with revenue climbing to $759.0M in the most recent period and consistent outperformance against analyst expectations. The company benefited from broad-based adoption across its Development Cloud platform and strategic customer wins in Vault CRM, driving accelerating EPS growth of 13.2% quarter-over-quarter alongside expanded operating margins. Strong fundamentals and positive earnings surprises position the company well approaching its fiscal 2026 Q3 earnings release on November 20.

• Revenue grew from $720.9M to $759.0M sequentially, representing 5.3% QoQ growth with consistent guidance beats and 4.21% revenue surprise in the most recent quarter.
• EPS surged 13.2% to $1.97 with a 13.22% positive surprise, significantly outpacing analyst estimates across both recent reported periods.
• Non-GAAP operating income expanded 30% year-over-year while subscription services revenues accelerated 17% YoY, driving margin expansion and operating leverage.

Added, Trimmed, and Exited

Added

Greenoaks significantly increased its position in ServiceTitan (TTAN), adding 436,398 shares (a 51% increase) to bring the total stake to 1,287,331 shares valued at $129.8M, while the position generated a strong 42.3% return during the quarter.
What it means: The substantial add to ServiceTitan amid its impressive 42% quarterly gain demonstrates Neil Mehta's conviction in doubling down on winners—a hallmark of concentrated, long-term investing. Rather than taking profits after strong appreciation, Greenoaks deployed additional capital into this vertical software play, suggesting the firm sees the company still early in its growth trajectory despite the substantial price appreciation.

Trimmed

Greenoaks reduced stakes across three portfolio holdings: Carvana (CVNA) by 393,606 shares despite a positive 4.2% return, Toast (TOST) by 80,000 shares as it declined 21.8%, and Klaviyo (KVYO) by 28,784 shares amid an 18.6% decline.
What it means: The trims reveal a nuanced portfolio management approach where Greenoaks is harvesting gains from its largest position (Carvana, still worth nearly $2B) while also cutting losses in underperforming software holdings Toast and Klaviyo. The modest reduction in Carvana appears to be routine position sizing after the stock's continued run, while the trims to Toast and Klaviyo suggest waning conviction in these investments as they faced headwinds during the quarter.

Exited

Greenoaks completely liquidated its position in Procore Technologies (PCOR), a relatively small $4.4M stake representing just 63,740 shares.
What it means: The exit from Procore Technologies likely reflects portfolio concentration discipline rather than a broader sector view, as Greenoaks simultaneously initiated large positions in other vertical software companies like Figma and Veeva. The small position size suggests Procore never reached the conviction threshold required for Greenoaks' concentrated approach, and capital was reallocated to higher-conviction opportunities that better fit the firm's "only a handful of companies define each generation" investment philosophy.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.