In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Circumference Group LLC reported 23 stock positions worth $96.4 million . Its top holding was Twilio Class A (TWLO) at 8.6% of the portfolio, followed by Extreme Networks (EXTR, 7.4% ) and Resources Connection (RGP, 7.2% ). Compared with Q1 2025, it opened 2 new positions, added to 9 and reduced 9. The biggest buy was a new position in Icon (ICLR) and the biggest sale Upwork (UPWK, shares −14% ).
Location Little Rock, AR
CIK 0001742372
Portfolio Value $96.4M (Q2 2025) Holdings 23 stocks · $96.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 TWLO Twilio Inc. Class A 67,000 $8.3M Add +34.0% EXTR Extreme Networks Inc. 395,000 $7.1M No change RGP Resources Connection Inc. 1,289,243 $6.9M Add +21.6% TDC Teradata Corp. 310,000 $6.9M Add +3.3% INFA Informatica Inc. Class A 230,000 $5.6M Reduce -11.5% UPWK Upwork Inc. 410,000 $5.5M Reduce -13.7% YEXT Yext Inc. 647,800 $5.5M Reduce -7.2% PATH Uipath Inc. Class A 400,000 $5.1M Reduce -11.1% DAVA Endava PLC- Spon ADR 326,500 $5.0M Add +29.8% BASE Couchbase Inc. 201,801 $4.9M Reduce -37.3% GTM Zoominfo Technologies Inc. 385,000 $3.9M No change CXM Sprinklr Inc. Class A 460,000 $3.9M Add +27.8% ICLR Icon PLC 24,000 $3.5M New KFY Korn Ferry 43,900 $3.2M No change FIVN FIVE9 Inc. 120,000 $3.2M Add +4.3% VMEO Vimeo Inc. 725,000 $2.9M Add +26.1% IAS Integral Ad Science Holding 350,000 $2.9M Add +66.7% AMPL Amplitude Inc. Class A 218,000 $2.7M Add +22.5% AVDX Avidxchange Holdings Inc. 275,000 $2.7M Reduce -25.7% WIX Wix.com Ltd. 15,000 $2.4M New ONTF ON24 Inc. 354,196 $1.9M Reduce -10.2% TIXT Telus International Cda Inc. 399,998 $1.5M Reduce -40.7% KLTR Kaltura Inc. 400,000 $804K Reduce -8.1%
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ UPWK Upwork Inc. Reduce -13.7% 5.72% −1.96 BASE Couchbase Inc. Reduce -37.3% 5.10% −1.17 AVDX Avidxchange Holdings Inc. Reduce -25.7% 2.79% −1.09 TIXT Telus International Cda Inc. Reduce -40.7% 1.51% −0.74 ONTF ON24 Inc. Reduce -10.2% 2.00% −0.54 PATH Uipath Inc. Class A Reduce -11.1% 5.31% −0.43 KLTR Kaltura Inc. Reduce -8.1% 0.83% −0.18 INFA Informatica Inc. Class A Reduce -11.5% 5.81% +0.19 YEXT Yext Inc. Reduce -7.2% 5.71% +0.39
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ ICLR Icon PLC New 3.62% +3.62 TWLO Twilio Inc. Class A Add +34.0% 8.64% +2.58 WIX Wix.com Ltd. New 2.47% +2.47 IAS Integral Ad Science Holding Add +66.7% 3.02% +0.92 AMPL Amplitude Inc. Class A Add +22.5% 2.80% +0.56 CXM Sprinklr Inc. Class A Add +27.8% 4.04% +0.32 FIVN FIVE9 Inc. Add +4.3% 3.30% −0.57 VMEO Vimeo Inc. Add +26.1% 3.04% −0.71 DAVA Endava PLC- Spon ADR Add +29.8% 5.19% −0.89 TDC Teradata Corp. Add +3.3% 7.18% −1.18 RGP Resources Connection Inc. Add +21.6% 7.18% −1.40
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ CXM Sprinklr Inc. Class A call Sold out 100,000 $865Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 13 $46.0M EXTR, ICLR, RGP, CNM, TWLO Q1 2026 13 $44.6M EXTR, RGP, CNM, PATH, WIX Q4 2025 20 $89.7M TWLO, UPWK, RGP, PATH, TDC Q3 2025 22 $85.2M UPWK, TWLO, RGP, WIX, EXTR Q2 2025 23 $96.4M TWLO, EXTR, RGP, TDC, INFA Q1 2025 21 $80.8M RGP, TDC, UPWK, EXTR, BASE Q4 2024 25 $107.2M RGP, UPWK, GDDY, ZUO, TDC Q3 2024 26 $95.4M RGP, EXTR, YEXT, TDC, UPWK Q2 2024 25 $93.6M TDC, RGP, EXTR, ZUO, CXM Q1 2024 29 $96.9M RGP, ZUO, TDC, JNPR, CXM