In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Circumference Group LLC reported 20 stock positions worth $89.7 million . Its top holding was Twilio Class A (TWLO) at 10.3% of the portfolio, followed by Upwork (UPWK, 8.5% ) and Resources Connection (RGP, 7.8% ). Compared with Q3 2025, it opened 2 new positions, sold out of 4, added to 11 and reduced 5. The biggest buy was a new position in RAPID7 (RPD) and the biggest sale an exit from Integral Ad Science (IAS).
Location Little Rock, AR
CIK 0001742372
Portfolio Value $89.7M (Q4 2025) Holdings 20 stocks · $89.7M 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 Q3 2025 TWLO Twilio Inc. Class A 65,000 $9.2M Reduce -5.8% UPWK Upwork Inc. 385,000 $7.6M Add +2.7% RGP Resources Connection Inc. 1,389,243 $7.0M Add +7.8% PATH Uipath Inc. Class A 385,000 $6.3M Add +45.3% TDC Teradata Corp. 175,000 $5.3M Reduce -28.6% ICLR Icon PLC 28,000 $5.1M No change CNM Core & Main Inc. Class A 90,000 $4.7M Add +80.0% GTM Zoominfo Technologies Inc. 455,000 $4.6M Add +11.0% EXTR Extreme Networks Inc. 270,000 $4.5M No change YEXT Yext Inc. 542,800 $4.4M Reduce -9.2% CXM Sprinklr Inc. Class A 560,000 $4.4M Add +21.7% WIX Wix.com Ltd. 40,000 $4.2M Add +9.6% RPD RAPID7 Inc. 250,000 $3.8M New KFY Korn Ferry 55,900 $3.7M Add +5.7% AVTR Avantor Inc. 305,000 $3.5M New AMPL Amplitude Inc. Class A 238,000 $2.8M Add +9.2% GLOB Globant SA 42,000 $2.7M Add +50.0% EPAM Epam Systems Inc. 12,000 $2.5M Add +9.1% ONTF ON24 Inc. 279,151 $2.2M Reduce -21.2% FIVN FIVE9 Inc. 60,000 $1.2M Reduce -39.7%
Options reported separately and not counted above: YEXT puts ($1.6M), TDC puts ($1.5M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ IAS Integral Ad Science Holding Sold out 0.00% −5.37 VMEO Vimeo Inc. Sold out 0.00% −2.96 DAVA Endava PLC- Spon ADR Sold out 0.00% −2.10 FIVN FIVE9 Inc. Reduce -39.7% 1.34% −1.49 YEXT Yext Inc. Reduce -9.2% 4.88% −1.10 KLTR Kaltura Inc. Sold out 0.00% −0.68 TDC Teradata Corp. Reduce -28.6% 5.94% −0.25 ONTF ON24 Inc. Reduce -21.2% 2.48% +0.10 TWLO Twilio Inc. Class A Reduce -5.8% 10.31% +2.20
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ RPD RAPID7 Inc. New 4.24% +4.24 AVTR Avantor Inc. New 3.90% +3.90 PATH Uipath Inc. Class A Add +45.3% 7.04% +2.87 CNM Core & Main Inc. Class A Add +80.0% 5.22% +2.06 GLOB Globant SA Add +50.0% 3.06% +1.18 EPAM Epam Systems Inc. Add +9.1% 2.74% +0.79 CXM Sprinklr Inc. Class A Add +21.7% 4.86% +0.69 UPWK Upwork Inc. Add +2.7% 8.51% +0.33 AMPL Amplitude Inc. Class A Add +9.2% 3.07% +0.33 RGP Resources Connection Inc. Add +7.8% 7.81% +0.16 GTM Zoominfo Technologies Inc. Add +11.0% 5.16% −0.09 KFY Korn Ferry Add +5.7% 4.12% −0.23 WIX Wix.com Ltd. Add +9.6% 4.63% −2.98
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ UIPATH INC call Sold out 200,000 $2.7Mbefore exit ZOOMINFO TECHNOLOGIES INC call Sold out 150,000 $1.6Mbefore exit YEXT Yext Inc. put New 197,800 $1.6M TDC Teradata Corp. put New 50,000 $1.5M
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