Nine Ten Capital Management LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Nine Ten Capital Management LLC reported 11 stock positions worth $350.3 million. Its top holding was Cellebrite Di (CLBT) at 22.7% of the portfolio, followed by Iradimed (IRMD, 14.2%) and Magnite (MGNI, 14.2%). Compared with Q3 2024, it opened 1 new position, added to 4 and reduced 5. The biggest buy was a new position in Gpgi (GPGI) and the biggest sale Agilysys (AGYS, shares −37%).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001635236
Portfolio Value
$350.3M (Q4 2024)
SEC Filing
0001420506-25-000369 ↗ filed Feb 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $328.4M Q1 2024 Q2 2024: $259.8M Q2 2024 Q3 2024: $330.9M Q3 2024 Q4 2024: $350.3M $350.3M Q4 2024 Q1 2025: $267.9M Q1 2025 Q2 2025: $336.1M Q2 2025 Q3 2025: $388.0M Q3 2025 Q4 2025: $315.8M Q4 2025 Q1 2026: $314.8M Q1 2026 Q2 2026: $321.3M Q2 2026

Holdings 11 stocks · $350.3M
CLBT Cellebrite Di Ltd. 22.67% 3,605,604 $79.4M Reduce -16.7%
IRMD Iradimed Corp. 14.22% 905,926 $49.8M No change
MGNI Magnite Inc. 14.16% 3,115,849 $49.6M Add +18.8%
SNEX Stonex Group Inc. 10.89% 389,491 $38.2M Reduce -17.2%
WINA Winmark Corp. 9.41% 83,900 $33.0M Add +5.5%
SPNS Sapiens International Corp. 8.24% 1,074,291 $28.9M Add +17.0%
AGYS Agilysys Inc. 5.95% 158,139 $20.8M Reduce -36.6%
FC Franklin Covey Co. 4.49% 418,166 $15.7M Reduce -8.7%
GPGI Gpgi Inc. filed as COMPOSECURE INC 3.97% 908,328 $13.9M New
NVEE NV5 Global Inc. 3.82% 709,852 $13.4M Add +0.6%
XPEL Xpel Inc. 2.17% 190,716 $7.6M Reduce -20.8%

Portfolio Sells Q3 2024 → Q4 2024
AGYS Agilysys Inc. Reduce -36.6% 5.95% −2.27
FC Franklin Covey Co. Reduce -8.7% 4.49% −1.21
XPEL Xpel Inc. Reduce -20.8% 2.17% −0.98
SNEX Stonex Group Inc. Reduce -17.2% 10.89% −0.75
CLBT Cellebrite Di Ltd. Reduce -16.7% 22.67% +0.65

Portfolio Buys Q3 2024 → Q4 2024
GPGI Gpgi Inc. New 3.97% +3.97
MGNI Magnite Inc. Add +18.8% 14.16% +3.19
WINA Winmark Corp. Add +5.5% 9.41% +0.21
NVEE NV5 Global Inc. Add +0.6% 3.82% −1.17
SPNS Sapiens International Corp. Add +17.0% 8.24% −2.10

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 8$321.3MAGYS, MGNI, CLBT, GPGI, WINA
Q1 2026 8$314.8MGPGI, CLBT, SNEX, AGYS, MGNI
Q4 2025 8$315.8MMGNI, GPGI, CLBT, AGYS, IRMD
Q3 2025 9$388.0MMGNI, IRMD, SPNS, CLBT, GPGI
Q2 2025 9$336.1MMGNI, IRMD, AGYS, SNEX, CLBT
Q1 2025 11$267.9MIRMD, SNEX, CLBT, MGNI, SPNS
Q4 2024 11$350.3MCLBT, IRMD, MGNI, SNEX, WINA
Q3 2024 10$330.9MCLBT, IRMD, SNEX, MGNI, SPNS
Q2 2024 10$259.8MCLBT, IRMD, SNEX, AGYS, SPNS
Q1 2024 13$328.4MSNEX, AGYS, MGNI, CLBT, IRMD