Nine Ten Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Nine Ten Capital Management LLC reported 11 stock positions worth $267.9 million. Its top holding was Iradimed (IRMD) at 17.1% of the portfolio, followed by Stonex (SNEX, 14.6%) and Cellebrite Di (CLBT, 14.5%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 3 and reduced 6. The biggest buy was Sapiens International (SPNS, shares +7%) and the biggest sale Cellebrite Di (CLBT, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001635236
- Portfolio Value
- $267.9M (Q1 2025)
- SEC Filing
- 0001420506-25-001180 ↗ filed May 15, 2025
Holdings Value
Holdings 11 stocks · $267.9M
| IRMD Iradimed Corp. | 17.08% | 872,003 | $45.8M | Reduce -3.7% |
| SNEX Stonex Group Inc. | 14.61% | 512,486 | $39.1M | Reduce -12.3% |
| CLBT Cellebrite Di Ltd. | 14.50% | 1,999,034 | $38.8M | Reduce -44.6% |
| MGNI Magnite Inc. | 11.65% | 2,734,830 | $31.2M | Reduce -12.2% |
| SPNS Sapiens International Corp. | 11.62% | 1,149,230 | $31.1M | Add +7.0% |
| WINA Winmark Corp. | 9.95% | 83,900 | $26.7M | No change |
| AGYS Agilysys Inc. | 8.13% | 300,239 | $21.8M | Add +89.9% |
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 7.02% | 1,729,359 | $18.8M | Add +90.4% |
| NVEE NV5 Global Inc. | 2.73% | 379,852 | $7.3M | Reduce -46.5% |
| RHLD Resolute Holdings Manag | 1.53% | 131,196 | $4.1M | New |
| FC Franklin Covey Co. | 1.18% | 114,818 | $3.2M | Reduce -72.5% |
Portfolio Sells Q4 2024 → Q1 2025
| CLBT Cellebrite Di Ltd. | Reduce -44.6% | 14.50% | −8.18 |
| FC Franklin Covey Co. | Reduce -72.5% | 1.18% | −3.30 |
| MGNI Magnite Inc. | Reduce -12.2% | 11.65% | −2.51 |
| XPEL Xpel Inc. | Sold out | 0.00% | −2.17 |
| NVEE NV5 Global Inc. | Reduce -46.5% | 2.73% | −1.09 |
| IRMD Iradimed Corp. | Reduce -3.7% | 17.08% | +2.86 |
| SNEX Stonex Group Inc. | Reduce -12.3% | 14.61% | +3.72 |
Portfolio Buys Q4 2024 → Q1 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 8 | $321.3M | AGYS, MGNI, CLBT, GPGI, WINA |
| Q1 2026 | 8 | $314.8M | GPGI, CLBT, SNEX, AGYS, MGNI |
| Q4 2025 | 8 | $315.8M | MGNI, GPGI, CLBT, AGYS, IRMD |
| Q3 2025 | 9 | $388.0M | MGNI, IRMD, SPNS, CLBT, GPGI |
| Q2 2025 | 9 | $336.1M | MGNI, IRMD, AGYS, SNEX, CLBT |
| Q1 2025 | 11 | $267.9M | IRMD, SNEX, CLBT, MGNI, SPNS |
| Q4 2024 | 11 | $350.3M | CLBT, IRMD, MGNI, SNEX, WINA |
| Q3 2024 | 10 | $330.9M | CLBT, IRMD, SNEX, MGNI, SPNS |
| Q2 2024 | 10 | $259.8M | CLBT, IRMD, SNEX, AGYS, SPNS |
| Q1 2024 | 13 | $328.4M | SNEX, AGYS, MGNI, CLBT, IRMD |