Nine Ten Capital Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Nine Ten Capital Management LLC reported 9 stock positions worth $388.0 million. Its top holding was Magnite (MGNI) at 16.0% of the portfolio, followed by Iradimed (IRMD, 14.1%) and Sapiens International (SPNS, 12.7%). Compared with Q2 2025, it added to 2 and reduced 3. The biggest buy was Gpgi (GPGI, shares +1%) and the biggest sale Iradimed (IRMD, shares −12%).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001635236
Portfolio Value
$388.0M (Q3 2025)
SEC Filing
0001420506-25-003247 ↗ filed Nov 14, 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 Q4 2024 Q1 2025: $267.9M Q1 2025 Q2 2025: $336.1M Q2 2025 Q3 2025: $388.0M $388.0M Q3 2025 Q4 2025: $315.8M Q4 2025 Q1 2026: $314.8M Q1 2026 Q2 2026: $321.3M Q2 2026

Holdings 9 stocks · $388.0M
MGNI Magnite Inc. 16.05% 2,858,583 $62.3M No change
IRMD Iradimed Corp. 14.15% 771,384 $54.9M Reduce -11.5%
SPNS Sapiens International Corp. 12.74% 1,149,230 $49.4M No change
CLBT Cellebrite Di Ltd. 11.84% 2,479,727 $45.9M Add +16.9%
GPGI Gpgi Inc. filed as COMPOSECURE INC 11.39% 2,123,312 $44.2M Add +1.4%
SNEX Stonex Group Inc. 10.86% 417,486 $42.1M Reduce -6.0%
WINA Winmark Corp. 10.76% 83,900 $41.8M No change
AGYS Agilysys Inc. 9.85% 363,239 $38.2M No change
RHLD Resolute Holdings Manag 2.36% 126,777 $9.1M Reduce -3.4%

Portfolio Sells Q2 2025 → Q3 2025
IRMD Iradimed Corp. Reduce -11.5% 14.15% −1.36
SNEX Stonex Group Inc. Reduce -6.0% 10.86% −1.18
RHLD Resolute Holdings Manag Reduce -3.4% 2.36% +1.11

Portfolio Buys Q2 2025 → Q3 2025
GPGI Gpgi Inc. Add +1.4% 11.39% +2.62
CLBT Cellebrite Di Ltd. Add +16.9% 11.84% +1.74

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