Nine Ten Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Nine Ten Capital Management LLC reported 8 stock positions worth $315.8 million. Its top holding was Magnite (MGNI) at 15.4% of the portfolio, followed by Gpgi (GPGI, 14.8%) and Cellebrite Di (CLBT, 14.2%). Compared with Q3 2025, it sold out of 1, added to 2 and reduced 4. The biggest buy was Gpgi (GPGI, shares +14%) and the biggest sale an exit from Sapiens International (SPNS).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001635236
- Portfolio Value
- $315.8M (Q4 2025)
- SEC Filing
- 0001420506-26-000473 ↗ filed Feb 17, 2026
Holdings Value
Holdings 8 stocks · $315.8M
| MGNI Magnite Inc. | 15.43% | 3,003,583 | $48.7M | Add +5.1% |
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 14.77% | 2,418,904 | $46.6M | Add +13.9% |
| CLBT Cellebrite Di Ltd. | 14.16% | 2,479,727 | $44.7M | No change |
| AGYS Agilysys Inc. | 13.67% | 363,239 | $43.2M | No change |
| IRMD Iradimed Corp. | 13.20% | 428,477 | $41.7M | Reduce -44.5% |
| SNEX Stonex Group Inc. | 11.97% | 397,486 | $37.8M | Reduce -4.8% |
| WINA Winmark Corp. | 10.73% | 83,671 | $33.9M | Reduce -0.3% |
| RHLD Resolute Holdings Manag | 6.08% | 92,980 | $19.2M | Reduce -26.7% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 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 |