Scalar Gauge Management, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Scalar Gauge Management, LLC reported 27 stock positions worth $163.4 million . Its top holding was Blackline (BL) at 16.8% of the portfolio, followed by Clearwater Analytics HDS-A (CWAN, 10.9% ) and FIVE9 (FIVN, 9.6% ). Compared with Q4 2024, it opened 9 new positions, sold out of 10, added to 7 and reduced 10. The biggest buy was Blackline (BL, shares +61% ) and the biggest sale an exit from Axon Enterprise (AXON).
Location DALLAS, TX
CIK 0001965542
Portfolio Value $163.4M (Q1 2025) Holdings 27 stocks · $163.4M 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 Q4 2024 BL Blackline Inc. 567,854 $27.5M Add +60.9% CWAN Clearwater Analytics HDS-A 663,595 $17.8M Add +13.1% FIVN FIVE9 Inc. 577,891 $15.7M Add +34.2% SMWB Similarweb Ltd. 1,213,199 $10.0M Add +8.7% PD Pagerduty Inc. 548,200 $10.0M Add +67.0% SWI Solarwinds Corp. 412,678 $7.6M Reduce -25.6% PGR Progressive Corp. 26,000 $7.4M New CLBT Cellebrite Di Ltd. 359,240 $7.0M Reduce -6.4% VERX Vertex Inc. Class A 182,554 $6.4M Reduce -17.4% SPSC SPS Commerce Inc. 46,056 $6.1M New NRG NRG Energy Inc. 59,600 $5.7M Reduce -45.2% NCLH Norwegian Cruise Line Holdin 299,356 $5.7M Reduce -0.3% AVPT Avepoint Inc. 300,784 $4.3M Reduce -50.3% TWLO Twilio Inc. Class A 44,000 $4.3M Add +29.4% JD Jd.com Inc.-ADR 95,000 $3.9M New CGNT Cognyte Software Ltd. 460,032 $3.6M Add +2.2% INFA Informatica Inc. Class A 192,254 $3.4M New OSPN Onespan Inc. 214,875 $3.3M New VIXY Proshares Vix Short-Term Fut 50,000 $2.5M New CTAS Cintas Corp. 10,000 $2.1M Reduce -56.5% ALKT Alkami Technology Inc. 73,422 $1.9M No change HPE Hewlett Packard Enterprise 120,000 $1.9M New GB Global Blue Group Holding AG 224,651 $1.7M Reduce -33.9% FRSH Freshworks Inc. Class A 115,000 $1.6M New JAMF Jamf Holding Corp. filed as JAMF HLDG CORP 93,402 $1.1M New NABL N-Able Inc. 85,495 $606K Reduce -79.2% BLZE Backblaze Inc. Class A 86,740 $419K Reduce -25.7%
Options reported separately and not counted above: INVESCO QQQ TR puts ($640K).
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ AXON Axon Enterprise Inc. Sold out 0.00% −7.52 MSI Motorola Solutions Inc. Sold out 0.00% −7.51 ZUO Zuora Inc. Class A Sold out 0.00% −6.83 WMT Walmart Inc. Sold out 0.00% −2.88 AVPT Avepoint Inc. Reduce -50.3% 2.66% −1.95 CARG Cargurus Inc. Sold out 0.00% −1.86 VERX Vertex Inc. Class A Reduce -17.4% 3.91% −1.53 NABL N-Able Inc. Reduce -79.2% 0.37% −1.40 NRG NRG Energy Inc. Reduce -45.2% 3.48% −1.05 OS Onestream Inc. Sold out 0.00% −0.93 SCWX Secureworks Corp. Class A Sold out 0.00% −0.87 CTAS Cintas Corp. Reduce -56.5% 1.26% −0.68 ACA Arcosa Inc. Sold out 0.00% −0.36 ENFN Enfusion Inc. Class A Sold out 0.00% −0.12 NCLH Norwegian Cruise Line Holdin Reduce -0.3% 3.47% −0.09 GWRE Guidewire Software Inc. Sold out 0.00% −0.08 GB Global Blue Group Holding AG Reduce -33.9% 1.01% −0.07 BLZE Backblaze Inc. Class A Reduce -25.7% 0.26% −0.07 CLBT Cellebrite Di Ltd. Reduce -6.4% 4.27% +0.37 SWI Solarwinds Corp. Reduce -25.6% 4.65% +1.00
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ BL Blackline Inc. Add +60.9% 16.83% +6.93 PGR Progressive Corp. New 4.50% +4.50 SPSC SPS Commerce Inc. New 3.74% +3.74 CWAN Clearwater Analytics HDS-A Add +13.1% 10.88% +3.43 PD Pagerduty Inc. Add +67.0% 6.13% +3.36 JD Jd.com Inc.-ADR New 2.39% +2.39 INFA Informatica Inc. Class A New 2.05% +2.05 OSPN Onespan Inc. New 2.01% +2.01 VIXY Proshares Vix Short-Term Fut New 1.54% +1.54 FIVN FIVE9 Inc. Add +34.2% 9.60% +1.53 HPE Hewlett Packard Enterprise New 1.13% +1.13 FRSH Freshworks Inc. Class A New 0.99% +0.99 TWLO Twilio Inc. Class A Add +29.4% 2.64% +0.94 JAMF Jamf Holding Corp. New 0.69% +0.69 CGNT Cognyte Software Ltd. Add +2.2% 2.20% +0.40 SMWB Similarweb Ltd. Add +8.7% 6.14% −1.16
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ INVESCO QQQ TR put New 400 $640K
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 26 $181.3M FN, CLS, FIX, ONTO, SITM Q1 2026 25 $103.7M FN, CLS, LGN, FIX, ONTO Q4 2025 28 $150.8M BL, SITM, CLS, CGNT, FN Q3 2025 29 $196.1M BL, AVGO, FIX, FN, AXON Q2 2025 24 $174.9M BL, PD, CLS, CWAN, FIVN Q1 2025 27 $163.4M BL, CWAN, FIVN, SMWB, PD Q4 2024 28 $216.6M BL, FIVN, AXON, MSI, CWAN Q3 2024 25 $188.4M ZUO, CWAN, FIVN, NABL, MSI Q2 2024 29 $171.9M ZUO, NABL, SWI, EME, WKME Q1 2024 26 $129.9M ZUO, EME, SWI, ALKT, DELL