Scalar Gauge Management, LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Scalar Gauge Management, LLC reported 24 stock positions worth $174.9 million . Its top holding was Blackline (BL) at 18.4% of the portfolio, followed by Pagerduty (PD, 8.5% ) and Celestica (CLS, 8.0% ). Compared with Q1 2025, it opened 11 new positions, sold out of 14, added to 4 and reduced 6. The biggest buy was a new position in Celestica (CLS) and the biggest sale an exit from Solarwinds (SWI).
Location DALLAS, TX
CIK 0001965542
Portfolio Value $174.9M (Q2 2025) Holdings 24 stocks · $174.9M 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 Q1 2025 BL Blackline Inc. 568,804 $32.2M Add +0.2% PD Pagerduty Inc. 976,924 $14.9M Add +78.2% CLS Celestica Inc. 84,000 $14.0M New CWAN Clearwater Analytics HDS-A 524,244 $11.5M Reduce -21.0% FIVN FIVE9 Inc. 399,717 $10.6M Reduce -30.8% AVGO Broadcom Inc. 34,000 $9.4M New SMWB Similarweb Ltd. 1,116,343 $8.8M Reduce -8.0% MA Mastercard Inc. Class A 14,000 $7.9M New FISV Fiserv Inc. 45,000 $7.8M New AXON Axon Enterprise Inc. 8,500 $7.0M New AZO AutoZone Inc. 1,700 $6.3M New META Meta Platforms Inc. Class A 8,000 $5.9M New CGNT Cognyte Software Ltd. 545,032 $5.0M Add +18.5% CHDN Churchill Downs Inc. 47,000 $4.7M New AVPT Avepoint Inc. 215,384 $4.2M Reduce -28.4% SNOW Snowflake Inc. 18,000 $4.0M New NABL N-Able Inc. 445,534 $3.6M Add +421.1% MOD Modine Manufacturing Co. 34,000 $3.3M New JD Jd.com Inc.-ADR 95,000 $3.1M No change OSPN Onespan Inc. 170,000 $2.8M Reduce -20.9% ZD Ziff Davis Inc. 86,000 $2.6M New CTAS Cintas Corp. 10,000 $2.2M No change CLBT Cellebrite Di Ltd. 132,210 $2.1M Reduce -63.2% JAMF Jamf Holding Corp. filed as JAMF HLDG CORP 93,402 $888K No change
Options reported separately and not counted above: BLACKLINE INC calls ($240K), PAGERDUTY INC calls ($204K), FIVE9 INC calls ($121K), CLEARWATER ANALYTICS HLDGS I calls ($29K), CHURCHILL DOWNS INC calls ($26K), ZIFF DAVIS INC calls ($18K).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ SWI Solarwinds Corp. Sold out 0.00% −4.65 PGR Progressive Corp. Sold out 0.00% −4.50 CWAN Clearwater Analytics HDS-A Reduce -21.0% 6.57% −4.31 VERX Vertex Inc. Class A Sold out 0.00% −3.91 SPSC SPS Commerce Inc. Sold out 0.00% −3.74 FIVN FIVE9 Inc. Reduce -30.8% 6.05% −3.55 NRG NRG Energy Inc. Sold out 0.00% −3.48 NCLH Norwegian Cruise Line Holdin Sold out 0.00% −3.47 CLBT Cellebrite Di Ltd. Reduce -63.2% 1.21% −3.06 TWLO Twilio Inc. Class A Sold out 0.00% −2.64 INFA Informatica Inc. Class A Sold out 0.00% −2.05 VIXY Proshares Vix Short-Term Fut Sold out 0.00% −1.54 ALKT Alkami Technology Inc. Sold out 0.00% −1.18 SMWB Similarweb Ltd. Reduce -8.0% 5.00% −1.14 HPE Hewlett Packard Enterprise Sold out 0.00% −1.13 GB Global Blue Group Holding AG Sold out 0.00% −1.01 FRSH Freshworks Inc. Class A Sold out 0.00% −0.99 OSPN Onespan Inc. Reduce -20.9% 1.62% −0.38 AVPT Avepoint Inc. Reduce -28.4% 2.38% −0.28 BLZE Backblaze Inc. Class A Sold out 0.00% −0.26
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ CLS Celestica Inc. New 7.99% +7.99 AVGO Broadcom Inc. New 5.36% +5.36 MA Mastercard Inc. Class A New 4.50% +4.50 FISV Fiserv Inc. New 4.44% +4.44 AXON Axon Enterprise Inc. New 4.02% +4.02 AZO AutoZone Inc. New 3.61% +3.61 META Meta Platforms Inc. Class A New 3.38% +3.38 CHDN Churchill Downs Inc. New 2.71% +2.71 PD Pagerduty Inc. Add +78.2% 8.54% +2.41 SNOW Snowflake Inc. New 2.30% +2.30 MOD Modine Manufacturing Co. New 1.91% +1.91 NABL N-Able Inc. Add +421.1% 2.06% +1.69 BL Blackline Inc. Add +0.2% 18.41% +1.59 ZD Ziff Davis Inc. New 1.49% +1.49 CGNT Cognyte Software Ltd. Add +18.5% 2.88% +0.68
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ INVESCO QQQ TR put Sold out 400 $640Kbefore exit BLACKLINE INC call New 307 $240K PAGERDUTY INC call New 491 $204K FIVE9 INC call New 350 $121K CLEARWATER ANALYTICS HLDGS I call New 226 $29K CHURCHILL DOWNS INC call New 50 $26K ZIFF DAVIS INC call New 100 $18K
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