Scalar Gauge Management, LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Scalar Gauge Management, LLC reported 29 stock positions worth $196.1 million . Its top holding was Blackline (BL) at 16.7% of the portfolio, followed by Broadcom (AVGO, 7.1% ) and Comfort Systems USA (FIX, 6.7% ). Compared with Q2 2025, it opened 15 new positions, sold out of 10, added to 8 and reduced 4. The biggest buy was a new position in Comfort Systems USA (FIX) and the biggest sale an exit from Clearwater Analytics HDS-A (CWAN).
Location DALLAS, TX
CIK 0001965542
Portfolio Value $196.1M (Q3 2025) Holdings 29 stocks · $196.1M 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 Q2 2025 BL Blackline Inc. 615,804 $32.7M Add +8.3% AVGO Broadcom Inc. 42,000 $13.9M Add +23.5% FIX Comfort Systems USA Inc. 16,000 $13.2M New FN Fabrinet 35,000 $12.8M New AXON Axon Enterprise Inc. 15,500 $11.1M Add +82.3% CLS Celestica Inc. 41,000 $10.1M Reduce -51.2% PD Pagerduty Inc. 536,504 $8.9M Reduce -45.1% SNOW Snowflake Inc. 37,000 $8.3M Add +105.6% SITM Sitime Corp. 27,000 $8.1M New AZO AutoZone Inc. 1,700 $7.3M No change TTMI TTM Technologies 119,000 $6.9M New EME Emcor Group Inc. 10,500 $6.8M New CGNT Cognyte Software Ltd. 789,099 $6.6M Add +44.8% CTAS Cintas Corp. 31,000 $6.4M Add +210.0% META Meta Platforms Inc. Class A 8,000 $5.9M No change GWRE Guidewire Software Inc. 23,000 $5.3M New NFLX Netflix Inc. 4,000 $4.8M New SMWB Similarweb Ltd. 441,742 $4.1M Reduce -60.4% NABL N-Able Inc. 500,534 $3.9M Add +12.3% OSPN Onespan Inc. 215,000 $3.4M Add +26.5% NRG NRG Energy Inc. 18,000 $2.9M New FROG Jfrog Ltd. 58,000 $2.7M New HWM Howmet Aerospace Inc. 13,000 $2.6M New CSCO Cisco Systems Inc. 30,000 $2.1M New CLBT Cellebrite Di Ltd. 92,210 $1.7M Reduce -30.3% PRO Pros Holdings Inc. 60,000 $1.4M New WEAV Weave Communications Inc. 174,188 $1.2M New MPAA Motorcar Parts of America Inc. 53,000 $877K New FFIV F5 Inc. 1,000 $323K New
Options reported separately and not counted above: PAGERDUTY INC calls ($240K), BLACKLINE INC calls ($125K), SIMILARWEB LTD calls ($4K).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ CWAN Clearwater Analytics HDS-A Sold out 0.00% −6.57 FIVN FIVE9 Inc. Sold out 0.00% −6.05 MA Mastercard Inc. Class A Sold out 0.00% −4.50 FISV Fiserv Inc. Sold out 0.00% −4.44 PD Pagerduty Inc. Reduce -45.1% 4.52% −4.02 SMWB Similarweb Ltd. Reduce -60.4% 2.09% −2.91 CLS Celestica Inc. Reduce -51.2% 5.15% −2.84 CHDN Churchill Downs Inc. Sold out 0.00% −2.71 AVPT Avepoint Inc. Sold out 0.00% −2.38 MOD Modine Manufacturing Co. Sold out 0.00% −1.91 JD Jd.com Inc.-ADR Sold out 0.00% −1.77 ZD Ziff Davis Inc. Sold out 0.00% −1.49 JAMF Jamf Holding Corp. Sold out 0.00% −0.51 CLBT Cellebrite Di Ltd. Reduce -30.3% 0.87% −0.34
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ FIX Comfort Systems USA Inc. New 6.73% +6.73 FN Fabrinet New 6.51% +6.51 SITM Sitime Corp. New 4.15% +4.15 TTMI TTM Technologies New 3.49% +3.49 EME Emcor Group Inc. New 3.48% +3.48 GWRE Guidewire Software Inc. New 2.70% +2.70 NFLX Netflix Inc. New 2.44% +2.44 CTAS Cintas Corp. Add +210.0% 3.24% +1.97 SNOW Snowflake Inc. Add +105.6% 4.25% +1.95 AVGO Broadcom Inc. Add +23.5% 7.06% +1.71 AXON Axon Enterprise Inc. Add +82.3% 5.67% +1.65 NRG NRG Energy Inc. New 1.49% +1.49 FROG Jfrog Ltd. New 1.40% +1.40 HWM Howmet Aerospace Inc. New 1.30% +1.30 CSCO Cisco Systems Inc. New 1.05% +1.05 PRO Pros Holdings Inc. New 0.70% +0.70 WEAV Weave Communications Inc. New 0.59% +0.59 CGNT Cognyte Software Ltd. Add +44.8% 3.38% +0.50 MPAA Motorcar Parts of America Inc. New 0.45% +0.45 FFIV F5 Inc. New 0.16% +0.16 OSPN Onespan Inc. Add +26.5% 1.74% +0.12 NABL N-Able Inc. Add +12.3% 1.99% −0.07 BL Blackline Inc. Add +8.3% 16.67% −1.74
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ FIVE9 INC call Sold out 350 $121Kbefore exit CLEARWATER ANALYTICS HLDGS I call Sold out 226 $29Kbefore exit CHURCHILL DOWNS INC call Sold out 50 $26Kbefore exit ZIFF DAVIS INC call Sold out 100 $18Kbefore exit SIMILARWEB LTD call New 200 $4K
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