Scalar Gauge Management, LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Scalar Gauge Management, LLC reported 28 stock positions worth $150.8 million . Its top holding was Blackline (BL) at 19.4% of the portfolio, followed by Sitime (SITM, 10.1% ) and Celestica (CLS, 7.1% ). Compared with Q3 2025, it opened 13 new positions, sold out of 14, added to 4 and reduced 11. The biggest buy was Sitime (SITM, shares +59% ) and the biggest sale an exit from Comfort Systems USA (FIX).
Location DALLAS, TX
CIK 0001965542
Portfolio Value $150.8M (Q4 2025) Holdings 28 stocks · $150.8M 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 Q3 2025 BL Blackline Inc. 527,789 $29.2M Reduce -14.3% SITM Sitime Corp. 43,000 $15.2M Add +59.3% CLS Celestica Inc. 36,000 $10.6M Reduce -12.2% CGNT Cognyte Software Ltd. 904,099 $8.5M Add +14.6% FN Fabrinet 18,500 $8.4M Reduce -47.1% AVGO Broadcom Inc. 22,500 $7.8M Reduce -46.4% SNOW Snowflake Inc. 32,000 $7.0M Reduce -13.5% AXON Axon Enterprise Inc. 10,500 $6.0M Reduce -32.3% ANET Arista Networks Inc. 45,000 $5.9M New ZS Zscaler Inc. 25,000 $5.6M New AAOI Applied Optoelectronics Inc. 137,000 $4.8M New NFLX Netflix Inc. 48,000 $4.5M Add +20.0% BRZE Braze Inc. Class A 124,000 $4.3M New AAON Aaon Inc. 51,000 $3.9M New MU Micron Technology Inc. 13,000 $3.7M New MRVL Marvell Technology Inc. 39,000 $3.3M New TTMI TTM Technologies 44,000 $3.0M Reduce -63.0% CRDO Credo Technology Group Holdi 20,000 $2.9M New META Meta Platforms Inc. Class A 4,000 $2.6M Reduce -50.0% MXL Maxlinear Inc. 145,000 $2.5M New NRG NRG Energy Inc. 15,000 $2.4M Reduce -16.7% CTAS Cintas Corp. 10,000 $1.9M Reduce -67.7% WIX Wix.com Ltd. 14,000 $1.5M New WEAV Weave Communications Inc. 184,188 $1.4M Add +5.7% OS Onestream Inc. 75,000 $1.4M New CWAN Clearwater Analytics HDS-A 55,000 $1.3M New AMZN Amazon.com Inc. 3,000 $692K New OSPN Onespan Inc. 41,641 $535K Reduce -80.6%
Options reported separately and not counted above: JAMF HLDG CORP calls ($348K), CELESTICA INC calls ($264K), BLACKLINE INC calls ($88K), MARVELL TECHNOLOGY INC calls ($65K).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ FIX Comfort Systems USA Inc. Sold out 0.00% −6.73 PD Pagerduty Inc. Sold out 0.00% −4.52 AZO AutoZone Inc. Sold out 0.00% −3.72 EME Emcor Group Inc. Sold out 0.00% −3.48 GWRE Guidewire Software Inc. Sold out 0.00% −2.70 SMWB Similarweb Ltd. Sold out 0.00% −2.09 CTAS Cintas Corp. Reduce -67.7% 1.25% −2.00 NABL N-Able Inc. Sold out 0.00% −1.99 AVGO Broadcom Inc. Reduce -46.4% 5.16% −1.90 AXON Axon Enterprise Inc. Reduce -32.3% 3.95% −1.72 TTMI TTM Technologies Reduce -63.0% 2.01% −1.48 FROG Jfrog Ltd. Sold out 0.00% −1.40 OSPN Onespan Inc. Reduce -80.6% 0.35% −1.39 HWM Howmet Aerospace Inc. Sold out 0.00% −1.30 META Meta Platforms Inc. Class A Reduce -50.0% 1.75% −1.24 CSCO Cisco Systems Inc. Sold out 0.00% −1.05 FN Fabrinet Reduce -47.1% 5.59% −0.92 CLBT Cellebrite Di Ltd. Sold out 0.00% −0.87 PRO Pros Holdings Inc. Sold out 0.00% −0.70 MPAA Motorcar Parts of America Inc. Sold out 0.00% −0.45 FFIV F5 Inc. Sold out 0.00% −0.16 NRG NRG Energy Inc. Reduce -16.7% 1.58% +0.10 SNOW Snowflake Inc. Reduce -13.5% 4.65% +0.40 CLS Celestica Inc. Reduce -12.2% 7.06% +1.91 BL Blackline Inc. Reduce -14.3% 19.35% +2.68
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ SITM Sitime Corp. Add +59.3% 10.07% +5.92 ANET Arista Networks Inc. New 3.91% +3.91 ZS Zscaler Inc. New 3.73% +3.73 AAOI Applied Optoelectronics Inc. New 3.17% +3.17 BRZE Braze Inc. Class A New 2.82% +2.82 AAON Aaon Inc. New 2.58% +2.58 MU Micron Technology Inc. New 2.46% +2.46 CGNT Cognyte Software Ltd. Add +14.6% 5.64% +2.26 MRVL Marvell Technology Inc. New 2.20% +2.20 CRDO Credo Technology Group Holdi New 1.91% +1.91 MXL Maxlinear Inc. New 1.68% +1.68 WIX Wix.com Ltd. New 0.96% +0.96 OS Onestream Inc. New 0.91% +0.91 CWAN Clearwater Analytics HDS-A New 0.88% +0.88 NFLX Netflix Inc. Add +20.0% 2.98% +0.54 AMZN Amazon.com Inc. New 0.46% +0.46 WEAV Weave Communications Inc. Add +5.7% 0.93% +0.33
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ JAMF HLDG CORP call New 700 $348K CELESTICA INC call New 100 $264K PAGERDUTY INC call Sold out 491 $240Kbefore exit BLACKLINE INC call Reduce -32.6% 207 $88K MARVELL TECHNOLOGY INC call New 100 $65K SIMILARWEB LTD call Sold out 200 $4Kbefore exit
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