Nine Ten Capital Management portfolio

What changed this quarter

5 positions with a change (2 added to, 3 trimmed). 4 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• StoneX Group−85%fewer sharesReduced
  14.9% → 3.1%
• Cellebrite DI+20%more sharesIncreased
  15.1% → 18.7%
• Iradimed−23%fewer sharesReduced
  10.2% → 7.6%
• Magnite−6.3%fewer sharesReduced
  13.1% → 19.3%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• AgilysysAGYS21.3%Since Q4 2019 · 27 quartersDetails ▾
• MagniteMGNI19.3%Since Q3 2023 · 12 quartersDetails ▾
• Cellebrite DICLBT18.7%Since Q2 2023 · 13 quartersDetails ▾
• GPGIGPGI14.7%Since Q4 2024 · 7 quartersDetails ▾
• WinmarkWINA11.0%Since at least Q1 2015 · 46 quartersDetails ▾
• IradimedIRMD7.6%Since Q3 2019 · 28 quartersDetails ▾
• Resolute Holdings ManagementRHLD4.2%Since Q1 2025 · 6 quartersDetails ▾
• StoneX GroupSNEX3.1%Since at least Q1 2015 · 46 quartersDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.