Circumference Group LLC
Long book
$44.6M
Q1 2026
Positions
13
Top-10 weight
90%
concentration
Last quarter
+15.4%
SPY +14.8%
Turnover
35%
of book per quarter
Strategy in plain words
auto-generated from filingsCircumference Group LLC is a concentrated fundamental stock-picker, specialised in technology (70% of the long book), running a $44.6M US long book across 13 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: EXTREME NETWORKS INC, RESOURCES CONNECTION INC, CORE & MAIN INC-CLASS A, UIPATH INC - CLASS A, WIX.COM LTD.
Over the last 9 quarters its long book ran on average 5.1pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.4%
Q2 2024
+2.4%
Q3 2024
+14.8%
Q4 2024
-17.4%
Q1 2025
+7.7%
Q2 2025
-1.1%
Q3 2025
+2.9%
Q4 2025
-27.7%
Q1 2026
+15.4%
Sector allocation
Technology 70%
Services media 12%
Consumer discretionary 11%
Healthcare 7%
Long book by quarter
What does Circumference Group own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| EXTR EXTREME NETWORKS INC | Technology | 355.1K | $5.4M | 12.0% | +31.5% |
| RGP RESOURCES CONNECTION INC | Services media | 1.4M | $5.2M | 11.6% | Held |
| CNM CORE & MAIN INC-CLASS A | Consumer discretionary | 100.0K | $4.9M | 11.1% | +11.1% |
| PATH UIPATH INC - CLASS A | Technology | 425.0K | $4.7M | 10.6% | +10.4% |
| WIX WIX.COM LTD | Technology | 50.0K | $4.5M | 10.1% | +25.0% |
| CXM SPRINKLR INC-A | Technology | 609.8K | $3.7M | 8.2% | +8.9% |
| UPWK UPWORK INC | Technology | 300.0K | $3.3M | 7.4% | -22.1% |
| ICLR ICON PLC | Healthcare | 29.0K | $3.2M | 7.2% | +3.6% |
| TWLO TWILIO INC - A | Technology | 25.0K | $3.1M | 7.0% | -61.5% |
| GTM ZOOMINFO TECHNOLOGIES INC | Technology | 350.0K | $2.1M | 4.7% | -23.1% |
| GLOB GLOBANT SA | Technology | 42.0K | $1.9M | 4.3% | Held |
| AMPL AMPLITUDE INC-CLASS A | Technology | 238.0K | $1.6M | 3.6% | Held |
| RPD RAPID7 INC | Technology | 178.5K | $984K | 2.2% | -28.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 13 | $44.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 22 | $92.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 25 | $89.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 23 | $96.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 22 | $81.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 28 | $116.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 27 | $96.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 26 | $94.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 32 | $106.6M | canonical | SEC ↗ |