Nine Ten Capital Management LLC
Long book
$314.8M
Q1 2026
Positions
8
Top-10 weight
100%
concentration
Last quarter
+26.8%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsNine Ten Capital Management LLC is a concentrated fundamental stock-picker, running a $314.8M US long book across 8 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: GPGI INC, CELLEBRITE DI LTD, STONEX GROUP INC, AGILYSYS INC, MAGNITE INC.
Over the last 9 quarters its long book ran on average 4.7pp per quarter ahead of the S&P 500, beating the index in 7 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
+4.5%
Q2 2024
+16.4%
Q3 2024
+15.9%
Q4 2024
-13.9%
Q1 2025
+28.2%
Q2 2025
+13.0%
Q3 2025
+3.8%
Q4 2025
-12.2%
Q1 2026
+26.8%
Sector allocation
Technology 43%
Financials 35%
Consumer discretionary 11%
Healthcare 10%
Long book by quarter
What does Nine Ten own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GPGI GPGI INC | Financials | 2.9M | $49.7M | 15.8% | +20.1% |
| CLBT CELLEBRITE DI LTD | Technology | 3.4M | $47.5M | 15.1% | +38.9% |
| SNEX STONEX GROUP INC | Financials | 580.0K | $46.8M | 14.9% | +45.9% |
| AGYS AGILYSYS INC | Technology | 653.6K | $46.5M | 14.8% | +79.9% |
| MGNI MAGNITE INC | Technology | 3.5M | $41.4M | 13.1% | +15.9% |
| WINA WINMARK CORP | Consumer discretionary | 83.7K | $35.8M | 11.4% | Held |
| IRMD IRADIMED CORP | Healthcare | 334.5K | $32.2M | 10.2% | -21.9% |
| RHLD RESOLUTE HOLDINGS MANAG | Financials | 93.0K | $15.1M | 4.8% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 8 | $314.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 8 | $315.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 9 | $388.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 9 | $336.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 11 | $267.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 11 | $350.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 10 | $330.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 10 | $259.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 13 | $328.4M | canonical | SEC ↗ |
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