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NTCM

Nine Ten Capital Management Portfolio holdings

AUM $315M
1-Year Est. Return 62.95%
This Fund
S&P 500
This Quarter Est. Return
+21.2%
1 Year Est. Return
+62.95%
3 Year Est. Return
+88.95%
5 Year Est. Return
+99.78%
10 Year Est. Return
+1,599.35%
AUM
$388M
AUM Growth
+$51.9M
Cap. Flow
-$3.34M
Cap. Flow %
-0.86%
Top 10 Hldgs %
100%
Holding
9
New
–
Increased
2
Reduced
3
Closed
–

Top Buys

Rank Stock Value
1
CLBT icon
Cellebrite
CLBT
+$5.63M
2
GPGI
GPGI Inc
GPGI
+$507K

Top Sells

Rank Stock Value
1
IRMD icon
iRadimed
IRMD
+$6.7M
2
SNEX icon
StoneX
SNEX
+$2.53M
3
RHLD
Resolute Holdings Management
RHLD
+$239K

Sector Composition

Rank Sector Weight
1 Technology 34.43%
2 Communication Services 16.05%
3 Healthcare 14.15%
4 Industrials 13.75%
5 Financials 10.86%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MGNI icon
1
Magnite
MGNI
$2.82B
$62.3M 16.05%
2,858,583
– –
IRMD icon
2
iRadimed
IRMD
$1.22B
$54.9M 14.15%
771,384
-100,619
-12% -$6.7M
SPNS
3
DELISTED
Sapiens International
SPNS
$49.4M 12.74%
1,149,230
– –
CLBT icon
4
Cellebrite
CLBT
$3.7B
$45.9M 11.84%
2,479,727
+358,193
+17% +$5.63M
GPGI
5
GPGI Inc
GPGI
$4.15B
$44.2M 11.39%
2,123,312
+29,307
+1% +$507K
SNEX icon
6
StoneX
SNEX
$9.01B
$42.1M 10.86%
939,344
-59,625
-6% -$2.53M
WINA icon
7
Winmark
WINA
$1.25B
$41.8M 10.76%
83,900
– –
AGYS icon
8
Agilysys
AGYS
$3.13B
$38.2M 9.85%
363,239
– –
RHLD
9
Resolute Holdings Management
RHLD
$1.08B
$9.15M 2.36%
126,777
-4,419
-3% -$239K

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Nine Ten Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Nine Ten Capital Management held 9 positions worth $388M, up 15% from $336M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Trading was light in Q3 2025: portfolio turnover was 0%. Nine Ten Capital Management opened no new positions and made no exits, leaving the 9-position portfolio largely intact.

By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 32% a quarter earlier, followed by Communication Services and Healthcare.

  • Nine Ten Capital Management added most to Cellebrite in Q3 2025, an estimated $5.63M increase.
  • Nine Ten Capital Management's biggest Q3 2025 reduction was iRadimed, cutting an estimated $6.7M.
  • Nine Ten Capital Management's ten largest holdings make up 100% of its $388M portfolio in Q3 2025.
  • Nine Ten Capital Management opened 0 new positions and closed 0 in Q3 2025.
  • Nine Ten Capital Management's portfolio value rose 15% quarter-over-quarter to $388M.

Based on Nine Ten Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.