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TCM

Topline Capital Management Portfolio holdings

AUM $605M
1-Year Est. Return 26.24%
This Fund
S&P 500
This Quarter Est. Return
+43.43%
1 Year Est. Return
+26.24%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$583M
AUM Growth
+$147M
Cap. Flow
+$36.8M
Cap. Flow %
6.3%
Top 10 Hldgs %
72.01%
Holding
50
New
12
Increased
12
Reduced
16
Closed
8

Top Buys

Rank Stock Value
1
PRAA icon
PRA Group
PRAA
+$22.5M
2
NUTX
Nutex Health
NUTX
+$16.7M
3
CTKB icon
Cytek Biosciences
CTKB
+$12.5M
4
FRSH icon
Freshworks
FRSH
+$5.95M
5
MITK icon
Mitek Systems
MITK
+$4.75M

Top Sells

Rank Stock Value
1
PSFE icon
Paysafe
PSFE
+$19.1M
2
RSI icon
Rush Street Interactive
RSI
+$6.95M
3
CVEO icon
Civeo
CVEO
+$4.89M
4
CCRD
CoreCard
CCRD
+$4.5M
5
BL icon
BlackLine
BL
+$4.06M

Sector Composition

Rank Sector Weight
1 Technology 44.3%
2 Healthcare 19.23%
3 Financials 15.5%
4 Communication Services 9.89%
5 Industrials 5.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HGBL icon
26
Heritage Global
HGBL
$35.4M
$3.73M 0.64%
1,678,507
-16,237
-1% -$34K
S icon
27
SentinelOne
S
$7.17B
$3.2M 0.55%
+175,269
New +$3.21M
ILMN icon
28
Illumina
ILMN
$30.3B
$2.35M 0.4%
24,600
-2,600
-10% -$211K
EXFY icon
29
Expensify
EXFY
$186M
$2.01M 0.34%
776,796
-164,813
-18% -$421K
NEPH icon
30
Nephros
NEPH
$40.5M
$1.95M 0.33%
477,449
+55,360
+13% +$148K
DCBO
31
Docebo
DCBO
$520M
$1.6M 0.27%
+55,257
New +$1.57M
NTWK icon
32
NetSol Technologies
NTWK
$52.1M
$1.45M 0.25%
467,750
-20,000
-4% -$52.7K
SVCO
33
Silvaco Group
SVCO
$294M
$1.1M 0.19%
+232,290
New +$1.1M
FLYY
34
DELISTED
Spirit Aviation Holdings, Inc.
FLYY
$1.01M 0.17%
+202,457
New +$1.21M
CRGO icon
35
Freightos
CRGO
$69.3M
$658K 0.11%
+270,696
New +$600K
CCEL icon
36
Cryo-Cell International
CCEL
$30.1M
$210K 0.04%
40,553
-7,238
-15% -$38.2K
INNV icon
37
InnovAge Holding
INNV
$1.47B
$160K 0.03%
43,378
-26,765
-38% -$93.7K
INMD icon
38
InMode
INMD
$878M
$160K 0.03%
+11,047
New +$162K
RSSS icon
39
Research Solutions
RSSS
$75.6M
$125K 0.02%
+43,629
New +$120K
DIBS icon
40
1stdibs.com
DIBS
$153M
$120K 0.02%
+43,504
New +$113K
BTMD icon
41
Biote Corp
BTMD
$69.5M
$115K 0.02%
+28,595
New +$106K
MRDN
42
Meridian Holdings Inc
MRDN
$186M
$90.5K 0.02%
+4,435
New +$96.5K
CMBM
43
DELISTED
Cambium Networks
CMBM
– –
-1,411,420
Closed -$996K
CVEO icon
44
Civeo
CVEO
$335M
– –
-212,823
Closed -$4.89M
GAIA icon
45
Gaia
GAIA
$49.1M
– –
-45,944
Closed -$177K
GAMB
46
DELISTED
Gambling.com
GAMB
– –
-225,000
Closed -$2.84M
NABL icon
47
N-able
NABL
$974M
– –
-101,789
Closed -$722K
QTRX icon
48
Quanterix
QTRX
$173M
– –
-386,037
Closed -$2.51M
SEMR
49
DELISTED
Semrush
SEMR
– –
-99,426
Closed -$928K
VSTS icon
50
Vestis
VSTS
$1.87B
– –
-130,000
Closed -$1.29M
1
2

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MA
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KJHP
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Topline Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Topline Capital Management held 50 positions worth $583M, up 34% from $437M the previous quarter. Its ten largest holdings account for 72% of the portfolio.

Topline Capital Management deployed $36.8M of net new capital in Q2 2025, opening 12 new positions and adding to 12 existing holdings. Its largest new stake was Mitek Systems: 528,766 shares worth $5.23M.

By sector, the portfolio is most concentrated in Technology at 44% of assets, down from 49% a quarter earlier, followed by Healthcare and Financials.

On the sell side, the largest reduction was Paysafe, an estimated $19.1M trimmed.

  • Topline Capital Management's largest Q2 2025 buy was Mitek Systems: 528,766 shares worth $5.23M.
  • Topline Capital Management added most to PRA Group in Q2 2025, an estimated $22.5M increase.
  • Topline Capital Management's biggest Q2 2025 reduction was Paysafe, cutting an estimated $19.1M.
  • Topline Capital Management fully exited Civeo in Q2 2025, selling an estimated $4.89M.
  • Topline Capital Management's ten largest holdings make up 72% of its $583M portfolio in Q2 2025.
  • Topline Capital Management opened 12 new positions and closed 8 in Q2 2025.
  • Topline Capital Management's portfolio value rose 34% quarter-over-quarter to $583M.

Based on Topline Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.