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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
-1.19%
1 Year Est. Return
+26.24%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$582M
AUM Growth
-$1.86M
Cap. Flow
+$8.64M
Cap. Flow %
1.48%
Top 10 Hldgs %
71.99%
Holding
53
New
11
Increased
18
Reduced
10
Closed
11

Top Buys

Rank Stock Value
1
NUTX
Nutex Health
NUTX
+$24.3M
2
SPT icon
Sprout Social
SPT
+$22.2M
3
FRSH icon
Freshworks
FRSH
+$11.2M
4
UNF icon
Unifirst Corp
UNF
+$8.3M
5
DCBO
Docebo
DCBO
+$8.1M

Top Sells

Rank Stock Value
1
SPNS
Sapiens International
SPNS
+$30.3M
2
RSI icon
Rush Street Interactive
RSI
+$26.9M
3
PHLT
Performant Healthcare Inc
PHLT
+$21.8M
4
BL icon
BlackLine
BL
+$14.3M
5
PSFE icon
Paysafe
PSFE
+$7.82M

Sector Composition

Rank Sector Weight
1 Technology 42.74%
2 Healthcare 21.49%
3 Financials 18.08%
4 Communication Services 9.8%
5 Industrials 6.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SEMR
26
DELISTED
Semrush
SEMR
$3.92M 0.67%
+554,126
New +$4.52M
NABL icon
27
N-able
NABL
$917M
$3.55M 0.61%
+454,495
New +$3.64M
NEPH icon
28
Nephros
NEPH
$39M
$2.82M 0.48%
596,300
+118,851
+25% +$467K
HGBL icon
29
Heritage Global
HGBL
$36.1M
$2.79M 0.48%
1,678,507
– –
DSP icon
30
Viant Technology
DSP
$247M
$2.15M 0.37%
+249,084
New +$2.84M
NTWK icon
31
NetSol Technologies
NTWK
$51.9M
$2.12M 0.37%
447,329
-20,421
-4% -$85.2K
JAMF
32
DELISTED
Jamf
JAMF
$1.78M 0.31%
+166,581
New +$1.51M
RPAY icon
33
Repay Holdings
RPAY
$330M
$1.59M 0.27%
+303,638
New +$1.62M
PRPO icon
34
Precipio
PRPO
$41.9M
$1.16M 0.2%
+65,096
New +$1.02M
SVCO
35
Silvaco Group
SVCO
$289M
$921K 0.16%
170,293
-61,997
-27% -$303K
RSSS icon
36
Research Solutions
RSSS
$72.9M
$914K 0.16%
244,928
+201,299
+461% +$617K
CRGO icon
37
Freightos
CRGO
$64.6M
$888K 0.15%
269,048
-1,648
-0.6% -$4.93K
WK icon
38
Workiva
WK
$3.38B
$729K 0.13%
8,471
-49,529
-85% -$3.72M
MRDN
39
Meridian Holdings Inc
MRDN
$174M
$705K 0.12%
51,992
+47,557
+1,072% +$780K
DIBS icon
40
1stdibs.com
DIBS
$167M
$498K 0.09%
192,115
+148,611
+342% +$405K
PLPC icon
41
Preformed Line Products
PLPC
$2.25B
$413K 0.07%
+2,104
New +$369K
OFLX icon
42
Omega Flex
OFLX
$312M
$342K 0.06%
+10,975
New +$372K
BTMD icon
43
Biote Corp
BTMD
$49.4M
– –
-28,595
Closed -$115K
CCEL icon
44
Cryo-Cell International
CCEL
$28.8M
– –
-40,553
Closed -$210K
EXFY icon
45
Expensify
EXFY
$191M
– –
-776,796
Closed -$2.01M
ILMN icon
46
Illumina
ILMN
$29.3B
– –
-24,600
Closed -$2.35M
INNV icon
47
InnovAge Holding
INNV
$1.49B
– –
-43,378
Closed -$160K
PSFE icon
48
Paysafe
PSFE
$385M
– –
-620,000
Closed -$7.82M
RSI icon
49
Rush Street Interactive
RSI
$2.9B
– –
-1,807,124
Closed -$26.9M
S icon
50
SentinelOne
S
$7.12B
– –
-175,269
Closed -$3.2M
1
2
3

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Topline Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Topline Capital Management held 53 positions worth $582M, down 0.32% from $583M the previous quarter. Its ten largest holdings account for 72% of the portfolio.

Topline Capital Management's Q3 2025 filing shows 11 new, 18 increased, 10 reduced and 11 closed positions. Its largest new stake was Sprout Social: 1,358,712 shares worth $17.6M. The largest sale was Sapiens International, an estimated $30.3M.

By sector, the portfolio is most concentrated in Technology at 43% of assets, down from 44% a quarter earlier, followed by Healthcare and Financials.

  • Topline Capital Management's largest Q3 2025 buy was Sprout Social: 1,358,712 shares worth $17.6M.
  • Topline Capital Management added most to Nutex Health in Q3 2025, an estimated $24.3M increase.
  • Topline Capital Management's biggest Q3 2025 reduction was BlackLine, cutting an estimated $14.3M.
  • Topline Capital Management fully exited Sapiens International in Q3 2025, selling an estimated $30.3M.
  • Topline Capital Management's ten largest holdings make up 72% of its $582M portfolio in Q3 2025.
  • Topline Capital Management opened 11 new positions and closed 11 in Q3 2025.
  • Topline Capital Management's portfolio value fell 0.32% quarter-over-quarter to $582M.

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