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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
GDOT icon
1
Green Dot
GDOT
$743M
$62M 10.66%
4,614,562
-350,724
-7% -$4.33M
CGNT icon
2
Cognyte Software
CGNT
$659M
$60.4M 10.39%
7,195,619
+168,329
+2% +$1.49M
NUTX
3
Nutex Health
NUTX
$1.01B
$57.5M 9.89%
556,567
+247,436
+80% +$24.3M
NRDS icon
4
NerdWallet
NRDS
$592M
$56.5M 9.71%
5,251,145
– –
PRAA icon
5
PRA Group
PRAA
$663M
$40.4M 6.94%
2,615,711
+365,082
+16% +$5.91M
PAYS icon
6
Paysign
PAYS
$501M
$34.3M 5.89%
5,445,188
+23,451
+0.4% +$150K
FRSH icon
7
Freshworks
FRSH
$3.14B
$32.5M 5.6%
2,765,000
+831,787
+43% +$11.2M
BL icon
8
BlackLine
BL
$1.84B
$30.3M 5.2%
569,937
-265,435
-32% -$14.3M
CTKB icon
9
Cytek Biosciences
CTKB
$545M
$24.1M 4.14%
6,944,280
+1,713,020
+33% +$6.43M
LAW icon
10
CS Disco
LAW
$250M
$20.7M 3.56%
3,206,003
+240,735
+8% +$1.2M
UNF icon
11
Unifirst Corp
UNF
$5.3B
$20.5M 3.52%
122,381
+47,819
+64% +$8.3M
SPT icon
12
Sprout Social
SPT
$516M
$17.6M 3.02%
+1,358,712
New +$22.2M
KRMD icon
13
KORU Medical Systems
KRMD
$189M
$14M 2.4%
3,648,240
+39,893
+1% +$153K
CTEV
14
Claritev Corp
CTEV
$387M
$10.7M 1.84%
201,782
-42,153
-17% -$2.33M
MITK icon
15
Mitek Systems
MITK
$754M
$10.3M 1.77%
1,055,608
+526,842
+100% +$5.18M
DCBO
16
Docebo
DCBO
$525M
$8.83M 1.52%
323,219
+267,962
+485% +$8.1M
OPXS icon
17
Optex Systems
OPXS
$78.6M
$8.76M 1.51%
679,363
-11,893
-2% -$144K
ACCS
18
ACCESS Newswire
ACCS
$25.6M
$7.61M 1.31%
709,264
– –
ELA icon
19
Envela
ELA
$563M
$6.74M 1.16%
862,918
+485
+0.1% +$3.28K
CERT icon
20
Certara
CERT
$1.26B
$6.68M 1.15%
+546,471
New +$5.98M
CCRD
21
DELISTED
CoreCard
CCRD
$6.43M 1.1%
238,675
+109,781
+85% +$3.03M
OSPN icon
22
OneSpan
OSPN
$574M
$5.55M 0.95%
+349,203
New +$5.31M
JYNT icon
23
The Joint Corp
JYNT
$118M
$4.11M 0.71%
430,451
-18,753
-4% -$203K
IDN icon
24
Intellicheck
IDN
$73.1M
$3.99M 0.69%
767,302
-127,347
-14% -$670K
INMD icon
25
InMode
INMD
$870M
$3.95M 0.68%
264,770
+253,723
+2,297% +$3.71M
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.