NT
Nine Ten Capital Management LLC 13F Disclosure (Q2 2026) — Portfolio & Holdings
Nine Ten Capital Management LLCCIK: 0001635236
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$321.3M
Reporting period: 2026-06-30 · Number of holdings: 8
Nine Ten Capital Management LLC disclosed 8 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $321.3M and a quarterly turnover rate of 32.7%.
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Personality snowflake
- Concentration
- 64.02
- Portfolio Stability
- 32.74
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 16
- Sizing Uniformity
- 94.34
Nine Ten Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.160 — mathematically equivalent to about 6 equally-sized positions, close to its 8 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.57), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 15.2 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 3% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim SNEX
-85.4% -$36.7M
Add AGYS
+0.3% $22.0M
Add MGNI
-6.3% $20.5M
Add CLBT
+19.8% $12.8M
Trim IRMD
-23.3% -$7.7M
Trim GPGI
+2.8% -$2.4M
Holdings Map
New buyAddUnchangedTrim
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Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AGYS | Agilysys Inc | Stock-Other | 21.32% | +6.55% | +0.29% | |
| 2 | MGNI | Magnite Inc | Stock-Other | 19.26% | +6.12% | -6.32% | |
| 3 | CLBT | Cellebrite DI Ltd. | Stock-Other | 18.75% | +3.68% | +19.83% | |
| 4 | GPGI | Gpgi Inc | Stock-Other | 14.72% | -1.06% | +2.75% | |
| 5 | WINA | Winmark CORP | Stock-Other | 11.02% | -0.34% | — | |
| 6 | IRMD | Iradimed CORP | Stock-Other | 7.63% | -2.60% | -23.30% | |
| 7 | RHLD | Resolute Holdings Manag | Stock-Other | 4.18% | -0.61% | — | |
| 8 | SNEX | Stonex Group Inc | Stock-Financials | 3.12% | -11.74% | -85.40% |
Portfolio Performance
Performance for Q3 2026
+13.1%
Performance Last 4 Quarters
+2.2%
- Stdev
- +25.1%
- Beta
- +0.81
- Alpha
- +6.2%
- Max Drawdown
- -20.9%
- Annualized Perf
- +21.2%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +1.65
- Stutzer
- +0.26
- Treynor
- +0.28
- Sterling
- +0.8
- Calmar
- +1.02
- Information Ratio
- +0.11
- Tracking Error
- +22.9%
- Stdev Down
- +13.6%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +47.7%
- Worst 12 Months
- +2.2%
- Efficiency Ratio
- +0.36
- Sharpe
- +0.89
- Stdev Sectors
- 0%
- Skewness
- +0.1
- Kurtosis
- -0.44
- Upside Potential
- +3.49
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 8 | $321.3M | 33 | ||
| 2026 Q1 | 8 | $314.8M | 13 | ||
| 2025 Q4 | 8 | $315.8M | 30 | ||
| 2025 Q3 | 9 | $388.0M | 39 | ||
| 2025 Q2 | 9 | $336.1M | 0 | ||
| 2025 Q1 | 11 | $267.9M | 100 | ||
| 2024 Q4 | 11 | $350.3M | 0 | ||
| 2024 Q3 | 10 | $330.9M | 0 | ||
| 2024 Q2 | 10 | $259.8M | 0 | ||
| 2024 Q1 | 13 | $328.4M | 0 | ||
| 2023 Q4 | 13 | $397.7M | 0 | ||
| 2023 Q3 | 10 | $327.7M | 0 | ||
| 2023 Q2 | 10 | $297.8M | 0 | ||
| 2023 Q1 | 10 | $575.4M | 0 | ||
| 2022 Q4 | 10 | $575.4M | 0 | ||
| 2022 Q3 | 10 | $654.4M | 0 | ||
| 2022 Q2 | 10 | $720.9M | 0 | ||
| 2022 Q1 | 10 | $768.2M | 0 | ||
| 2021 Q4 | 12 | $962.2M | 0 | ||
| 2021 Q3 | 11 | $935.1M | 0 | ||
| 2021 Q2 | 10 | $929.8M | 87 | ||
| 2021 Q1 | 10 | $722.4M | 39 | ||
| 2020 Q4 | 9 | $665.0M | 32 | ||
| 2020 Q3 | 9 | $481.2M | 20 | ||
| 2020 Q2 | 9 | $399.6M | 89 | ||
| 2020 Q1 | 11 | $235.5M | 70 | ||
| 2019 Q4 | 12 | $400.5M | 29 | ||
| 2019 Q3 | 9 | $315.9M | 28 | ||
| 2019 Q2 | 9 | $358.2M | 18 | ||
| 2019 Q1 | 8 | $379.3M | 22 | ||
| 2018 Q4 | 7 | $304.2M | 18 | ||
| 2018 Q3 | 8 | $338.2M | 19 | ||
| 2018 Q2 | 8 | $395.1M | 18 | ||
| 2018 Q1 | 8 | $354.8M | 23 | ||
| 2017 Q4 | 8 | $287.3M | 19 | ||
| 2017 Q3 | 9 | $310.8M | 18 | ||
| 2017 Q2 | 9 | $327.0M | 29 | ||
| 2017 Q1 | 10 | $341.2M | 21 | ||
| 2016 Q4 | 10 | $340.7M | 31 | ||
| 2016 Q3 | 10 | $289.8M | 20 | ||
| 2016 Q2 | 10 | $270.2M | 23 | ||
| 2016 Q1 | 9 | $261.7M | 26 | ||
| 2015 Q4 | 12 | $232.2M | 18 | ||
| 2015 Q3 | 12 | $222.2M | 32 | ||
| 2015 Q2 | 12 | $283.2M | 23 | ||
| 2015 Q1 | 12 | $305.1M | 0 |
Holding changes this quarter
Nine Ten Capital Management LLC's most significant position changes for 2026-06-30: Trim: Stonex Group Inc (SNEX) — shares -85.40%; Add: Agilysys Inc (AGYS) — shares +0.29%; Trim: Magnite Inc (MGNI) — shares -6.32%; Add: Cellebrite DI Ltd. (CLBT) — shares +19.83%; Trim: Iradimed CORP (IRMD) — shares -23.30%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AGYS | Agilysys Inc | +6.6% | +0.29% | Add |
| 2 | MGNI | Magnite Inc | +6.1% | -6.32% | Trim |
| 3 | CLBT | Cellebrite DI Ltd. | +3.7% | +19.83% | Add |
| 4 | WINA | Winmark CORP | -0.3% | — | Unchanged |
| 5 | RHLD | Resolute Holdings Manag | -0.6% | — | Unchanged |
| 6 | GPGI | Gpgi Inc | -1.1% | +2.75% | Add |
| 7 | IRMD | Iradimed CORP | -2.6% | -23.30% | Trim |
| 8 | SNEX | Stonex Group Inc | -11.7% | -85.40% | Trim |
Filing History
FAQ
What is Nine Ten Capital Management LLC and what type of investor is it?
Nine Ten Capital Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $321.3M, spread across 8 disclosed positions.
What are Nine Ten Capital Management LLC's largest equity positions?
Based on the latest 13F filing, Nine Ten Capital Management LLC's top holdings by market value are:
1. Agilysys Inc (AGYS) — $68.5M (21.3%)
2. Magnite Inc (MGNI) — $61.9M (19.3%)
3. Cellebrite DI Ltd. (CLBT) — $60.3M (18.8%)
4. Gpgi Inc (GPGI) — $47.3M (14.7%)
5. Winmark CORP (WINA) — $35.4M (11.0%)
What changes did Nine Ten Capital Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Nine Ten Capital Management LLC made 6 notable position adjustments: 0 new positions were initiated, 3 existing holdings were added to, 3 positions were partially reduced, and 0 were completely exited. The largest of these moves: Trim: Stonex Group Inc (SNEX) — shares -85.40%; Add: Agilysys Inc (AGYS) — shares +0.29%; Trim: Magnite Inc (MGNI) — shares -6.32%; Add: Cellebrite DI Ltd. (CLBT) — shares +19.83%; Trim: Iradimed CORP (IRMD) — shares -23.30%
What sectors does Nine Ten Capital Management LLC focus on?
Nine Ten Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 100.0%
Investment Profile
Nine Ten Capital Management LLC returned an annualized 21.2% over the trailing 36 months — outperforming the S&P 500 by 6.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.81 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 100.0% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 33 over the past 4 quarters — a shift toward more active trading.
It has added to its AGYS position over the past two quarters (+$25.3M, now $68.5M), while trimming IRMD over the same stretch (-$17.2M, still holding $24.5M).
Peer Institutions
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Sector conviction100.0
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H&
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HC
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