CIK: 0001857418
Total reported value
$24.4M
Reporting period: 2025-09-30 · Number of holdings: 3
Vector Capital Management, L.P. disclosed 3 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $24.4M and a quarterly turnover rate of 84.8%.
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Sector classification currently covers about 0% 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.
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Add G17766109
0.0% $2.7B
Trim LPSNUSD
-27.7% -$4.1B
Trim PMTS
+18.6% -$3.5B
Vector Capital Management is executing a high-conviction momentum rotation within its two largest positions, trimming LPSN to fund an aggressive add in PMTS. This is an Alpha-hunting reallocation from a name losing relative strength to one gaining velocity, consistent with a trend-following strategy that doubles down on its most concentrated bets rather than diversifying.
The rotation from LPSN to PMTS prices in a regime where payment processing economics — powered by durable transaction volumes — outperform enterprise AI software platforms that face stiffer monetization headwinds. Vector is betting that PMTS benefits from secular digital payment adoption, a cycle that may persist even if IT spending contracts. The opposing thesis: AI software could prove far more scalable and resilient, making LPSN's contraction a value trap and the PMTS overweight a bet on a cyclical high that fades.
The fund's concentration score of 100 and momentum score of 100 leave no margin for error if either trend reverses — a single false signal in PMTS could trigger forced liquidation into a falling knife, amplified by the likely illiquidity of small-cap names. The sector-agnostic stance (conviction score of 0) further means no macro hedge: a sudden hawkish shift that punishes payment stocks disproportionately would devastate the PMTS position with no natural offset from LPSN.
Produced with AI assistance from this institution's Form 13F data on SEC EDGAR. Historical only; not a personalized investment recommendation — the original filing is linked below. View the original 2025-09-30 Form 13F filing on SEC.gov
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ✓ | Cambium Networks CORP | Stock-Other | 52.58% | +18.09% | — | |
| 2 | PMTS | Cpi Card Group INC | Stock-Other | 28.54% | -7.24% | +18.56% | |
| 3 | LPSNUSD | Liveperson INC | Stock-Other | 18.87% | -10.86% | -27.67% |
Performance for Q3 2026
—
Performance Last 4 Quarters
—
Based on 3 months of available history
Based on 29% of reported portfolio value with available pricing
Not enough sector-mapped data yet
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2025 Q3 | 3 | $24.4M | 85 | ||
| 2025 Q2 | 3 | $26.0M | 0 | ||
| 2025 Q1 | 3 | $29.3M | 100 | ||
| 2024 Q4 | 3 | $36.6M | 0 | ||
| 2024 Q3 | 3 | $47.4M | 0 | ||
| 2024 Q2 | 4 | $99.3M | 0 | ||
| 2024 Q1 | 4 | $114.7M | 0 | ||
| 2023 Q4 | 5 | $190.6M | 0 | ||
| 2023 Q3 | 4 | $161.2M | 0 | ||
| 2023 Q2 | 5 | $309.6M | 0 | ||
| 2023 Q1 | 7 | $337.0M | 0 | ||
| 2022 Q4 | 6 | $398.7M | 0 | ||
| 2022 Q3 | 6 | $313.2M | 0 | ||
| 2022 Q2 | 5 | $262.8M | 0 | ||
| 2022 Q1 | 5 | $449.8M | 0 | ||
| 2021 Q4 | 6 | $516.5M | 0 | ||
| 2021 Q3 | 7 | $853.0M | 0 | ||
| 2021 Q2 | 8 | $801.4M | 100 | ||
| 2021 Q1 | 6 | $872.6M | 63 | ||
| 2020 Q4 | 4 | $540.2M | 27 | ||
| 2020 Q3 | 4 | $462.8M | 62 | ||
| 2020 Q2 | 5 | $255.0M | 68 | ||
| 2020 Q1 | 3 | $132.9M | 0 |
Vector Capital Management, L.P.'s most significant position changes for 2025-09-30: Trim: Liveperson INC (LPSNUSD) — shares -27.67%; Add: Cpi Card Group INC (PMTS) — shares +18.56%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | Cambium Networks CORP | +18.1% | — | Unchanged |
| 2 | PMTS | Cpi Card Group INC | -7.2% | +18.56% | Add |
| 3 | LPSNUSD | Liveperson INC | -10.9% | -27.67% | Trim |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025 Q3 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025 Q2 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025 Q1 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024 Q4 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024 Q3 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024 Q2 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024 Q1 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023 Q4 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023 Q3 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023 Q2 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023 Q1 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022 Q4 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022 Q3 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022 Q2 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022 Q1 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021 Q4 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021 Q3 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021 Q2 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021 Q1 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020 Q4 | 2021-04-16 | 13F-HR | View on EDGAR |
| 2020 Q3 | 2021-05-27 | 13F-HR | View on EDGAR |
| 2020 Q2 | 2021-05-27 | 13F-HR | View on EDGAR |
| 2020 Q1 | 2021-05-27 | 13F-HR | View on EDGAR |
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