CIK: 0001792549
Total reported value
$605.3M
Reporting period: 2026-03-31 · Number of holdings: 43
Topline Capital Management, LLC disclosed 43 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $605.3M and a quarterly turnover rate of 74.8%.
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Topline Capital Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.062 — mathematically equivalent to about 16 equally-sized positions, well below its 43 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.30), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 19% 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.
Add WK
+264.3% $37.8M
Trim NUTX
-73.7% -$94.3M
Trim S
-76.6% -$91.3M
Add PRAA
+31.8% $15.7M
Add NRDS
0.0% -$16.6M
Trim MNDY
-22.2% -$43.9M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PRAA | Pra Group INC | Stock-Other | 11.12% | +6.45% | +31.76% | |
| 2 | WK | Workiva INC | Stock-Tech | 10.35% | +8.10% | +264.30% | |
| 3 | NRDS | Nerdwallet Inc-cl A | Stock-Other | 9.01% | +2.57% | — | |
| 4 | DV | Doubleverify Holdings INC | Stock-Other | 7.88% | -0.87% | -40.58% | |
| 5 | FRSH | Freshworks Inc-cl A | Stock-Other | 7.85% | +0.95% | -4.92% | |
| 6 | CGNT | Cognyte Software Ltd. | Stock-Other | 6.57% | +0.41% | -32.14% | |
| 7 | CTKB | Cytek Biosciences INC | Stock-Other | 5.10% | +1.70% | -5.08% | |
| 8 | PAYS | Paysign INC | Stock-Other | 4.52% | +1.96% | -15.72% | |
| 9 | MNDY | monday.com Ltd. | Stock-Tech | 4.16% | -2.09% | -22.23% | |
| 10 | S | Sentinelone INC -class A | Stock-Tech | 3.79% | -6.54% | -76.62% | |
| 11 | MITK | Mitek Systems INC | Stock-Other | 3.60% | +1.78% | -15.59% | |
| 12 | NUTX | Nutex Health INC | Stock-Other | 2.79% | -7.27% | -73.68% | |
| 13 | SPT | Sprout Social INC - Class A | Stock-Other | 2.57% | -0.38% | -5.66% | |
| 14 | DCBO | Docebo INC | Stock-Other | 2.54% | +0.79% | +0.87% | |
| 15 | KRMD | Koru Medical Systems INC | Stock-Other | 2.51% | +0.44% | -10.81% | |
| 16 | ELA | Envela CORP | Stock-Other | 2.15% | +1.12% | -8.43% | |
| 17 | UNF | Unifirst Corp/ma | Stock-Other | 1.68% | -1.08% | -74.50% | |
| 18 | LAW | Cs Disco INC | Stock-Other | 1.66% | -0.67% | -20.93% | |
| 19 | NABL | N-able INC | Stock-Other | 1.51% | +0.57% | +40.72% | |
| 20 | ZVIA | Zevia Pbc-a | Stock-Other | 1.30% | +0.22% | +31.76% | |
| 21 | OPXS | Optex Systems Holdings INC | Stock-Other | 1.27% | +0.41% | -13.90% | |
| 22 | ACCS | Access Newswire INC | Stock-Other | 1.04% | — | — | |
| 23 | CERT | Certara INC | Stock-Other | 0.71% | -0.88% | -62.35% | |
| 24 | SLP | Simulations Plus INC | Stock-Other | 0.43% | +0.43% | NEW | |
| 25 | PLTK | Playtika Holding CORP | Stock-Other | 0.42% | +0.42% | NEW | |
| 26 | INMD | InMode Ltd. | Stock-Other | 0.41% | -0.38% | -69.34% | |
| 27 | HGBL | Heritage Global INC | Stock-Other | 0.40% | — | -3.54% | |
| 28 | DSP | Viant Technology Inc-a | Stock-Other | 0.36% | -0.04% | -47.45% | |
| 29 | QTRX | Quanterix CORP | Stock-Other | 0.33% | +0.33% | NEW | |
| 30 | TRC | Tejon Ranch Co | Stock-Other | 0.29% | — | +17.52% | |
| 31 | NEPH | Nephros INC | Stock-Other | 0.29% | +0.02% | -5.26% | |
| 32 | TTD | Trade Desk Inc/the -class A | Stock-Comm Services | 0.22% | +0.22% | NEW | |
| 33 | TENB | Tenable Holdings INC | Stock-Other | 0.20% | +0.20% | NEW | |
| 34 | NPCE | Neuropace INC | Stock-Other | 0.18% | +0.18% | NEW | |
| 35 | RSSS | Research Solutions INC | Stock-Other | 0.17% | +0.02% | -16.83% | |
| 36 | JRVR | James River Group Holdings I | Stock-Other | 0.17% | +0.17% | NEW | |
| 37 | MRDN | Meridian Holdings INC | Stock-Other | 0.17% | +0.17% | NEW | |
| 38 | PRPO | Precipio INC | Stock-Other | 0.10% | — | -49.64% | |
| 39 | CRCT | Cricut INC - Class A | Stock-Other | 0.08% | -0.21% | -80.91% | |
| 40 | DIBS | 1stdibs.com INC | Stock-Other | 0.07% | — | -46.05% | |
| 41 | NTWK | Netsol Technologies INC | Stock-Other | 0.04% | -0.08% | -82.24% | |
| 42 | SOTK | Sono-tek CORP | Stock-Other | 0.02% | -0.04% | -79.30% | |
| 43 | SSTI | Soundthinking INC | Stock-Other | 0.01% | -0.39% | -97.67% |
Performance for Q3 2026
+9.6%
Performance Last 4 Quarters
+15.6%
Based on 72% of reported portfolio value with available pricing
Topline Capital Management, LLC's most significant position changes for 2026-03-31: Sold out: Green Dot Corp-class A (GDOT); Sold out: Illumina INC (ILMN); Sold out: Blackline INC (BL); Sold out: Onespan INC (OSPN); Sold out: Claritev CORP (CTEV).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | WK | Workiva INC | +8.1% | +264.30% | Add |
| 2 | PRAA | Pra Group INC | +6.5% | +31.76% | Add |
| 3 | NRDS | Nerdwallet Inc-cl A | +2.6% | — | Unchanged |
| 4 | PAYS | Paysign INC | +2% | -15.72% | Trim |
| 5 | MITK | Mitek Systems INC | +1.8% | -15.59% | Trim |
| 6 | CTKB | Cytek Biosciences INC | +1.7% | -5.08% | Trim |
| 7 | ELA | Envela CORP | +1.1% | -8.43% | Trim |
| 8 | FRSH | Freshworks Inc-cl A | +1% | -4.92% | Trim |
| 9 | DCBO | Docebo INC | +0.8% | +0.87% | Add |
| 10 | NABL | N-able INC | +0.6% | +40.72% | Add |
| 11 | KRMD | Koru Medical Systems INC | +0.4% | -10.81% | Trim |
| 12 | CGNT | Cognyte Software Ltd. | +0.4% | -32.14% | Trim |
| 13 | OPXS | Optex Systems Holdings INC | +0.4% | -13.90% | Trim |
| 14 | ZVIA | Zevia Pbc-a | +0.2% | +31.76% | Add |
| 15 | NEPH | Nephros INC | 0% | -5.26% | Trim |
| 16 | RSSS | Research Solutions INC | 0% | -16.83% | Trim |
| 17 | DSP | Viant Technology Inc-a | 0% | -47.45% | Trim |
| 18 | SOTK | Sono-tek CORP | 0% | -79.30% | Trim |
| 19 | NTWK | Netsol Technologies INC | -0.1% | -82.24% | Trim |
| 20 | CRCT | Cricut INC - Class A | -0.2% | -80.91% | Trim |
| 21 | SPT | Sprout Social INC - Class A | -0.4% | -5.66% | Trim |
| 22 | INMD | InMode Ltd. | -0.4% | -69.34% | Trim |
| 23 | SSTI | Soundthinking INC | -0.4% | -97.67% | Trim |
| 24 | LAW | Cs Disco INC | -0.7% | -20.93% | Trim |
| 25 | DV | Doubleverify Holdings INC | -0.9% | -40.58% | Trim |
| 26 | CERT | Certara INC | -0.9% | -62.35% | Trim |
| 27 | UNF | Unifirst Corp/ma | -1.1% | -74.50% | Trim |
| 28 | MNDY | monday.com Ltd. | -2.1% | -22.23% | Trim |
| 29 | S | Sentinelone INC -class A | -6.5% | -76.62% | Trim |
| 30 | NUTX | Nutex Health INC | -7.3% | -73.68% | Trim |
| 31 | GDOT | Green Dot Corp-class A | — | EXIT | Sold out |
| 32 | ILMN | Illumina INC | — | EXIT | Sold out |
| 33 | BL | Blackline INC | — | EXIT | Sold out |
| 34 | OSPN | Onespan INC | — | EXIT | Sold out |
| 35 | CTEV | Claritev CORP | — | EXIT | Sold out |
| 36 | STAA | Staar Surgical Co | — | EXIT | Sold out |
| 37 | IDN | Intellicheck INC | — | EXIT | Sold out |
| 38 | SLP | Simulations Plus INC | — | NEW | New buy |
| 39 | PLTK | Playtika Holding CORP | — | NEW | New buy |
| 40 | QTRX | Quanterix CORP | — | NEW | New buy |
| 41 | EEFT | Euronet Worldwide INC | — | EXIT | Sold out |
| 42 | TTD | Trade Desk Inc/the -class A | — | NEW | New buy |
| 43 | TENB | Tenable Holdings INC | — | NEW | New buy |
| 44 | GMGIEUR | Meridian Holdings INC | — | EXIT | Sold out |
| 45 | NPCE | Neuropace INC | — | NEW | New buy |
| 46 | JRVR | James River Group Holdings I | — | NEW | New buy |
| 47 | MRDN | Meridian Holdings INC | — | NEW | New buy |
| 48 | CERS | Cerus CORP | — | EXIT | Sold out |
| 49 | ✓ | Freightos LTD | — | EXIT | Sold out |
| 50 | FORR | Forrester Research INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
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