Vector Capital Management, L.P.

Concentrated strategyMomentum followerHigh-turnover trader

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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Personality snowflake

Concentration: 100
Portfolio Stability: 84.84
Momentum/Contrarian: 100
Sector conviction: 0
Diversification: 6
Sizing Uniformity: 94.79

Recent moves

Add G17766109
0.0%　$2.7B
Trim LPSNUSD
-27.7%　-$4.1B
Trim PMTS
+18.6%　-$3.5B

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

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.

Macro & Fundamentals

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.

Blind Spots / Risks

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.

The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
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%

Reported value over time

Sector allocation

Not enough sector-mapped data yet

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2025-09-30	3	$24.4M	85	1G177662PMTS 3LPSNUSD Top holdings2025-09-30 1.G17766 2.PMTS 3.LPSNUSD
2025-06-30	3	$26.0M	0	1LPSNUSD 2PMTS3G17766 Top holdings2025-06-30 1.LPSNUSD 2.PMTS 3.G17766
2025-03-31	3	$29.3M	100	1PMTS2G177663LPSNUSD Top holdings2025-03-31 1.PMTS 2.G17766 3.LPSNUSD
2024-12-31	3	$36.6M	0	1LPSNUSD 2PMTS3G17766 Top holdings2024-12-31 1.LPSNUSD 2.PMTS 3.G17766
2024-09-30	3	$47.4M	0	1G177662LPSNUSD 3PMTS Top holdings2024-09-30 1.G17766 2.LPSNUSD 3.PMTS
2024-06-30	4	$99.3M	0	1RKLB2G177663PMTS Top holdings2024-06-30 1.RKLB 2.G17766 3.PMTS 4.LPSNUSD
2024-03-31	4	$114.7M	0	1G177662RKLB 3LPSNUSD Top holdings2024-03-31 1.G17766 2.RKLB 3.LPSNUSD 4.PMTS
2023-12-31	5	$190.6M	0	1G177662RKLB 3LPSNUSD Top holdings2023-12-31 1.G17766 2.RKLB 3.LPSNUSD 4.G9460A 5.PMTS
2023-09-30	4	$161.2M	0	1G177662RKLB3G9460A Top holdings2023-09-30 1.G17766 2.RKLB 3.G9460A 4.PMTS
2023-06-30	5	$309.6M	0	1G177662RKLB 3MITK Top holdings2023-06-30 1.G17766 2.RKLB 3.MITK 4.G9460A 5.PMTS
2023-03-31	7	$337.0M	0	1G177662RKLB 3SUMO2EUR Top holdings2023-03-31 1.G17766 2.RKLB 3.SUMO2EUR 4.G9460A 5.PMTS 6.MITK 7.KLTR
2022-12-31	6	$398.7M	0	1G177662RKLB 3SUMO2EUR Top holdings2022-12-31 1.G17766 2.RKLB 3.SUMO2EUR 4.PMTS 5.G9460A 6.KLTR
2022-09-30	6	$313.2M	0	1G177662RKLB 3SUMO2EUR Top holdings2022-09-30 1.G17766 2.RKLB 3.SUMO2EUR 4.G9460A 5.PMTS 6.KLTR
2022-06-30	5	$262.8M	0	1G177662RKLB3G9460A Top holdings2022-06-30 1.G17766 2.RKLB 3.G9460A 4.PMTS 5.KLTR
2022-03-31	5	$449.8M	0	1G177662RKLB 3HMHCUSD Top holdings2022-03-31 1.G17766 2.RKLB 3.HMHCUSD 4.G9460A 5.PMTS
2021-12-31	6	$516.5M	0	1G177662RKLB3773122 Top holdings2021-12-31 1.G17766 2.RKLB 3.773122 4.HMHCUSD 5.G9460A 6.PMTS
2021-09-30	7	$853.0M	0	1G177662RKLB 3CSOD Top holdings2021-09-30 1.G17766 2.RKLB 3.CSOD 4.773122 5.G9460A 6.HMHCUSD 7.PMTS
2021-06-30	8	$801.4M	100	1G177662CSOD3G9442R Top holdings2021-06-30 1.G17766 2.CSOD 3.G9442R 4.G9460A 5.G05155 6.SAII 7.TWCT 8.G7000X
2021-03-31	6	$872.6M	63	1G177662CSOD3G9442R Top holdings2021-03-31 1.G17766 2.CSOD 3.G9442R 4.CRCT 5.G9460A 6.ZUOUSD
2020-12-31	4	$540.2M	27	1G177662CSOD 3ZUOUSD Top holdings2020-12-31 1.G17766 2.CSOD 3.ZUOUSD 4.G9442R
2020-09-30	4	$462.8M	62	1G177662CSOD 3ZUOUSD Top holdings2020-09-30 1.G17766 2.CSOD 3.ZUOUSD 4.BB
2020-06-30	5	$255.0M	68	1G177662CSOD 3ZUOUSD Top holdings2020-06-30 1.G17766 2.CSOD 3.ZUOUSD 4.BB 5.MOBL
2020-03-31	3	$132.9M	0	1G177662ZUOUSD 3MOBL Top holdings2020-03-31 1.G17766 2.ZUOUSD 3.MOBL

Holding changes this quarter

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%.

Position changes disclosed by Vector Capital Management, L.P. for the quarter ending 2025-09-30, including ticker, issuer, weight change, shares change, and action
#	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

FAQ

What is Vector Capital Management, L.P. and what type of investor is it?

Vector Capital Management, L.P. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2025-09-30), the firm manages a tracked equity portfolio valued at approximately $24.4M, spread across 3 disclosed positions.

What are Vector Capital Management, L.P.'s largest equity positions?

Based on the latest 13F filing, Vector Capital Management, L.P.'s top holdings by market value are: 1. Cambium Networks CORP — $12.8M (52.6%) 2. Cpi Card Group INC (PMTS) — $7.0M (28.5%) 3. Liveperson INC (LPSNUSD) — $4.6M (18.9%)

What changes did Vector Capital Management, L.P. make in its most recent portfolio filing?

In the latest reported quarter, Vector Capital Management, L.P. made 2 notable position adjustments: 0 new positions were initiated, 1 existing holdings were added to, 1 positions were partially reduced, and 0 were completely exited. The largest of these moves: Trim: Liveperson INC (LPSNUSD) — shares -27.67%; Add: Cpi Card Group INC (PMTS) — shares +18.56%

What sectors does Vector Capital Management, L.P. focus on?

Sector breakdown data is not yet available for Vector Capital Management, L.P.. Check back after the next 13F processing cycle.