Managers / Q1 2026
Nine Ten Capital Management LLC
CIK 0001635236 · 20 N WACKER DR, SUITE 2825, CHICAGO, IL, 60606 · 847-859-5554
Summary
Nine Ten Capital Management LLC reported $315M in U.S.-listed holdings across 8 positions for Q1 2026.
Its largest position, GPGI, represents 15.8% of the portfolio.
The book was largely unchanged from Q4 2025.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 84.9% · $267M
- Other · 15.1% · $47M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| AGYSAGILYSYS INC | ADDED | +290.4K | 653.6K | +$3M | $46M |
| SNEXSTONEX GROUP INC | ADDED | +182.5K | 580.0K | +$9M | $47M |
| CELLEBRITE DI LTD | ADDED | +964.1K | 3.44M | +$3M | $47M |
| IRMDIRADIMED CORP | TRIMMED | −94.0K | 334.5K | −$9M | $32M |
| GPGIGPGI INC | ADDED | +485.6K | 2.90M | +$3M | $50M |
| MGNIMAGNITE INC | ADDED | +477.7K | 3.48M | −$7M | $41M |
| RHLDRESOLUTE HLDGS MGMT INC | HELD | +0 | 93.0K | −$4M | $15M |
| GBZWINMARK CORP | HELD | +0 | 83.7K | +$2M | $36M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | GPGIGPGI INChistory → | COM CL A | 15.78% | $50M | 2.90M |
| 2 | CELLEBRITE DI LTD | ORDINARY SHARES | 15.07% | $47M | 3.44M |
| 3 | SNEXSTONEX GROUP INChistory → | COM | 14.86% | $47M | 580.0K |
| 4 | AGYSAGILYSYS INChistory → | COM | 14.77% | $46M | 653.6K |
| 5 | MGNIMAGNITE INChistory → | COM | 13.14% | $41M | 3.48M |
| 6 | GBZWINMARK CORPhistory → | COM | 11.36% | $36M | 83.7K |
| 7 | IRMDIRADIMED CORPhistory → | COM | 10.23% | $32M | 334.5K |
| 8 | RHLDRESOLUTE HLDGS MGMT INChistory → | COM | 4.79% | $15M | 93.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $315M | 8 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $316M | 8 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $388M | 9 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $336M | 9 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $268M | 11 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $350M | 11 | Feb 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $331M | 10 | Nov 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $260M | 10 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $328M | 13 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $398M | 13 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $328M | 10 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $298M | 10 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $600M | 9 | May 15, 2023 | RESTATEMENT | changes · EDGAR ↗ |
| Q4 2022 | $575M | 10 | Feb 13, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $654M | 10 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $721M | 10 | Aug 9, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $768M | 10 | May 11, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $962M | 12 | Feb 9, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $935M | 11 | Nov 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $930M | 10 | Aug 11, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $722M | 10 | May 10, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $665M | 9 | Feb 11, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $481M | 9 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $400M | 9 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $236M | 11 | May 18, 2020 | RESTATEMENT | changes · EDGAR ↗ |
| Q4 2019 | $400M | 12 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $316M | 9 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $358M | 9 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $379M | 8 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $304M | 7 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.