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Nine Ten Capital Management LLC

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13F filer, CIK 1635236, CHICAGO, IL

Nine Ten Capital Management LLC reported $267,934,000 across 11 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 98.82% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-25-001180

Period
2025-03-31
Reported value
$268M
Holdings
11
Top 10 weight
98.82%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AGYSadded+142,100$10.3M
SNEXadded+122,995$9.39M
GPGIadded+821,031$8.92M
RHLDnew+131,196$4.11M
SAPIENS INTERNATIONAL CORPadded+74,939$2.03M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
CLBTreduced-1,606,570-$31.2M
FCreduced-303,348-$8.38M
XPELexited-190,716-$7.62M
NV5 HOLDINGS, INCreduced-330,000-$6.36M
MGNIreduced-381,019-$4.35M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001420506-25-001180, largest first. % of portfolio is the value over $267,934,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
IRMDIRADIMED CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 905,926 shares; 2024Q4: 905,926 shares; 2025Q1: 872,003 shares 872,003$45.8M17.08%-33,923Timeline
SNEXSTONEX GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 470,491 shares; 2024Q4: 389,491 shares; 2025Q1: 512,486 shares 512,486$39.1M14.61%+122,995Timeline
CLBTCELLEBRITE DI LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,326,798 shares; 2024Q4: 3,605,604 shares; 2025Q1: 1,999,034 shares 1,999,034$38.8M14.5%-1,606,570Timeline
MGNIMAGNITE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,621,866 shares; 2024Q4: 3,115,849 shares; 2025Q1: 2,734,830 shares 2,734,830$31.2M11.65%-381,019Timeline
SAPIENS INTERNATIONAL CORPSAPIENS INTERNATIONAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 918,411 shares; 2024Q4: 1,074,291 shares; 2025Q1: 1,149,230 shares 1,149,230$31.1M11.62%+74,939
WINAWINMARK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 79,500 shares; 2024Q4: 83,900 shares; 2025Q1: 83,900 shares 83,900$26.7M9.95%0Timeline
AGYSAGILYSYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 249,460 shares; 2024Q4: 158,139 shares; 2025Q1: 300,239 shares 300,239$21.8M8.13%+142,100Timeline
GPGIGPGI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 908,328 shares; 2025Q1: 1,729,359 shares 1,729,359$18.8M7.02%+821,031Timeline
NV5 HOLDINGS, INCNV5 HOLDINGS, INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 176,463 shares; 2024Q4: 709,852 shares; 2025Q1: 379,852 shares 379,852$7.32M2.73%-330,000
RHLDRESOLUTE HLDGS MGMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 131,196 shares 131,196$4.11M1.53%newTimeline
FCFRANKLIN COVEY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 458,166 shares; 2024Q4: 418,166 shares; 2025Q1: 114,818 shares 114,818$3.17M1.18%-303,348Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
XPELXPEL INC190,716$7.62Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001420506-25-001180 base2025-05-15acceptance time not in the bulk data set