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Livermore
Livermore
ZHEN

Kopion Asset Management, LLC

SEC CIK
0001728689
Latest filing
Jul 6, 2026

The latest 13F from Kopion Asset Management, LLC covers Q2 2026 (filed Jul 6, 2026): 21 long positions worth $158.2M. The top 10 holdings make up 71.1% of the portfolio, and the largest is Varonis Systems Inc (VRNS) at 10.1%. Livermore has 27 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$1.45M
Added
7
Est. +$16.9M
Reduced
13
Est. −$20.8M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. VRNSVaronis Systems Inc
    10.1%$16.0MHistory
  2. NICENICE Ltd.
    8.4%$13.3MHistory
  3. TRUPTrupanion, Inc.
    8.2%$13.0MHistory
  4. MGNIMagnite, Inc.
    8.1%$12.8MHistory
  5. CERTCertara, Inc.
    7.7%$12.2MHistory

Share of portfolio

Top 5 holdings and the other 16 positions, by share of portfolio value

  1. VRNS10.1%
  2. NICE8.4%
  3. TRUP8.2%
  4. MGNI8.1%
  5. CERT7.7%
  6. Other 16 positions57.5%

Biggest buys

New and added positions, by estimated amount bought

  1. TYLTyler Technologies Inc
    +$4.61MAddedHistory
  2. CERTCertara, Inc.
    +$3.73MAddedHistory
  3. TRUPTrupanion, Inc.
    +$3.05MAddedHistory
  4. NICENICE Ltd.
    +$2.84MAddedHistory
  5. TREXTrex Co Inc
    +$1.45MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. TYLTyler Technologies Inc
    +2.60 pp1.0% → 3.6%History
  2. CERTCertara, Inc.
    +1.98 pp5.7% → 7.7%History
  3. SSTISoundthinking, Inc.
    +1.37 pp5.0% → 6.4%History
  4. TREXTrex Co Inc
    +0.92 pp0.0% → 0.9%History
  5. TRUPTrupanion, Inc.
    +0.22 pp8.0% → 8.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. TNCTennant Co
    −$6.27MReducedHistory
  2. VRNSVaronis Systems Inc
    −$4.77MReducedHistory
  3. MGNIMagnite, Inc.
    −$3.44MReducedHistory
  4. BWABorgwarner Inc
    −$3.43MReducedHistory
  5. HXLHexcel Corp
    −$759.2KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. TNCTennant Co
    −3.34 pp8.9% → 5.5%History
  2. BWABorgwarner Inc
    −2.20 pp5.1% → 2.9%History
  3. FTITechnipFMC plc
    −1.61 pp5.8% → 4.2%History
  4. HXLHexcel Corp
    −0.47 pp3.4% → 3.0%History
  5. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −0.44 pp2.3% → 1.8%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$158.2M
+$29.7M (+23.1%) vs. prior quarter
Positions
21
+1 vs. prior quarter
Top 10 concentration
71.1%
Top 10 as share of value
Turnover
12.8%
Q2 2026, one quarter
Average holding period
15.5 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $158.2M (Q2 2026)

Q1 2021: $134.2MQ2 2021: $144.2MQ3 2021: $125.0MQ4 2021: $120.9MQ1 2022: $118.0MQ2 2022: $93.9MQ3 2022: $91.2MQ4 2022: $98.9MQ1 2023: $115.0MQ2 2023: $118.1MQ3 2023: $112.1MQ4 2023: $130.5MQ1 2024: $140.7MQ2 2024: $140.9MQ3 2024: $138.9MQ4 2024: $142.4MQ1 2025: $128.5MQ2 2025: $148.3MQ3 2025: $154.3MQ4 2025: $139.9MQ1 2026: $128.5MQ2 2026: $158.2M
Q1 2021Q2 2026
13F filings of Kopion Asset Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 6, 202621$158.2MVRNSNICETRUPvs. Q1 2026SEC
Q1 2026Apr 10, 202620$128.5MNICETNCVRNSvs. Q4 2025SEC
Q4 2025Jan 5, 202618$139.9MNICEFTITRUPvs. Q3 2025SEC
Q3 2025Oct 14, 202519$154.3MPRONICETRUPvs. Q2 2025SEC
Q2 2025Jul 8, 202520$148.3MTRUPBWAFTIvs. Q1 2025SEC
Q1 2025Apr 8, 202520$128.5MTRUPBWAFTIvs. Q4 2024SEC
Q4 2024Jan 14, 202520$142.4MTRUPFTIBWAvs. Q3 2024SEC
Q3 2024Oct 15, 202419$138.9MBWATRUPFTIvs. Q2 2024SEC
Q2 2024Jul 12, 202418$140.9MTRUPFTIBWAvs. Q1 2024SEC
Q1 2024May 10, 202418$140.7MFTIBWATRUPvs. Q4 2023SEC
Q4 2023Apr 16, 2024Amended18$130.5MFTICOHRBWAvs. Q3 2023SEC
Q3 2023Apr 16, 2024Amended18$112.1MFTITRUPVRNSvs. Q2 2023SEC
Q2 2023Apr 16, 2024Amended19$118.1MFTIVRNSCOHRvs. Q1 2023SEC
Q1 2023Apr 16, 2024Amended19$115.0MFTINATIVRNSvs. Q4 2022SEC
Q4 2022Apr 16, 2024Amended18$98.9MVRNSFTIMGNIvs. Q3 2022SEC
Q3 2022Oct 19, 202218$91.2MFTINATIVRNSvs. Q2 2022SEC
Q2 2022Jul 11, 202217$93.9MNATIFTIVRNSvs. Q1 2022SEC
Q1 2022Apr 8, 202218$118.0MFTICOHRVRNSvs. Q4 2021SEC
Q4 2021Jan 11, 202218$120.9MNATICOHRBWAvs. Q3 2021SEC
Q3 2021Oct 7, 202118$125.0MNATITNCBWAvs. Q2 2021SEC
Q2 2021Jul 13, 202120$144.2MNATICOHRSSYSvs. Q1 2021SEC
Q1 2021Apr 9, 202120$134.2MBWANATITNC–SEC

13D and 13G filings

Companies where Kopion Asset Management, LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where Kopion Asset Management, LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
SSTISoundthinking, Inc.13G7.90%1.02M shares+0.20 ppfrom 7.70%Feb 5, 20254 filingsApr 24, 2026SEC

Latest filings

4 filings on file made by Kopion Asset Management, LLC or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Kopion Asset Management, LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
SSTISoundthinking, Inc.Apr 24, 202610:58 AM ET13G7.90%1.02M shares+0.20 ppfrom 7.70%Apr 23, 2026SEC
SSTISoundthinking, Inc.Jan 5, 20262:55 PM ET13G7.70%972.1K shares+3.40 ppfrom 4.30%Dec 31, 2025SEC
SSTISoundthinking, Inc.Apr 8, 20253:43 PM ET13G/A4.30%541.7K shares−1.50 ppfrom 5.80%Below 5%Mar 31, 2025SEC
SSTISoundthinking, Inc.Feb 5, 202510:10 AM ET13G5.80%727.2K sharesNewDec 31, 2024SEC