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Livermore
Livermore
ZHEN

Topline Capital Management, LLC

SEC CIK
0001792549
Latest filing
Aug 14, 2026

The latest 13F from Topline Capital Management, LLC covers Q2 2026 (filed Aug 14, 2026): 36 long positions worth $385.7M. The top 10 holdings make up 80.9% of the portfolio, and the largest is Pra Group Inc (PRAA) at 18.9%. Livermore has 7 filings on Form 13F from this institution, going back to Q4 2024.

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
9
Est. +$13.6M
Added
2
Est. +$1.34M
Reduced
21
Est. −$249.4M
Sold out
16
Est. −$55.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. PRAAPra Group Inc
    18.9%$73.0MHistory
  2. WKWorkiva Inc
    11.0%$42.3MHistory
  3. PAYSPaysign, Inc.
    9.9%$38.0MHistory
  4. DVDoubleVerify Holdings, Inc.
    9.0%$34.8MHistory
  5. NRDSNerdwallet, Inc.
    7.9%$30.4MHistory

Share of portfolio

Top 5 holdings and the other 31 positions, by share of portfolio value

  1. PRAA18.9%
  2. WK11.0%
  3. PAYS9.9%
  4. DV9.0%
  5. NRDS7.9%
  6. Other 31 positions43.3%

Biggest buys

New and added positions, by estimated amount bought

  1. NPKNational Presto Industries Inc
    +$4.03MNewHistory
  2. ATRCAtriCure, Inc.
    +$3.87MNewHistory
  3. CERSCerus Corp
    +$3.07MNewHistory
  4. SIFSifco Industries Inc
    +$833.3KNewHistory
  5. ZVIAZevia PBC
    +$699.0KAddedHistory

Largest weight increases

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

  1. ZVIAZevia PBC
    +1.73 pp1.3% → 3.0%History
  2. NPKNational Presto Industries Inc
    +1.05 pp0.0% → 1.0%History
  3. ATRCAtriCure, Inc.
    +1.00 pp0.0% → 1.0%History
  4. CERSCerus Corp
    +0.80 pp0.0% → 0.8%History
  5. MRDNMeridian Holdings Inc.
    +0.51 pp0.2% → 0.7%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. FRSHFreshworks Inc.
    −$59.8MReducedHistory
  2. MITKMitek Systems Inc
    −$30.6MReducedHistory
  3. SSentinelOne, Inc.
    −$28.0MReducedHistory
  4. MNDYmonday.com Ltd.
    −$25.2MSold outHistory
  5. NUTXNutex Health Inc.
    −$23.2MReducedHistory

Largest weight decreases

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

  1. FRSHFreshworks Inc.
    −7.82 pp7.9% → <0.1%History
  2. MNDYmonday.com Ltd.
    −4.16 pp4.2% → 0.0%History
  3. SSentinelOne, Inc.
    −3.22 pp3.8% → 0.6%History
  4. MITKMitek Systems Inc
    −3.11 pp3.6% → 0.5%History
  5. UNFUnifirst Corp
    −1.68 pp1.7% → 0.0%History

Metrics

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

Portfolio value
$385.7M
−$219.6M (−36.3%) vs. prior quarter
Positions
36
−7 vs. prior quarter
Top 10 concentration
80.9%
Top 10 as share of value
Turnover
3.0%
Q2 2026, one quarter
Average holding period
5.6 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 (Q4 2024), so positions held before then are understated.

13F filings by quarter

7 quarters, going back to Q4 2024. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.11B (Q4 2025)

Q4 2024: $528.8MQ1 2025: $436.8MQ2 2025: $583.5MQ3 2025: $581.6MQ4 2025: $1.11BQ1 2026: $605.3MQ2 2026: $385.7M
Q4 2024Q2 2026
13F filings of Topline Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202636$385.7MPRAAWKPAYSvs. Q1 2026SEC
Q1 2026May 15, 202643$605.3MPRAAWKNRDSvs. Q4 2025SEC
Q4 2025Feb 17, 202649$1.11BSNUTXDVvs. Q3 2025SEC
Q3 2025Nov 14, 202542$581.6MGDOTCGNTNUTXvs. Q2 2025SEC
Q2 2025Aug 14, 202542$583.5MCGNTNRDSGDOTvs. Q1 2025SEC
Q1 2025May 14, 202538$436.8MCGNTNRDSBLvs. Q4 2024SEC
Q4 2024Feb 14, 202536$528.8MCGNTNRDSBL–SEC

13D and 13G filings

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

Current stakes of 5% or more

12 companies, largest stake first.

Companies where Topline Capital Management, LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
CGNTCognyte Software Ltd.13G/A9.90%7.24M shares–Apr 29, 20243 filingsFeb 13, 2026SEC
PAYSPaysign, Inc.13G/A9.90%5.34M shares–Jan 20, 20226 filingsFeb 10, 2025SEC
NUTXNutex Health Inc.13G/A9.90%556.6K shares+4.80 ppfrom 5.10%Jul 16, 20252 filingsOct 29, 2025SEC
ZVIAZevia PBC13G8.80%5.95M sharesNewFeb 13, 20261 filingFeb 13, 2026SEC
KRMDKORU Medical Systems, Inc.13G/A8.50%3.94M shares–May 23, 20243 filingsFeb 13, 2026SEC
PRAAPra Group Inc13G/A7.40%2.92M shares+2.10 ppfrom 5.30%Aug 14, 20252 filingsFeb 13, 2026SEC
NEPHNephros Inc13G5.60%595.3K sharesNewNov 14, 20251 filingNov 14, 2025SEC
SPTSprout Social, Inc.13G5.40%2.89M sharesNewFeb 13, 20261 filingFeb 13, 2026SEC
CTKBCytek Biosciences, Inc.13G5.30%6.78M sharesNewNov 17, 20251 filingNov 17, 2025SEC
DVDoubleVerify Holdings, Inc.13G5.20%8.45M sharesNewFeb 13, 20261 filingFeb 13, 2026SEC
LAWCS Disco, Inc.13G5.10%3.22M sharesNewNov 14, 20251 filingNov 14, 2025SEC
HGBLHeritage Global Inc.13G/A5.10%1.93M shares–Feb 10, 20251 filingFeb 10, 2025SEC

Latest filings

66 filings on file made by Topline Capital Management, LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Topline Capital Management, LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
ZVIAZevia PBCFeb 13, 20265:21 PM ET13G8.80%5.95M sharesNewDec 31, 2025SEC
SPTSprout Social, Inc.Feb 13, 20265:19 PM ET13G5.40%2.89M sharesNewDec 31, 2025SEC
PRAAPra Group IncFeb 13, 20265:16 PM ET13G/A7.40%2.92M shares+2.10 ppfrom 5.30%Dec 31, 2025SEC
KRMDKORU Medical Systems, Inc.Feb 13, 20265:13 PM ET13G/A8.50%3.94M shares–Dec 31, 2025SEC
IDNIntellicheck, Inc.Feb 13, 20265:11 PM ET13G/A3.70%761.0K shares−2.10 ppfrom 5.80%Below 5%Dec 31, 2025SEC
GDOTGreen Dot CorpFeb 13, 20265:06 PM ET13G/A4.80%2.70M shares−5.10 ppfrom 9.90%Below 5%Dec 31, 2025SEC
DVDoubleVerify Holdings, Inc.Feb 13, 20265:02 PM ET13G5.20%8.45M sharesNewDec 31, 2025SEC
CGNTCognyte Software Ltd.Feb 13, 20265:00 PM ET13G/A9.90%7.24M shares–Dec 31, 2025SEC
AVDAmerican Vanguard CorpFeb 13, 20263:24 PM ET13G/A0.00%0 shares–Below 5%Dec 31, 2025SEC
CTKBCytek Biosciences, Inc.Nov 17, 202511:44 AM ET13G5.30%6.78M sharesNewSep 25, 2025SEC
PHLTPerformant Healthcare IncNov 14, 20256:15 AM ET13G/A0.00%0 shares–Below 5%Aug 5, 2025SEC
NEPHNephros IncNov 14, 20256:15 AM ET13G5.60%595.3K sharesNewAug 4, 2025SEC
LAWCS Disco, Inc.Nov 14, 20256:15 AM ET13G5.10%3.22M sharesNewJul 25, 2025SEC
NUTXNutex Health Inc.Oct 29, 20256:02 AM ET13G/A9.90%556.6K shares+4.80 ppfrom 5.10%Jul 22, 2025SEC
PRAAPra Group IncAug 14, 20257:06 AM ET13G5.30%2.08M sharesNewJun 25, 2025SEC
NUTXNutex Health Inc.Jul 16, 20257:54 PM ET13G5.10%287.6K sharesNewJun 25, 2025SEC
GLXZGalaxy Gaming, Inc.Apr 10, 20256:05 AM ET13G/A4.90%1.26M shares−3.80 ppfrom 8.70%Below 5%Apr 7, 2025SEC
IDNIntellicheck, Inc.Feb 10, 20251:58 PM ET13G/A5.80%1.16M shares–Dec 31, 2024SEC
HGBLHeritage Global Inc.Feb 10, 20251:50 PM ET13G/A5.10%1.93M shares–Dec 31, 2024SEC
PAYSPaysign, Inc.Feb 10, 20251:49 PM ET13G/A9.90%5.34M shares–Dec 31, 2024SEC