Topline Capital Management, LLC

Hedge Fund • Long/Short

Topline Capital Management, LLC is a Long/Short Hedge Fund led by Collin Mcbirney, reporting $629.8M in AUM as of Q3 2025 with 48% Technology concentration, 73% concentrated in top 10 holdings, and 48% technology allocation.

Managing PartnerCollin Mcbirney

Portfolio Value: $523.6M
Positions: 40
Top Holding: GDOT at 11.84%
Last Reported: Q3 2025

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Top Holdings

Largest long holdings in Topline Capital Management, LLC's portfolio (72.9% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Green Dot GDOT	Financial - Credit Services Financial Services	$62.0M	11.84%	-$4.7M Sold	8.33% 4.6M shares	Q4 2024 Held for 11 months
2 Cognyte Software CGNT	Software - Infrastructure Technology	$60.4M	11.54%	+$1.4M Bought	9.86% 7.2M shares	Q4 2024 Held for 11 months
3 NerdWallet, Inc. NRDS	Financial - Credit Services Financial Services	$56.5M	10.79%	—	6.91% 5.3M shares	Q4 2024 Held for 11 months
4 PRA Group PRAA	Financial - Credit Services Financial Services	$40.4M	7.71%	+$5.6M Bought	6.69% 2.6M shares	Q1 2025 Held for 8 months
5 Paysign PAYS	Software - Infrastructure Technology	$34.3M	6.54%	+$147.5K Bought	10.00% 5.4M shares	Q4 2024 Held for 11 months
6 Freshworks, Inc. FRSH	Software - Application Technology	$32.5M	6.22%	+$9.8M Bought	— 2.8M shares	Q4 2024 Held for 11 months
7 BlackLine BL	Software - Application Technology	$30.3M	5.78%	-$14.1M Sold	0.92% 569.9K shares	Q4 2024 Held for 11 months
8 Cytek Biosciences, Inc. CTKB	Medical - Devices Healthcare	$24.1M	4.60%	+$5.9M Bought	5.46% 6.9M shares	Q4 2024 Held for 11 months
9 CS Disco LAW	Software - Application Technology	$20.7M	3.96%	+$1.6M Bought	5.19% 3.2M shares	Q4 2024 Held for 11 months
10 Unifirst UNF	Specialty Business Services Industrials	$20.5M	3.91%	+$8.0M Bought	0.66% 122.4K shares	Q4 2024 Held for 11 months

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Topline Capital Management, LLC's latest filing

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GthenC

Market Value

$523.6M

Prior: $544.9M

Q/Q Change

-3.9%

-$21.3M

Net Flows % of MV

-6.06%

Turnover Ratio

21.12%

New Purchases

9 stocks

$37.2M

Added To

16 stocks

+$53.8M

Sold Out Of

11 stocks

$96.0M

Reduced Holdings

10 stocks

-$26.7M

Increased Positions

Position	Shares Δ	Change
1 Sprout Social, Inc. SPT	New	0 → 1.4M +$17.6M
2 Certara, Inc. CERT	New	0 → 546.5K +$6.7M
3 OneSpan OSPN	New	0 → 349.2K +$5.5M
4 Viant Technology Inc. DSP	New	0 → 249.1K +$2.1M
5 Jamf Holding Corp. JAMF	New	0 → 166.6K +$1.8M

Decreased Positions

Position	Shares Δ	Change
1 Sapiens International Corporation N.V. SPNS	Sold	1.0M → 0 −$30.3M
2 Rush Street Interactive RSI	Sold	1.8M → 0 −$26.9M
3 PHLT Performant Healthcare PHLT	Sold	5.5M → 0 −$21.8M
4 Paysafe PSFE	Sold	620.0K → 0 −$7.8M
5 SentinelOne S	Sold	175.3K → 0 −$3.2M