Kopion Asset Management, LLC Concentrated Active

CIK: 0001728689 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 5, 2026

Total Value ($000): $139,860 (100.0% shares, 0.0% debt)

Holdings (18)

Increased Positions (11)

MGNI MAGNITE INC 7.1%

Value ($000) $9,973 (+85.7%) Shares 614,459 (+149.2%) Est. Cost $15.20 Unrealized +9.2%

TNC TENNANT CO 6.5%

Value ($000) $9,068 (+27.8%) Shares 123,037 (+40.6%) Est. Cost $72.78 Unrealized +4.7%

BIL SPDR SERIES TRUST 3.5%

Value ($000) $4,830 (+66.5%) Shares 52,855 (+67.2%) Est. Cost $91.60 Unrealized —

CERT CERTARA INC 6.2%

Value ($000) $8,658 (+8.1%) Shares 982,710 (+49.9%) Est. Cost $11.62 Unrealized -11.4%

VRNS VARONIS SYS INC 7.8%

Value ($000) $10,889 (+5.3%) Shares 331,969 (+84.6%) Est. Cost $39.88 Unrealized +5.3%

SSYS STRATASYS LTD 5.8%

Value ($000) $8,121 (-5.7%) Shares 935,626 (+21.7%) Est. Cost $13.66 Unrealized -27.5%

TRUP TRUPANION INC 7.8%

Value ($000) $10,976 (-4.2%) Shares 293,706 (+11.0%) Est. Cost $39.43 Unrealized -0.4%

ERII ENERGY RECOVERY INC 3.2%

Value ($000) $4,512 (-8.1%) Shares 334,469 (+5.1%) Est. Cost $13.65 Unrealized +11.0%

NICE NICE LTD 8.6%

Value ($000) $12,031 (+1.0%) Shares 106,432 (+29.3%) Est. Cost $149.05 Unrealized —

SSTI SOUNDTHINKING INC 5.6%

Value ($000) $7,806 (+1.3%) Shares 972,108 (+52.1%) Est. Cost $13.70 Unrealized -36.3%

ACIW ACI WORLDWIDE INC 4.7%

Value ($000) $6,604 (-1.0%) Shares 138,133 (+9.3%) Est. Cost $35.94 Unrealized +35.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MGNI	MAGNITE INC	614,459 (+149.2%)	$9,973 (+85.7%)	7.1%	$15.20	+9.2%	COM	55955D100
TNC	TENNANT CO	123,037 (+40.6%)	$9,068 (+27.8%)	6.5%	$72.78	+4.7%	COM	880345103
BIL	SPDR SERIES TRUST	52,855 (+67.2%)	$4,830 (+66.5%)	3.5%	$91.60	—	STATE STREET SPD	78468R663
CERT	CERTARA INC	982,710 (+49.9%)	$8,658 (+8.1%)	6.2%	$11.62	-11.4%	COM	15687V109
VRNS	VARONIS SYS INC	331,969 (+84.6%)	$10,889 (+5.3%)	7.8%	$39.88	+5.3%	COM	922280102
SSYS	STRATASYS LTD	935,626 (+21.7%)	$8,121 (-5.7%)	5.8%	$13.66	-27.5%	SHS	M85548101
TRUP	TRUPANION INC	293,706 (+11.0%)	$10,976 (-4.2%)	7.8%	$39.43	-0.4%	COM	898202106
ERII	ENERGY RECOVERY INC	334,469 (+5.1%)	$4,512 (-8.1%)	3.2%	$13.65	+11.0%	COM	29270J100
NICE	NICE LTD	106,432 (+29.3%)	$12,031 (+1.0%)	8.6%	$149.05	—	SPONSORED ADR	653656108
SSTI	SOUNDTHINKING INC	972,108 (+52.1%)	$7,806 (+1.3%)	5.6%	$13.70	-36.3%	COM	82536T107
ACIW	ACI WORLDWIDE INC	138,133 (+9.3%)	$6,604 (-1.0%)	4.7%	$35.94	+35.0%	COM	004498101

Exited Positions (1)

— PROS HOLDINGS INC 11.0%

Value ($000) $15,402 Shares 672,268 Est. Cost $23.50 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PROS HOLDINGS INC	672,268	$15,402	11.0%	$23.50	—	—	74346Y103

Decreased Positions (6)

CGNX COGNEX CORP 4.2%

Value ($000) $5,870 (-35.4%) Shares 163,138 (-18.7%) Est. Cost $41.59 Unrealized -2.8%

BWA BORGWARNER INC 6.4%

Value ($000) $8,937 (-17.6%) Shares 198,327 (-19.6%) Est. Cost $33.85 Unrealized +29.1%

COHR COHERENT CORP 3.0%

Value ($000) $4,176 (-26.7%) Shares 22,628 (-57.2%) Est. Cost $49.13 Unrealized +204.5%

SLP SIMULATIONS PLUS INC 1.8%

Value ($000) $2,450 (-12.3%) Shares 134,388 (-27.5%) Est. Cost $33.93 Unrealized -48.3%

FTI TECHNIPFMC PLC 7.9%

Value ($000) $11,095 (-2.7%) Shares 248,983 (-13.9%) Est. Cost $8.04 Unrealized +425.1%

HXL HEXCEL CORP NEW 4.0%

Value ($000) $5,601 (-5.1%) Shares 75,785 (-19.5%) Est. Cost $61.81 Unrealized +14.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CGNX	COGNEX CORP	163,138 (-18.7%)	$5,870 (-35.4%)	4.2%	$41.59	-2.8%	COM	192422103
BWA	BORGWARNER INC	198,327 (-19.6%)	$8,937 (-17.6%)	6.4%	$33.85	+29.1%	COM	099724106
COHR	COHERENT CORP	22,628 (-57.2%)	$4,176 (-26.7%)	3.0%	$49.13	+204.5%	COM	19247G107
SLP	SIMULATIONS PLUS INC	134,388 (-27.5%)	$2,450 (-12.3%)	1.8%	$33.93	-48.3%	COM	829214105
FTI	TECHNIPFMC PLC	248,983 (-13.9%)	$11,095 (-2.7%)	7.9%	$8.04	+425.1%	COM	G87110105
HXL	HEXCEL CORP NEW	75,785 (-19.5%)	$5,601 (-5.1%)	4.0%	$61.81	+14.4%	COM	428291108

Unchanged Positions (1)

AIOT POWERFLEET INC 5.9%

Value ($000) $8,266 Shares 1,553,700 Est. Cost $4.68 Unrealized +9.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AIOT	POWERFLEET INC	1,553,700	$8,266	5.9%	$4.68	+9.3%	COM	73931J109