Tran Capital Management (TCM) sold 147,591 shares of SPS Commerce, valued at $15.37 million at the quarterly average price. TCM’s post-trade stake: 0 shares, $0 value. The position was previously approximately 1.8% of the fund’s AUM as of the prior quarter. The transaction represented a 1.84% change in the fund’s 13F AUM. TCM’s quarter-end position value decreased by $15.37 million, reflecting share sales and stock price movement.
According to a SEC filing dated Jan. 20, 2026, TRAN Capital Management, L.P. (TCM) sold its entire SPS Commerce stake during the fourth quarter, divesting 147,591 shares. The estimated transaction value was $15.37 million, calculated using the quarter’s average share price. TCM fully sold out of SPS Commerce. Top holdings after the filing: Nvidia: $60.95 million (7.3% of AUM), Talen Energy: $59.99 million (7.2% of AUM), Amazon: $59.51 million (7.1% of AUM), Microsoft: $58.12 million (7.0% of AUM), Danaher: $41.71 million (5.0% of AUM).
As of Jan. 21, 2026, shares of SPS Commerce were priced at $91.13, down 53.0% over the prior year, underperforming the S&P 500 by 67 percentage points. SPS Commerce offers cloud-based supply chain management solutions, including fulfillment automation, analytics, assortment, and community products. The company serves retailers, suppliers, grocers, distributors, and logistics firms seeking to optimize omnichannel order fulfillment and trading partner collaboration. SPS Commerce is a leading provider of cloud-based supply chain management platforms that enable automation and enhanced visibility for trading partners worldwide.
One quarter after opening a position in SPS Commerce and making the company a 1.8% portion of its portfolio, TMC sold out of the stock. From a business-level perspective, however, there is a lot to like about SPS Commerce, as it has grown sales for 99 quarters in a row, delivered 18% annualized total returns since 2010, should benefit from the megatrend of a shift toward omnichannel sales, and now trades at 24 times free cash flow (FCF) versus its five-year average of 52. While the broader software industry is currently waging a war against AI, trying to prove it won’t be disrupted by the burgeoning technology, SPS Commerce is likely to remain unaffected thanks to the benefits of interconnectedness it brings to the retailers, third-party logistics providers, and suppliers it serves.
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Read more at Yahoo Finance: Tran Capital Management Exits $15 Million SPS Commerce Position