What happened
According to an SEC filing dated May 15, 2026, Totem Point Management, LLC, fully exited its position in Bill.com (BILL +1.15%) by selling 155,100 shares during the first quarter. The estimated transaction value was $6.94 million, based on the average closing price for the quarter. The quarter-end position value decreased by $8.46 million, reflecting both the sale and share price movement.
What else to know
- Totem Point Management, LLC, now holds no Bill.com shares, and the position represents 0% of 13F reportable AUM.
- Top holdings after the filing:
- NASDAQ:NVDA: $13.37 million (17.1% of AUM)
- NASDAQ:AMD: $8.59 million (11.0% of AUM)
- NASDAQ:ON: $8.40 million (10.7% of AUM)
- NYSE:TSM: $7.33 million (9.3% of AUM)
- NYSE:SPOT: $6.10 million (7.8% of AUM)
- As of May 14, 2026, shares of Bill.com were priced at $39.49, down 17.8% over the past year and underperforming the S&P 500 by 45.1 percentage points.
- The fund reported $78.37 million in 13F AUM across 17 positions at quarter-end.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.60 billion |
| Net income (TTM) | $162,000 |
| Price (as of May 15, 2026) | $40.07 |
| One-year price change | (13.4%) |
Company snapshot
- Provides cloud-based software for automating back-office financial operations, including accounts payable, accounts receivable, spend management, and payments.
- Operates a software-as-a-service (SaaS) business model, generating recurring revenue through subscription fees and transaction-based charges.
- Serves small and midsize businesses, accounting firms, financial institutions, and software companies globally.
Bill.com is a technology company specializing in financial process automation for small and midsize enterprises. Its SaaS platform streamlines financial workflows and delivers scalable, recurring revenue from a broad base of business clients.
What this transaction means for investors
In the first quarter, Totem Point fully closed five positions, leaving it with just 17 stocks in its portfolio by the end of March.
On May 7, Bill reported results from its fiscal third quarter that ended March 31, 2026. On the surface, there aren’t any obvious reasons to sell the stock. Total revenue rose 13% year over year to $406.6 million.
As a financial operations platform that small-to-medium-sized businesses use to manage their finances, Bill is beginning to recognize significant amounts of interest on funds held for customers. Float revenue reached $35.4 million in its fiscal third quarter.
A larger customer base, coupled with a lean employee roster, helped Bill’s bottom line rise to $12.8 million in its fiscal third quarter. That’s a significant improvement from the $11.6 million loss the company reported in the previous year period.
With its bottom line in positive territory, Bill is confidently returning cash to shareholders with a $1 billion share repurchase authorization from its Board of Directors.
