Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (31 quarters reported)
$159M in Q4 2018 → $1.39B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Stonex Group Inc | 11.8% | Trimmed 15% | 1,377,144 | $163M |
| Vse Corp | 8.5% | Trimmed 2.0% | 514,157 | $117M |
| Triumph Financial Inc | 7.7% | Trimmed 1.9% | 1,404,817 | $107M |
| Eplus Inc | 5.5% | Trimmed 1.7% | 910,893 | $75.8M |
| Winmark Corp | 5.3% | Added 6.5% | 172,363 | $72.9M |
| Argan Inc | 5.2% | Trimmed 19% | 90,472 | $72.2M |
| Ul Solutions Inc | 5.2% | Unchanged | 702,316 | $71.5M |
| Ies Holdings Inc | 5.1% | Trimmed 26% | 96,317 | $70.8M |
| Unitedhealth Group Inc | 4.2% | Unchanged | 141,720 | $58.9M |
| Agilysys Inc | 4.2% | Added 36% | 552,557 | $57.7M |
| Baker Hughes Company | 3.5% | Unchanged | 879,140 | $48.8M |
| Nayax Ltd | 3.3% | Added 26% | 690,135 | $45.2M |
| MI Marriott Intl Inc New | 3.2% | Unchanged | 119,280 | $44.2M |
| Nvr Inc | 3.0% | Unchanged | 6,070 | $41.4M |
| Ufp Technologies Inc | 2.8% | Trimmed 4.3% | 147,466 | $39.1M |
| LI Lsi Inds Inc Ohio | 2.7% | Trimmed 4.3% | 1,391,553 | $37M |
| Bgc Group Inc | 2.6% | Trimmed 4.3% | 3,344,270 | $35.8M |
| Nb Bancorp Inc | 2.5% | Added 27% | 1,655,108 | $35M |
| OD Oil Dri Corp Amer | 2.3% | Trimmed 4.3% | 318,770 | $32.6M |
| FN Firstservice Corp New | 2.3% | Added 79% | 225,625 | $32.1M |
| Daily Journal Corp | 2.1% | Trimmed 4.3% | 48,316 | $29M |
| Ecovyst Inc | 1.8% | New | 2,008,430 | $25M |
| I3 Verticals Inc | 1.7% | Trimmed 4.3% | 1,120,046 | $23.9M |
| Climb Global Solutions Inc | 1.6% | Trimmed 4.3% | 939,774 | $21.8M |
| Consolidated Water Co Inc | 1.4% | Trimmed 4.3% | 680,620 | $20.1M |
| Siga Technologies Inc | 0.6% | Trimmed 4.3% | 2,327,144 | $8.47M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Stonex Group Inc | Trimmed | −251,853 | −$29.8M | 11.8% |
| Ecovyst Inc | New | +2,008,430 | +$25M | 1.8% |
| Ies Holdings Inc | Trimmed | −33,450 | −$24.6M | 5.1% |
| Tripadvisor Inc | Exited | −1,717,020 | −$18.3M | — |
| Argan Inc | Trimmed | −21,330 | −$17M | 5.2% |
| Agilysys Inc | Added | +146,590 | +$15.3M | 4.2% |
| FN Firstservice Corp New | Added | +99,370 | +$14.1M | 2.3% |
| Nomad Foods Ltd | Exited | −1,284,653 | −$12.3M | — |
| Nayax Ltd | Added | +140,561 | +$9.21M | 3.3% |
| Nb Bancorp Inc | Added | +351,028 | +$7.42M | 2.5% |
Showing the 10 largest of 23 changes.
quarter ended March 31, 2026 · filed May 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bgc Group Inc | Trimmed | −6,293,250 | −$61.5M | 2.9% |
| Stonex Group Inc | Added | +317,365 | +$25.6M | 11.3% |
| OD Oil Dri Corp Amer | New | +333,070 | +$21.7M | 1.9% |
| Vse Corp | Trimmed | −116,030 | −$21.4M | 8.3% |
| Nayax Ltd | Added | +319,861 | +$17.9M | 2.7% |
| Unitedhealth Group Inc | Added | +63,260 | +$17.1M | 3.3% |
| Argan Inc | Trimmed | −31,140 | −$17M | 5.2% |
| Climb Global Solutions Inc | Added | +792,073 | +$15.7M | 1.7% |
| Nb Bancorp Inc | Added | +611,080 | +$12.9M | 2.4% |
| Ul Solutions Inc | Trimmed | −128,450 | −$11M | 5.2% |
Showing the 10 largest of 28 changes.
quarter ended December 31, 2025 · filed February 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Argan Inc | Trimmed | −104,600 | −$32.8M | 3.7% |
| Triumph Financial Inc | Added | +273,718 | +$17.1M | 7.8% |
| Nb Bancorp Inc | New | +693,000 | +$13.7M | 1.1% |
| Nayax Ltd | New | +229,713 | +$11.6M | 1.0% |
| IH Ies Hldgs Inc | Trimmed | −23,630 | −$9.19M | 4.6% |
| Climb Global Solutions Inc | Added | +87,380 | +$8.98M | 1.6% |
| Daily Journal Corp | Added | +10,060 | +$4.9M | 2.7% |
| LI Lsi Inds Inc Ohio | Added | +106,693 | +$1.95M | 2.2% |
| Unitedhealth Group Inc | Added | +2,840 | +$938K | 2.1% |
| Stonex Group Inc | Trimmed | −2,080 | −$198K | 10.3% |
Showing the 10 largest of 23 changes.
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Palantir Technologies Inc | Exited | −404,930 | −$55.2M | — |
| Climb Global Solutions Inc | New | +102,471 | +$13.8M | 1.1% |
| SH Sunstone Hotel Invs Inc New | Exited | −1,431,347 | −$12.4M | — |
| Daily Journal Corp | Added | +13,660 | +$6.35M | 2.2% |
| Argan Inc | Added | +5,030 | +$1.36M | 5.5% |
| IH Ies Hldgs Inc | Added | +3,370 | +$1.34M | 5.5% |
| Stonex Group Inc | Added | +11,740 | +$1.18M | 11.0% |
| Vse Corp | Added | +5,040 | +$838K | 8.8% |
| Unitedhealth Group Inc | Trimmed | −2,370 | −$818K | 2.2% |
| I3 Verticals Inc | Added | +23,680 | +$769K | 3.1% |
Showing the 10 largest of 23 changes.
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Palantir Technologies Inc | Trimmed | −269,390 | −$36.7M | 4.8% |
| Triumph Financial Inc | Added | +308,880 | +$17M | 6.0% |
| Stagwell Inc | Exited | −2,113,580 | −$12.8M | — |
| Argan Inc | Trimmed | −57,420 | −$12.7M | 4.7% |
| Tripadvisor Inc | Added | +901,040 | +$11.8M | 1.9% |
| IH Ies Hldgs Inc | Added | +5,380 | +$1.59M | 4.2% |
| Agilysys Inc | Added | +10,630 | +$1.22M | 3.5% |
| Bgc Group Inc | Added | +107,090 | +$1.1M | 8.7% |
| Ufp Technologies Inc | Added | +4,400 | +$1.07M | 3.2% |
| Vse Corp | Added | +8,080 | +$1.06M | 7.3% |
Showing the 10 largest of 22 changes.
quarter ended March 31, 2025 · filed May 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Palantir Technologies Inc | Trimmed | −1,007,340 | −$85M | 5.7% |
| Avid Bioservices Inc | Exited | −3,797,813 | −$46.9M | — |
| Stonex Group Inc | Added | +402,900 | +$30.8M | 10.1% |
| Tripadvisor Inc | New | +778,240 | +$11M | 1.1% |
| Unitedhealth Group Inc | Added | +13,860 | +$7.26M | 4.1% |
| IH Ies Hldgs Inc | Trimmed | −42,300 | −$6.98M | 2.6% |
| I3 Verticals Inc | Added | +197,390 | +$4.87M | 2.7% |
| Argan Inc | Trimmed | −29,850 | −$3.92M | 3.9% |
| Bgc Group Inc | Trimmed | −334,220 | −$3.06M | 8.9% |
| Triumph Financial Inc | Added | +52,853 | +$3.05M | 5.4% |
Showing the 10 largest of 25 changes.
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| I3 Verticals Inc | New | +911,146 | +$21M | 1.7% |
| IH Ies Hldgs Inc | Trimmed | −68,752 | −$13.8M | 3.3% |
| Aersale Corporation | Exited | −1,416,187 | −$7.15M | — |
| Vse Corp | Added | +50,000 | +$4.76M | 4.9% |
| Siga Technologies Inc | Added | +326,630 | +$1.96M | 1.3% |
| JI Janus International Group In | Added | +7,410 | +$54.5K | 1.0% |
| Eplus Inc | Trimmed | −130 | −$9.6K | 5.9% |
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Palantir Technologies Inc | Trimmed | −1,147,030 | −$42.7M | 5.6% |
| CP Concrete Pumping Hldgs Inc | Exited | −2,446,966 | −$14.7M | — |
| Winmark Corp | Added | +29,089 | +$11.1M | 6.0% |
| Ufp Technologies Inc | Trimmed | −23,605 | −$7.48M | 4.6% |
| Daily Journal Corp | Added | +11,263 | +$5.52M | 2.0% |
| Avid Bioservices Inc | Added | +402,550 | +$4.58M | 3.9% |
| Aersale Corporation | Trimmed | −850,434 | −$4.29M | 0.6% |
| JI Janus International Group In | Added | +323,390 | +$3.27M | 1.4% |
| Nomad Foods Ltd | Added | +161,830 | +$3.08M | 2.3% |
| Vse Corp | Added | +20,040 | +$1.66M | 4.2% |
Showing the 10 largest of 26 changes.
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