Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (11 quarters reported)
$105M in Q4 2023 → $97M 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 |
|---|---|---|---|---|
| Mcgrath Rentcorp | 24.0% | Added 3.9% | 192,426 | $23.3M |
| Hillman Solutions Corp | 22.4% | Added 1.5% | 2,574,265 | $21.7M |
| Rxo Inc | 14.4% | New | 504,800 | $13.9M |
| PI Patrick Inds Inc | 14.4% | New | 155,036 | $13.9M |
| JI Janus International Group In | 10.9% | Added 58% | 1,909,226 | $10.6M |
| Covenant Logistics Group Inc | 7.3% | New | 161,078 | $7.12M |
| CP Concrete Pumping Hldgs Inc | 3.3% | New | 267,289 | $3.22M |
| PA Proficient Auto Logistics In | 3.3% | New | 464,292 | $3.16M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LE Lindblad Expeditions Hldgs I | Exited | −982,348 | −$17M | — |
| SI Standex Intl Corp | Exited | −56,214 | −$14.3M | — |
| Rxo Inc | New | +504,800 | +$13.9M | 14.4% |
| PI Patrick Inds Inc | New | +155,036 | +$13.9M | 14.4% |
| Vital Farms Inc | Exited | −620,825 | −$8.77M | — |
| Covenant Logistics Group Inc | New | +161,078 | +$7.12M | 7.3% |
| Knowles Corp | Exited | −189,817 | −$4.87M | — |
| JI Janus International Group In | Added | +700,000 | +$3.89M | 10.9% |
| CP Concrete Pumping Hldgs Inc | New | +267,289 | +$3.22M | 3.3% |
| PA Proficient Auto Logistics In | New | +464,292 | +$3.16M | 3.3% |
Showing the 10 largest of 12 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LE Lindblad Expeditions Hldgs I | Trimmed | −928,758 | −$16.1M | 18.3% |
| PI Patrick Inds Inc | Exited | −116,967 | −$12.7M | — |
| Hillman Solutions Corp | Added | +630,000 | +$5.24M | 22.8% |
| SI Standex Intl Corp | Trimmed | −20,173 | −$5.14M | 15.5% |
| Knowles Corp | New | +189,817 | +$4.87M | 5.3% |
| Mcgrath Rentcorp | Added | +40,352 | +$4.45M | 22.0% |
| Vital Farms Inc | Added | +113,505 | +$1.6M | 9.5% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Iridium Communications Inc | Exited | −735,366 | −$12.8M | — |
| SI Standex Intl Corp | Trimmed | −22,007 | −$4.78M | 14.7% |
| Vital Farms Inc | Added | +149,661 | +$4.78M | 14.4% |
| JI Janus International Group In | Added | +654,563 | +$4.28M | 7.0% |
| Hillman Solutions Corp | Added | +487,706 | +$4.22M | 14.6% |
| Mcgrath Rentcorp | Added | +36,359 | +$3.82M | 13.5% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PI Patrick Inds Inc | Trimmed | −133,165 | −$13.8M | 10.4% |
| Clearwater Paper Corp | Exited | −285,053 | −$7.76M | — |
| Hillman Solutions Corp | Added | +717,772 | +$6.59M | 11.2% |
| SI Standex Intl Corp | Added | +29,998 | +$6.36M | 17.9% |
| Mcgrath Rentcorp | Added | +24,000 | +$2.82M | 11.0% |
| Iridium Communications Inc | Trimmed | −155,551 | −$2.72M | 11.1% |
| JI Janus International Group In | Added | +197,740 | +$1.95M | 4.7% |
| LE Lindblad Expeditions Hldgs I | Added | +131,203 | +$1.68M | 21.1% |
| Vital Farms Inc | Trimmed | −600 | −$24.7K | 12.7% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Unisys Corp | Exited | −1,238,065 | −$5.68M | — |
| Hillman Solutions Corp | New | +700,000 | +$5M | 4.1% |
| AT Air Transport Services Grp I | Exited | −167,524 | −$3.76M | — |
| Iridium Communications Inc | Added | +115,000 | +$3.47M | 22.3% |
| Mcgrath Rentcorp | Added | +27,500 | +$3.19M | 8.1% |
| Vital Farms Inc | Added | +75,000 | +$2.89M | 11.4% |
| SI Standex Intl Corp | Added | +12,000 | +$1.88M | 8.9% |
| LE Lindblad Expeditions Hldgs I | Added | +135,000 | +$1.58M | 17.2% |
| Clearwater Paper Corp | Added | +37,000 | +$1.01M | 6.4% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AT Air Transport Services Grp I | Trimmed | −998,880 | −$22.4M | 3.8% |
| SI Standex Intl Corp | New | +56,396 | +$9.1M | 9.1% |
| Mcgrath Rentcorp | New | +57,000 | +$6.35M | 6.4% |
| Vital Farms Inc | Trimmed | −120,893 | −$3.68M | 8.6% |
| Clearwater Paper Corp | Added | +95,000 | +$2.41M | 6.3% |
| Iridium Communications Inc | Added | +56,000 | +$1.53M | 21.2% |
| LE Lindblad Expeditions Hldgs I | Added | +115,814 | +$1.07M | 15.3% |
| PI Patrick Inds Inc | Added | +6,000 | +$507K | 21.2% |
| Unisys Corp | Trimmed | −77,001 | −$353K | 5.7% |
| JI Janus International Group In | Trimmed | −3,077 | −$22.2K | 2.6% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PI Patrick Inds Inc | Added | +98,044 | +$8.15M | 17.5% |
| Vital Farms Inc | Added | +179,152 | +$6.75M | 13.2% |
| JI Janus International Group In | Trimmed | −615,000 | −$4.52M | 2.3% |
| Clearwater Paper Corp | Trimmed | −82,800 | −$2.46M | 3.9% |
| LE Lindblad Expeditions Hldgs I | Added | +98,514 | +$1.17M | 15.7% |
| Unisys Corp | Trimmed | −111,778 | −$708K | 7.2% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SI Standex Intl Corp | Exited | −67,843 | −$10.9M | — |
| Vital Farms Inc | New | +225,000 | +$7.89M | 7.3% |
| Clearwater Paper Corp | New | +235,853 | +$6.73M | 6.3% |
| Energy Recovery Inc | Exited | −420,081 | −$5.58M | — |
| JI Janus International Group In | Added | +250,000 | +$2.53M | 9.2% |
| LE Lindblad Expeditions Hldgs I | Added | +105,407 | +$975K | 12.3% |
| Iridium Communications Inc | Added | +24,747 | +$754K | 20.4% |
| AT Air Transport Services Grp I | Added | +46,462 | +$752K | 17.6% |
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