Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (41 quarters reported)
$103M in Q2 2013 → $203M 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 |
|---|---|---|---|---|
| Mistras Group Inc | 16.6% | Added 3.2% | 1,929,509 | $33.7M |
| Alta Equipment Group Inc | 14.0% | Unchanged | 4,373,208 | $28.3M |
| GO Grocery Outlet Hldg | 12.1% | Added 3.5% | 2,453,897 | $24.5M |
| Beazer Homes Usa Inc | 11.7% | Added 0.4% | 841,235 | $23.6M |
| Enviri Corp | 7.5% | Trimmed 67% | 695,264 | $15.3M |
| Noodles & Co | 6.4% | Unchanged | 870,660 | $13M |
| Bowman Consulting Group Ltd | 4.8% | Added 59% | 333,872 | $9.75M |
| Lifetime Brands Inc | 4.2% | Trimmed 5.7% | 1,004,646 | $8.57M |
| BH Bluelinx Hldgs Inc | 4.1% | Unchanged | 134,964 | $8.35M |
| Quinstreet Inc | 3.8% | Unchanged | 518,879 | $7.6M |
| MI Matthews Intl Corp | 2.7% | Added 18% | 204,615 | $5.51M |
| CP Concrete Pumping Hldgs Inc | 2.6% | Unchanged | 430,805 | $5.19M |
| Arhaus Inc | 2.2% | Added 30% | 526,900 | $4.44M |
| Forward Air Corp | 1.9% | Added 29% | 292,250 | $3.95M |
| Civeo Corp | 1.6% | Trimmed 8.5% | 93,138 | $3.26M |
| KR Kimbell Rty Partners LP | 1.5% | Trimmed 2.6% | 215,495 | $3.13M |
| Century Casinos Inc | 0.7% | Unchanged | 1,095,900 | $1.4M |
| Culp Inc | 0.5% | Unchanged | 324,669 | $1.01M |
| Reservoir Media Inc | 0.4% | Trimmed 84% | 89,858 | $889K |
| PJ Papa Johns Intl Inc | 0.3% | Trimmed 49% | 16,400 | $603K |
| Blue Bird Corp | 0.2% | Unchanged | 5,800 | $458K |
| Powerfleet Inc | 0.0% | Unchanged | 15,100 | $57.8K |
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 |
|---|---|---|---|---|
| Enviri Corp | Trimmed | −1,395,479 | −$30.6M | 7.5% |
| Reservoir Media Inc | Trimmed | −470,800 | −$4.66M | 0.4% |
| Bowman Consulting Group Ltd | Added | +123,539 | +$3.61M | 4.8% |
| Photronics | Exited | −80,200 | −$3.24M | — |
| Arhaus Inc | Added | +123,000 | +$1.04M | 2.2% |
| Mistras Group Inc | Added | +58,929 | +$1.03M | 16.6% |
| Forward Air Corp | Added | +65,500 | +$885K | 1.9% |
| MI Matthews Intl Corp | Added | +31,900 | +$859K | 2.7% |
| GO Grocery Outlet Hldg | Added | +83,000 | +$828K | 12.1% |
| PJ Papa Johns Intl Inc | Trimmed | −15,500 | −$570K | 0.3% |
Showing the 10 largest of 15 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Noodles & Co | Trimmed | −6,094,631 | −$52.1M | 3.9% |
| GO Grocery Outlet Hldg | Added | +1,379,404 | +$9.72M | 8.8% |
| Bowman Consulting Group Ltd | New | +210,333 | +$5.98M | 3.1% |
| KR Kimbell Rty Partners LP | Trimmed | −316,900 | −$4.59M | 1.7% |
| Reservoir Media Inc | Trimmed | −464,774 | −$4.55M | 2.9% |
| NG Natural Gas Svcs Group Inc | Exited | −109,000 | −$3.67M | — |
| Mistras Group Inc | Added | +197,899 | +$2.92M | 14.5% |
| Arhaus Inc | New | +403,900 | +$2.74M | 1.4% |
| Truecar Inc | Exited | −886,075 | −$2M | — |
| MI Matthews Intl Corp | Added | +41,100 | +$1.06M | 2.3% |
Showing the 10 largest of 16 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Performant Healthcare Inc | Exited | −3,261,675 | −$25.2M | — |
| NG Natural Gas Svcs Group Inc | Trimmed | −295,745 | −$9.95M | 2.2% |
| GO Grocery Outlet Hldg | Added | +956,593 | +$9.66M | 5.9% |
| Photronics | Trimmed | −244,420 | −$7.82M | 1.5% |
| Reservoir Media Inc | Added | +697,686 | +$5.28M | 4.6% |
| Zimvie Inc | Exited | −187,430 | −$3.55M | — |
| MI Matthews Intl Corp | New | +131,615 | +$3.44M | 2.0% |
| Quinstreet Inc | Added | +152,200 | +$2.19M | 4.4% |
| Truecar Inc | Trimmed | −837,725 | −$1.89M | 1.2% |
| Civeo Corp | Added | +77,676 | +$1.78M | 1.2% |
Showing the 10 largest of 17 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Forward Air Corp | New | +127,650 | +$3.27M | 1.7% |
| Bowman Consulting Group Ltd | Exited | −88,007 | −$2.53M | — |
| Reservoir Media Inc | Added | +304,647 | +$2.48M | 1.4% |
| KR Kimbell Rty Partners LP | Trimmed | −68,000 | −$917K | 4.3% |
| Quinstreet Inc | Added | +36,683 | +$567K | 3.0% |
| GO Grocery Outlet Hldg Corp | Added | +24,900 | +$400K | 0.3% |
| Civeo Corp | New | +14,000 | +$322K | 0.2% |
| Enviri Corp | Added | +15,894 | +$202K | 13.8% |
| TA Titan Amer Sa | Added | +9,000 | +$134K | 0.4% |
| Beazer Homes Usa Inc | Trimmed | −1,984 | −$48.7K | 10.4% |
Showing the 10 largest of 11 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Landsea Homes Corp | Exited | −2,618,987 | −$16.8M | — |
| SI Superior Inds Intl Inc | Exited | −4,380,940 | −$9.33M | — |
| KR Kimbell Rty Partners LP | Trimmed | −226,003 | −$3.16M | 6.0% |
| Accel Entertainment Inc | Exited | −285,485 | −$2.83M | — |
| Forward Air Corp | Exited | −127,650 | −$2.56M | — |
| Photronics Inc | Added | +101,220 | +$1.91M | 3.9% |
| Allient Inc | Exited | −50,000 | −$1.1M | — |
| BH Bluelinx Hldgs Inc | Added | +10,000 | +$744K | 6.1% |
| Enviri Corp | Added | +58,700 | +$510K | 11.5% |
| TA Titan Amer Sa | New | +38,100 | +$475K | 0.3% |
Showing the 10 largest of 16 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NG Natural Gas Svcs Group Inc | Trimmed | −388,054 | −$8.53M | 5.0% |
| Landsea Homes Corp | Added | +800,706 | +$5.14M | 9.5% |
| Photronics | New | +223,400 | +$4.64M | 2.6% |
| CP Concrete Pumping Hldgs Inc | Trimmed | −641,400 | −$3.5M | 1.3% |
| Beazer Homes Usa Inc | Added | +150,400 | +$3.07M | 9.4% |
| Bowman Consulting Group | New | +91,107 | +$1.99M | 1.1% |
| Astronics Corp | Exited | −94,971 | −$1.52M | — |
| Enviri Corp | Added | +221,018 | +$1.47M | 7.6% |
| Quinstreet Inc | Trimmed | −59,804 | −$1.07M | 3.1% |
| Zimvie Inc | Added | +86,977 | +$939K | 1.1% |
Showing the 10 largest of 15 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Beazer Homes Usa Inc | Added | +297,989 | +$8.18M | 8.8% |
| Landsea Homes Corp | Added | +905,424 | +$7.69M | 7.4% |
| Enviri Corp | Added | +811,859 | +$6.25M | 6.6% |
| KR Kimbell Rty Partners LP | Trimmed | −334,179 | −$5.42M | 7.1% |
| Forward Air Corp | New | +127,650 | +$4.12M | 2.0% |
| NG Natural Gas Svcs Group Inc | Trimmed | −128,709 | −$3.45M | 10.2% |
| Quinstreet Inc | Trimmed | −136,105 | −$3.14M | 4.0% |
| BH Bluelinx Hldgs Inc | Trimmed | −24,433 | −$2.5M | 5.8% |
| AI Astec Inds Inc | Exited | −77,240 | −$2.47M | — |
| Legacy Housing Corp | Exited | −57,250 | −$1.57M | — |
Showing the 10 largest of 17 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Enviri Corp | New | +983,272 | +$10.2M | 4.8% |
| Beazer Homes Usa Inc | Added | +173,474 | +$5.93M | 6.0% |
| Legacy Housing Corp | Trimmed | −183,400 | −$5.02M | 0.7% |
| Alta Equipment Group Inc | Added | +650,214 | +$4.38M | 13.5% |
| KR Kimbell Rty Partners LP | Trimmed | −244,903 | −$3.94M | 9.5% |
| CP Concrete Pumping Hldgs Inc | Added | +526,379 | +$3.05M | 2.9% |
| AI Astec Inds Inc | New | +77,240 | +$2.47M | 1.2% |
| Quinstreet Inc | Trimmed | −91,300 | −$1.75M | 4.5% |
| Landsea Homes Corp | Added | +140,786 | +$1.74M | 5.4% |
| DH Duluth Hldgs Inc | Trimmed | −400,534 | −$1.51M | 0.2% |
Showing the 10 largest of 13 changes.
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