Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$149M in Q2 2013 → $348M 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 |
|---|---|---|---|---|
| Enova International | 7.6% | Trimmed 2.3% | 110,400 | $26.6M |
| Customers Bancorp | 5.8% | Trimmed 2.1% | 256,178 | $20.3M |
| El Pollo Loco Holdings | 5.0% | Trimmed 2.2% | 1,033,917 | $17.5M |
| Myers Industries | 4.7% | Trimmed 1.9% | 462,230 | $16.3M |
| Climb Global Solutions | 4.6% | Added 28% | 687,131 | $15.9M |
| Aviat Networks | 4.3% | Trimmed 1.2% | 676,440 | $15M |
| American Coastal Insurance | 4.0% | Trimmed 1.5% | 1,254,880 | $13.9M |
| Regional Management | 3.8% | Trimmed 0.6% | 318,259 | $13.1M |
| Npk International | 3.8% | Trimmed 1.8% | 820,845 | $13.1M |
| Resources Connection | 3.4% | Added 15% | 2,817,636 | $12M |
| TC Texas Capital Bancshrs | 3.4% | Trimmed 2.1% | 115,045 | $11.9M |
| Dhi Group | 3.4% | Trimmed 6.2% | 3,165,444 | $11.7M |
| Nb Bancorp | 3.3% | Trimmed 1.3% | 546,600 | $11.6M |
| Barrett Business Services | 3.3% | Added 21% | 319,390 | $11.3M |
| Mgp Ingredients | 3.2% | Added 50% | 642,260 | $11.3M |
| HB Harmony Biosciences | 3.2% | Trimmed 1.5% | 306,781 | $11.2M |
| CM Core Molding Tech | 3.1% | Trimmed 1.7% | 452,030 | $10.7M |
| Medallion Financial | 3.0% | Trimmed 2.3% | 1,008,564 | $10.3M |
| VE Vaalco Energy | 2.7% | Trimmed 2.5% | 1,835,340 | $9.32M |
| Ibex Limited | 2.4% | New | 275,035 | $8.35M |
| Zumiez Inc | 2.3% | Added 71% | 445,863 | $7.94M |
| Adtran Holdings | 2.3% | Trimmed 45% | 570,542 | $7.93M |
| Niagen Bioscience | 1.8% | Trimmed 1.0% | 2,008,470 | $6.41M |
| Forrester Research | 1.8% | Added 35% | 757,476 | $6.37M |
| Gigacloud Technology | 1.8% | New | 197,995 | $6.26M |
| Geospace Technologies | 1.8% | Trimmed 0.5% | 907,265 | $6.14M |
| Eastern Company | 1.7% | Added 186% | 217,210 | $6.05M |
| First Western Financial | 1.7% | Trimmed 1.5% | 187,274 | $6.01M |
| Fluent Inc | 1.3% | Added 0.3% | 1,176,147 | $4.39M |
| Rocky Brands | 1.2% | New | 96,984 | $4M |
| Bgsf Inc | 1.0% | Added 0.4% | 633,407 | $3.62M |
| Orion Energy Systems | 1.0% | Added 6.8% | 284,526 | $3.33M |
| Duluth Holdings | 0.9% | Trimmed 2.8% | 726,508 | $3.26M |
| Key Tronic Corp | 0.9% | Added 0.3% | 760,930 | $3.14M |
| Stabilis Solutions | 0.3% | Added 4.5% | 234,505 | $950K |
| Vishay Precision Group | 0.1% | Trimmed 99% | 2,315 | $347K |
| Primoris Services Corp | 0.1% | Trimmed 21% | 3,443 | $341K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Vishay Precision Group | Trimmed | −236,907 | −$35.5M | 0.1% |
| Ibex Limited | New | +275,035 | +$8.35M | 2.4% |
| Adtran Holdings | Trimmed | −464,625 | −$6.46M | 2.3% |
| Gigacloud Technology | New | +197,995 | +$6.26M | 1.8% |
| Sm Energy Company | Exited | −189,263 | −$5.9M | — |
| Rocky Brands | New | +96,984 | +$4M | 1.2% |
| Eastern Company | Added | +141,256 | +$3.93M | 1.7% |
| Mgp Ingredients | Added | +215,310 | +$3.77M | 3.2% |
| Climb Global Solutions | Added | +149,000 | +$3.46M | 4.6% |
| Zumiez Inc | Added | +185,400 | +$3.3M | 2.3% |
Showing the 10 largest of 38 changes.
quarter ended March 31, 2026 · filed May 08, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Customers Bancorp | Exited | −289,602 | −$21.2M | — |
| Customers Bancorp | New | +261,743 | +$18.2M | 6.1% |
| Enova International | Exited | −107,644 | −$16.9M | — |
| Aviat Networks | New | +684,326 | +$15.5M | 5.2% |
| Enova International | New | +113,020 | +$15.4M | 5.1% |
| Geospace Technologies | Exited | −884,176 | −$15M | — |
| Aviat Networks | Exited | −661,518 | −$14.1M | — |
| Adtran Holdings | New | +1,035,167 | +$13M | 4.4% |
| Vishay Precision Group | Exited | −311,226 | −$12M | — |
| VE Vaalco Energy | New | +1,882,740 | +$11.9M | 4.0% |
Showing the 10 largest of 53 changes.
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nb Bancorp | New | +524,935 | +$10.4M | 3.6% |
| Primoris Services Corp | Trimmed | −66,791 | −$8.29M | 0.2% |
| G Guess Inc | Exited | −457,455 | −$7.64M | — |
| Mgp Ingredients | New | +246,825 | +$6M | 2.1% |
| Climb Global Solutions | Added | +51,088 | +$5.25M | 3.9% |
| Forrester Research | New | +538,560 | +$4.37M | 1.5% |
| Npk International | Trimmed | −212,420 | −$2.53M | 3.3% |
| Resources Connection | Trimmed | −30,850 | −$155K | 3.9% |
| Shutterstock Inc | Trimmed | −5,765 | −$110K | 1.6% |
| Enova International | Trimmed | −590 | −$92.8K | 5.8% |
Showing the 10 largest of 36 changes.
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Veritex Holdings | Exited | −315,148 | −$8.23M | — |
| Resources Connection | Added | +1,360,192 | +$6.87M | 4.0% |
| Orion Energy Systems | New | +254,614 | +$2.23M | 0.8% |
| El Pollo Loco Holdings | Added | +223,209 | +$2.17M | 2.9% |
| HB Harmony Biosciences | Added | +60,865 | +$1.68M | 2.9% |
| Orion Energy Systems | Exited | −2,492,553 | −$1.52M | — |
| Niagen Bioscience | Added | +65,608 | +$612K | 5.3% |
| Aviat Networks | Added | +26,268 | +$602K | 5.3% |
| Customers Bancorp | Added | +9,029 | +$590K | 6.6% |
| Geospace Technologies | Added | +29,159 | +$553K | 5.8% |
Showing the 10 largest of 35 changes.
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HB Harmony Biosciences | New | +237,726 | +$7.51M | 2.9% |
| Motorcar Parts Of America | Exited | −670,697 | −$6.37M | — |
| Niagen Bioscience | Trimmed | −404,730 | −$5.83M | 8.9% |
| Regional Management | Added | +46,380 | +$1.35M | 3.4% |
| El Pollo Loco Holdings | Added | +114,850 | +$1.26M | 2.7% |
| Customers Bancorp | Trimmed | −2,325 | −$137K | 6.5% |
| Aviat Networks | Trimmed | −5,020 | −$121K | 6.0% |
| Bgsf Inc | Trimmed | −17,908 | −$114K | 1.5% |
| Enova International | Trimmed | −885 | −$98.7K | 4.6% |
| Npk International | Trimmed | −11,095 | −$94.4K | 3.3% |
Showing the 10 largest of 35 changes.
quarter ended March 31, 2025 · filed May 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| El Pollo Loco Holdings | New | +515,140 | +$5.31M | 2.4% |
| Motorcar Parts Of America | Trimmed | −523,664 | −$4.98M | 2.9% |
| Niagen Bioscience | Trimmed | −602,574 | −$4.16M | 6.3% |
| Enova International | Trimmed | −26,270 | −$2.54M | 4.7% |
| Adtran Holdings | Trimmed | −231,270 | −$2.02M | 3.8% |
| Myers Industries | Added | +129,260 | +$1.54M | 2.4% |
| Vishay Precision Group | Added | +60,523 | +$1.46M | 3.3% |
| CM Core Molding Technology | Added | +73,670 | +$1.12M | 2.9% |
| Shutterstock Inc | Trimmed | −49,485 | −$922K | 2.0% |
| Resources Connection | Added | +113,295 | +$741K | 2.8% |
Showing the 10 largest of 41 changes.
quarter ended December 31, 2024 · filed February 11, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Aviat Networks | New | +650,270 | +$11.8M | 4.7% |
| Shutterstock Inc | Added | +120,025 | +$3.64M | 3.5% |
| First Western Financial | New | +184,612 | +$3.61M | 1.5% |
| G Guess Inc | Added | +226,705 | +$3.19M | 2.6% |
| American Coastal Insurance | Added | +229,425 | +$3.09M | 6.6% |
| First Western Financial | Exited | −150,790 | −$3.02M | — |
| Customers Bancorp | Added | +54,170 | +$2.64M | 5.7% |
| Climb Global Solutions | Trimmed | −20,800 | −$2.64M | 3.1% |
| Vishay Precision Group | Added | +90,655 | +$2.13M | 2.3% |
| Resources Connection | Added | +245,022 | +$2.09M | 2.8% |
Showing the 10 largest of 39 changes.
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Customers Bancorp | Exited | −236,953 | −$11.4M | — |
| Enova International | New | +131,860 | +$11M | 5.7% |
| Customers Bancorp | New | +236,203 | +$11M | 5.7% |
| Civitas Resources | Exited | −158,727 | −$11M | — |
| Enova International | Exited | −162,023 | −$10.1M | — |
| VE Vaalco Energy | Exited | −1,471,404 | −$9.23M | — |
| VE Vaalco Energy | New | +1,467,409 | +$8.42M | 4.4% |
| Civitas Resources | New | +158,322 | +$8.02M | 4.2% |
| Geospace Technologies | New | +720,892 | +$7.45M | 3.9% |
| Regional Management | New | +206,710 | +$6.76M | 3.5% |
Showing the 10 largest of 54 changes.
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