American Capital Management Portfolio holdings
American Capital Management is a growth investor that has put its clients' money into small and medium-sized companies since 1980. Most of its picks are in health care and technology, and it chooses them from a list of 100 companies that it tracks by revenue size rather than market value. The firm holds stocks for the long term, well beyond the industry average. Luke P. La Valle, Jr. was its principal majority owner at its founding, and David M. LaValle is its president, chief executive and chief investment officer. Its clients include endowments, foundations, retirement funds, family offices and wealth advisers, and it advises the ACM Eagle Growth Fund, an Irish fund.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mercury Systems
MRCY
|
+$46.3M |
| 2 |
nCino
NCNO
|
+$44.8M |
| 3 |
Dorman Products
DORM
|
+$26.5M |
| 4 |
Aaon
AAON
|
+$11.5M |
| 5 |
Dynatrace
DT
|
+$10.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
LiveRamp
RAMP
|
+$53.3M |
| 2 |
Jack Henry & Associates
JKHY
|
+$20.3M |
| 3 |
RBC Bearings
RBC
|
+$18.9M |
| 4 |
Palo Alto Networks
PANW
|
+$11.7M |
| 5 |
Fortinet
FTNT
|
+$11.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 46.54% |
| 2 | Healthcare | 25.32% |
| 3 | Industrials | 18.57% |
| 4 | Financials | 5.22% |
| 5 | Consumer Discretionary | 2.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Palo Alto Networks
PANW
$257B
| $195M | 8.76% |
572,934
-51,150
| -8% | -$11.7M |
2026 Q1
1 quarter
|
|
|
2
Fortinet
FTNT
$87.3B
| $112M | 5.03% |
729,885
-99,038
| -12% | -$11.4M |
2016 Q3
39 quarters
|
|
3
Medpace
MEDP
$18.3B
| $111M | 4.99% |
210,217
-7,730
| -4% | -$3.57M |
2020 Q1
25 quarters
|
|
4
Varonis Systems
VRNS
$5.63B
| $94.1M | 4.22% |
2,241,704
-86,675
| -4% | -$2.54M |
2022 Q4
14 quarters
|
|
|
5
RBC Bearings
RBC
$15B
| $92.6M | 4.15% |
143,737
-31,706
| -18% | -$18.9M |
2018 Q4
30 quarters
|
|
6
Idexx Laboratories
IDXX
$53.3B
| $85.3M | 3.83% |
162,110
-3,946
| -2% | -$2.21M |
2013 Q2
52 quarters
|
|
|
7
nCino
NCNO
$2.4B
| $83.5M | 3.74% |
5,107,539
+2,732,143
| +115% | +$44.8M |
2024 Q2
8 quarters
|
|
8
AeroVironment
AVAV
$5.73B
| $69.7M | 3.13% |
422,518
-13,849
| -3% | -$2.48M |
2016 Q3
39 quarters
|
|
9
Bio-Techne
TECH
$11.4B
| $68.8M | 3.08% |
973,789
-47,339
| -5% | -$2.56M |
2014 Q1
49 quarters
|
|
10
SEI Investments
SEIC
$12.5B
| $65.4M | 2.93% |
745,323
-23,292
| -3% | -$2.03M |
2016 Q3
39 quarters
|
|
11
Commault Systems
CVLT
$6.48B
| $62.5M | 2.8% |
440,931
-99,914
| -18% | -$10.7M |
2016 Q3
39 quarters
|
|
|
12
Mercury Systems
MRCY
$4.48B
| $59.5M | 2.67% |
+486,064
| New | +$46.3M |
2026 Q2
0 quarters
|
|
13
Novanta
NOVT
$5.11B
| $58.8M | 2.64% |
362,271
-11,603
| -3% | -$1.68M |
2025 Q3
3 quarters
|
|
|
14
Dynatrace
DT
$12.5B
| $58.5M | 2.62% |
1,332,429
+278,162
| +26% | +$10.8M |
2026 Q1
1 quarter
|
|
15
Cognyte Software
CGNT
$597M
| $54.3M | 2.43% |
6,183,567
-312,643
| -5% | -$2.96M |
2021 Q1
21 quarters
|
|
16
Globus Medical
GMED
$9.43B
| $51.6M | 2.31% |
653,072
-9,977
| -2% | -$848K |
2024 Q4
6 quarters
|
|
17
Kratos Defense & Security Solutions
KTOS
$6.61B
| $51.3M | 2.3% |
1,029,653
-42,255
| -4% | -$2.56M |
2020 Q1
25 quarters
|
|
18
Manhattan Associates
MANH
$14.7B
| $50.8M | 2.28% |
364,696
+6,889
| +2% | +$949K |
2016 Q3
39 quarters
|
|
19
Protolabs
PRLB
$1.57B
| $50.5M | 2.27% |
619,845
-7,860
| -1% | -$553K |
2025 Q1
5 quarters
|
|
20
Repligen
RGEN
$11.1B
| $49.3M | 2.21% |
361,055
+3,335
| +0.9% | +$410K |
2018 Q3
31 quarters
|
|
|
21
Aaon
AAON
$4.72B
| $47.6M | 2.13% |
375,178
+98,294
| +36% | +$11.5M |
2025 Q3
3 quarters
|
|
22
ResMed
RMD
$33.1B
| $44.5M | 2% |
228,458
-36,941
| -14% | -$7.66M |
2016 Q3
39 quarters
|
|
23
Guidewire Software
GWRE
$13.3B
| $40.5M | 1.82% |
328,983
+4,787
| +1% | +$638K |
2019 Q2
28 quarters
|
|
|
24
Dorman Products
DORM
$4.03B
| $38.8M | 1.74% |
284,244
+223,809
| +370% | +$26.5M |
2016 Q3
39 quarters
|
|
25
Badger Meter
BMI
$4.59B
| $38.3M | 1.72% |
258,243
+72,402
| +39% | +$9.47M |
2026 Q1
1 quarter
|
|
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American Capital Management's Q2 2026 Portfolio in Review
As of Q2 2026, American Capital Management held 82 positions worth $2.23B, up 20% from $1.86B the previous quarter. Its ten largest holdings account for 44% of the portfolio.
American Capital Management's Q2 2026 filing shows 7 new, 18 increased, 43 reduced and 2 closed positions. Its largest new stake was Mercury Systems: 486,064 shares worth $59.5M. The largest sale was LiveRamp, an estimated $53.3M.
By sector, the portfolio is most concentrated in Technology at 47% of assets, up from 43% a quarter earlier, followed by Healthcare and Industrials.
- American Capital Management's largest Q2 2026 buy was Mercury Systems: 486,064 shares worth $59.5M.
- American Capital Management added most to nCino in Q2 2026, an estimated $44.8M increase.
- American Capital Management's biggest Q2 2026 reduction was LiveRamp, cutting an estimated $53.3M.
- American Capital Management fully exited Hologic in Q2 2026, selling an estimated $1.23M.
- American Capital Management's ten largest holdings make up 44% of its $2.23B portfolio in Q2 2026.
- American Capital Management opened 7 new positions and closed 2 in Q2 2026.
- American Capital Management's portfolio value rose 20% quarter-over-quarter to $2.23B.
Based on American Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.