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MRCM

Mill Road Capital Management Portfolio holdings

AUM $191M
1-Year Est. Return 56.95%
This Fund
S&P 500
This Quarter Est. Return
+6.11%
1 Year Est. Return
+56.95%
3 Year Est. Return
+38.29%
5 Year Est. Return
+31.32%
10 Year Est. Return
–
AUM
$191M
AUM Growth
+$22.5M
Cap. Flow
+$15.7M
Cap. Flow %
8.25%
Top 10 Hldgs %
82.84%
Holding
26
New
3
Increased
8
Reduced
3
Closed
2

Top Buys

Rank Stock Value
1
GO icon
Grocery Outlet
GO
+$12M
2
BWMN icon
Bowman Consulting
BWMN
+$6.85M
3
ARHS icon
Arhaus
ARHS
+$3.67M
4
MG icon
Mistras Group
MG
+$2.86M
5
FWRD icon
Forward Air
FWRD
+$1.44M

Top Sells

Rank Stock Value
1
KRP icon
Kimbell Royalty Partners
KRP
+$4.34M
2
RSVR icon
Reservoir Media
RSVR
+$3.86M
3
NGS icon
Natural Gas Services Group
NGS
+$3.67M
4
TRUE
TrueCar
TRUE
+$2M
5
NDLS icon
Noodles & Co
NDLS
+$6

Sector Composition

Rank Sector Weight
1 Industrials 61.37%
2 Consumer Discretionary 20.21%
3 Consumer Staples 8.76%
4 Communication Services 6.14%
5 Technology 1.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NVRI icon
1
Enviri
NVRI
$621M
$41M 21.5%
2,090,743
– –
MG icon
2
Mistras Group
MG
$492M
$27.6M 14.49%
1,870,580
+197,899
+12% +$2.86M
ALTG icon
3
Alta Equipment Group
ALTG
$210M
$23.5M 12.31%
4,373,208
+80,000
+2% +$508K
GO icon
4
Grocery Outlet
GO
$891M
$16.7M 8.76%
2,370,897
+1,379,404
+139% +$12M
BZH icon
5
Beazer Homes USA
BZH
$907M
$16.1M 8.45%
838,035
+3,561
+0.4% +$82.3K
NDLS icon
6
Noodles & Co
NDLS
$90.5M
$7.44M 3.9%
870,660
-1
-0% -$6
BXC icon
7
BlueLinx
BXC
$455M
$7.31M 3.83%
134,964
– –
QNST icon
8
QuinStreet
QNST
$870M
$6.23M 3.27%
518,879
– –
LCUT icon
9
Lifetime Brands
LCUT
$199M
$6.12M 3.21%
1,065,810
– –
BWMN icon
10
Bowman Consulting
BWMN
$454M
$5.98M 3.13%
+210,333
New +$6.85M
RSVR icon
11
Reservoir Media
RSVR
$700M
$5.49M 2.88%
560,658
-464,774
-45% -$3.86M
MATW icon
12
Matthews International
MATW
$864M
$4.46M 2.34%
172,715
+41,100
+31% +$1.08M
FWRD icon
13
Forward Air
FWRD
$482M
$3.79M 1.99%
226,750
+59,100
+35% +$1.44M
PLAB icon
14
Photronics
PLAB
$1.79B
$3.24M 1.7%
80,200
– –
KRP icon
15
Kimbell Royalty Partners
KRP
$1.47B
$3.2M 1.68%
221,295
-316,900
-59% -$4.34M
BBCP icon
16
Concrete Pumping Holdings
BBCP
$531M
$3.08M 1.61%
430,805
– –
ARHS icon
17
Arhaus
ARHS
$1.12B
$2.74M 1.44%
+403,900
New +$3.67M
CVEO icon
18
Civeo
CVEO
$379M
$2.69M 1.41%
101,738
+10,062
+11% +$270K
CNTY icon
19
Century Casinos
CNTY
$32.9M
$1.52M 0.8%
1,095,900
– –
PZZA icon
20
Papa John's
PZZA
$999M
$1.03M 0.54%
+31,900
New +$1.11M
CULP icon
21
Culp Inc
CULP
$45M
$890K 0.47%
324,669
– –
BLBD icon
22
Blue Bird Corp
BLBD
$2.41B
$329K 0.17%
5,800
– –
AIOT
23
PowerFleet Inc
AIOT
$500M
$46.5K 0.02%
15,100
+100
+0.7% +$419
NGS icon
24
Natural Gas Services Group
NGS
$470M
– –
-109,000
Closed -$3.67M
TRUE
25
DELISTED
TrueCar
TRUE
– –
-886,075
Closed -$2M

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Mill Road Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Mill Road Capital Management held 26 positions worth $191M, up 13% from $168M the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Mill Road Capital Management deployed $15.7M of net new capital in Q1 2026, opening 3 new positions and adding to 8 existing holdings. Its largest new stake was Bowman Consulting: 210,333 shares worth $5.98M.

By sector, the portfolio is most concentrated in Industrials at 61% of assets, up from 58% a quarter earlier, followed by Consumer Discretionary and Consumer Staples.

On the sell side, the largest reduction was Kimbell Royalty Partners, an estimated $4.34M trimmed.

  • Mill Road Capital Management's largest Q1 2026 buy was Bowman Consulting: 210,333 shares worth $5.98M.
  • Mill Road Capital Management added most to Grocery Outlet in Q1 2026, an estimated $12M increase.
  • Mill Road Capital Management's biggest Q1 2026 reduction was Kimbell Royalty Partners, cutting an estimated $4.34M.
  • Mill Road Capital Management fully exited Natural Gas Services Group in Q1 2026, selling an estimated $3.67M.
  • Mill Road Capital Management's ten largest holdings make up 83% of its $191M portfolio in Q1 2026.
  • Mill Road Capital Management opened 3 new positions and closed 2 in Q1 2026.
  • Mill Road Capital Management's portfolio value rose 13% quarter-over-quarter to $191M.

Based on Mill Road Capital Management's 13F filing for Q1 2026, filed 15 May 2026.