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Mill Road Capital Management Portfolio holdings
AUM
$203M
Turnover
4.35%
1-Year Est. Return
79.43%
This Fund
S&P 500
This Quarter Est. Return
+28.26%
1 Year Est. Return
+79.43%
3 Year Est. Return
+85.14%
5 Year Est. Return
+51.3%
10 Year Est. Return
–
AUM
$203M
AUM Growth
+$11.7M
(+6.1%)
Cap. Flow
-$28.8M
Cap. Flow % of AUM
Cap. Flow %
-14.24%
Top 10 Holdings %
Top 10 Hldgs %
85.24%
Holding
23
New
–
Increased
7
Reduced
6
Closed
1
Avg Time Held
3.3
years
Top 10 Avg Time Held
1.6
years
Top 20 Avg Time Held
2.6
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bowman Consulting
BWMN
|
+$3.89M |
| 2 |
Mistras Group
MG
|
+$1.05M |
| 3 |
Forward Air
FWRD
|
+$976K |
| 4 |
Matthews International
MATW
|
+$857K |
| 5 |
Arhaus
ARHS
|
+$854K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Enviri
NVRI
|
+$27.9M |
| 2 |
Reservoir Media
RSVR
|
+$4.76M |
| 3 |
Photronics
PLAB
|
+$3.24M |
| 4 |
Papa John's
PZZA
|
+$535K |
| 5 |
Lifetime Brands
LCUT
|
+$473K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 54.55% |
| 2 | Consumer Discretionary | 27.6% |
| 3 | Consumer Staples | 12.09% |
| 4 | Communication Services | 4.19% |
| 5 | Energy | 1.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Mistras Group
MG
$686M
| $33.7M | 16.64% |
1,929,509
+58,929
| +3% | +$1.05M |
2020 Q4
22 quarters
|
|
2
Alta Equipment Group
ALTG
$203M
| $28.3M | 13.97% |
4,373,208
| – | – |
2021 Q1
21 quarters
|
|
3
Grocery Outlet
GO
$1.32B
| $24.5M | 12.09% |
2,453,897
+83,000
| +4% | +$683K |
2025 Q2
4 quarters
|
|
|
BZH
4
DELISTED
Beazer Homes USA
BZH
| $23.6M | 11.65% |
841,235
+3,200
| +0.4% | +$75.7K |
2024 Q2
8 quarters
|
|
|
5
Enviri
NVRI
$537M
| $15.3M | 7.54% |
695,264
-1,395,479
| -67% | -$27.9M |
2024 Q3
7 quarters
|
|
6
Noodles & Co
NDLS
$69M
| $13M | 6.43% |
870,660
| – | – |
2017 Q4
34 quarters
|
|
|
7
Bowman Consulting
BWMN
$711M
| $9.7M | 4.81% |
333,872
+123,539
| +59% | +$3.89M |
2026 Q1
1 quarter
|
|
|
8
Lifetime Brands
LCUT
$194M
| $8.57M | 4.23% |
1,004,646
-61,164
| -6% | -$473K |
2013 Q2
52 quarters
|
|
9
BlueLinx
BXC
$603M
| $8.35M | 4.12% |
134,964
| – | – |
2023 Q3
11 quarters
|
|
10
QuinStreet
QNST
$945M
| $7.6M | 3.75% |
518,879
| – | – |
2020 Q4
22 quarters
|
|
|
11
Matthews International
MATW
$601M
| $5.51M | 2.72% |
204,615
+31,900
| +18% | +$857K |
2025 Q4
2 quarters
|
|
12
Concrete Pumping Holdings
BBCP
$473M
| $5.19M | 2.56% |
430,805
| – | – |
2021 Q1
21 quarters
|
|
|
13
Arhaus
ARHS
$1.66B
| $4.44M | 2.19% |
526,900
+123,000
| +30% | +$854K |
2026 Q1
1 quarter
|
|
|
14
Forward Air
FWRD
$517M
| $3.95M | 1.95% |
292,250
+65,500
| +29% | +$976K |
2025 Q3
3 quarters
|
|
15
Civeo
CVEO
$289M
| $3.26M | 1.61% |
93,138
-8,600
| -8% | -$277K |
2025 Q3
3 quarters
|
|
16
Kimbell Royalty Partners
KRP
$1.71B
| $3.13M | 1.55% |
215,495
-5,800
| -3% | -$86.4K |
2021 Q1
21 quarters
|
|
17
Century Casinos
CNTY
$21.4M
| $1.4M | 0.69% |
1,095,900
| – | – |
2021 Q1
21 quarters
|
|
18
Culp Inc
CULP
$45.1M
| $1.01M | 0.5% |
324,669
| – | – |
2020 Q4
22 quarters
|
|
|
19
Reservoir Media
RSVR
$631M
| $889K | 0.44% |
89,858
-470,800
| -84% | -$4.76M |
2025 Q2
4 quarters
|
|
|
20
Papa John's
PZZA
$596M
| $603K | 0.3% |
16,400
-15,500
| -49% | -$535K |
2026 Q1
1 quarter
|
|
21
Blue Bird Corp
BLBD
$1.97B
| $458K | 0.23% |
5,800
| – | – |
2025 Q2
4 quarters
|
|
22
PowerFleet Inc
AIOT
$357M
| $57.8K | 0.03% |
15,100
| – | – |
2025 Q2
4 quarters
|
|
|
23
Photronics
PLAB
$1.66B
| – | – |
-80,200
| Closed | -$3.24M | – |
|
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Mill Road Capital Management's Q2 2026 Portfolio in Review
As of Q2 2026, Mill Road Capital Management held 23 positions worth $203M, up 6.1% from $191M the previous quarter. Its ten largest holdings account for 85% of the portfolio.
Mill Road Capital Management withdrew a net $28.8M in Q2 2026, closing 1 position and reducing 6 holdings. Its most notable exit was Photronics, an estimated $3.24M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 55% of assets, down from 61% a quarter earlier, followed by Consumer Discretionary and Consumer Staples.
Against the trend, Mill Road Capital Management added an estimated $3.89M to Bowman Consulting.
- Mill Road Capital Management added most to Bowman Consulting in Q2 2026, an estimated $3.89M increase.
- Mill Road Capital Management's biggest Q2 2026 reduction was Enviri, cutting an estimated $27.9M.
- Mill Road Capital Management fully exited Photronics in Q2 2026, selling an estimated $3.24M.
- Mill Road Capital Management's ten largest holdings make up 85% of its $203M portfolio in Q2 2026.
- Mill Road Capital Management opened 0 new positions and closed 1 in Q2 2026.
- Mill Road Capital Management's portfolio value rose 6.1% quarter-over-quarter to $203M.
Based on Mill Road Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.