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MRCM

Mill Road Capital Management Portfolio holdings

AUM $203M
1-Year Est. Return 79.43%
This Fund
S&P 500
This Quarter Est. Return
+12.2%
1 Year Est. Return
+79.43%
3 Year Est. Return
+85.14%
5 Year Est. Return
+51.3%
10 Year Est. Return
–
AUM
$156M
AUM Growth
-$20.1M
Cap. Flow
-$31.5M
Cap. Flow %
-20.14%
Top 10 Hldgs %
83.73%
Holding
29
New
5
Increased
4
Reduced
2
Closed
6

Top Buys

Rank Stock Value
1
PLAB icon
Photronics
PLAB
+$1.89M
2
BXC icon
BlueLinx
BXC
+$699K
3
TTAM
Titan America SA
TTAM
+$505K
4
NVRI icon
Enviri
NVRI
+$430K
5
QNST icon
QuinStreet
QNST
+$423K

Top Sells

Rank Stock Value
1
LSEA
Landsea Homes
LSEA
+$16.8M
2
SUP
Superior Industries International
SUP
+$9.33M
3
KRP icon
Kimbell Royalty Partners
KRP
+$2.96M
4
ACEL icon
Accel Entertainment
ACEL
+$2.83M
5
FWRD icon
Forward Air
FWRD
+$2.56M

Sector Composition

Rank Sector Weight
1 Industrials 47.02%
2 Consumer Discretionary 20.66%
3 Energy 12.73%
4 Healthcare 9.48%
5 Communication Services 5.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALTG icon
1
Alta Equipment Group
ALTG
$200M
$27.1M 17.38%
4,293,208
– –
BZH icon
2
Beazer Homes USA
BZH
$887M
$18.3M 11.7%
816,458
– –
NVRI icon
3
Enviri
NVRI
$657M
$18M 11.53%
2,074,849
+58,700
+3% +$430K
MG icon
4
Mistras Group
MG
$619M
$13.4M 8.55%
1,667,681
– –
PHLT
5
DELISTED
Performant Healthcare Inc
PHLT
$13M 8.35%
3,261,675
– –
NGS icon
6
Natural Gas Services Group
NGS
$476M
$10.4M 6.69%
404,745
– –
BXC icon
7
BlueLinx
BXC
$638M
$9.51M 6.09%
127,864
+10,000
+8% +$699K
KRP icon
8
Kimbell Royalty Partners
KRP
$1.52B
$9.44M 6.05%
676,195
-226,003
-25% -$2.96M
PLAB icon
9
Photronics
PLAB
$1.73B
$6.11M 3.91%
324,620
+101,220
+45% +$1.89M
LCUT icon
10
Lifetime Brands
LCUT
$205M
$5.44M 3.48%
1,065,810
– –
QNST icon
11
QuinStreet
QNST
$1.03B
$5.31M 3.4%
329,996
+26,400
+9% +$423K
NDLS icon
12
Noodles & Co
NDLS
$85.7M
$4.96M 3.18%
870,661
– –
TRUE
13
DELISTED
TrueCar
TRUE
$3.28M 2.1%
1,723,800
– –
BBCP icon
14
Concrete Pumping Holdings
BBCP
$523M
$2.64M 1.69%
429,005
– –
BWMN icon
15
Bowman Consulting
BWMN
$738M
$2.53M 1.62%
88,007
-3,100
-3% -$76.4K
CNTY icon
16
Century Casinos
CNTY
$33.2M
$2.32M 1.48%
1,095,900
– –
ZIMV
17
DELISTED
ZimVie
ZIMV
$1.75M 1.12%
187,430
– –
CULP icon
18
Culp Inc
CULP
$43.5M
$1.28M 0.82%
324,669
– –
TTAM
19
Titan America SA
TTAM
$2.82B
$475K 0.3%
+38,100
New +$505K
BLBD icon
20
Blue Bird Corp
BLBD
$2.03B
$250K 0.16%
+5,800
New +$221K
RSVR
21
Reservoir Media
RSVR
$603M
$177K 0.11%
+23,099
New +$170K
GO icon
22
Grocery Outlet
GO
$1.16B
$124K 0.08%
+10,000
New +$142K
AIOT
23
PowerFleet Inc
AIOT
$397M
$64.7K 0.04%
+15,000
New +$74.1K
ACEL icon
24
Accel Entertainment
ACEL
$950M
– –
-285,485
Closed -$2.83M
ALNT icon
25
Allient
ALNT
$1.63B
– –
-50,000
Closed -$1.1M
1
2

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Mill Road Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Mill Road Capital Management held 29 positions worth $156M, down 11% from $176M the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Mill Road Capital Management withdrew a net $31.5M in Q2 2025, closing 6 positions and reducing 2 holdings. Its most notable exit was Landsea Homes, an estimated $16.8M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 47% of assets, up from 38% a quarter earlier, followed by Consumer Discretionary and Energy.

Against the trend, Mill Road Capital Management opened a new position in Titan America SA worth $475K.

  • Mill Road Capital Management's largest Q2 2025 buy was Titan America SA: 38,100 shares worth $475K.
  • Mill Road Capital Management added most to Photronics in Q2 2025, an estimated $1.89M increase.
  • Mill Road Capital Management's biggest Q2 2025 reduction was Kimbell Royalty Partners, cutting an estimated $2.96M.
  • Mill Road Capital Management fully exited Landsea Homes in Q2 2025, selling an estimated $16.8M.
  • Mill Road Capital Management's ten largest holdings make up 84% of its $156M portfolio in Q2 2025.
  • Mill Road Capital Management opened 5 new positions and closed 6 in Q2 2025.
  • Mill Road Capital Management's portfolio value fell 11% quarter-over-quarter to $156M.

Based on Mill Road Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.