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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
+27.09%
1 Year Est. Return
+56.95%
3 Year Est. Return
+38.29%
5 Year Est. Return
+31.32%
10 Year Est. Return
–
AUM
$192M
AUM Growth
+$35.9M
Cap. Flow
+$3.93M
Cap. Flow %
2.04%
Top 10 Hldgs %
83.98%
Holding
26
New
2
Increased
6
Reduced
2
Closed
1

Top Buys

Rank Stock Value
1
FWRD icon
Forward Air
FWRD
+$3.67M
2
RSVR icon
Reservoir Media
RSVR
+$2.38M
3
QNST icon
QuinStreet
QNST
+$582K
4
GO icon
Grocery Outlet
GO
+$398K
5
CVEO icon
Civeo
CVEO
+$328K

Top Sells

Rank Stock Value
1
BWMN icon
Bowman Consulting
BWMN
+$2.53M
2
KRP icon
Kimbell Royalty Partners
KRP
+$956K
3
BZH icon
Beazer Homes USA
BZH
+$48.7K

Sector Composition

Rank Sector Weight
1 Industrials 46.89%
2 Consumer Discretionary 17.28%
3 Healthcare 14.98%
4 Energy 10.17%
5 Communication Services 5.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALTG icon
1
Alta Equipment Group
ALTG
$210M
$31.1M 16.19%
4,293,208
– –
NVRI icon
2
Enviri
NVRI
$621M
$26.5M 13.82%
2,090,743
+15,894
+0.8% +$164K
PHLT
3
DELISTED
Performant Healthcare Inc
PHLT
$25.2M 13.13%
3,261,675
– –
BZH icon
4
Beazer Homes USA
BZH
$907M
$20M 10.41%
814,474
-1,984
-0.2% -$48.7K
MG icon
5
Mistras Group
MG
$492M
$16.5M 8.57%
1,672,381
+4,700
+0.3% +$41.8K
NGS icon
6
Natural Gas Services Group
NGS
$470M
$11.3M 5.9%
404,745
– –
BXC icon
7
BlueLinx
BXC
$455M
$9.34M 4.87%
127,864
– –
KRP icon
8
Kimbell Royalty Partners
KRP
$1.47B
$8.2M 4.27%
608,195
-68,000
-10% -$956K
PLAB icon
9
Photronics
PLAB
$1.79B
$7.45M 3.88%
324,620
– –
QNST icon
10
QuinStreet
QNST
$870M
$5.67M 2.95%
366,679
+36,683
+11% +$582K
NDLS icon
11
Noodles & Co
NDLS
$90.5M
$4.43M 2.31%
870,661
– –
LCUT icon
12
Lifetime Brands
LCUT
$199M
$4.12M 2.15%
1,065,810
– –
ZIMV
13
DELISTED
ZimVie
ZIMV
$3.55M 1.85%
187,430
– –
FWRD icon
14
Forward Air
FWRD
$482M
$3.27M 1.7%
+127,650
New +$3.67M
TRUE
15
DELISTED
TrueCar
TRUE
$3.17M 1.65%
1,723,800
– –
BBCP icon
16
Concrete Pumping Holdings
BBCP
$531M
$3.02M 1.57%
429,005
– –
CNTY icon
17
Century Casinos
CNTY
$32.9M
$2.86M 1.49%
1,095,900
– –
RSVR icon
18
Reservoir Media
RSVR
$700M
$2.67M 1.39%
327,746
+304,647
+1,319% +$2.38M
CULP icon
19
Culp Inc
CULP
$45M
$1.45M 0.75%
324,669
– –
TTAM
20
Titan America SA
TTAM
$3.16B
$704K 0.37%
47,100
+9,000
+24% +$133K
GO icon
21
Grocery Outlet
GO
$891M
$560K 0.29%
34,900
+24,900
+249% +$398K
BLBD icon
22
Blue Bird Corp
BLBD
$2.41B
$334K 0.17%
5,800
– –
CVEO icon
23
Civeo
CVEO
$379M
$322K 0.17%
+14,000
New +$328K
AIOT
24
PowerFleet Inc
AIOT
$500M
$78.6K 0.04%
15,000
– –
BWMN icon
25
Bowman Consulting
BWMN
$454M
– –
-88,007
Closed -$2.53M

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Mill Road Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Mill Road Capital Management held 26 positions worth $192M, up 23% from $156M the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Mill Road Capital Management's Q3 2025 filing shows 2 new, 6 increased, 2 reduced and 1 closed positions. Its largest new stake was Forward Air: 127,650 shares worth $3.27M. The largest sale was Bowman Consulting, an estimated $2.53M.

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

  • Mill Road Capital Management's largest Q3 2025 buy was Forward Air: 127,650 shares worth $3.27M.
  • Mill Road Capital Management added most to Reservoir Media in Q3 2025, an estimated $2.38M increase.
  • Mill Road Capital Management's biggest Q3 2025 reduction was Kimbell Royalty Partners, cutting an estimated $956K.
  • Mill Road Capital Management fully exited Bowman Consulting in Q3 2025, selling an estimated $2.53M.
  • Mill Road Capital Management's ten largest holdings make up 84% of its $192M portfolio in Q3 2025.
  • Mill Road Capital Management opened 2 new positions and closed 1 in Q3 2025.
  • Mill Road Capital Management's portfolio value rose 23% quarter-over-quarter to $192M.

Based on Mill Road Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.