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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
+3.73%
1 Year Est. Return
+56.95%
3 Year Est. Return
+38.29%
5 Year Est. Return
+31.32%
10 Year Est. Return
–
AUM
$168M
AUM Growth
-$23.7M
Cap. Flow
-$21.3M
Cap. Flow %
-12.64%
Top 10 Hldgs %
83.21%
Holding
26
New
1
Increased
9
Reduced
4
Closed
3

Top Buys

Rank Stock Value
1
GO icon
Grocery Outlet
GO
+$12M
2
RSVR icon
Reservoir Media
RSVR
+$5.23M
3
MATW icon
Matthews International
MATW
+$3.23M
4
QNST icon
QuinStreet
QNST
+$2.2M
5
CVEO icon
Civeo
CVEO
+$1.72M

Top Sells

Rank Stock Value
1
PHLT
Performant Healthcare Inc
PHLT
+$25.2M
2
NGS icon
Natural Gas Services Group
NGS
+$8.83M
3
PLAB icon
Photronics
PLAB
+$6.31M
4
ZIMV
ZimVie
ZIMV
+$3.55M
5
TRUE
TrueCar
TRUE
+$1.8M

Sector Composition

Rank Sector Weight
1 Industrials 57.9%
2 Consumer Discretionary 18.27%
3 Communication Services 10.23%
4 Consumer Staples 5.95%
5 Energy 5.94%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NVRI icon
1
Enviri
NVRI
$621M
$37.5M 22.26%
2,090,743
– –
MG icon
2
Mistras Group
MG
$492M
$21.2M 12.57%
1,672,681
+300
+0% +$3.38K
ALTG icon
3
Alta Equipment Group
ALTG
$210M
$19.7M 11.73%
4,293,208
– –
BZH icon
4
Beazer Homes USA
BZH
$907M
$16.9M 10.05%
834,474
+20,000
+2% +$445K
GO icon
5
Grocery Outlet
GO
$891M
$10M 5.95%
991,493
+956,593
+2,741% +$12M
BXC icon
6
BlueLinx
BXC
$455M
$8.29M 4.93%
134,964
+7,100
+6% +$458K
RSVR icon
7
Reservoir Media
RSVR
$700M
$7.76M 4.61%
1,025,432
+697,686
+213% +$5.23M
QNST icon
8
QuinStreet
QNST
$870M
$7.46M 4.43%
518,879
+152,200
+42% +$2.2M
KRP icon
9
Kimbell Royalty Partners
KRP
$1.47B
$6.33M 3.76%
538,195
-70,000
-12% -$897K
NDLS icon
10
Noodles & Co
NDLS
$90.5M
$4.92M 2.92%
870,661
– –
LCUT icon
11
Lifetime Brands
LCUT
$199M
$4.21M 2.5%
1,065,810
– –
FWRD icon
12
Forward Air
FWRD
$482M
$4.19M 2.49%
167,650
+40,000
+31% +$900K
NGS icon
13
Natural Gas Services Group
NGS
$470M
$3.67M 2.18%
109,000
-295,745
-73% -$8.83M
MATW icon
14
Matthews International
MATW
$864M
$3.44M 2.04%
+131,615
New +$3.23M
BBCP icon
15
Concrete Pumping Holdings
BBCP
$531M
$2.89M 1.72%
430,805
+1,800
+0.4% +$11.8K
PLAB icon
16
Photronics
PLAB
$1.79B
$2.57M 1.52%
80,200
-244,420
-75% -$6.31M
CVEO icon
17
Civeo
CVEO
$379M
$2.1M 1.25%
91,676
+77,676
+555% +$1.72M
TRUE
18
DELISTED
TrueCar
TRUE
$2M 1.19%
886,075
-837,725
-49% -$1.8M
CNTY icon
19
Century Casinos
CNTY
$32.9M
$1.46M 0.87%
1,095,900
– –
CULP icon
20
Culp Inc
CULP
$45M
$1.16M 0.69%
324,669
– –
BLBD icon
21
Blue Bird Corp
BLBD
$2.41B
$273K 0.16%
5,800
– –
AIOT
22
PowerFleet Inc
AIOT
$500M
$79.8K 0.05%
15,000
– –
ZIMV
23
DELISTED
ZimVie
ZIMV
– –
-187,430
Closed -$3.55M
PHLT
24
DELISTED
Performant Healthcare Inc
PHLT
– –
-3,261,675
Closed -$25.2M
TTAM
25
Titan America SA
TTAM
$3.16B
– –
-47,100
Closed -$704K

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Mill Road Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Mill Road Capital Management held 26 positions worth $168M, down 12% from $192M the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Mill Road Capital Management withdrew a net $21.3M in Q4 2025, closing 3 positions and reducing 4 holdings. Its most notable exit was Performant Healthcare Inc, an estimated $25.2M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 58% of assets, up from 47% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Mill Road Capital Management opened a new position in Matthews International worth $3.44M.

  • Mill Road Capital Management's largest Q4 2025 buy was Matthews International: 131,615 shares worth $3.44M.
  • Mill Road Capital Management added most to Grocery Outlet in Q4 2025, an estimated $12M increase.
  • Mill Road Capital Management's biggest Q4 2025 reduction was Natural Gas Services Group, cutting an estimated $8.83M.
  • Mill Road Capital Management fully exited Performant Healthcare Inc in Q4 2025, selling an estimated $25.2M.
  • Mill Road Capital Management's ten largest holdings make up 83% of its $168M portfolio in Q4 2025.
  • Mill Road Capital Management opened 1 new position and closed 3 in Q4 2025.
  • Mill Road Capital Management's portfolio value fell 12% quarter-over-quarter to $168M.

Based on Mill Road Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.