325 Capital portfolio

What changed this quarter

7 positions with a change (1 new, 5 added to, 1 trimmed); also, 1 exited through an acquisition or merger. 7 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Magnite+70%more sharesIncreased
  8.7% → 15.4%
• Spire Global+58%more sharesIncreased
  8.6% → 13.2%
• Astrana Health−12%fewer sharesReduced
  16.4% → 17.9%
• Powerfleet+38%more sharesIncreased
  4.3% → 4.8%
• Lifecore Biomedical+34%more sharesIncreased
  2.9% → 3.6%
• MultiSensor AI Holdings+0.8 ppof portfolioNew
  — → 0.8%
• Blue Bird+4.6%more sharesIncreased
  14.1% → 13.4%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Astrana HealthASTH17.9%Since Q3 2022 · 16 quartersDetails ▾
• MagniteMGNI15.4%Since Q3 2025 · 4 quartersDetails ▾
• American Public EducationAPEI15.2%Since at least Q4 2021 · 19 quartersDetails ▾
• Blue BirdBLBD13.4%Since at least Q4 2021 · 19 quartersDetails ▾
• Spire GlobalSPIR13.2%Since Q1 2025 · 6 quartersDetails ▾
• Motorcar Parts of AmericaMPAA7.4%Since at least Q4 2021 · 19 quartersDetails ▾
• Diebold NixdorfDBD4.9%Since Q4 2025 · 3 quartersDetails ▾
• PowerfleetAIOT4.8%Since Q4 2024 · 7 quartersDetails ▾
• Lifecore BiomedicalLFCR3.6%Since Q4 2023 · 11 quartersDetails ▾
• bioteBTMD2.0%Since Q1 2023 · 14 quartersDetails ▾
• Transact TechnologiesTACT1.4%Since at least Q4 2021 · 19 quartersDetails ▾
• MultiSensor AI HoldingsMSAI0.8%Since Q2 2026 · 1 quarterDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.