325 CAPITAL LLC
Long book
$274.5M
Q1 2026
Positions
12
Top-10 weight
97%
concentration
Last quarter
+40.6%
SPY +14.8%
Turnover
8%
of book per quarter
Strategy in plain words
auto-generated from filings325 CAPITAL LLC is a concentrated fundamental stock-picker, running a $274.5M US long book across 12 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: AMERICAN PUBLIC EDUCATION, ASTRANA HEALTH INC, BLUE BIRD CORP, MAGNITE INC, SPIRE GLOBAL INC.
Over the last 9 quarters its long book ran on average 5.1pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+12.3%
Q2 2024
+1.9%
Q3 2024
-5.3%
Q4 2024
-2.7%
Q1 2025
+21.0%
Q2 2025
+21.2%
Q3 2025
-7.1%
Q4 2025
+4.0%
Q1 2026
+40.6%
Sector allocation
Services media 42%
Industrials 23%
Technology 21%
Communications 9%
Healthcare 3%
Materials 2%
Long book by quarter
What does 325 CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| APEI AMERICAN PUBLIC EDUCATION | Services media | 1.2M | $67.3M | 24.5% | -22.6% |
| ASTH ASTRANA HEALTH INC | Services media | 1.8M | $45.1M | 16.4% | Held |
| BLBD BLUE BIRD CORP | Industrials | 679.8K | $38.6M | 14.1% | Held |
| MGNI MAGNITE INC | Technology | 2.0M | $23.8M | 8.7% | Held |
| SPIR SPIRE GLOBAL INC | Communications | 1.9M | $23.6M | 8.6% | Held |
| MPAA MOTORCAR PARTS OF AMERICA IN | Industrials | 2.0M | $22.3M | 8.1% | Held |
| DBD DIEBOLD NIXDORF INC | Technology | 242.1K | $18.3M | 6.7% | +25.2% |
| AIOT POWERFLEET INC | Technology | 3.8M | $11.8M | 4.3% | Held |
| LFCR LIFECORE BIOMEDICAL INC | Healthcare | 2.2M | $8.0M | 2.9% | Held |
| BTMD BIOTE CORP -A | Materials | 4.5M | $6.1M | 2.2% | Held |
| TACT TRANSACT TECHNOLOGIES INC | Technology | 1.0M | $3.3M | 1.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 12 | $274.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 13 | $285.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 12 | $329.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 11 | $253.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 11 | $241.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 12 | $258.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 11 | $236.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 13 | $238.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 12 | $216.6M | canonical | SEC ↗ |
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