Mill Road Capital Management LLC
Long book
$190.6M
Q1 2026
Positions
23
Top-10 weight
83%
concentration
Last quarter
+21.7%
SPY +14.8%
Turnover
20%
of book per quarter
Strategy in plain words
auto-generated from filingsMill Road Capital Management LLC is a concentrated fundamental stock-picker, running a $190.6M US long book across 23 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: ENVIRI CORP, MISTRAS GROUP INC, ALTA EQUIPMENT GROUP INC, GROCERY OUTLET HOLDING CORP, BEAZER HOMES USA INC.
Over the last 9 quarters its long book ran on average 2pp per quarter behind the S&P 500, beating the index in 3 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
-13.9%
Q2 2024
+0.5%
Q3 2024
-2.2%
Q4 2024
-14.2%
Q1 2025
+7.4%
Q2 2025
+14.3%
Q3 2025
+1.0%
Q4 2025
+7.7%
Q1 2026
+21.7%
Sector allocation
Consumer discretionary 31%
Services media 26%
Utilities 22%
Industrials 18%
Technology 2%
Other 0%
Long book by quarter
What does Mill Road own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVRI ENVIRI CORP | Utilities | 2.1M | $41.0M | 21.5% | Held |
| MG MISTRAS GROUP INC | Services media | 1.9M | $27.6M | 14.5% | +11.8% |
| ALTG ALTA EQUIPMENT GROUP INC | Consumer discretionary | 4.4M | $23.5M | 12.3% | +1.9% |
| GO GROCERY OUTLET HOLDING CORP | Consumer discretionary | 2.4M | $16.7M | 8.8% | +139.1% |
| BZH BEAZER HOMES USA INC | Industrials | 838.0K | $16.1M | 8.5% | +0.4% |
| NDLS NOODLES & CO | Consumer discretionary | 870.7K | $7.4M | 3.9% | -87.5% |
| BXC BLUELINX HOLDINGS INC | Consumer discretionary | 135.0K | $7.3M | 3.8% | Held |
| QNST QUINSTREET INC | Services media | 518.9K | $6.2M | 3.3% | Held |
| LCUT LIFETIME BRANDS INC | Industrials | 1.1M | $6.1M | 3.2% | Held |
| BWMN BOWMAN CONSULTING GROUP LTD | Services media | 210.3K | $6.0M | 3.1% | New |
| RSVR RESERVOIR MEDIA INC | Services media | 560.7K | $5.5M | 2.9% | -45.3% |
| MATW MATTHEWS INTL CORP-CLASS A | Industrials | 172.7K | $4.5M | 2.3% | +31.2% |
| FWRD FORWARD AIR CORP | Industrials | 226.8K | $3.8M | 2.0% | +35.3% |
| PLAB PHOTRONICS INC | Technology | 80.2K | $3.2M | 1.7% | Held |
| BBCP CONCRETE PUMPING HOLDINGS IN | Industrials | 430.8K | $3.1M | 1.6% | Held |
| ARHS ARHAUS INC | Consumer discretionary | 403.9K | $2.7M | 1.4% | New |
| CVEO CIVEO CORP | Services media | 101.7K | $2.7M | 1.4% | +11.0% |
| CNTY CENTURY CASINOS INC | Services media | 1.1M | $1.5M | 0.8% | Held |
| PZZA PAPA JOHN'S INTL INC | Consumer discretionary | 31.9K | $1.0M | 0.5% | New |
| CULP CULP INC | Other | 324.7K | $890K | 0.5% | Held |
| BLBD BLUE BIRD CORP | Industrials | 5.8K | $329K | 0.2% | Held |
| AIOT POWERFLEET INC | Technology | 15.1K | $47K | 0.0% | +0.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 25 | $190.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 24 | $168.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 26 | $192.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 25 | $156.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 24 | $176.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 25 | $208.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 24 | $210.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 21 | $187.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 23 | $230.1M | canonical | SEC ↗ |
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