Argent Capital Management
Argent Capital Management Focused Small Cap Strategy
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 17 investment theses and positions in 24 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of Argent Capital Management for every strategy.
What it bought and sold
Peabody Energy, the largest coal producer in the United States by volume, adds to our energy exposure after a quarter in which the sector was a headwind.
We also initiated a position in Harmony Biosciences, a commercial stage biotechnology company that develops and markets treatments for rare neurological disorders, led by WAKIX for excessive daytime sleepiness and cataplexy associated with narcolepsy.
We sold Rambus, a semiconductor intellectual property and chip company that generates revenue from memory interface products and licensing.
Finally, we sold Victory Capital and trimmed Medpace because both had appreciated to market capitalizations increasingly outside the range we consider appropriate for a true small cap portfolio.
In AMN Healthcare, the largest healthcare staffing and total talent solutions company in the United States, we see the early stages of a cyclical recovery following a severe post pandemic normalization.
Ultra Clean Holdings, Inc. 2.09 -1.12
Given the company’s exposure to cyclical capital spending, the execution demands of rapid capacity expansion, and the potential for slower order growth or competitive bidding pressure to drive meaningful multiple compression, we sold the position.
Among our remaining new positions, TWFG is an insurance distribution company that operates through independent agencies, corporate owned branches and managing general agency businesses, providing agents with access to insurance carriers, technology, standardized operating support and commission sharing through its Agency in a Box platform.
In health care, we initiated a position in InnovAge, the largest operator of the Program of All inclusive Care for the Elderly (PACE) in the United States, which provides integrated healthcare and social support services to frail and medically complex seniors so that they can remain in their homes rather than move into nursing facilities.
In technology services, we initiated a position in Kforce, a provider of technology talent solutions with approximately 10,000 consultants deployed with clients and a business mix shifting toward higher value consulting and managed services.
Finally, we sold Victory Capital and trimmed Medpace because both had appreciated to market capitalizations increasingly outside the range we consider appropriate for a true small cap portfolio.
We also initiated a position in Insight Enterprises, a global technology solutions integrator that helps businesses and government organizations design, purchase, implement and manage information technology across hardware, software, cloud computing, cybersecurity, data and AI.
We initiated a position in Intapp, a vertical software company serving legal, accounting, consulting and investment firms with cloud based solutions for relationship management, compliance, risk, and deal and matter workflows.
We sold i3 Verticals because its fundamental outlook remained uneven.
In software, we initiated a position in Appian, which provides AI enabled process automation, workflow orchestration and application development to large enterprises and government organizations, with a particular focus on regulated and process intensive industries.
We sold Fabrinet, a provider of precision optical and electronic manufacturing services for hyperscalers, networking equipment companies and telecommunications customers, as part of a broader effort to reduce the portfolio’s exposure to AI infrastructure as several related holdings appreciated.
Also held
Its investment theses
- Ultra Clean Holdings, Inc.Sep 2026Ultra Clean Holdings, Inc. provides subsystems and services for semiconductor manufacturing equipment, but its elevated valuation left the stock vulnerable to multiple compression despite strong results.
- Modine Manufacturing CompanySep 2026Modine Manufacturing Company supplies thermal management solutions for data centers, with rapid data center growth and maintained outlook supporting the long-term case despite execution volatility.
- Enpro Inc.Sep 2026Enpro Inc. supplies engineered products for semiconductor and industrial markets, with strong results and raised guidance supporting the business case.
- RBC Bearings IncorporatedSep 2026RBC Bearings Incorporated makes highly engineered bearings for aerospace, defense and industrial uses, with strong execution and growth in aerospace and defense.
- Willdan Group, Inc.Sep 2026Willdan Group, Inc. provides consulting and technical services tied to electrification and grid modernization, with improving margins and cash flow.
- Novanta Inc.Sep 2026Novanta Inc. supplies precision technologies to industrial and medical OEMs, supported by AI automation and medical growth drivers.
- Colliers International Group Inc.Sep 2026Colliers International Group Inc. is a diversified real estate services firm with a more recurring revenue base and improving operating trends.
- Kforce Inc.Sep 2026Kforce Inc. provides technology talent solutions and should benefit from an improving staffing environment, richer consulting mix and AI-related demand.
- Insight Enterprises, Inc.Sep 2026Insight Enterprises, Inc. is a technology solutions integrator benefiting from AI-related enterprise spending, margin expansion and stronger earnings.
- Appian CorporationSep 2026Appian Corporation provides AI-enabled workflow automation software, with reaccelerating cloud growth and rising AI usage strengthening the case.