Granahan Investment Management
Granahan Investment Management Focused Growth Strategy
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 7 investment theses and positions in 31 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Granahan Investment Management for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+12.4%index +10.7%
- 1Y+0.9%index +12.1%
- 5Y · /yr−1.1%index +4.7%
- 10Y · /yr+16.8%index +9.9%
Index: Russell 2000 Growth Index
| YTD | 1Y | 5Yper year | 10Yper year | |
|---|---|---|---|---|
| Granahan Investment Management Focused Growth Strategy | +12.4% | +0.9% | −1.1% | +16.8% |
| Russell 2000 Growth Index | +10.7% | +12.1% | +4.7% | +9.9% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
For example, we cut Forgent (FPS), TTM Technologies (TTMI) and Onto Innovation (ONTO), and exited Modine (MOD).
For example, we cut Forgent (FPS), TTM Technologies (TTMI) and Onto Innovation (ONTO), and exited Modine (MOD).
we added to the position as we gained conviction in the company.
We cut the position meaningfully during the quarter, largely before the decline, as the expected return had compressed after the stock's run in the first half.
Although we recently trimmed the position given the share price rise, ZETA remains a large holding.
Given the strong moves, we trimmed TWST and GRAL and started a new position in Cryoport (CYRX),
We slightly trimmed the position on strength, and Porch remains our largest holding.
and started a new position in Cryoport (CYRX), which provides temperature-controlled logistics and storage for cell and gene therapies and should benefit as those therapies expand.
We added to AI-insulated businesses and underappreciated beneficiaries where we believed meaningful upside remained underpriced in such stocks as Zeta (ZETA), Figure Technology (FIGR), and Ligand Pharmaceuticals (LGND).
For example, we cut Forgent (FPS), TTM Technologies (TTMI) and Onto Innovation (ONTO), and exited Modine (MOD).
Given the strong moves, we trimmed TWST and GRAL and started a new position in Cryoport (CYRX),
Second, we shifted some capital to other AI beneficiaries where we believe meaningful upside remains underpriced (e.g., Silicon Motion (SIMO) and Generac (GNRC).
We exited several positions including Credo Technology (CRDO), Semtech (SMTC), Nova Limited (NVMI), Universal Technical Institute (UTI) and Comfort Systems (FIX), entirely,
We have cut the position to a below average size.
and trimmed others, such as Modine (MOD), Forgent Power Solutions (FPS), Onto Innovation (ONTO), TTM Technologies (TTMI), and Carpenter Technology Corp (CRS).
These companies can largely be thought of as "picks and shovels" to the industry and include such names as Repligen (RGEN), Twist Bioscience (TWST), and GRAIL (GRAL).
These companies can largely be thought of as "picks and shovels" to the industry and include such names as Repligen (RGEN), Twist Bioscience (TWST), and GRAIL (GRAL).
We exited several positions including Credo Technology (CRDO), Semtech (SMTC), Nova Limited (NVMI), Universal Technical Institute (UTI) and Comfort Systems (FIX), entirely,
and trimmed others, such as Modine (MOD), Forgent Power Solutions (FPS), Onto Innovation (ONTO), TTM Technologies (TTMI), and Carpenter Technology Corp (CRS).
We exited several positions including Credo Technology (CRDO), Semtech (SMTC), Nova Limited (NVMI), Universal Technical Institute (UTI) and Comfort Systems (FIX), entirely,
While we have trimmed our position, Porch ended the quarter as our largest holding.
Second, we shifted some capital to other AI beneficiaries where we believe meaningful upside remains underpriced (e.g., Silicon Motion (SIMO) and Generac (GNRC).
We added to the stock on weakness and Kura remains an average-sized holding.
We exited several positions including Credo Technology (CRDO), Semtech (SMTC), Nova Limited (NVMI), Universal Technical Institute (UTI) and Comfort Systems (FIX), entirely,
Also held
Its investment theses
- Victory CapitalSep 2026Victory Capital is a diversified asset manager with a growing ETF franchise, strong Amundi distribution, and management execution that supports attractive growth prospects.
- Zeta GlobalSep 2026Zeta Global operates an AI-powered marketing cloud, with accelerating AI adoption, strong growth, and expanding partnerships that make it an underappreciated AI beneficiary.
- Porch GroupSep 2026Porch Group combines vertical software with data-driven homeowners insurance, and its reciprocal model is showing strong earnings power and long-term growth potential.
- FTAI AviationSep 2026FTAI Aviation sells and leases engine modules and is building an engine maintenance franchise, with the core business viewed as a long-duration compounder.
- Forgent Power SolutionsSep 2026Forgent Power Solutions makes electrical distribution equipment for data centers and power-intensive facilities, supported by record bookings and early AI infrastructure demand.
- indie SemiconductorSep 2026indie Semiconductor designs sensing and processing chips for automotive safety systems, with growing design wins, strong revenue growth, and expected operating leverage.
- FTAI AviationJun 2026FTAI Aviation sells and leases engine modules and is building a differentiated maintenance franchise with attractive growth opportunities.