Granahan Investment Management
Granahan Investment Management Microcap Growth Strategy
Jun 2026 → Sep 2026
Our archive holds 3 letters from this strategy, behind 6 investment theses and positions in 20 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in a year — follow all of Granahan Investment Management for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- 1Y−12.2%
- 3Y · /yr+23.1%
- 5Y · /yr+8.6%
Index: Russell Microcap Growth Index
| 1Y | 3Yper year | 5Yper year | |
|---|---|---|---|
| Granahan Investment Management Microcap Growth Strategy | −12.2% | +23.1% | +8.6% |
| Russell Microcap Growth Index | — | — | — |
Calendar years
- 2025+26.8%index +21.8%
- 2024−9.1%index +21.9%
- 2023+8.9%index +9.1%
- 2022−35.0%index −29.8%
- 2021−12.4%index +0.9%
- 2020+44.4%index +33.3%
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
We trimmed to manage position size.
- TrimmedFirst Tracks BiotherapeuticsSep 2026
We trimmed after the advance while retaining exposure to the upcoming clinical milestone.
Butterfly gained approximately 12% after we initiated the position.
We reduced the position.
We added as the stock fell because the underlying thesis remained intact.
We trimmed after the appreciation.
We initiated Butterfly Network, Silicom, trivago and Allient;
We trimmed the position after its appreciation while retaining meaningful exposure.
Following the stock's appreciation, we exited the position near the end of the quarter because its prospective return had become less compelling relative to other opportunities in the portfolio.
Also held
- Iradimed Corp.
- 908 Devices Inc.
- Xeris Biopharma Holdings Inc
- Enovix
- Genius Sports Ltd.
- Orthopediatrics Corp.
- Ceva Inc
- Transcat Inc.
- Arteris Inc.
- Veeco Instruments Inc.
- ADTRAN Holdings
- Butterfly Network Inc
- Mayville Engineering
- CEVA, Inc.
- Kura Sushi USA, Inc.
- Xenon Pharmaceuticals Inc.
- United States Antimony Corporation
- IRadimed Corporation
- Cogent Communications Holdings, Inc.
- Mayville Engineering Company, Inc.
- Arteris, Inc.
Its investment theses
- Mayville EngineeringSep 2026Mayville Engineering is winning new datacenter and critical power projects, with the thesis centered on converting sales growth into stronger margins and cash flow.
- ArterisSep 2026Arteris has a growing network-on-chip intellectual property business that should benefit from rising chip complexity and data-movement demand.
- Arteris, Inc.Jun 2026Arteris provides network-on-chip IP that is becoming more valuable as semiconductor designs grow more complex and AI workloads increase data movement.
- CEVA, Inc.Jun 2026CEVA licenses DSP and AI processor IP for edge-AI applications, supported by an established licensing model, strong balance sheet, and broad customer relationships.
- Mayville Engineering Company, Inc.Jun 2026Mayville Engineering is benefiting from an operational inflection and a strategic acquisition that expands exposure to data-center infrastructure and improves normalized earnings power.
- Kura Sushi USA, Inc.Jun 2026Kura Sushi operates a differentiated revolving-sushi concept with limited U.S. competition and an early-stage expansion opportunity.