Granahan Investment Management
Granahan Investment Management Small Cap Core Growth
Jun 2026 → Sep 2026
Our archive holds 3 letters from this strategy, behind 7 investment theses and positions in 25 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 · Composite – Net
- YTD+31.0%index +10.7%
- 1Y+34.8%index +12.1%
- 5Y · /yr+2.8%index +4.7%
- 10Y · /yr+15.2%index +9.9%
Index: Russell 2000 Growth Index
| YTD | 1Y | 5Yper year | 10Yper year | |
|---|---|---|---|---|
| Granahan Investment Management Small Cap Core Growth | +31.0% | +34.8% | +2.8% | +15.2% |
| 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
We trimmed the position while retaining exposure to the longer-term opportunity.
As the shares responded, we trimmed the position to manage position size while maintaining exposure to the longer-term thesis.
We trimmed Nutanix after strong performance while maintaining a constructive view on recurring revenue growth and the company's long-term competitive position.
We trimmed the position as part of our broader reassessment of exposure and prospective return within the group.
We materially increased the position as our assessment of prospective return improved relative to the underlying earnings opportunity.
- TrimmedForgent Power SolutionsSep 2026
We substantially reduced our position early in the period, limiting our exposure ahead of the subsequent decline and reducing the portfolio’s overall concentration in AI infrastructure.
We trimmed Repligen following strong appreciation while maintaining exposure to the long-term opportunity.
- AddedNextpowerSep 2026
We increased the position during the weakness as the lower valuation improved the prospective return relative to our long-term view of the business.
We trimmed the position following appreciation.
We increased the position during the weakness as we remained constructive on the company's long-term content growth and differentiated exposure within automotive electronics.
- AddedDescartes Systems GroupJun 2026
We added to the position given Descartes’ recurring revenue model, strong profitability, disciplined acquisition strategy, and ability to compound value through both organic growth and targeted M&A.
- TrimmedFigure Technology SolutionsJun 2026
We modestly reduced the position while continuing to evaluate the issues raised against the company’s underlying business progress.
We trimmed the position into strength, while maintaining a constructive long-term view on the company’s growth opportunities.
We trimmed the stock to manage position size and valuation discipline while maintaining a constructive long-term view on FTAI’s differentiated business model and long-term earnings potential.
Given the persistent disconnect between business momentum and market recognition, we concluded that the prospective risk/reward had become less attractive and sold the position.
Following the substantial re-rating, we trimmed the position.
We increased the position as we continued to see progress in the company’s multi-year transformation, including improved execution, a more attractive business mix, and the potential for stronger earnings growth and multiple expansion.
We trimmed the position into strength while maintaining exposure.
Also held
Its investment theses
- RepligenSep 2026Repligen benefits from improving bioprocessing and life-science tools demand, with long-term upside from more biologic programs progressing toward development and manufacturing.
- FTAI AviationSep 2026FTAI Aviation has an aerospace aftermarket and emerging power business, with an asset-light strategy expected to improve long-term growth and returns.
- Forgent Power SolutionsSep 2026Forgent Power Solutions benefits from data-center and power-infrastructure demand, with healthy operating momentum and improved risk/reward after a valuation reset.
- Twist BioscienceSep 2026Twist Bioscience supplies synthetic DNA for discovery and screening, with long-term upside from AI-enabled drug discovery and more development programs.
- Zeta GlobalSep 2026Zeta Global helps enterprises use data and AI to acquire and retain customers, benefiting from more effective digital advertising and measurement.
- Silicon Motion TechnologyJun 2026Silicon Motion Technology makes differentiated controller technology and is positioned for a cyclical recovery and long-term storage-demand growth.
- Descartes Systems GroupJun 2026Descartes Systems Group provides logistics and supply-chain software with a durable position, recurring revenue, strong profitability, and acquisition-driven compounding.