Granahan Investment Management
Granahan Investment Management Small Cap Discoveries
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 3 investment theses and positions in 10 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of Granahan Investment Management for every strategy.
What it bought and sold
Guidewire gained approximately 16%, providing exposure to an established software franchise during a challenging period for growth stocks.
Xenon declined approximately 38%, reflecting the sensitivity of development-stage biotechnology valuations to clinical and commercialization uncertainty.
WillScot was the largest detractor given investor concerns about the pace of recovery in demand for modular space and portable storage, together with the company’s ability to convert operating improvements into stronger cash flow.
Callaway Golf declined approximately 25% as discretionary consumer exposure and company-specific turnaround uncertainty weighed on sentiment.
- AddedNetskopeSep 2026
Netskope appreciated approximately 59% over the measurement period and was a major source of strength amid otherwise weak small-cap technology performance.
Casella declined approximately 17% despite the long-term appeal of its essential waste-services franchise.
JBT Marel fell approximately 27% during the quarter.
- AddedFirst Tracks BiotherapeuticsSep 2026
First Tracks advanced approximately 61% due to progress with ANB033 in celiac disease, including completion of initial Phase 1b enrollment, FDA Fast Track designation and an expected fourth-quarter data milestone, helped clarify the development path.
Repligen was the largest contributor, advancing approximately 41% during the quarter.
Materion contributed positively as its specialty materials business demonstrated resilience relative to a weak Materials sector.
Its investment theses
- NetskopeSep 2026Netskope's cloud-native security platform positions it for durable growth as enterprises consolidate security architectures.
- MaterionSep 2026Materion's engineered specialty materials and customer qualifications create durable competitive positions in advanced electronics and semiconductor end markets.
- Guidewire SoftwareSep 2026Guidewire's mission-critical P&C insurance software benefits from long-duration customer relationships and a cloud migration shift underpinning subscription growth.