Tributary Capital Management
Tributary Capital Management Small Cap Equity Strategy
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 4 investment theses and positions in 29 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Tributary Capital Management for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+21.7%index +13.7%
- 1Y+20.4%index +16.2%
Index: Russell 2000 Index
| YTD | 1Y | |
|---|---|---|
| Tributary Capital Management Small Cap Equity Strategy | +21.7% | +20.4% |
| Russell 2000 Index | +13.7% | +16.2% |
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
During the quarter, we exited our position in Enovis, a manufacturer of artificial joints, surgical implant tools and orthopedic braces.
During the quarter four new positions were added to the portfolio.
We initiated our position after the valuation declined on fears that AI would displace its business.
Also held
- ESCO Technologies
- Qualys
- First Business Financial Services
- UFP Technologies
- Northern Oil & Gas
- Benchmark Electronics
- CONMED
- Power Integrations
- Integer Holdings Corporation
- Enpro
- Advanced Energy Industries
- Boot Barn
- Acushnet
- MYR Group
- Patrick Industries
- ExlService
- Gulfport Energy
- Kaiser Aluminum
- Prestige Consumer Healthcare
- Integer Holdings
- Marzetti
Its investment theses
- First Business Financial ServicesSep 2026First Business Financial Services is a business-only bank with strong deposit growth, low rate risk, and superior credit performance.
- Q2 HoldingsJun 2026Q2 Holdings provides banking software and is viewed as defensible with AI-driven growth and margin expansion potential.
- Quaker HoughtonJun 2026Quaker Houghton is a leading industrial fluids business with recurring revenue, strong cash flow and a seasoned management team.
- Cavco IndustriesJun 2026Cavco Industries benefits from oligopolistic scale, housing shortage tailwinds and margin expansion potential.