Tributary Capital Management
Tributary Capital Management Small/Mid Cap Equity Strategy
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 3 investment theses and positions in 14 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of Tributary Capital Management for every strategy.
What it bought and sold
- TrimmedBlackbaudJun 2026
We sold our Small/Mid Strategy position to fund the initiation of Tyler Technologies, which we view as a more compelling opportunity for the strategy.
Due to the acquisition announcement, we exited the position to purchase Installed Building Products.
AAR Corp. is a pure-play aerospace aftermarket company providing parts supply, repair and engineering solutions to commercial and government customers across 20+ countries.
We exited following a period of difficult performance as 2026 earnings estimates declined significantly, with further negative revisions expected.
We sold our Small/Mid Strategy position to fund the initiation of Tyler Technologies, which we view as a more compelling opportunity for the strategy.
We exited after nearly 9.5 years, during which UMB generated an annualized return of 8.1%, outperforming S&P 400 Banks, S&P 600 Banks and the KBW Regional Bank Index.
Also held
- Power Integrations
- Tractor Supply
- CACI International
- PTC
- Littelfuse
- Enpro
- Diodes Incorporated
- Northern Oil and Gas
- Ollie’s Bargain Outlet
- Onto Innovation
Its investment theses
- AAR Corp.Jun 2026AAR Corp. is an aerospace aftermarket company with durable demand, high barriers to entry and a path to double-digit earnings growth.
- Installed Building ProductsJun 2026Installed Building Products has scale, pricing power, margin preservation and growth upside from housing recovery and acquisitions.
- Tyler TechnologiesJun 2026Tyler Technologies has a defensible public-sector software franchise with recurring revenue, strong retention and long runway for growth.