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 17 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.
Performance
as of Jun 30, 2026 · net of fees · USD
- YTD+12.9%index +22.7%
- 1Y+13.8%index +36.7%
Index: Russell 2500 Index
| YTD | 1Y | |
|---|---|---|
| Tributary Capital Management Small/Mid Cap Equity Strategy | +12.9% | +13.8% |
| Russell 2500 Index | +22.7% | +36.7% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 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 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
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.