What smart money is saying about ORN

Position history

Between Q2 2026 and Q3 2026, 3 fund letters reported a position in ORN, with no move described.

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 3 positions

• HoldsNext century growth investor Growth Strategies

  September 2026

  “ Top 3 detractors to absolute performance: ALHC, CRS, UCTT  Industrials underperformance driven by aerospace & defense, AI infrastructure, and transportation logistics  Consumer underperformance driven by for-profit education and restaurant holdings  Basic materials underperformance driven by aerospace and rare/critical minerals holdings  Health care underperformance driven by stock specific weakness in one managed care holding 3Q Portfolio Activity Portfolio Positioning Sector Relative Weight Industry Exposure Basic Materials Overweight Aerospace, general industrial, rare/critical minerals Consumer Underweight Restaurants, consumer goods Financials Underweight Insurance (carriers and broker) Small Cap 3Q26 2 | P a g e Health Care Underweight Medical device, diagnostics, pharma, health care services, health care technology Industrials Overweight Aerospace & defense, transportation logistics, AI infrastructure, infrastructure construction, payment services Technology Overweight Semiconductors, semicap equipment, AI infrastructure, marketplace networks, software, IT services We added 15 new positions in Q3: o four in health care: HNGE, RGEN, URGN, WAY o four in technology: WK, BAND, U, BLZE o three in financials: RYAN, PLMR, KNSL o two in industrials: FEIM, ANDG o one in energy: FTK o one in consumer: WING We sold 10 positions to zero in Q3: o four in industrials: MOD, AAON, EQPT, PL o three in consumer: OLLI, LINC, UTI o one in health care: ALHC o one in technology: UCTT o one in telecommunications: AAOI Industry Classification Benchmark (ICB)* As of 09/30/2026 *Source: Factset Industry Classification Benchmark (ICB), a product of FTSE International Limited that is used under license (763) 591-4490  Fax (763) 591-4499  ncgrowth.com Two Carlson Parkway N, Suite 125  Plymouth, MN 55447 NCG MICRO CAP 3Q26 REVIEW Annualized 3Q26 YTD 1 year 3 year 5 year 10 year Since Inception^ Micro Cap Growth (%) (Net of fees) (13.68) 28.34 36.54 24.71 6.59 22.66 17.66 Russell Microcap® Growth Index (%) (12.14) 8.50 10.82 23.06 2.59 8.14 8.87 ^Inception 1/1/2003 3Q Attribution* What worked What didn’t  Sector outperformance: technology, energy  Top 3 contributors to absolute performance: HTFL, BLFS, ADPT  Technology performance driven by software and marketplace networks holdings and offset by stock specific weakness chip design solutions and industrial laser components  Energy performance driven by one holding in frac chemistry and natural gas measurement  Sector underperformance: industrials, consumer, health care  Top 3 detractors to absolute performance: ALHC, ORN, MYRG”

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  ORN
• HoldsSignia Capital Management Small Cap Value Strategy

  June 2026

  Listed in Signia Capital Management Small Cap Value Strategy’s reported holdings.

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  ORN
• HoldsBrandes Small Cap Value Fund

  June 2026

  “Holdings in the industrials sector drove performance, led by machinery companies Graham Corporation, L.B. Foster and Timken, aerospace and defense businesses Moog and Park Aerospace, and construction and engineering company Orion Group.”

  52 more words on why — unlock Brandes Small Cap Value Fund’s full comment
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  ORN