Mill Road Capital Management LLC

CIK 0001512275 · Q1 2026

13F Equity AUM

$190.8M

+13.4% QoQ

Positions

+1 QoQ

AUM Rank

#7,594

Top 61%

Skill Alpha (FF)

-17.1%/yr

Underperformer

Rank #8,128 · Top 99%

vs S&P -22.9%/yr (unadj.)

Quarters Tracked

~10 years

Portfolio Concentration

Top 5: 65.5%Top 10: 82.8%Top 20: 99.2%

NVRI21.5%

MG14.5%

ALTG12.3%

GO8.8%

BZH8.4%

NDLSUSD3.9%

BXC3.8%

QNST3.3%

LCUT3.2%

BWMN3.1%

Others (14)17.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Industrials62.6%

Consumer Cyclical14.3%

Consumer Defensive8.8%

Communication Services6.1%

Unclassified3.9%

Other4.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 24Median: 2.16%Avg: 4.17%

0–0.5%

4(0.8%)

0.5–1%

2(1.3%)

1–3%

8(15.0%)

3–5%

5(17.3%)

5%+

5(65.5%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 20Unique: 4vs 20 funds

0.3%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

0.5%

VANGUARD CAPITAL MANAGEMENT LLC

0.5%

GEODE CAPITAL MANAGEMENT, LLC

0.5%

STATE STREET CORP

0.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.6%

MORGAN STANLEY

0.3%

BANK OF AMERICA CORP /DE/

0.3%

JPMORGAN CHASE & CO

0.2%

FMR LLC

0.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New3Increased8Decreased3Exited2

New Positions

BWMN3.1%

+210K

ARHS1.4%

+404K

PZZA0.5%

+32K

Increased

GO8.8%

+1.4M(+139%)

MG14.5%

+198K(+12%)

ALTG12.3%

+80K(+2%)

FWRD2.0%

+59K(+35%)

MATW2.3%

+41K(+31%)

CVEO1.4%

+10K(+11%)

BZH8.4%

+4K(+0%)

AIOT0.0%

+100(+1%)

Decreased

NDLSUSD3.9%

-6,094,631(-88%)

RSVR2.9%

-464,774(-45%)

KRP1.7%

-316,900(-59%)

Exited

NGS

-109,000

5TC

-886,075

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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