Mill Road Capital Management LLC

CIK 0001512275 · Q2 2026

13F Equity AUM

$202.5M

+6.1% QoQ

Positions

-2 QoQ

AUM Rank

#6,232

Top 71%

Skill Alpha (FF)

-16.2%/yr

Underperformer

Rank #8,212 · Top 99%

vs S&P -17.9%/yr (unadj.)

Quarters Tracked

~10 years

Portfolio Concentration

Top 5: 61.9%Top 10: 85.2%Top 20: 99.8%

MG16.6%

ALTG14.0%

GO12.1%

BZH11.7%

NVRI7.5%

NDLSUSD6.4%

BWMN4.8%

LCUT4.2%

BXC4.1%

QNST3.8%

Others (12)14.8%

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

Sector Allocation

Industrials55.9%

Consumer Cyclical19.1%

Consumer Defensive12.1%

Unclassified6.4%

Communication Services4.2%

Other2.3%

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

Position Sizing

Positions: 22Median: 2.64%Avg: 4.55%

0–0.5%

5(1.5%)

0.5–1%

1(0.7%)

1–3%

6(12.6%)

3–5%

4(16.9%)

5%+

6(68.3%)

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

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Portfolio Overlap

Shared: 0Unique: 22vs 20 funds

0%Low

Fund positions

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.

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Position Changes This Quarter

New0Increased7Decreased6Exited2

Increased

BWMN4.8%

+124K(+59%)

ARHS2.2%

+123K(+30%)

GO12.1%

+83K(+4%)

FWRD1.9%

+66K(+29%)

MG16.6%

+59K(+3%)

MATW2.7%

+32K(+18%)

BZH11.7%

+3K(+0%)

Decreased

NVRI7.5%

-1,395,479(-67%)

RSVR0.4%

-470,800(-84%)

LCUT4.2%

-61,164(-6%)

PZZA0.3%

-15,500(-49%)

CVEO1.6%

-8,600(-8%)

KRP1.6%

-5,800(-3%)

Exited

PLAB

-80,200

NOTV 3.25 10/15/27

-1,000,000

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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