| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 17.1% | -2.7% | -2.7% |
Minot Light Capital Partners delivered -2.7% net returns in Q1 2026 amid significant macro volatility including tariffs, AI disruption, and war with Iran. Despite challenging conditions, the managers express increased confidence in their strategy of investing in small and micro-cap companies with strong fundamentals at attractive valuations. The fund suffered from adverse sector rotation, with disproportionate exposure to healthcare, consumer, and idiosyncratic industrials that lagged dominant sectors like AI infrastructure, semiconductors, and defense. Key holdings include Bob's Discount Furniture, a furniture retailer with strong unit economics trading at attractive valuations despite housing market weakness, and ImmuCell, an animal health company with new management focused on growing its profitable First Defense franchise. The portfolio experienced volatility with names like Outset Medical and Owlet swinging between top contributors and detractors based on quarterly results. Three portfolio companies were acquired during the quarter with mixed results. The managers believe current sector rotations will eventually mean-revert, positioning the portfolio for strong future performance as out-of-favor stocks become market leaders.
Focus on small and micro-cap companies with strong business models, high returns on capital, and long runways for growth, purchased at attractive valuations during periods of volatility and sector dislocation.
The managers feel better about their underlying strategy and process, as well as the future prospects for their portfolio than ever before. They believe the volatility provides great long-term opportunities to buy excellent companies at attractive valuations. They expect sector rotations to eventually mean-revert, with stiff headwinds becoming strong tailwinds and once out-of-favor stocks becoming market leaders.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 29 2026 | 2026 Q1 | BOBS, FARM, HTLD, ICCC, IDXX, KIDS, LGCY, MCW, MMM, MXCT, NEOG, NRXS, OLPX, OM, OWLT, RAVE, TDUP | consumer, growth, healthcare, Micro-Cap, small caps, value, volatility |
BOBS ICCC |
Minot Light delivered -2.7% in Q1 2026 amid macro volatility and adverse sector rotation away from healthcare and consumer discretionary holdings. Despite near-term headwinds, managers express increased confidence in their small/micro-cap strategy, highlighting strong fundamentals in names like Bob's Discount Furniture and ImmuCell. They expect sector rotations to eventually mean-revert, creating strong tailwinds for current out-of-favor positions. |
| Jan 18 2026 | 2025 Q4 | ARQ, CBLL, CLPT, CURV, KRMD, LAKE, LUCD, MAMA, MRVI, NEOG, OM, OWLT, REAL, RXST, RZLT, SWAG, XOMA | Biotech, growth, momentum, Process, small caps, value, volatility |
XOMA RZLT ARQ OM |
Minot Light delivered solid 2025 returns while navigating unprecedented small-cap volatility. The managers embrace market inefficiencies created by momentum-driven trading, believing fundamental analysis provides significant alpha opportunities. They strengthened their process around downside protection and position sizing, positioning to capitalize on violent stock dislocations while building larger positions in de-risking growth stories. |
| Oct 19 2025 | 2025 Q3 | ARQ, CLPT, CURV, LGCY, LUCD, PAVM, QURE, REAL, SWAG | Beta-sliding, growth, healthcare, Micro-Cap, small caps, value |
REAL CLPT ARQ CURV LUCD SWAG |
Minot Light posted 7.6% net returns in Q3 but lagged benchmarks due to healthcare sector positioning in a momentum market. The fund is beta-sliding into undervalued opportunities while trimming winners near fair value. Strong gross performance since inception validates the process, with managers confident in long-term alpha generation despite near-term relative underperformance in small/micro-cap inefficiencies. |
| Jul 31 2025 | 2025 Q2 | ACOG, APG, ARQ, CURV, CWAN, CYRX, DERM, LAKE, LGCY, LMB, LQDT, MCW, NEOG, NPKI, OM, REAL, RXST, TDUP, TTGT, XPOF | alpha, dislocations, growth, liquidity, Microcap, small caps, value |
TDUP LGCY OM TDUP LGCY OM LAKE TTGT RXST CURV |
Minot Light Capital delivered 18.1% net returns in Q2 2025, outperforming benchmarks through micro-cap investing in companies below $100mm market cap. The fund capitalizes on technical dislocations and early-stage growth opportunities unavailable to larger investors, with winners including ThredUp and Legacy Education offset by challenges at Lakeland Industries and TechTarget. |
| Apr 30 2025 | 2025 Q1 | CYRX, DAVE, DERM, GRPN, MRVI, OM, REAL, RPID, TDUP, W | Biotechnology, consumer, growth, healthcare, Microcap, small caps, value, volatility | CYRX | Minot Light Capital lost 11.5% in Q1 2025 but outperformed microcap benchmarks in an extremely volatile environment. The fund remains fully invested in high-beta small/microcap growth stocks, focusing on secular growers, consolidators, consumer survivors, and discounted healthcare companies. Managers are increasingly bullish long-term, viewing current volatility as an opportunity to concentrate into best ideas at attractive valuations. |
| Dec 31 2024 | 2024 Q4 | BYON, CFR.SW, DERM, MYTE, REAL, TDUP, TMDX | Dermatology, E-Commerce, growth, Luxury, Microcap, small caps, Specialty Pharma, value |
MYTE DERM |
Minot Light Capital's inaugural quarter delivered 5.2% net returns versus 2.4% for the S&P 500, validating their small/microcap strategy. The diversified 100+ position portfolio targets overlooked companies with 115-120% projected upside and 30% downside. Key holdings include luxury marketplace MyTheresa following its YOOX acquisition and specialty pharma Journey Medical with newly approved Rosacea treatment launching in 2025. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Small CapsFund focuses exclusively on small and micro-cap opportunities, believing this volatility provides great long-term opportunities to buy excellent companies at attractive valuations. The managers view the current environment as ideal for building muscle memory around capital preservation while positioning to capitalize on future dislocations. |
Small Cap Micro Cap Volatility Dislocations Value |
HealthcareFund has disproportionate exposure to healthcare sector, which has been a headwind due to sector rotation. However, they highlight strong performers like Legacy Education benefiting from healthcare worker shortages and medical device companies like Neuraxis gaining from industry guidelines and reimbursement progress. |
Healthcare Medical Devices Biotech Sector Rotation | |
ConsumerConsumer discretionary has been challenging due to war-related sector rotation and concerns about rising interest rates impacting the US consumer. The fund owns Bob's Discount Furniture as an example of a strong business model in an out-of-favor sector, positioned to gain market share during downturns. |
Consumer Discretionary Retail Interest Rates Market Share | |
| 2025 Q4 |
Small CapsThe fund focuses exclusively on small and micro-cap investing, believing there is compelling opportunity for meaningful long-term capital appreciation in this space. They view their process as sound, sustainable, and scalable for generating alpha in small/micro-cap markets. |
Small Cap Micro Cap Alpha Generation |
VolatilityThe managers describe unprecedented volatility in small/micro-cap space that creates both great opportunities and serious risks. They embrace this volatility as it allows buying below fair value and selling above, but note it can lead to violent declines that breach traditional valuation support levels. |
Market Volatility Price Discovery Risk Management | |
MomentumThe fund believes momentum as a factor has become over-owned, with too many investors avoiding declining stocks. They see taking the other side of downward momentum as extremely profitable, provided proper positioning to ride through volatility. |
Momentum Factor Contrarian Investing Factor Investing | |
ValueTraditional valuation metrics and multiple bands are less reliable as downside support in current markets. The fund is adapting by requiring greater stringency around secondary lines of defense like cash, liquidation value, and minimal debt when buying out-of-favor stocks. |
Valuation Metrics Downside Protection Value Investing | |
| 2025 Q3 |
HealthcareThe fund is heavily positioned in out-of-favor healthcare stocks with strong business models, high growth potential, and substantial embedded optionality. ClearPoint Neuro provides hardware and consumables for precise drug delivery to brain and spine, particularly for cell and gene therapies. Lucid Diagnostics markets an FDA-approved DNA test for early detection of esophageal precancer with multi-billion dollar market opportunity pending Medicare reimbursement approval. |
Biotechnology Medical Devices Diagnostics Gene Therapy Healthcare IT |
E-commerceThe RealReal is positioned as the leader in online consignment of second-hand luxury goods, capitalizing on secular growth trends within the expanding resale and circular economy. The company benefits from network effects with 1M+ active buyers and proprietary AI tools like Athena for authentication and item processing. Strong operating leverage demonstrated with 42.5% incremental EBITDA margin on 14% revenue growth. |
Marketplaces Luxury AI Circular Economy | |
WaterArq is the only domestic activated carbon producer with fully vertically integrated supply chain, well-positioned for GAC market growth driven by EPA PFAS regulations in municipal drinking water. The company expects GAC demand could increase 3-5x for the water market as institutions prepare for regulatory compliance, with minimal new capacity entering the market due to long lead times. |
Water Treatment Environmental Services Regulatory Compliance | |
Small CapsThe fund focuses exclusively on small and micro-cap stocks where the managers believe their process can generate significant alpha in highly inefficient market segments. The strategy involves finding overlooked opportunities with strong competitive advantages and sustainable growth profiles, often in companies transitioning from micro-cap to small-cap sweet spot as they gain institutional recognition. |
MicroCap Value Growth Market Inefficiency | |
| 2025 Q2 |
Small CapsThe fund focuses exclusively on small and micro-cap companies, targeting market capitalizations well below $100mm and in some cases below $50mm and $25mm. This represents an area where the vast majority of institutional small-cap investors are either unable or unwilling to explore. The strategy seeks to capitalize on inefficiencies in the most illiquid segment of the domestic public equity markets. |
MicroCap SmallCap Liquidity Inefficiencies Alpha |
GrowthThe fund seeks emerging high-growth companies at their earliest possible stage and builds a roster of longer-term core growth holdings with attractive business models. The strategy focuses on finding growth at the absolute earliest possible stage for publicly-traded companies, where the highest potential return is achieved when right on a long-duration growth story. |
Growth Emerging Long-duration Business Models Returns | |
ValueThe fund holds names with reasonably good business models that have experienced violent declines due to one-off issues and lack of liquidity. The strategy looks for true dislocations that drive stock prices significantly below assessment of intrinsic value, not just small pullbacks but liquidity-based violent dislocations. |
Value Dislocations Intrinsic Value Pullbacks Liquidity | |
| 2025 Q1 |
Small CapsThe fund focuses on small and microcap growth stocks with high-beta characteristics. Market corrections provide opportunities to purchase premier growers at reasonable valuations when they become expensive during benign environments. |
Growth Microcap High-beta Volatility Secular |
BiotechnologyThe fund has been accumulating small-cap healthcare and life sciences companies in this out-of-favor sector. Despite legitimate concerns about biotech capital markets downturn and funding issues, much of this is discounted in valuations. |
Life Sciences Biotech Healthcare Capital Markets Funding | |
E-commerceThe fund owns high-growth consumer companies that can survive and gain market share during downturns. These consumer survivors/thrivers are positioned to benefit from consolidation as smaller competitors may lack financial wherewithal. |
Consumer Market Share Consolidation Recession Survivors | |
| 2024 Q4 |
LuxuryThe fund's largest holding MyTheresa operates in the high-end luxury fashion space and recently acquired YOOX NET-A-PORTER from Richemont. The transaction creates substantial synergies and establishes MyTheresa as a leading curated digital platform for luxury fashion. Management expects the combined legacy MYTE and Mr. Porter brands to generate around $2.2 billion in revenues in 2025. |
Luxury Fashion Digital Marketplace Synergies |
E-commerceThree of the quarter's biggest contributors were online marketplaces: The RealReal focused on second-hand luxury, ThredUp focused on second-hand apparel, and MyTheresa focused on brand-name luxury. These platforms represent different approaches to digital commerce with varying long-term performance drivers despite some correlation due to online retail sentiment. |
Marketplaces Digital Online Retail Commerce | |
Specialty PharmaJourney Medical represents the fund's third largest position in the specialty pharmaceutical space focused on dermatology. The company received FDA approval for Emrosi for Rosacea treatment, which demonstrated superiority over the current standard of care Oracea. Management expects this product launch to drive massive increases in earnings and free cash flow beginning in the second half of 2025. |
Dermatology FDA Approval Rosacea Commercial | |
Small CapsThe fund's small asset base provides competitive advantages in the small and microcap space, allowing investment in names below $100 million, $50 million, and even $25 million market capitalization. The manager notes that micro and nano-cap stocks have actually muted near-term downside volatility because many are not in major indices and don't move as much on index-driven sell-offs. |
Microcap Liquidity Volatility Index Diversification |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 29, 2026 | Fund Letters | Minot Light Capital Partners | BOBS | Bob's Discount Furniture | Specialty Retail | Specialty Retail | Bull | NASDAQ | Consumer Discretionary, contrarian, furniture retailer, housing market, IPO, market share gains, strong balance sheet, Unit growth | Login |
| Apr 29, 2026 | Fund Letters | Minot Light Capital Partners | ICCC | ImmuCell | Biotechnology | Pharmaceuticals | Bull | NASDAQ | Animal Health, capacity expansion, Corporate Governance, Management Change, market share gains, Micro-cap, turnaround, Veterinary Products | Login |
| Jan 18, 2026 | Fund Letters | Eddie Reilly | ARQ | Arq, Inc. | Industrials | Chemicals | Bear | NASDAQ | Balance_Sheet, Capacity, cashflow, Delays, Executionrisk | Login |
| Jan 18, 2026 | Fund Letters | Eddie Reilly | OM | Outset Medical, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Medical devices, Netcash, recurring revenue, Tax-loss, turnaround | Login |
| Jan 18, 2026 | Fund Letters | Eddie Reilly | XOMA | XOMA Royalty Corporation | Health Care | Biotechnology | Bull | NASDAQ | Biotech, Optionality, platform, royalties, Volatility | Login |
| Jan 18, 2026 | Fund Letters | Eddie Reilly | RZLT | Rezolute, Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, Dislocation, Netcash, pipeline, Rebound | Login |
| Oct 19, 2025 | Fund Letters | Eddie Reilly | CURV | Torrid Holdings Inc. | Consumer Discretionary | Apparel Retail | Bull | NYSE | Apparel, deleveraging, Free Cash Flow, Margins, Omnichannel, Store-closures, tariffs | Login |
| Oct 19, 2025 | Fund Letters | Eddie Reilly | LUCD | Lucid Diagnostics Inc. | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Catalysts, Clinical-utility, diagnostics, Dilution, Governance, Reimbursement, TAM | Login |
| Oct 19, 2025 | Fund Letters | Eddie Reilly | SWAG | Stran & Company, Inc. | Communication Services | Specialty Business Services | Bull | NASDAQ | Acquisitions, FCF, Integration, Ncav, Pricing, Promotional-products, scale | Login |
| Oct 19, 2025 | Fund Letters | Eddie Reilly | REAL | The RealReal, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, Authentication, Consignors, network effects, operating leverage, profitability, Resale | Login |
| Oct 19, 2025 | Fund Letters | Eddie Reilly | CLPT | ClearPoint Neuro, Inc. | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Cell and gene therapy, Disposables, Installed base, Neurosurgery, pipeline, Reimbursement, switching costs | Login |
| Oct 19, 2025 | Fund Letters | Eddie Reilly | ARQ | Arq, Inc. | Industrials | Specialty Chemicals | Bull | NASDAQ | Activated-carbon, Capacity, Margins, Pfas, Pricing, Ramp, vertical integration | Login |
| Jul 31, 2025 | Fund Letters | Eddie Reilly | TDUP | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Apparel, Logistics, Margins, Resale, scale, Sustainability | Login |
| Jul 31, 2025 | Fund Letters | Eddie Reilly | LGCY | Legacy Education Alliance, Inc. | Consumer Discretionary | Diversified Consumer Services | Bull | Dubai Financial Market | Demand, Education, Margins, restructuring, Scalability, turnaround | Login |
| Jul 31, 2025 | Fund Letters | Eddie Reilly | OM | Outset Medical, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Adoption, Consumables, Devices, Dialysis, innovation, Reimbursement | Login |
| Jul 1, 2025 | Fund Letters | Minot Light Capital Partners | TDUP | ThredUp Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Artificial Intelligence, e-commerce, Free Cash Flow, Micro-cap, online marketplace, Secondhand Clothing, Technical Dislocation, turnaround | Login |
| Jul 1, 2025 | Fund Letters | Minot Light Capital Partners | LGCY | Legacy Education Alliance Inc | Consumer Discretionary | Diversified Consumer Services | Bull | NASDAQ | Campus Expansion, For-Profit Education, growth, Healthcare education, Healthcare Workers, Regulatory Moat, small-cap, Supply Demand Gap | Login |
| Jul 1, 2025 | Fund Letters | Minot Light Capital Partners | RXST | RxSight Inc | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Cataract Surgery, international expansion, Light Adjustable Lenses, medical technology, net cash, Premium iols, Razor-Blade Model, strategic value | Login |
| Jul 1, 2025 | Fund Letters | Minot Light Capital Partners | OM | Outset Medical Inc | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Dialysis Equipment, healthcare, Home Healthcare, Medical devices, Micro-cap, recurring revenue, Reverse Stock Split, Technical Dislocation | Login |
| Jul 1, 2025 | Fund Letters | Minot Light Capital Partners | CURV | Torrid Holdings Inc | Consumer Discretionary | Specialty Retail | Bull | NYSE | Customer loyalty, deleveraging, margin expansion, Plus-sized Apparel, Private-label, Secondary Offering, Store Optimization, Technical Dislocation | Login |
| Jul 1, 2025 | Fund Letters | Minot Light Capital Partners | LAKE | Lakeland Industries Inc | Industrials | Textiles, Apparel & Luxury Goods | Bull | NASDAQ | CEO transition, Fire Protection, Industrial Safety, M&A strategy, margin expansion, Protective Clothing, Scale Building, turnaround | Login |
| Jul 1, 2025 | Fund Letters | Minot Light Capital Partners | TTGT | TechTarget Inc | Communication Services | Interactive Media & Services | Bear | NASDAQ | AI disruption, B2B Marketing, Capital Redeployment, cyclical downturn, exit strategy, Merger Integration, Technology Media, Thesis Breakdown | Login |
| Apr 1, 2025 | Fund Letters | Minot Light Capital Partners | CYRX | CryoPort | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, cell therapy, Cold Chain Logistics, gene therapy, high switching costs, life sciences, net cash, recurring revenue, supply chain, Temperature Control, Value | Login |
| Jan 1, 2025 | Fund Letters | Minot Light Capital Partners | MYTE | MyTheresa | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | European, fashion, Luxury E-commerce, M&A, marketplace, synergies, turnaround | Login |
| Jan 1, 2025 | Fund Letters | Minot Light Capital Partners | DERM | Journey Medical | Health Care | Pharmaceuticals | Bull | NASDAQ | Commercial Infrastructure, dermatology, FDA approval, Market Share Gain, product launch, rosacea treatment, Specialty pharma | Login |
| TICKER | COMMENTARY |
|---|---|
| BOBS | Bob's Discount Furniture is an everyday low-price furniture retailer that recently IPO'd at $17.00/share and peaked soon after at around $22.50/share. Since then, it has gone straight down to $10.85/share as we write this letter. Even though the housing market has been very weak for several years now, Bob's has demonstrated top-tier metrics relative to the broader retail universe. The company has consistently produced 2-year cash-on-cash returns on new store openings, which is an outstanding incremental return on capital for any growth company. Bob's also has a long runway to create shareholder value by deploying this high-returning capital for years to come, as it is projected to grow new units 10% annually over the next decade. We don't see Bob's falling much below $9.00/share in a downside scenario based on a projected double-digit free cash yield in a maintenance scenario. Intermediate-term upside takes us close to $30.00/share in the next 3-5 years and potentially beyond that as the store base doubles. |
| ICCC | ImmuCell is a $65mm market cap animal health company whose core franchise is the First Defense line of products, which protect newborn calves against scours, a leading cause of death for young calves. Until the past few quarters, the profitability of First Defense was hidden by legacy ImmuCell investing heavily over the past decade in an attempt to bring a product called Re-Tain to market. New management immediately made the decision to discontinue all spending on Re-Tain and focus their efforts solely on growing First Defense through investments in capacity expansion and sales & marketing. The stock now trades at $7.50/share. We don't see downside much below $6.00/share based on the value of First Defense to a strategic acquirer. We see intermediate-term upside to $15.00-$20.00/share with more upside possible over the longer-term if ImmuCell is able to evolve into a broad and profitable global animal health platform. |
| OM | Outset Medical was our biggest contributor this quarter and a top detractor last quarter. The stock fell to prices well below net cash on the balance sheet following a weak earnings report, despite a reasonably strong core business that is characterized by meaningful recurring revenues. This allowed us to buy more stock post-decline and we benefitted from the current rebound off depressed levels this quarter. |
| LGCY | Legacy Education continues to benefit from the long-term shortage of healthcare workers in the US and solid execution since their IPO. |
| NEOG | Neogen is a turnaround that is recovering from its disastrous merger with 3M's food safety business due to the actions of new management, non-core asset sales, de-leveraging, and advancement towards its end-state of a fantastic business model catering to a relatively non-cyclical end-market (food safety) with a highly recurring revenue base, 25%-30% EBITDA margins, and very high free cash conversion. We believe Neogen will eventually be viewed as one of the best small-cap business models in the entire market, which should lead to continued multiple expansion. |
| HTLD | Heartland Express remains poised to benefit from what we believe will be an impending trucking industry upcycle and presents a great risk/reward with downside anchored to liquidation value and a potential triple to the upside from here if the cycle plays out as expected. |
| NRXS | Neuraxis is an emerging growth medical device company at the earliest stages of commercialization that is currently benefitting from recent inclusion into industry guidelines and reimbursement progress. |
| MXCT | MaxCyte is a company with a manageable current burn rate, a leading position in ex-vivo gene editing equipment, and a series of current and hopefully future royalty streams associated with a number of drugs being developed with its equipment and consumables. Shares of MaxCyte fell below half of net cash on the balance sheet last quarter, which also assigned no value to its core business or future royalty cashflows. In turn, we have made it a top-five position for the fund. |
| OWLT | Owlet was our second largest contributor last quarter, as the stock price rose to reflect its long-term opportunity in the pediatric health monitoring market, where it is the industry leader with a broadening platform of products, most notably a subscription product that has the opportunity to bring meaningful high-margin recurring revenues to the company. Wall Street expectations rose as the stock appreciated and its quarter was viewed as a disappointment, leading to what we view as a gigantic overreaction to quarterly results with the stock falling over 60% from peak to trough last quarter following earnings. Much like we did with Outset Medical after its overreaction to quarterly earnings, we bought more shares of Owlet and remain shareholders of the company. |
| TDUP | ThredUp is a former leading gainer that became a detractor after large-stock runs and quarterly results that disappointed the Street, which we fully expect to be a leading gainer again. |
| KIDS | Orthopediatrics is a top 10 name in our portfolio and is a large detractor simply due to its relative size and normal volatility. |
| RAVE | Rave Restaurant Group is a top 10 name in our portfolio and is a large detractor simply due to its relative size and normal volatility. |
| OLPX | Olaplex was acquired at about a 50% premium, which was reasonable, though still somewhat below what we thought the company could be worth over the longer-term. |
| MCW | Mister Car Wash was disappointing, as it was acquired at a less than 20% premium and well below what we thought the company was worth. Unfortunately, the company was acquired by its main private equity sponsor that took the company public several years ago and still owned a large percentage of its shares outstanding. |
| FARM | I won't get into all the details of the Farmer Brothers take-under, which we view as an egregious disservice to public shareholders. However, suffice to say, it was a strong reminder that bad things can happen in small and micro-cap land when neither the board nor management owns any meaningful stock and are not aligned with public shareholders. |
| IDXX | Both the new CEO and new CFO come from Idexx Laboratories, which is one of the most highly respected animal health companies in the world that has created tremendous shareholder value over the years. Earlier in my career, I both owned shares of Idexx and had the opportunity to visit its headquarters in Maine. |
| MMM | Neogen is a turnaround that is recovering from its disastrous merger with 3M's food safety business due to the actions of new management, non-core asset sales, de-leveraging. |
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