NCG Micro Cap Growth Strategy

Investor Summary

Next Century Growth Investors was founded in November 1998 by Tom Press and features a team of five portfolio managers with over 100 years of combined experience. The leadership includes Tom Press (Chairman, 42 years experience, MBA University of St. Thomas), Bob Scott (CEO since 2026, Harvard graduate), Peter Capouch (President since 2021, Harvard graduate), Kaj Doerring (Partner since 2009, 28 years experience), and Tom Dignard (Partner since 2019, Yale graduate). The firm prides itself on having no portfolio manager turnover in its history, attributable to company culture and investment process. Supporting team includes experienced professionals in compliance, trading, and institutional sales with decades of combined experience.

Fund Strategy

NCG seeks to generate long-term capital appreciation by investing in the fastest-growing and highest-quality companies in the US micro cap growth universe. The firm believes the market inefficiently values high-quality companies with long-term growth opportunities. Their investment approach emphasizes bottom-up fundamental research, targeting companies with potential revenue growth exceeding 15% annually. A key distinguishing aspect is their sell discipline, admitting quickly when wrong and selling impacted stocks. The team operates under a flat structure where each portfolio manager has equal responsibility for holdings, with collaborative decision-making. They maintain 40-60 holdings with specific risk controls including position limits and sector weight constraints.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
16.81%	0.04%	0.04%

Executive Summary

NCG's Micro Cap Growth strategy returned 0.04% in 1Q26, outperforming the Russell Microcap Growth Index which declined 4.24%. The portfolio benefited from exposure to AI infrastructure including semiconductors and optical components, aerospace and defense holdings supported by elevated global spending, and critical minerals positions that benefited from supply-demand imbalances. These gains were partially offset by healthcare weakness despite decent earnings results. The manager added 12 new positions across healthcare, technology, industrials, and consumer sectors while selling 14 positions to zero. Looking ahead, the firm believes conditions remain favorable for continued market broadening as small cap earnings growth turned positive in 2025 and is expected to accelerate in 2026. Small caps continue to trade at attractive valuations relative to large caps and historically benefit during Fed rate-cutting cycles. The strategy maintains its focus on high-quality growth businesses with durable competitive advantages and strong balance sheets.

Forward Outlook

The investment environment presents a mix of near-term uncertainties and longer-term opportunities. Conditions remain favorable for continued market broadening in both small cap and large cap stocks. Small cap stocks continue to trade at attractive valuations relative to large caps and the fundamental backdrop is improving.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 22 2026	2026 Q1	-	AI, defense, growth, healthcare, industrials, Micro-Cap, small caps, technology	-	NCG's Micro Cap strategy outperformed in 1Q26 driven by AI infrastructure, defense, and critical minerals exposure. The firm added 12 new positions while maintaining focus on high-quality growth businesses. Small cap fundamentals are improving with positive earnings growth expected to accelerate in 2026, supported by attractive valuations and Fed easing.
Jan 21 2026	2025 Q4	AAOI, AGX, AII.TO, ALKT, AMPX, AMSC, ATEC, AVPT, AXGN, BLND, INOD, INTA, PHAT, PL, PSNL, TATT, TCMD, UAMY, UTI	active management, Biotechnology, growth, Microcap, Quality, small caps, underperformance	-	NCG's Micro Cap strategy underperformed in 2025 due to market preference for low-quality biotech and speculative stocks over their quality-focused holdings. Despite near-term headwinds, the firm sees improving small cap fundamentals with positive earnings growth, Fed support, and attractive valuations. They remain committed to investing in high-quality growth companies for long-term outperformance.
Oct 24 2025	2025 Q3	ADMA, ADPT, AEHR, AMPX, AMSC, AORT, APLD, ATRO, BRCF, CCB, CDNA, EVLV, FEIM, KEST, LEU, LMB, OPRX, PAR, PGY, PI, PKE, PL, PRCH, WULF, XMTR, ZETA	AI, defense, growth, Micro Cap, nuclear, Onshoring, small cap	ATRO	NCG's Micro Cap Growth strategy underperformed in 3Q25 as speculative areas like nuclear energy, critical minerals, and defense drove index returns. The firm maintained discipline, avoiding low-quality companies while adding positions in technology, healthcare, and industrials. With Fed rate cuts, pro-growth policies, and improving small cap earnings outlook, NCG expects their quality-focused approach to outperform over time.
Aug 7 2025	2025 Q2	OWLT, SIBN, SITM, SPRY, STRL, TITN, TMDX	growth, healthcare, infrastructure, Micro Cap, small cap, technology, Trade Policy, valuation	-	NCG's micro cap strategy returned 18.00% in 2Q25 despite initial tariff-related volatility. The firm maintains conviction in high-quality growth companies, particularly benefiting from infrastructure spending trends and attractive small cap valuations. With small caps trading at historically cheap levels relative to large caps and pro-growth policies emerging, NCG sees significant opportunities ahead for their research-driven investment approach.
Mar 31 2025	2025 Q1	ACVA, AGX, AGYS, ALHC, ALKT, ARQ, ATRO, CSTL, CVLG, DAVA, DCBO, FLYW, FROG, GDYN, HROW, IRTC, MRTN, NEO, OLO, PAL, PDFS, PYCR, SDHC, SMWB, TNDM	growth, healthcare, Micro Cap, small caps, technology, valuation	-	NCG's micro cap strategy outperformed in a challenging Q1, declining 14.75% versus benchmark's 17.74% drop. Political uncertainty around Trump administration policies created market volatility, but the firm sees opportunities in attractive small cap valuations and potential Fed support. They maintain overweight technology positioning and focus on high-quality growth companies through disciplined bottom-up research.
Dec 31 2023	2023 Q4	ACVA, ALKT, AUGX, CCS, CSTL, DCBO, ENFN, FWRG, PDFS, SEMR, TNDM, VCYT	Fed Pivot, growth, healthcare, Microcap, Quality, small caps, technology	TNDM CSTL DCBO ACVA AUGX FWRG CCCS ALKT SEMR PDFS VCYT ENFN	NCG's Micro Cap Growth strategy delivered 10.15% returns in 2023, slightly outperforming its benchmark despite healthcare headwinds from GLP-1 concerns. The Fed's dovish pivot sparked a Q4 rally that favored low-quality names over the manager's high-quality growth focus. Active portfolio management continued with twelve new positions added, positioning for long-term compounding through disciplined stock selection.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 22 2026

2026 Q1

AI, defense, growth, healthcare, industrials, Micro-Cap, small caps, technology

NCG's Micro Cap strategy outperformed in 1Q26 driven by AI infrastructure, defense, and critical minerals exposure. The firm added 12 new positions while maintaining focus on high-quality growth businesses. Small cap fundamentals are improving with positive earnings growth expected to accelerate in 2026, supported by attractive valuations and Fed easing.

Jan 21 2026

2025 Q4

AAOI, AGX, AII.TO, ALKT, AMPX, AMSC, ATEC, AVPT, AXGN, BLND, INOD, INTA, PHAT, PL, PSNL, TATT, TCMD, UAMY, UTI

active management, Biotechnology, growth, Microcap, Quality, small caps, underperformance

NCG's Micro Cap strategy underperformed in 2025 due to market preference for low-quality biotech and speculative stocks over their quality-focused holdings. Despite near-term headwinds, the firm sees improving small cap fundamentals with positive earnings growth, Fed support, and attractive valuations. They remain committed to investing in high-quality growth companies for long-term outperformance.

Oct 24 2025

2025 Q3

ADMA, ADPT, AEHR, AMPX, AMSC, AORT, APLD, ATRO, BRCF, CCB, CDNA, EVLV, FEIM, KEST, LEU, LMB, OPRX, PAR, PGY, PI, PKE, PL, PRCH, WULF, XMTR, ZETA

AI, defense, growth, Micro Cap, nuclear, Onshoring, small cap

ATRO

NCG's Micro Cap Growth strategy underperformed in 3Q25 as speculative areas like nuclear energy, critical minerals, and defense drove index returns. The firm maintained discipline, avoiding low-quality companies while adding positions in technology, healthcare, and industrials. With Fed rate cuts, pro-growth policies, and improving small cap earnings outlook, NCG expects their quality-focused approach to outperform over time.

Aug 7 2025

2025 Q2

OWLT, SIBN, SITM, SPRY, STRL, TITN, TMDX

growth, healthcare, infrastructure, Micro Cap, small cap, technology, Trade Policy, valuation

NCG's micro cap strategy returned 18.00% in 2Q25 despite initial tariff-related volatility. The firm maintains conviction in high-quality growth companies, particularly benefiting from infrastructure spending trends and attractive small cap valuations. With small caps trading at historically cheap levels relative to large caps and pro-growth policies emerging, NCG sees significant opportunities ahead for their research-driven investment approach.

Mar 31 2025

2025 Q1

ACVA, AGX, AGYS, ALHC, ALKT, ARQ, ATRO, CSTL, CVLG, DAVA, DCBO, FLYW, FROG, GDYN, HROW, IRTC, MRTN, NEO, OLO, PAL, PDFS, PYCR, SDHC, SMWB, TNDM

growth, healthcare, Micro Cap, small caps, technology, valuation

NCG's micro cap strategy outperformed in a challenging Q1, declining 14.75% versus benchmark's 17.74% drop. Political uncertainty around Trump administration policies created market volatility, but the firm sees opportunities in attractive small cap valuations and potential Fed support. They maintain overweight technology positioning and focus on high-quality growth companies through disciplined bottom-up research.

Dec 31 2023

2023 Q4

ACVA, ALKT, AUGX, CCS, CSTL, DCBO, ENFN, FWRG, PDFS, SEMR, TNDM, VCYT

Fed Pivot, growth, healthcare, Microcap, Quality, small caps, technology

TNDM
CSTL
DCBO
ACVA
AUGX
FWRG
CCCS
ALKT
SEMR
PDFS
VCYT
ENFN

NCG's Micro Cap Growth strategy delivered 10.15% returns in 2023, slightly outperforming its benchmark despite healthcare headwinds from GLP-1 concerns. The Fed's dovish pivot sparked a Q4 rally that favored low-quality names over the manager's high-quality growth focus. Active portfolio management continued with twelve new positions added, positioning for long-term compounding through disciplined stock selection.

QUARTER	THEMES	TAGS
2026 Q1	AI Investments tied to AI infrastructure including semiconductors, optical components, power buildout and site development performed well as spending on computing capacity, networking, and data-center build-outs remained robust. The portfolio includes holdings in test equipment, TCAD/EDA, and critical IT power suppliers.	Infrastructure Semiconductors Data Centers Computing Networking
	Defense Spending Aerospace and defense holdings contributed positively, supported by elevated global defense spending and growing order backlogs. The portfolio maintains exposure to this sector given continued strength.	Aerospace Defense Order Backlogs Global Spending
	Critical Minerals Basic materials performance was driven by critical minerals holdings that benefited from supply-demand imbalances and pricing resilience. The portfolio is underweight basic materials with companies in the rare/critical materials market.	Supply Demand Pricing Rare Materials Basic Materials
	Small Caps Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at attractive valuations relative to large caps and have historically been prime beneficiaries during rate-cutting cycles.	Earnings Growth Valuations Rate Cuts Outperformance
2025 Q4	AI Manager sees AI as driving significant growth across multiple portfolio holdings. Alphabet's AI monetization through Google Cloud and Gemini platform enhancements exceeded expectations. Applied Materials benefits from AI-related capacity buildout in advanced logic and high-bandwidth memory. Microsoft's Azure growth and Copilot adoption reinforces AI leadership despite elevated capital investment.	Cloud Infrastructure Monetization Training Inference
	Cloud Cloud infrastructure remains a key growth driver with Google Cloud growing over 30% year-over-year supported by rapid AI adoption. Microsoft Azure delivered 39% growth with strong remaining performance obligations providing multi-year revenue visibility. Manager views cloud as foundational to AI infrastructure buildout.	Infrastructure Growth AI Services
	Pharmaceuticals Eli Lilly was a top performer driven by its GLP-1 franchises Mounjaro and Zepbound, where sales more than doubled year-over-year. Manager believes Lilly remains one of the highest-quality growth franchises in global healthcare with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages.	GLP1 Diabetes Obesity Growth
	Semiconductors Applied Materials benefited from improving wafer-fab spending visibility with orders tied to AI-related capacity tracking ahead of plan. Manager believes AMAT is well positioned in the semiconductor capital equipment ecosystem, benefiting from structural increases in semiconductor intensity and AI infrastructure buildout.	Equipment AI Capacity Infrastructure
	Streaming Netflix was the portfolio's largest detractor following concerns around near-term subscriber growth and rising content spending. While revenue grew 10% year-over-year, management guided to slower net subscriber additions after price increases. The proposed Warner Bros. Discovery acquisition introduces integration and regulatory concerns.	Content Subscribers Competition M&A
2025 Q3	AI AI infrastructure buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. The infrastructure needed to support AI development is creating substantial near-term investment opportunities.	Infrastructure Technology Investment Growth Innovation
	Critical Minerals Critical mineral production is part of pro-growth policies being implemented by the new administration. This sector saw significant rallies in 3Q with material contribution to micro and small cap indices, though business fundamentals may not support elevated valuations.	Mining Policy Production Domestic Supply
	Nuclear Nuclear energy experienced significant rallies in 3Q and was among the speculative areas contributing materially to micro and small cap index performance. The sector is benefiting from renewed interest in clean energy infrastructure.	Energy Clean Power Infrastructure Generation
	Defense Defense and space sectors saw big gains and material contribution to micro and small cap indices in 3Q. Defense spending is part of the pro-growth policies being implemented by the administration, supporting growth across this sector.	Spending Space Government Policy Growth
	Onshoring Manufacturing re-shoring is a key component of the administration's pro-growth policies. This trend is expected to support growth across many sectors of the domestic economy as companies bring production back to the US.	Manufacturing Domestic Policy Production Economy
2025 Q2	Infrastructure Spending Strong forces driving increased infrastructure spending in the US have been gaining momentum for the past couple years and remain intact. The new administration is working to accelerate this trend and NCG is finding companies which are direct beneficiaries.	Infrastructure Government Construction Spending Policy
	Small Caps The rolling 10-year annualized return by small vs large stands at -7.3% and is the worst ever going back to 1926. The valuation of the small cap sector relative to large caps is in the 5th percentile historically, presenting opportunities.	Small Cap Valuation Relative Performance Opportunity Growth
	Trade Policy President Trump's Liberation Day tariff announcement on April 2nd created considerable concern for global markets due to the breadth of countries included, level of tariff rates imposed, and short implementation timeframe. However, the administration later put in place a 90-day pause on tariff implementation.	Tariffs Trade Policy Global Markets
2025 Q1	Growth NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on fundamental growth drivers of each holding and seek companies that can grow revenue and profits at strong rates in any economic environment.	Revenue Growth Earnings Growth Quality Fundamentals Long-term
	Small Caps The firm specializes in small cap growth investing across multiple strategies including micro cap, small cap, and SMID cap. They note that small cap growth stocks are trading at relative valuation levels not seen for many years, presenting potential opportunities.	Russell 2000 Micro Cap SMID Cap Valuation Relative Performance
2023 Q4	Healthcare Healthcare holdings drove much of the underperformance across all strategies in 2023, primarily due to investor perception that GLP-1 drug benefits will reduce medical interventions. Many healthcare companies began recovering in Q4 and the manager believes in long-term growth fundamentals.	Medical Devices Diagnostics Healthcare IT Biotechnology GLP1
	Technology The portfolio includes software companies focused on digital transformation, including learning management systems, online visibility management, and digital banking solutions. These companies are taking market share from legacy competitors with modern solutions.	SaaS Enterprise Software FinTech Software Digital Transformation Cloud
	Growth The investment philosophy emphasizes owning the fastest growing and highest quality companies in America that can grow revenue and profits at strong rates in any economic environment. The strategy focuses on bottom-up stock picking of high-quality growth companies.	Revenue Growth Quality Small Caps Fundamentals Compounding

QUARTER

THEMES

AI

Investments tied to AI infrastructure including semiconductors, optical components, power buildout and site development performed well as spending on computing capacity, networking, and data-center build-outs remained robust. The portfolio includes holdings in test equipment, TCAD/EDA, and critical IT power suppliers.

Infrastructure Semiconductors Data Centers Computing Networking

Defense Spending

Aerospace and defense holdings contributed positively, supported by elevated global defense spending and growing order backlogs. The portfolio maintains exposure to this sector given continued strength.

Aerospace Defense Order Backlogs Global Spending

Critical Minerals

Basic materials performance was driven by critical minerals holdings that benefited from supply-demand imbalances and pricing resilience. The portfolio is underweight basic materials with companies in the rare/critical materials market.

Supply Demand Pricing Rare Materials Basic Materials

Small Caps

Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at attractive valuations relative to large caps and have historically been prime beneficiaries during rate-cutting cycles.

Earnings Growth Valuations Rate Cuts Outperformance

2025 Q4

AI

Manager sees AI as driving significant growth across multiple portfolio holdings. Alphabet's AI monetization through Google Cloud and Gemini platform enhancements exceeded expectations. Applied Materials benefits from AI-related capacity buildout in advanced logic and high-bandwidth memory. Microsoft's Azure growth and Copilot adoption reinforces AI leadership despite elevated capital investment.

Cloud Infrastructure Monetization Training Inference

Cloud

Cloud infrastructure remains a key growth driver with Google Cloud growing over 30% year-over-year supported by rapid AI adoption. Microsoft Azure delivered 39% growth with strong remaining performance obligations providing multi-year revenue visibility. Manager views cloud as foundational to AI infrastructure buildout.

Infrastructure Growth AI Services

Pharmaceuticals

Eli Lilly was a top performer driven by its GLP-1 franchises Mounjaro and Zepbound, where sales more than doubled year-over-year. Manager believes Lilly remains one of the highest-quality growth franchises in global healthcare with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages.

GLP1 Diabetes Obesity Growth

Semiconductors

Applied Materials benefited from improving wafer-fab spending visibility with orders tied to AI-related capacity tracking ahead of plan. Manager believes AMAT is well positioned in the semiconductor capital equipment ecosystem, benefiting from structural increases in semiconductor intensity and AI infrastructure buildout.

Equipment AI Capacity Infrastructure

Streaming

Netflix was the portfolio's largest detractor following concerns around near-term subscriber growth and rising content spending. While revenue grew 10% year-over-year, management guided to slower net subscriber additions after price increases. The proposed Warner Bros. Discovery acquisition introduces integration and regulatory concerns.

Content Subscribers Competition M&A

2025 Q3

AI

AI infrastructure buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. The infrastructure needed to support AI development is creating substantial near-term investment opportunities.

Infrastructure Technology Investment Growth Innovation

Critical Minerals

Critical mineral production is part of pro-growth policies being implemented by the new administration. This sector saw significant rallies in 3Q with material contribution to micro and small cap indices, though business fundamentals may not support elevated valuations.

Mining Policy Production Domestic Supply

Nuclear

Nuclear energy experienced significant rallies in 3Q and was among the speculative areas contributing materially to micro and small cap index performance. The sector is benefiting from renewed interest in clean energy infrastructure.

Energy Clean Power Infrastructure Generation

Defense

Defense and space sectors saw big gains and material contribution to micro and small cap indices in 3Q. Defense spending is part of the pro-growth policies being implemented by the administration, supporting growth across this sector.

Spending Space Government Policy Growth

Onshoring

Manufacturing re-shoring is a key component of the administration's pro-growth policies. This trend is expected to support growth across many sectors of the domestic economy as companies bring production back to the US.

Manufacturing Domestic Policy Production Economy

2025 Q2

Infrastructure Spending

Strong forces driving increased infrastructure spending in the US have been gaining momentum for the past couple years and remain intact. The new administration is working to accelerate this trend and NCG is finding companies which are direct beneficiaries.

Infrastructure Government Construction Spending Policy

Small Caps

The rolling 10-year annualized return by small vs large stands at -7.3% and is the worst ever going back to 1926. The valuation of the small cap sector relative to large caps is in the 5th percentile historically, presenting opportunities.

Small Cap Valuation Relative Performance Opportunity Growth

Trade Policy

President Trump's Liberation Day tariff announcement on April 2nd created considerable concern for global markets due to the breadth of countries included, level of tariff rates imposed, and short implementation timeframe. However, the administration later put in place a 90-day pause on tariff implementation.

Tariffs Trade Policy Global Markets

2025 Q1

Growth

NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on fundamental growth drivers of each holding and seek companies that can grow revenue and profits at strong rates in any economic environment.

Revenue Growth Earnings Growth Quality Fundamentals Long-term

Small Caps

The firm specializes in small cap growth investing across multiple strategies including micro cap, small cap, and SMID cap. They note that small cap growth stocks are trading at relative valuation levels not seen for many years, presenting potential opportunities.

Russell 2000 Micro Cap SMID Cap Valuation Relative Performance

2023 Q4

Healthcare

Healthcare holdings drove much of the underperformance across all strategies in 2023, primarily due to investor perception that GLP-1 drug benefits will reduce medical interventions. Many healthcare companies began recovering in Q4 and the manager believes in long-term growth fundamentals.

Medical Devices Diagnostics Healthcare IT Biotechnology GLP1

Technology

The portfolio includes software companies focused on digital transformation, including learning management systems, online visibility management, and digital banking solutions. These companies are taking market share from legacy competitors with modern solutions.

SaaS Enterprise Software FinTech Software Digital Transformation Cloud

Growth

The investment philosophy emphasizes owning the fastest growing and highest quality companies in America that can grow revenue and profits at strong rates in any economic environment. The strategy focuses on bottom-up stock picking of high-quality growth companies.

Revenue Growth Quality Small Caps Fundamentals Compounding

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Oct 24, 2025	Fund Letters	Tom Press	ATRO	Astronics Corporation	Industrials	Aerospace & Defense	Bull	NASDAQ	Aerospace, backlog, Contracts, Defense, electronics, leverage, manufacturing, Margins, recovery, valuation	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	TNDM	Tandem Diabetes Care	Health Care Equipment & Services	Health Care Equipment	Bull	NASDAQ	Diabetes, Healthcare Technology, Insulin Pump, Medical devices, product innovation, turnaround	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	CSTL	Castle Bioscience	Health Care Equipment & Services	Life Sciences Tools & Services	Bull	NASDAQ	Cash Flow Breakeven, Medical Diagnostics, Oncology, Skin Cancer, Under-penetrated Market, volume growth	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	DCBO	Docebo	Information Technology	Software	Bull	NASDAQ	Enterprise software, Learning Management System, market share gains, platform, Revenue Growth, SaaS	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	ACVA	ACV Auctions	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	Digital Marketplace, market disruption, profitability inflection, Two-sided Platform, Used Vehicles, Wholesale Auctions	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	AUGX	Augmedix	Health Care Equipment & Services	Health Care Technology	Bull	NASDAQ	AI automation, Clinician Burnout, Healthcare Efficiency, Healthcare Technology, Medical Documentation, Remote Services	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	FWRG	First Watch Restaurant Group	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	Daytime dining, Fresh Ingredients, Geographic Expansion, Restaurant Chain, Service Quality, Unit economics	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	CCCS	Century Communities	Consumer Discretionary	Household Durables	Bull	NYSE	Demographics, Entry-level Housing, homebuilder, mortgage rates, return on equity, supply constraints	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	ALKT	Alkami Technology	Information Technology	Software	Bull	NASDAQ	cash flow positive, credit unions, digital banking, financial technology, market share gains, Modern Platform	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	SEMR	SEMrush	Information Technology	Software	Bull	NYSE	Customer Acquisition, digital commerce, Online Marketing, Product-led Growth, Visibility Management, Website Traffic	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	PDFS	PDF Solutions	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	Advanced Analytics, Process Efficiency, recurring revenue, semiconductors, supply chain, Technology Solutions	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	VCYT	Veracyte	Health Care Equipment & Services	Life Sciences Tools & Services	Bull	NASDAQ	Genomics, Medical Diagnostics, Molecular Testing, pipeline development, Prostate Cancer, Thyroid Cancer	Login
Dec 31, 2023	Fund Letters	NCG Micro Cap Growth Strategy	ENFN	Enfusion	Information Technology	Software	Bull	NYSE	Asset Management Software, Hedge funds, Legacy Disruption, Market expansion, Portfolio Management, turnaround	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Oct 24, 2025

Fund Letters

Tom Press

ATRO

Astronics Corporation

Industrials

Aerospace & Defense

Bull

NASDAQ

Aerospace, backlog, Contracts, Defense, electronics, leverage, manufacturing, Margins, recovery, valuation

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

TNDM

Tandem Diabetes Care

Health Care Equipment & Services

Health Care Equipment

Bull

NASDAQ

Diabetes, Healthcare Technology, Insulin Pump, Medical devices, product innovation, turnaround

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

CSTL

Castle Bioscience

Health Care Equipment & Services

Life Sciences Tools & Services

Bull

NASDAQ

Cash Flow Breakeven, Medical Diagnostics, Oncology, Skin Cancer, Under-penetrated Market, volume growth

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

DCBO

Docebo

Information Technology

Software

Bull

NASDAQ

Enterprise software, Learning Management System, market share gains, platform, Revenue Growth, SaaS

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

ACVA

ACV Auctions

Consumer Discretionary

Specialty Retail

Bull

NASDAQ

Digital Marketplace, market disruption, profitability inflection, Two-sided Platform, Used Vehicles, Wholesale Auctions

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

AUGX

Augmedix

Health Care Equipment & Services

Health Care Technology

Bull

NASDAQ

AI automation, Clinician Burnout, Healthcare Efficiency, Healthcare Technology, Medical Documentation, Remote Services

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

FWRG

First Watch Restaurant Group

Consumer Discretionary

Hotels, Restaurants & Leisure

Bull

NASDAQ

Daytime dining, Fresh Ingredients, Geographic Expansion, Restaurant Chain, Service Quality, Unit economics

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

CCCS

Century Communities

Consumer Discretionary

Household Durables

Bull

NYSE

Demographics, Entry-level Housing, homebuilder, mortgage rates, return on equity, supply constraints

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

ALKT

Alkami Technology

Information Technology

Software

Bull

NASDAQ

cash flow positive, credit unions, digital banking, financial technology, market share gains, Modern Platform

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

SEMR

SEMrush

Information Technology

Software

Bull

NYSE

Customer Acquisition, digital commerce, Online Marketing, Product-led Growth, Visibility Management, Website Traffic

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

PDFS

PDF Solutions

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

Advanced Analytics, Process Efficiency, recurring revenue, semiconductors, supply chain, Technology Solutions

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

VCYT

Veracyte

Health Care Equipment & Services

Life Sciences Tools & Services

Bull

NASDAQ

Genomics, Medical Diagnostics, Molecular Testing, pipeline development, Prostate Cancer, Thyroid Cancer

Dec 31, 2023

Fund Letters

NCG Micro Cap Growth Strategy

ENFN

Enfusion

Information Technology

Software

Bull

NYSE

Asset Management Software, Hedge funds, Legacy Disruption, Market expansion, Portfolio Management, turnaround

TICKER	COMMENTARY
No ticker commentary found.

TICKER

COMMENTARY

No ticker commentary found.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Defense Spending

Critical Minerals

Small Caps

AI

Cloud

Pharmaceuticals

Semiconductors

Streaming

AI

Critical Minerals

Nuclear

Defense

Onshoring

Infrastructure Spending

Small Caps

Trade Policy

Growth

Small Caps

Healthcare

Technology

Growth

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Tom Press Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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NCG Micro Cap Growth Strategy