AWM Investment Company, Inc.

Key Holdings

• Largest single holdings: AEHR ($47.18M, 6.24% of portfolio), 908 Devices ($45.55M, 6.02%), BlackSky ($39.88M, 5.27%), nLight/LASR ($34.66M, 4.58%) and Gilat ($31.22M, 4.13%). Combined, the top five represent ~26.2% of the portfolio.
• The top 10 (through Everspin at $19.80M) represent ~42.9% of assets, so the portfolio has meaningful concentration risk in its largest names.
• Holdings are predominantly small-cap and micro-cap companies (many single-digit share prices and large share counts) and several foreign domiciled / ADR-like names (e.g., MDxHealth — Belgium; Radcom, Arbe Robotics, Allot — Israel; Avadel — Ireland; REAX — Canada). This increases idiosyncratic and cross‑market risks (liquidity, reporting standards, FX).
• Notable thematic exposures within the top positions: semiconductors / equipment (AEHR, Everspin, nLight), space/defense and geospatial tech (BlackSky, Gilat), cloud / infrastructure / software (Backblaze, 908 Devices), and several small/early-stage healthcare and life‑sciences names (ASPI, SANUWAVE, MDxHealth).

Sector Allocation

• One headline feature: an unusually large "Unknown" sector bucket at $473.86M, or ~62.6% of the portfolio. This indicates that either many holdings are not mapped to standard GICS/sector categories in the 13F data (common for foreign ADRs, newly listed microcaps, or classification gaps) or the filer uses non-standard sector tagging. The Unknown bucket dominates the portfolio and complicates straightforward sector risk analysis.
• Explicit sector allocations reported: Healthcare $94.13M (12.4%), Technology $86.81M (11.5%), Financial Services $15.55M (2.1%), Consumer Cyclical $15.24M (2.0%), Consumer Defensive $9.97M (1.3%), Real Estate $9.69M (1.3%).
• Taking the explicit sectors alone, the portfolio leans toward Healthcare + Technology (~23.9% combined), but in reality many of the Unknown-line holdings likely also fall into tech, healthcare, communications or industrials when properly classified. The current reporting therefore understates concentration in typical risk buckets.