ESSEX INVESTMENT MANAGEMENT CO LLC

Heavy turnover in Essex Investment Management's $631.7 million, 305-position small-cap growth book comes with a caveat — two of the listed "new" and "sold" pairs are data artifacts, not trades: HCI Group appears as both an $8.9 million new position and an $11.3 million sold position under two different CUSIPs, and Argan Inc shows the identical pattern ($8.8 million new vs. $8.7 million sold) — both almost certainly CUSIP reissuances for companies Essex never actually exited. Set those aside, and the real rotation is eight genuine new names (Amprius Technologies, Cohu, Oceaneering International, Bioventus, Novocure, Arteris, ASML, and Syndax Pharmaceuticals) against eight genuine full exits (Beta Bionics, EverQuote, Universal Insurance Holdings, Xeris Biopharma, Salesforce, Pegasystems, Ocular Therapeutix, and AngioDynamics). The largest real trim was Tower Semiconductor, cut 40% in shares for a genuine $13.5 million reduction, still the portfolio's top holding at 3.2%.