FORMULA GROWTH LTD

Lindblad Expeditions was a real, established 2.24%-of-book position for Formula Growth last quarter — this quarter, it's gone entirely, a $5.8 million full exit and the largest sell-side flow anywhere in this 137-position, $221.6 million book. Micron Technology, the fund's single largest holding both quarters, was also cut hard: shares down 34.4%, a real $3.7 million reduction, even as it remains the #1 position. ArcBest fell 62.9% (a real $3.1 million outflow, the steepest percentage cut). Nine more full exits followed, including Atlassian ($5.0 million) and Capri Holdings ($4.0 million). On the buy side, Fox Factory Holding more than doubled (+100.6%, a real $2.3 million purchase) and ten new positions joined, led by Nokia ($3.8 million) and Modine Manufacturing ($3.2 million).