Granahan Investment Management, LLC

The portfolio remains highly diversified with 93 total holdings. However, the firm executed a major rotation strategy this quarter. The "Activity Summary" reveals a zero count for unchanged positions, indicating that every single holding in the portfolio was either adjusted, exited, or initiated. The firm sold 19 positions and established 19 new ones, while actively increasing stakes in 12 names and reducing 19 others. This suggests a dynamic, actively managed investment style that is not hesitant to shift capital aggressively to align with changing market conditions or valuation targets.

2. Key Holdings

The portfolio is characterized by a high conviction in its top-tier assets, though the concentration has tightened slightly due to the overall AUM drop. The top 10 holdings account for approximately 38% of the total portfolio value.