Intrinsic Edge Capital Management LLC

The largest conviction add was Corning, which saw share count grow by 57% and dollar value rise by $18.4 million to become the portfolio's top holding at 5.2% of assets. That single increase accounts for more than half of the quarter's total gross additions and is the clearest signal in the filing: a material directional bet on a basic-materials-technology hybrid. Behind it, OSI Systems added $14.9 million on a 177% share increase, Microchip Technology added $8.5 million on a 141% share increase, and Constellation Energy added $7.5 million on a 160% share increase. Watsco, Granite Construction, Centuri Holdings, and WisdomTree also received meaningful additions. The pattern across these adds is tilted toward industrials, semiconductors, and energy infrastructure — names that benefit from domestic capex and reshoring themes without being pure AI plays.

On the exit side, Celestica was the largest cut at -$23.7 million, shedding 68% of its share count. Hut 8 followed at -$15.3 million (-52%), Alphatec at -$8.7 million, Openlane at -$4.6 million, and Miami International at -$3.6 million. The common thread among the exits is exposure to former high-momentum or speculative sleeves — crypto-adjacent miners, small-cap biotech, and turnaround industrials — that the manager appears to have rotated out of in favor of earning tangible capex-linked exposure.