NEXT CENTURY GROWTH INVESTORS LLC

Last quarter's Next Century Growth Investors book still had more of its risk in digital-infrastructure and a larger Astronics stake; Q1 2026's posture is different. Applied Digital (−46% shares) and TeraWulf (−41% shares) were aggressively cut, while Global-E Online shares nearly tripled (+177%, about $15.0 million of share flow) and Lincoln Educational Services was built another +32% to become the second-largest holding at 3.1%. Astronics remains #1 at 3.8% but only after a 26% share reduction (~$18.8 million flow out) — leadership by residual weight, not by buying. Nine full exits near the $20–23 million band (GeneDx, JFrog, Planet Labs, Coastal Financial, ADMA Biologics among them) fund nine new mid-cap growth tickets including Ligand, Ultra Clean, Heartflow, and Saia. AUM eased from about $1.44 billion to $1.38 billion across 112 names.