Disciplined Growth 13F (2026 Q1): Concentrated, Contrarian Growth

Concentrated growth with a contrarian streak

Disciplined Growth Investors, a Minneapolis firm with a long-term, research-driven approach, runs a portfolio that looks nothing like a typical growth fund chasing the largest momentum names. Its 2026Q1 13F holds about $4.89 billion across just 61 positions, a genuinely concentrated book, and the holdings reveal a manager willing to take sizable, patient positions in technology and industrial growth companies that the broader market often overlooks or has soured on. This is growth investing of the high-conviction, long-horizon variety, where the manager backs its own analysis through stretches of volatility rather than following the crowd.

The top of the book is led by Plexus and Garmin, followed by Pure Storage, Expand Energy, and a notable 5.31% position in Viasat, the satellite-communications company that has been a battleground stock for years. Further down sit Coterra Energy, Arista Networks, Cognex, Akamai, and Semtech. The mix, electronics manufacturing, data storage, networking, satellite communications, machine vision, reflects a manager comfortable owning specialized technology and industrial businesses, including several that require patience and a contrarian temperament.

Sized for conviction

With 61 positions and the largest around 6.3%, Disciplined Growth concentrates far more than the typical diversified growth fund, but stops short of an extreme single-name wager. The top ten cluster between roughly 3.5% and 6.3%, meaningful weights that reflect real conviction in each name. That structure, concentrated but not reckless, is the signature of a manager that does deep work on a limited set of companies and is willing to hold them at sizes that matter. Owning Viasat at over 5%, for instance, is a deliberate, contrarian commitment to a company many investors have written off, the kind of position that only makes sense if the manager genuinely backs its long-term thesis.

A quarter of light pruning

The quarter's activity was restrained, consistent with a long-horizon approach. Disciplined Growth trimmed several positions modestly, Plexus, Expand Energy, Coterra, Arista, Cognex, and Akamai each by roughly 6% to 7% of shares, with a larger 21% cut to Semtech, while holding Garmin, Pure Storage, and Viasat essentially flat. The pattern, gentle, even trimming across many holdings with the core convictions left untouched, suggests routine rebalancing rather than any change in the underlying thesis. The manager is holding its highest-conviction names steady while taking a little off positions that have moved.

How to read a concentrated long-term growth book

A filing like Disciplined Growth's is most useful read as a set of high-conviction, long-term theses rather than a list of fast-moving trades. The concentration means each top holding genuinely matters to results, and the willingness to own out-of-favor names like Viasat at meaningful weight signals a manager that prizes its own research over market sentiment. For investors who follow concentrated growth managers for ideas, the value is in the conviction the position sizes reveal, especially the contrarian holdings, where a patient specialist may see something the market is missing. You can explore the full holdings, the position changes, and the longer history on the Disciplined Growth Investors filer page.