Kent Lake Capital 13F annual report
Kent Lake Capital is an investment fund managing more than $182 million ran by Benjamin Natter. There are currently 47 companies in Mr. Natter’s portfolio. The largest investments include TransMedics and Upwork Inc, together worth $22.9 million.
$182 million Assets Under Management (AUM)
As of 8th August 2022, Kent Lake Capital’s top holding is 400,000 shares of TransMedics currently worth over $12.6 million and making up 6.9% of the portfolio value.
Relative to the number of outstanding shares of TransMedics, Kent Lake Capital owns more than approximately 0.1% of the company.
In addition, the fund holds 500,000 shares of Upwork Inc worth $10.3 million, whose value fell 27.9% in the past six months.
The third-largest holding is eGain Corp worth $9.33 million and the next is Franchise worth $8.8 million, with 250,900 shares owned.
Currently, Kent Lake Capital's portfolio is worth at least $182 million. The total portfolio value may be much higher due to cash
assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.
Careers at Kent Lake Capital
The Kent Lake Capital office and employees reside in Reno, Nevada. According to the last 13-F report filed with the SEC, Benjamin Natter serves as the Managing Member at Kent Lake Capital.
Recent trades
In the most recent 13F filing, Kent Lake Capital revealed that it had opened a new position in
TransMedics and bought 400,000 shares worth $12.6 million.
This means they effectively own approximately 0.1% of the company.
TransMedics makes up
24.6%
of the fund's Health Care sector allocation and has decreased its share price by approximately 0.1% in the past year.
The investment fund also strengthened its position in Upwork Inc by buying
85,000 additional shares.
This makes their stake in Upwork Inc total 500,000 shares worth $10.3 million.
Upwork Inc dropped approximately 0.1% in the past year.
On the other hand, there are companies that Kent Lake Capital is getting rid of from its portfolio.
Kent Lake Capital closed its position in Vericel Corp on 15th August 2022.
It sold the previously owned 227,389 shares for $8.94 million.
Benjamin Natter also disclosed a decreased stake in Franchise by approximately 0.1%.
This leaves the value of the investment at $8.8 million and 250,900 shares.
One of the smallest hedge funds
The two most similar investment funds to Kent Lake Capital are Platform Technology Partners and Hollow Brook Wealth Management. They manage $182 million and $182 million respectively.
Benjamin Natter investment strategy
Kent Lake Capital’s portfolio is diversified across 9 sectors.
Currently, their heaviest sector is Health Care — making up 28.1% of
the total portfolio value.
The fund focuses on investments in the United States as
59.6% of the portfolio companies
are based in the United States.
The majority of the companies in the fund’s portfolio are small-cap stocks.
Stocks with a size of more than $100 million in market cap make up
4% of the total holdings value.
On the other hand, large-cap stocks make up only approximately 0.1% of the portfolio.
The average market cap of the portfolio companies is close to $1.46 billion.
The complete list of Kent Lake Capital trades based on 13F SEC filings
These positions were updated on August 15th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.
| Security | Shares Owned | Value | Allocation |
|---|---|---|---|
| TransMedics Group, Inc. |
Opened
400,000
|
$12,580,000 | 6.92% |
| Upwork Inc |
20.48%
500,000
|
$10,340,000 | 5.69% |
| eGain Corp |
139.19%
956,778
|
$9,329,000 | 5.13% |
| Vericel Corp |
Closed
227,389
|
$8,936,000 | |
| Franchise Group, Inc. |
7.07%
250,900
|
$8,799,000 | 4.84% |
| XPEL Inc |
15.22%
190,000
|
$8,727,000 | 4.80% |
| Ensign Group Inc |
30.95%
110,000
|
$8,082,000 | 4.45% |
| DXP Enterprises, Inc. |
Opened
261,202
|
$8,001,000 | 4.40% |
| LHC Group Inc |
3.71%
50,000
|
$7,787,000 | 4.28% |
| Semler Scientific Inc |
1,566.67%
250,000
|
$7,045,000 | 3.88% |
| Apyx Medical Corporation |
Opened
1,200,000
|
$7,032,000 | 3.87% |
| Natus Med Inc Del |
Opened
200,000
|
$6,554,000 | 3.61% |
| Everi Holdings Inc |
1.25%
395,000
|
$6,442,000 | 3.54% |
| Sierra Wireless Inc |
Opened
265,000
|
$6,201,000 | 3.41% |
| Grand Canyon Ed Inc |
Closed
65,000
|
$5,571,000 | |
| QuidelOrtho Corporation |
Closed
40,000
|
$5,400,000 | |
| Amedisys Inc. |
Opened
50,000
|
$5,256,000 | 2.89% |
| AdaptHealth Corp. |
Closed
200,000
|
$4,892,000 | |
| Chegg Inc |
Opened
250,000
|
$4,695,000 | 2.58% |
| Altimeter Growth Corp. 2 |
No change
469,928
|
$4,633,000 | 2.55% |
| Addus HomeCare Corporation |
11.29%
55,000
|
$4,580,000 | 2.52% |
| NortonLifeLock Inc |
Closed
175,000
|
$4,547,000 | |
| Conduent Inc |
Opened
992,339
|
$4,287,000 | 2.36% |
| Goodyear Tire Rubr Co |
Closed
200,000
|
$4,264,000 | |
| Performant Finl Corp |
44.65%
1,620,100
|
$4,261,000 | 2.34% |
| Uber Technologies Inc |
Closed
100,000
|
$4,193,000 | |
| Progress Software Corp. |
11.76%
75,000
|
$3,398,000 | 1.87% |
| Target Hospitality Corp. |
Opened
577,748
|
$3,299,000 | 1.81% |
| Sportsmans Whse Hldgs Inc |
Closed
275,000
|
$3,245,000 | |
| Monarch Casino Resort Inc |
30.94%
55,251
|
$3,242,000 | 1.78% |
| 1stdibs Com Inc |
Closed
250,000
|
$3,128,000 | |
| Integer Hldgs Corp |
41.25%
44,064
|
$3,114,000 | 1.71% |
| Franklin Covey Co. |
Opened
63,532
|
$2,934,000 | 1.61% |
| A10 Networks Inc |
Opened
200,000
|
$2,876,000 | 1.58% |
| Rimini Str Inc Del |
Opened
447,564
|
$2,690,000 | 1.48% |
| Oxford Inds Inc |
Opened
30,000
|
$2,662,000 | 1.46% |
| Halozyme Therapeutics Inc. |
Closed
60,000
|
$2,413,000 | |
| DaVita Inc |
Closed
20,000
|
$2,275,000 | |
| Anika Therapeutics Inc. |
Opened
98,570
|
$2,200,000 | 1.21% |
| Cavco Inds Inc Del |
Closed
6,876
|
$2,184,000 | |
| Stereotaxis, Inc. |
Closed
350,000
|
$2,170,000 | |
| NeoGames S.A. |
Opened
150,000
|
$2,012,000 | 1.11% |
| Shutterstock Inc |
82.89%
35,000
|
$2,006,000 | 1.10% |
| International Mny Express In |
Closed
125,000
|
$1,995,000 | |
| The Odp Corp |
Closed
50,000
|
$1,964,000 | |
| InfuSystem Holdings Inc |
Opened
200,433
|
$1,930,000 | 1.06% |
| Bottomline Tech Del Inc |
Closed
33,328
|
$1,882,000 | |
| Select Energy Svcs Inc |
Opened
251,387
|
$1,714,000 | 0.94% |
| Tenneco, Inc. |
Closed
150,000
|
$1,695,000 | |
| Absolute Software Corporation |
Opened
190,800
|
$1,650,000 | 0.91% |
| Arlo Technologies Inc |
152.79%
252,788
|
$1,585,000 | 0.87% |
| EverQuote Inc |
Opened
148,840
|
$1,316,000 | 0.72% |
| North Amern Constr Group Ltd |
Opened
118,000
|
$1,303,000 | 0.72% |
| Truecar Inc |
Opened
467,680
|
$1,211,000 | 0.67% |
| Tremor Intl Ltd |
Opened
121,367
|
$1,053,000 | 0.58% |
| Forum Energy Technologies In |
Opened
51,550
|
$1,011,000 | 0.56% |
| Innovage Hldg Corp |
Closed
200,000
|
$1,000,000 | |
| Algoma Stl Group Inc |
Opened
100,000
|
$898,000 | 0.49% |
| Encompass Health Corp |
83.33%
15,000
|
$841,000 | 0.46% |
| CPI Card Group Inc |
Opened
36,398
|
$611,000 | 0.34% |
| Adma Biologics Inc |
Opened
271,119
|
$537,000 | 0.30% |
| Universal Technical Inst Inc |
Closed
50,000
|
$391,000 | |
| Delcath Sys Inc |
Opened
94,468
|
$377,000 | 0.21% |
| Oak Str Health Inc |
Opened
20,000
|
$329,000 | 0.18% |
| Enhabit, Inc. |
Opened
10,000
|
$230,000 | 0.13% |
| Laird Superfood, Inc. |
Opened
71,782
|
$137,000 | 0.08% |
| No transactions found | |||
| Showing first 500 out of 66 holdings | |||
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