Home - Millrace Asset Group

Invest Boldly.
Manage Risk Wisely.

Millrace Asset Group is an investment management firm that invests in long-short and long-only U.S. growth equity strategies.

20 Years
Generating Alpha.

Long-Short and Long-Only Investing

Established in 2002, we have a long track record investing in smaller companies that are often neglected, in our opinion. The strategy combines bottom-up fundamental analysis with a culture that promotes agile decision making.

We source investment ideas from dynamic growth sectors of the U.S. economy, including Technology, Business Services, Health Care, Consumer and Industrials.

We Believe...

Skilled investments in smaller companies provide strong opportunity for alpha generation.

Sound fundamental analysis forms the foundation of every investment thesis.

Empowerment and accountability drive productivity.

Invest Boldly.

Millrace uses fundamental research to evaluate factors that may spark enhanced value.

Long Positions

Long positions are in often-neglected smaller companies that are poised — in our view — to experience an acceleration in company fundamentals. We strive to invest early in anticipation of the acceleration, while investor interest remains low.

Short Positions

Short positions focus on companies that we believe are experiencing decelerating fundamentals. In our opinion, such companies are unlikely to meet investor expectations, providing a compelling asymmetric risk-reward opportunity.

Our investment strategies have endured the test of time.

We invest substantially alongside our clients.

Manage Risk Wisely.

Our risk management and sell disciplines are designed to minimize the risk of significant drawdowns. We clearly define our exit strategies and adhere to security-level and portfolio-level limits.

Our culture promotes autonomy for investment professionals coupled with collaboration for overall portfolio construction.