Trigran Investments, Inc. (“Trigran” or “we”) is an Illinois corporation that was formed in 1992.
Trigran manages concentrated long-only portfolios of publicly-traded, small-capitalization stocks for
private funds, high net worth individuals, family offices and institutions. We are a fundamentally-
focused, research-intensive investment management firm that employs a long-term oriented buy and
hold approach to investing. The owners of Trigran, through trusts, are Douglas Granat, Lawrence
Oberman, Steven Simon, Steven Monieson and Bradley Simon (collectively, the “Principals”).
Trigran provides discretionary investment advisory services to Trigran Investments, L.P. (“Trigran
I”), Trigran Investments, L.P. II (“Trigran II” and together with Trigran I, the “Partnerships”) and
the owners of a small number of separately managed accounts (“managed account clients”). Trigran
I began accepting investment capital on August 1, 1991 and Trigran II began accepting investment
capital on January 1, 2005. Trigran, together with its affiliate Trigran Holdings LLC (“Trigran
Holdings”), are the general partners of the Partnerships. Unless the context otherwise requires,
references herein to “clients” mean the Partnerships together with our managed account clients.
The Partnerships are private investment partnerships that seek to maximize total return for each of
their respective partners (the “Partners”) primarily through capital appreciation of their investments.
Trigran’s primary goal for the Partnerships is to produce long-term positive returns in excess of the
Russell 2000 Index. The investment strategy of the Partnerships is to invest in, hold, sell and trade
equity securities. The primary focus of the Partnerships is to invest in a small group of “buy and
hold” core positions that represent a significant portion of each Partnership’s assets. Historically,
these investments have been primarily in publicly-traded companies with total market capitalizations
of less than $5 billion, though the Partnerships do from time to time invest
in larger publicly-traded
companies as well. The Partnerships are also permitted to invest in a variety of assets besides
publicly-traded equities including bonds, notes, warrants, puts and calls, cash equivalents and other
securities and instruments. Each Partnership is managed in a substantially similar manner and we
expect their returns to continue to track closely over time.
The owners of our separately managed accounts are primarily sophisticated institutions and family
offices. The investment strategy of our separately managed accounts is memorialized in each
managed account client’s agreement with Trigran, but in nearly all instances the strategy is
substantially similar to the investment strategy of the Partnerships. Certain of our separately
managed accounts are also permitted to invest in a variety of assets besides publicly-traded equities
including bonds, mutual funds and other securities and instruments.
Trigran does not tailor its advisory services to the individual needs of the Partners of the
Partnerships. Restrictions on investing in certain types of securities, if any, are set forth in the
governing documents of the Partnerships (the “Offering Documents”). Except for a limitation on
private company investments, there are no limitations or restrictions on a Partnership’s investments
with respect to diversification or as to the types of securities which a Partnership is permitted to
hold, buy or sell. We have not entered into any side letters with any Partners. Certain of Trigran’s
managed account clients do have predetermined limitations and/or restrictions on the types or
quantities of securities that Trigran is authorized to purchase on their behalf, and we tailor our
services to satisfy those requirements in the manner set forth in our agreements with such managed
account clients.
Trigran does not participate in wrap fee programs.
As of December 31, 2023, Trigran managed approximately $1,143,000,000 of client assets on a
discretionary basis and none on a non-discretionary basis.