Trigran Investments, Inc.

Trigran manages concentrated, long‑only portfolios of publicly traded small‑capitalization stocks principally through private investment partnerships and a small number of separately managed accounts for private funds, family offices, institutions, and select high‑net‑worth individuals. Its client mix, while dominated by the Partnerships, also includes profit‑sharing and retirement plans and various trusts and estates, in addition to family office and HNW clients.

The firm follows a fundamentally focused, research‑intensive, buy‑and‑hold approach, typically concentrating assets in roughly ten or fewer “core” positions that it expects to hold for multiple years. Investment decisions rely on detailed financial statement analysis, forecasts of future cash flows, assessments of management and competitive position, and discretionary portfolio management that operates alongside performance‑based arrangements for the Partnerships.

Distinctive features include a long track record operating private partnerships (Trigran I since 1991 and Trigran II since 2005) combined with service to a limited set of separately managed accounts that atypically include pension/profit‑sharing plans and HNW individuals for a pooled‑vehicle manager. The firm’s willingness to maintain concentrated, potentially less‑diversified holdings, and to hold thinly traded or illiquid securities (and to employ derivatives and leverage within the Partnerships), differentiates its risk profile and operational considerations from many peers.