Expect Equity LLC

Pikesville, MD · CIK 2007407 · 13F filing filed 2025-05-15

SEC-registered investment adviser since 2026 · limited liability company

Assets managed$167.2m
Staff7 · 4 in investment roles
Main clients (by assets)Private funds 100%
Private funds2 (2 hedge) · $167.2m gross assets
Form ADV · 2026-06-29SEC adviser record

Legal entityExpect Equity LLC (US)

Kindhedge funds, futures
Others nearbyPikesville, MD, Pittsburgh, PA, Burlingame, CA, Washington, DC

As an employer

Offices in1 country
Private fundshedge 4

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Pikesville, MD (main office)United States	United States
Pittsburgh, PA2 officesUnited States	United States	4
Burlingame, CA2 officesUnited States	United States	2
Washington, DC2 officesUnited States	United States	2

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$88.9m reported value -7.0% vs Q4 2024

47positions

31.8%in top 10

4 new 10 added 17 reduced 2 sold out vs Q4 2024

Holdings, Q1 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	COUSINS PPTYS INC COM NEW CUZ	CUZ	120,331	$3.5m4.00%	4.00%	Reduced -6.0k	-6,024 -4.8%
2	COLUMBIA BKG SYS INC COM COLB	COLB	127,065	$3.2m3.57%	3.57%	Reduced -15.5k	-15,490 -10.9%
3	VSE CORP COM VSEC	VSEC	23,485	$2.8m3.17%	3.17%	Reduced -300	-300 -1.3%
4	FIRST HORIZON CORPORATION COM FHN	FHN	143,586	$2.8m3.14%	3.14%	Reduced -21.4k	-21,439 -13.0%
5	HASBRO INC COM HAS	HAS	45,085	$2.8m3.12%	3.12%	Reduced -13.0k	-12,970 -22.3%
6	FLOWSERVE CORP COM FLS	FLS	56,719	$2.8m3.12%	3.12%	Reduced -7.2k	-7,231 -11.3%
7	WNS HLDGS LTD COM SHS WNS	WNS	42,780	$2.6m2.96%	2.96%	Reduced -9.1k	-9,100 -17.5%
8	LANTHEUS HLDGS INC COM LNTH	LNTH	26,624	$2.6m2.92%	2.92%	Added +1.7k	+1,700 6.8%
9	CORE & MAIN INC CL A CNM	CNM	53,500	$2.6m2.91%	2.91%	Unchanged
10	OSHKOSH CORP COM OSK	OSK	27,345	$2.6m2.90%	2.90%	Reduced -2.1k	-2,090 -7.1%
11	BEL FUSE INC CL B BELFB	BELFB	33,211	$2.5m2.80%	2.80%	Added +2.1k	+2,120 6.8%
12	CECO ENVIRONMENTAL CORP COM CECO	CECO	108,055	$2.5m2.77%	2.77%	Unchanged
13	TTM TECHNOLOGIES INC COM TTMI	TTMI	117,146	$2.4m2.70%	2.70%	Reduced -13.4k	-13,420 -10.3%
14	MKS INC. COM MKSI	MKSI	29,610	$2.4m2.67%	2.67%	Reduced -3.2k	-3,170 -9.7%
15	LSI INDS INC OHIO COM LYTS	LYTS	136,854	$2.3m2.62%	2.62%	Added +13.7k	+13,730 11.2%
16	LIMBACH HLDGS INC COM LMB	LMB	30,813	$2.3m2.58%	2.58%	Added +6.1k	+6,146 24.9%
17	LAMB WESTON HLDGS INC COM LW	LW	42,940	$2.3m2.58%	2.58%	Unchanged
18	COMMERCIAL METALS CO COM CMC	CMC	49,545	$2.3m2.57%	2.57%	Unchanged
19	OPTION CARE HEALTH INC COM NEW OPCH	OPCH	65,161	$2.3m2.56%	2.56%	Reduced -11.1k	-11,100 -14.6%
20	NOMAD FOODS LTD USD ORD SHS NOMD	NOMD	115,260	$2.3m2.55%	2.55%	Unchanged
21	HANOVER INS GROUP INC COM THG	THG	12,698	$2.2m2.49%	2.49%	Reduced -1.5k	-1,480 -10.4%
22	KEMPER CORP COM KMPR	KMPR	32,010	$2.1m2.41%	2.41%	Added +4.1k	+4,100 14.7%
23	INTEGRA LIFESCIENCES HLDGS C COM NEW IART	IART	92,105	$2.0m2.28%	2.28%	Unchanged
24	GIBRALTAR INDS INC COM ROCK	ROCK	32,242	$1.9m2.13%	2.13%	Unchanged
25	MODINE MFG CO COM MOD	MOD	24,485	$1.9m2.11%	2.11%	Added +4.0k	+4,027 19.7%
26	LAKELAND INDS INC COM LAKE	LAKE	91,952	$1.9m2.10%	2.10%	Added +21.2k	+21,167 29.9%
27	MAMAS CREATIONS INC COM MAMA	MAMA	283,224	$1.8m2.08%	2.08%	Added +94.1k	+94,117 49.8%
28	NORTHERN OIL & GAS INC COM NOG	NOG	60,830	$1.8m2.07%	2.07%	Reduced -7.7k	-7,670 -11.2%
29	BRUKER CORP COM BRKR	BRKR	42,880	$1.8m2.01%	2.01%	Unchanged
30	NCR VOYIX CORPORATION COM VYX	VYX	165,509	$1.6m1.82%	1.82%	Unchanged
31	CACI INTL INC CL A CACI	CACI	4,258	$1.6m1.76%	1.76%	New
32	CARTERS INC COM CRI	CRI	36,260	$1.5m1.67%	1.67%	Unchanged
33	CIVITAS RESOURCES INC COM NEW CIVI	CIVI	41,780	$1.5m1.64%	1.64%	Unchanged
34	CHEFS WHSE INC COM CHEF	CHEF	25,218	$1.4m1.55%	1.55%	Reduced -3.8k	-3,800 -13.1%
35	ENERPAC TOOL GROUP CORP CL A COM EPAC	EPAC	29,398	$1.3m1.48%	1.48%	Reduced -1.0k	-1,000 -3.3%
36	BRIGHTVIEW HLDGS INC COM BV	BV	97,153	$1.2m1.40%	1.40%	Added +7.9k	+7,912 8.9%
37	VIEMED HEALTHCARE INC COM VMD	VMD	170,666	$1.2m1.40%	1.40%	Unchanged
38	HILLENBRAND INC COM HI	HI	48,815	$1.2m1.33%	1.33%	Unchanged
39	HAEMONETICS CORP MASS COM HAE	HAE	18,200	$1.2m1.30%	1.30%	Added +4.1k	+4,100 29.1%
40	CONCENTRA GROUP HOLDINGS PAR COMMON STOCK CON	CON	53,090	$1.2m1.30%	1.30%	New
41	GRANITE CONSTR INC COM GVA	GVA	10,644	$802.6k0.90%	0.90%	Unchanged
42	SYNAPTICS INC COM SYNA	SYNA	11,538	$735.2k0.83%	0.83%	Unchanged
43	MAYVILLE ENGR CO INC COM MEC	MEC	54,574	$732.9k0.82%	0.82%	Reduced -20.2k	-20,170 -27.0%
44	HAIN CELESTIAL GROUP INC COM HAIN	HAIN	172,434	$715.6k0.81%	0.81%	Unchanged
45	CANTALOUPE INC COM USAT	USAT	90,386	$711.3k0.80%	0.80%	New
46	RADNET INC COM RDNT	RDNT	11,832	$588.3k0.66%	0.66%	New
47	ARIS WATER SOLUTIONS INC CLASS A COM ARIS	ARIS	18,283	$585.8k0.66%	0.66%	Reduced -18.8k	-18,779 -50.7%

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
MAXIMUS INC MMS	MMS	9,071	$677.1k9.1k shares
ICF INTL INC ICFI	ICFI	3,626	$432.3k3.6k shares