GRUBER & MCBAINE CAPITAL MANAGEMENT LLC

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CIK 909450

13F portfolio (2015-Q2)

$369M

Positions

188

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2015-Q1. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2015-Q2)

Holdings

188

Top 5

16.7%

Top 10

25.9%

Effective N

68.7

HHI

0.015

This quarter

25 new · 0 exit →

By sector

Unclassified64.8%

Information Technology12.5%

Industrials8.1%

Materials3.4%

Consumer Discretionary3.3%

Consumer Staples3.2%

Communication Services2.1%

Financials1.2%

Other1.3%

By market cap

Unknown68.3%

Large ($10–200B)13.9%

Mid ($2–10B)10.0%

Small ($300M–2B)5.2%

Mega (>$200B)1.6%

Micro (<$300M)1.0%

By region

Other64.8%

North America34.8%

Europe0.4%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	64.83%	122
Semiconductors & Semiconductor Equipment	7.08%	13
Construction & Engineering	4.34%	6
Technology Hardware & Equipment	2.90%	4
Food Products	2.73%	4
Construction Materials	2.22%	2
Diversified Telecommunication Services	2.09%	4
Automobiles & Components	1.74%	2
Communications Equipment	1.27%	2
Machinery	1.19%	2
Specialty Retail	1.10%	2
Software	1.09%	3
Banks	0.83%	2
Road & Rail	0.68%	3
Marine	0.66%	1
Health Care Equipment & Supplies	0.65%	1
Oil, Gas & Consumable Fuels	0.64%	1
Metals & Mining	0.58%	2
Chemicals	0.57%	2
Aerospace & Defense	0.53%	2
Commercial Services & Supplies	0.51%	1
Agricultural Products	0.50%	1
Capital Markets	0.36%	1
Household Durables	0.32%	1
Transportation Infrastructure	0.22%	1
Software & IT Services	0.17%	1
Hotels, Restaurants & Leisure	0.16%	1
Pharmaceuticals & Biotechnology	0.04%	1

Top holdings

#	Ticker	Name	Sector	Weight
1		MDC PARTNERS INC.	Unclassified	7.28%
2	STKL	SUNOPTA INC	Unclassified	3.05%
3	IWSY	IMAGEWARE SYSTEMS INC COM	Unclassified	2.36%
4	RDWR	RADWARE LTD	Unclassified	2.02%
5		SUPER MICRO COMPUTER INC	Unclassified	2.00%
6	AAOI	APPLIED OPTOELECTRONICS, INC.	Information Technology	2.00%
7		CYPRESS SEMICONDUCTOR CORP	Unclassified	1.91%
8		MELLANOX TECHNOLOGIES LTD	Unclassified	1.91%
9	FTNT	Fortinet, Inc.	Information Technology	1.79%
10		AARONS INC	Unclassified	1.56%

66/188 names classified · sector 35.2% of weight · industry 35.2% · mkt cap 31.7%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 9 quarters

Information TechnologyHIMX, AAOI, FFIV, SIMO, FTNT · other

IndustrialsPRIM, DY, CCS, UAL, CLH · other

MaterialsLXU, VMC, CX, ATI, MEOH · other

Consumer StaplesADM, TSN, DAR, FLO, CALM · other

FinancialsGNW, WFC, COF, BAC, CFG · other

Consumer DiscretionaryGM, ANDE, F, MCD, GAP · other

Communication ServicesCALX, IRDM, CCOI, VSAT, CMCSA · other

EnergyEOG, VLO

Health CareSIGA, IRMD, AZN, CYH, GILD · other

Utilities

UnclassifiedMDC PARTNERS INC., STKL, IWSY, FIAT CHRYSLER AUTOMOBILES N, SPREADTRUM COMMUNICATIONS IN · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 35.2% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2015-Q2), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 28% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (51 classified)GRUBER & MCBAINE CAPITAL MANAGEMENT LLC centroid (Mid Core)

Information TechnologyIndustrialsConsumer StaplesConsumer DiscretionaryMaterialsCommunication ServicesFinancialsHealth CareEnergy

Style box summary for GRUBER & MCBAINE CAPITAL MANAGEMENT LLC: centroid Mid Core. Heaviest cells: Small Value 5.5%, Small Growth 4.7%, Mid Growth 4.1%.

Classified: 27.8% of book weight (51/78 names) · unclassified 72.2%: , STKL, IWSY, RDWR, AAOI, SIMO, CMA, RMTO, CX, STNG +17 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 188 positions (2015-Q2) · largest first · Δ vs 2015-Q1

#	Security	Shares	Value	Weight	Δ QoQ
1	MDC PARTNERS INC.	1,363,135	$27M	7.3%	HOLD
2	STKLSUNOPTA INC	1,050,000	$11M	3.1%	TRIM −4%
3	IWSYIMAGEWARE SYSTEMS INC COM	5,902,771	$9M	2.4%	HOLD
4	RDWRRADWARE LTD	335,000	$7M	2.0%	ADD 8%
5	SUPER MICRO COMPUTER INC	250,000	$7M	2.0%	ADD 19%
6	AAOIAPPLIED OPTOELECTRONICS INC	425,000	$7M	2.0%	HOLD
7	CYPRESS SEMICONDUCTOR CORP	600,387	$7M	1.9%	ADD 16%
8	MELLANOX TECHNOLOGIES LTD	145,000	$7M	1.9%	ADD 16%
9	FTNTFORTINET INC	160,000	$7M	1.8%	ADD 7%
10	AARONS INC	159,400	$6M	1.6%	ADD 6%
11	SIMOSILICON MOTION TECHNOLOGY CO	160,000	$6M	1.5%	ADD 7%
12	VMCVULCAN MATLS CO	65,000	$5M	1.5%	TRIM −7%
13	LOGMEIN INC	80,850	$5M	1.4%	TRIM −12%
14	FIAT CHRYSLER AUTOMOBILES N	40,000	$5M	1.4%	HOLD
15	DYDYCOM INDS INC	84,623	$5M	1.4%	TRIM −6%
16	ADMARCHER DANIELS MIDLAND CO	98,000	$5M	1.3%	TRIM −2%
17	FIAT CHRYSLER AUTOMOBILES N	325,000	$5M	1.3%	HOLD
18	POWERSECURE INTL INC	310,000	$5M	1.2%	HOLD
19	LIBERTY GLOBAL-C	85,912	$4M	1.2%	HOLD
20	MACQUARIE INFRASTRUCTURE COR	51,000	$4M	1.1%	HOLD
21	INFINERA CORP	199,340	$4M	1.1%	HOLD
22	GMGENERAL MOTORS CORP	125,000	$4M	1.1%	ADD 25%
23	GAPGAP INC	100,000	$4M	1.0%	NEW
24	LTX-CREDENCE CORP	470,000	$4M	1.0%	ADD 21%
25	CCSCENTURY CMNTYS INC	175,000	$4M	1.0%	HOLD
26	ACLSAXCELIS TECHNOLOGIES INC	1,190,000	$4M	1.0%	ADD 25%
27	RUCKUS WIRELESS INC	340,000	$4M	1.0%	ADD 6%
28	BROADSOFT INC	100,000	$3M	0.9%	ADD 11%
29	FENIX PTS INC	340,000	$3M	0.9%	NEW
30	CIENCIENA CORP	140,000	$3M	0.9%	ADD 133%
31	TSNTYSON FOODS INC	75,000	$3M	0.9%	HOLD
32	NCI BUILDING SYS INC	210,000	$3M	0.9%	ADD 5%
33	CALXCALIX INC	405,000	$3M	0.8%	HOLD
34	CMACOMERICA INC	60,000	$3M	0.8%	NEW
35	HEADWATERS INC	165,000	$3M	0.8%	TRIM −18%
36	NXPINXP SEMICONDUCTORS N V	30,000	$3M	0.8%	TRIM −33%
37	RMTOARC GROUP WORLDWIDE INC	550,000	$3M	0.8%	ADD 328%
38	U S AIRWAYS GROUP INC	72,750	$3M	0.8%	ADD 38%
39	Swift Transportation	125,000	$3M	0.8%	ADD 19%
40	ORCLORACLE CORP	70,000	$3M	0.8%	NEW
41	CXCEMEX SAB DE CV	300,000	$3M	0.7%	ADD 50%
42	COFCAPITAL ONE FINL CORP	30,000	$3M	0.7%	HOLD
43	GIGAMON INC	80,000	$3M	0.7%	ADD 100%
44	INFOBLOX INC	100,000	$3M	0.7%	HOLD
45	ZAYO GROUP HLDGS INC	100,000	$3M	0.7%	HOLD
46	AAPLAPPLE INC	20,334	$3M	0.7%	TRIM −32%
47	NEOPHOTONICS CORP	275,000	$3M	0.7%	ADD 22%
48	Callidus Software	156,000	$2M	0.7%	ADD 20%
49	STNGSCORPIO TANKERS INC	240,000	$2M	0.7%	HOLD
50	IRMDIRADIMED CORP	102,750	$2M	0.6%	ADD 2%
51	VLOVALERO ENERGY CORP	38,000	$2M	0.6%	TRIM −5%
52	UTI WORLDWIDE INC	235,000	$2M	0.6%	HOLD
53	CUI GLOBAL INC	450,000	$2M	0.6%	HOLD
54	CARROLS RESTAURANT GROUP INC	218,000	$2M	0.6%	ADD 45%
55	FFORD MTR CO	150,000	$2M	0.6%	HOLD
56	SHORETEL INC	325,000	$2M	0.6%	HOLD
57	MTZMASTEC INC	110,000	$2M	0.6%	ADD 10%
58	PRIMPRIMORIS SVCS CORP	110,004	$2M	0.6%	HOLD
59	TPCTUTOR PERINI CORP	100,000	$2M	0.6%	ADD 5%
60	PLABPHOTRONICS INC	223,900	$2M	0.6%	HOLD
61	B/E AEROSPACE INC	37,975	$2M	0.6%	HOLD
62	IRDMIRIDIUM COMMUNICATIONS INC	226,826	$2M	0.6%	HOLD
63	DAKOTA PLAINS HLDGS INC COM	1,712,600	$2M	0.6%	HOLD
64	CCOICOGENT COMMUNICATIONS HLDGS	60,000	$2M	0.6%	ADD 50%
65	SONIC CORP	70,000	$2M	0.5%	HOLD
66	Finisar Corp	110,000	$2M	0.5%	HOLD
67	FIVE STAR SENIOR LIVING	400,000	$2M	0.5%	HOLD
68	MNROMONRO INC	30,000	$2M	0.5%	HOLD
69	CALMCal-Maine Foods, Inc.	35,000	$2M	0.5%	NEW
70	INVENSENSE INC	120,000	$2M	0.5%	ADD 100%
71	MPWRMONOLITHIC PWR SYS INC	35,700	$2M	0.5%	TRIM −11%
72	GPREGREEN PLAINS INC	65,000	$2M	0.5%	HOLD
73	ATMEL CORP	175,000	$2M	0.5%	HOLD
74	MATTSON TECHNOLOGY INC	510,000	$2M	0.5%	TRIM −7%
75	Just Energy Income Fund	326,000	$2M	0.5%	HOLD
76	DIGITALGLOBE INC	60,000	$2M	0.5%	ADD 33%
77	SEACHANGE INTL INC	236,200	$2M	0.4%	ADD 136%
78	NORTHERN TIER ENERGY LP	69,600	$2M	0.4%	HOLD
79	Sunpower Corp	57,200	$2M	0.4%	HOLD
80	FORMFORMFACTOR INC	175,000	$2M	0.4%	ADD 9%
81	OMNIVISION TECHNOLOGIES INC	60,000	$2M	0.4%	HOLD
82	ENERGY XXI LTD	6,000,000	$2M	0.4%	HOLD
83	HERTZ GLOBAL HLDG 51 WTS	85,000	$2M	0.4%	NEW
84	BOVIE MEDICAL CORP	525,000	$1M	0.4%	ADD 5%
85	REMY INTL INC NEW	65,000	$1M	0.4%	TRIM −28%
86	NOKNOKIA CORP	200,000	$1M	0.4%	HOLD
87	BARRACUDA NETWORKS INC	33,860	$1M	0.4%	TRIM −66%
88	CHUYS HLDGS INC	50,000	$1M	0.4%	HOLD
89	APPSDIGITAL TURBINE INC	442,000	$1M	0.4%	HOLD
90	FLY LEASING LTD	80,000	$1M	0.3%	ADD 33%
91	CVLGCOVENANT LOGISTICS GROUP INC	50,000	$1M	0.3%	HOLD
92	DARDARLING INGREDIENTS INC	83,000	$1M	0.3%	HOLD
93	Perma Fix Envirn Serv	318,652	$1M	0.3%	TRIM −11%
94	ATIALLEGHENY TECHNOLOGIES INC	40,000	$1M	0.3%	TRIM −50%
95	STATE NATIONAL.	109,700	$1M	0.3%	NEW
96	WDCWESTERN DIGITAL CORP	14,900	$1M	0.3%	HOLD
97	HEIHEICO CORP NEW	20,000	$1M	0.3%	HOLD
98	UEICUNIVERSAL ELECTRS INC	23,385	$1M	0.3%	HOLD
99	CRNTCERAGON NETWORKS LTD	1,000,000	$1M	0.3%	HOLD
100	GPRKGEOPARK LTD	237,600	$1M	0.3%	HOLD
101	CANCER GENETICS INC	92,800	$1M	0.3%	ADD 11%
102	Knight Transportation, Inc.	40,000	$1M	0.3%	HOLD
103	JDS UNIPHASE CORP	90,000	$1M	0.3%	HOLD
104	SYNASYNAPTICS INC	12,000	$1M	0.3%	TRIM −62%
105	PHARMATHENE INC	572,950	$1M	0.3%	HOLD
106	SPCBSUPERCOM LTD NEW	80,000	$1M	0.3%	NEW
107	Invesco Mortgage Capital	70,000	$1M	0.3%	NEW
108	MFONnan	1,000,000	$980,000	0.3%	HOLD
109	ORNORION GROUP HLDGS INC	135,700	$980,000	0.3%	ADD 9%
110	ARCBARCBEST CORP	30,000	$954,000	0.3%	HOLD
111	STLDSTEEL DYNAMICS INC	45,000	$932,000	0.3%	TRIM −10%
112	DEL FRISCOS RESTAURANT GROUP	49,800	$928,000	0.3%	HOLD
113	PPCPILGRIMS PRIDE CORP	40,000	$919,000	0.2%	HOLD
114	SOUTHWESTERN ENERGY CO	40,000	$909,000	0.2%	HOLD
115	MXLMAXLINEAR INC	75,000	$908,000	0.2%	HOLD
116	Cachet Financial Sol	1,645,150	$905,000	0.2%	ADD 229%
117	WENDYS INTL INC	80,000	$902,000	0.2%	TRIM −20%
118	EZCHIP SEMICONDUCTOR LIMITED	55,000	$878,000	0.2%	HOLD
119	RGRSTURM RUGER & CO INC	15,000	$862,000	0.2%	NEW
120	JA Solar Holdings Co	100,000	$855,000	0.2%	HOLD
121	FINANCIAL ENGINES INC	20,000	$850,000	0.2%	HOLD
122	Wave Systems Class A	1,465,000	$850,000	0.2%	ADD 33%
123	ULTRATECH INC COM	45,000	$835,000	0.2%	NEW
124	HUBGHUB GROUP INC	20,000	$807,000	0.2%	TRIM −13%
125	AVID TECHNOLOGY INC	60,000	$800,000	0.2%	ADD 50%
126	AVAVAEROVIRONMENT INC	30,000	$782,000	0.2%	HOLD
127	Oclaro Inc	345,200	$780,000	0.2%	HOLD
128	CNW Corp	20,000	$767,000	0.2%	HOLD
129	UBIQUITI NETWORKS INC	22,500	$718,000	0.2%	TRIM −10%
130	CSIQCANADIAN SOLAR INC	25,000	$715,000	0.2%	ADD 79%
131	RENTECH NITROGEN PARTNERS L	50,000	$715,000	0.2%	ADD 67%
132	PIONEER NAT RES CO	5,000	$693,000	0.2%	TRIM −67%
133	KOPNKOPIN CORP	200,000	$690,000	0.2%	ADD 100%
134	SHIP FINANCE INTERNATIONAL L	40,000	$653,000	0.2%	HOLD
135	ODYSSEY MARINE EXPLORATION I	1,350,000	$635,000	0.2%	ADD 9%
136	PEGAPEGASYSTEMS INC	27,500	$629,000	0.2%	HOLD
137	BIOPHARMX CORP	242,568	$628,000	0.2%	ADD 106%
138	PETROQUEST ENERGY INC	300,000	$594,000	0.2%	HOLD
139	GTIMGOOD TIMES RESTAURANTS INC	65,200	$574,000	0.2%	NEW
140	TUBEMOGUL INC COM	40,000	$572,000	0.2%	NEW
141	ENPHENPHASE ENERGY INC	70,000	$533,000	0.1%	ADD 40%
142	GSATGLOBALSTAR INC	250,000	$528,000	0.1%	NEW
143	ADA ES Inc	39,476	$513,000	0.1%	HOLD
144	Vimpel Communications	100,000	$497,000	0.1%	NEW
145	AMATAPPLIED MATLS INC	25,000	$481,000	0.1%	NEW
146	SILICON GRAPHICS INC	70,000	$453,000	0.1%	HOLD
147	DSP GROUP INC	43,000	$444,000	0.1%	ADD 43%
148	Accuride	115,000	$443,000	0.1%	TRIM −4%
149	AEROHIVE NETWORKS INC COM	60,000	$419,000	0.1%	NEW
150	TBBKBANCORP INC DEL	45,000	$418,000	0.1%	HOLD
151	NBISNEBIUS GROUP N.V.	27,017	$411,000	0.1%	HOLD
152	MOBILEIRON INC	67,914	$401,000	0.1%	TRIM −41%
153	METRO BANCORP INC PA	15,000	$392,000	0.1%	NEW
154	SKY-MOBI LTD	75,000	$391,000	0.1%	ADD 200%
155	GOLDEN OCEAN GRP LTD	100,000	$385,000	0.1%	NEW
156	DGIIDIGI INTL INC	40,000	$382,000	0.1%	ADD 33%
157	GLYECO INC	2,910,000	$382,000	0.1%	ADD 52%
158	MANITEX INTL INC	50,000	$382,000	0.1%	TRIM −44%
159	HORTONWORKS INC	15,000	$380,000	0.1%	NEW
160	REALD INC	30,000	$370,000	0.1%	NEW
161	I D SYSTEMS INC	60,000	$366,000	0.1%	NEW
162	QUIKQUICKLOGIC CORP	220,000	$350,000	0.1%	TRIM −2%
163	LTBRLIGHTBRIDGE CORP	285,337	$320,000	0.1%	HOLD
164	ASPEN GROUP INC	1,942,743	$316,000	0.1%	ADD 20%
165	HTLDHEARTLAND EXPRESS INC	15,000	$303,000	0.1%	HOLD
166	CVATCAVITATION TECHNOLOGIES INC COM	5,270,000	$290,000	0.1%	ADD 5%
167	BLDRBUILDERS FIRSTSOURCE INC	19,900	$256,000	0.1%	TRIM −73%
168	NEW HOME CO INC	14,000	$241,000	0.1%	HOLD
169	GOL LINHAS AEREAS INTELIGENTES SA	100,000	$237,000	0.1%	HOLD
170	PXLWPixelworks	40,000	$235,000	0.1%	ADD 75%
171	EMMIS COMMUNICTNS CORP CL A	228,000	$228,000	0.1%	TRIM −35%
172	EDGIO INC	57,900	$228,000	0.1%	NEW
173	Blue Calypso Inc	2,000,000	$220,000	0.1%	NEW
174	Navios Maritime Holdings	58,000	$216,000	0.1%	TRIM −3%
175	RENTECH INC	195,000	$209,000	0.1%	TRIM −3%
176	OVERSEAS SHIPHOLDING GROUP I	350,400	$200,000	0.1%	HOLD
177	HEALTH INS INNOVATIONS INC	40,000	$199,000	0.1%	HOLD
178	SAEXPLORATION HLDGS INC	48,075	$163,000	0.0%	HOLD
179	SIGASIGA TECHNOLOGIES INC	113,645	$147,000	0.0%	HOLD
180	OMTKOMNITEK ENGR CORP COM	140,000	$133,000	0.0%	HOLD
181	North Atlantic Drilling Ltd	100,000	$119,000	0.0%	ADD 67%
182	DiaDexus Inc	245,000	$83,000	0.0%	HOLD
183	OCCULOGIX INC COM NEW	40,000	$81,000	0.0%	TRIM −60%
184	UNI PIXEL INC XXX	30,000	$77,000	0.0%	NEW
185	ABRAXAS PETE CORP	25,000	$74,000	0.0%	TRIM −50%
186	Socket Communications	28,869	$64,000	0.0%	HOLD
187	SYSOREX GLOBAL COM NEW	19,580	$30,000	0.0%	TRIM −24%
188	LIHUA INTL INC	68,175	$1,000	0.0%	HOLD

☆GRUBER & MCBAINE CAPITAL MANAGEMENT LLC