Home / Leaderboard / Greenhouse Funds LLLP
Greenhouse Funds LLLP
Joseph Milano · Hedge Fund · Long/Short Equity
Greenhouse Funds LLLP is a Baltimore-based investment management firm founded in 2013 by Joseph Milano, a former high-profile portfolio manager at T. Rowe Price. The firm provides investment advisory services primarily to commingled private funds, serving institutional and sophisticated investors through equity-focused strategies. Known for its deep fundamental research and concentrated portfolios, Greenhouse manages approximately $2.7 billion in assets as of 2025. The firm maintains a lean institutional structure and focuses on mid-cap and small-cap opportunities where market inefficiencies are most prevalent, leveraging the team's expertise in bottom-up analysis and a long-term investment horizon.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +11.8% |
| YTD return | +5.5% |
| Sharpe ratio | 2.13 |
| Win rate | 60% |
| AUM | $1.9B |
| Inception | Oct 1, 2025 |
| Updated | Aug 20, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.9B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.greenhousefunds.com |
Current Holdings
Updated on Aug 20, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| GSAT | Globalstar, Inc. Common Stock | 9.4% | +84.7% |
| RBC | RBC Bearings Incorporated | 7.2% | +22.7% |
| VYX | NCR Voyix Corporation | 7.2% | -30.7% |
| SRAD | Sportradar Group AG | 6.8% | -34.4% |
| ALAB | Astera Labs, Inc. | 6.1% | +26.8% |
| VMI | Valmont Industries Inc | 6.0% | +18.3% |
| BILL | Bill Com Holdings Inc | 5.9% | -2.8% |
| HQY | HealthEquity Inc | 5.8% | +16.5% |
| NEO | NeoGenomics Inc | 5.3% | +87.0% |
| NCLH | Norwegian Cruise Line Holdings Ltd | 5.0% | -27.5% |
| HAYW | Hayward Holdings Inc | 4.8% | -2.2% |
| CDRE | Cadre Holdings Inc | 4.5% | -4.2% |
| OII | Oceaneering International Inc | 4.1% | +84.5% |
| MMSI | Merit Medical Systems Inc | 3.8% | +45.5% |
| TDY | Teledyne Technologies Incorporated | 3.7% | +6.9% |
| CHYM | Chime Financial, Inc. Class A Common Stock | 3.2% | +56.5% |
| MSGS | Madison Square Garden Sports Corp | 3.1% | +69.5% |
| LIVN | LivaNova PLC | 3.0% | +5.6% |
| FLS | Flowserve Corporation | 2.6% | +6.3% |
| TOST | Toast Inc | 2.5% | +35.7% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Jun 8, 2026 | BUY | TOST | 2.7% → 2.5% |
| Jun 8, 2026 | SELL | ALAB | 6.3% → 6.1% |
| Jun 8, 2026 | BUY | VYX | 7.4% → 7.2% |
| Jun 8, 2026 | SELL | SG | 2.7% → 0.0% |
| Jun 8, 2026 | SELL | MMSI | 3.7% → 3.8% |
Investment Style Analysis
Greenhouse Funds LLLP is widely recognized for employing a Long/Short Equity strategy. As of Aug 20, 2026, the firm oversees approximately $1.9B in assets under management (AUM). The portfolio demonstrates a clear preference for the Software - Application and Telecom Services sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Jun 8, Greenhouse Funds LLLP made a significant move by increasing exposure to TOST. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
The firm employs a fundamental, bottom-up investment philosophy characterized by rigorous research and a focus on underlying business prospects to exploit market inefficiencies. Greenhouse seeks companies with sustainable competitive advantages, recurring revenue streams, and disciplined management teams, typically focusing on sectors such as technology, consumer, and healthcare. While the firm is primarily long-biased, it utilizes selective short positions and basic options strategies to generate alpha and manage risk. The strategy is generally long-term in nature, with core positions often held for multiple years to capture the full value of the investment thesis.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Greenhouse Funds LLLP.
Similar Investment Style
Based on Long/Short Equity.
- Perceptive Advisors LLC — Joseph Edelman · 3M +24.1%
- Glenview Capital Management, LLC — Larry Robbins · 3M +14.0%
- Zweig-DiMenna Associates, Inc. — Joseph DiMenna · 3M +3.7%
- Redmile Group, LLC — Jeremy Green · 3M +19.6%
Frequently asked questions
How is the simulated portfolio for Greenhouse Funds LLLP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Greenhouse Funds LLLP's largest holding?
As of the latest filing, Greenhouse Funds LLLP's top position is Globalstar, Inc. Common Stock (GSAT), representing 9.4% of the portfolio. This reflects a high-conviction bet by the institution.
What is Greenhouse Funds LLLP's historical performance and risk profile?
Our simulation indicates a total return of +11.8% with a win rate of 60%. Notably, the portfolio maintains a Sharpe Ratio of 2.13, suggesting an excellent level of risk-adjusted returns compared to the broader market.
What sectors does Greenhouse Funds LLLP primarily invest in?
Greenhouse Funds LLLP has a strong preference for the Software - Application sector, which makes up 15.9% of their disclosed assets. The portfolio also has exposure to Telecom Services, indicating a specific thematic focus.
Is Greenhouse Funds LLLP's portfolio concentrated or diversified?
Greenhouse Funds LLLP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 23.8% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Greenhouse Funds LLLP performed in 2026?
Our AI-simulated model portfolio for Greenhouse Funds LLLP tracks a Year-to-Date (YTD) return of +5.5%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Joseph Milano manage Greenhouse Funds LLLP directly?
Yes, Joseph Milano serves as the key portfolio manager for Greenhouse Funds LLLP, overseeing the investment strategy and final capital allocation decisions.