Acuity Ads is in the programmatic advertising space. Last year the company had a misstep on an acquisition. The stock traded aggressively lower and became very cheap. Having spent time with management on numerous calls this year we were part of a fund-raising solution for the company to clean up their balance sheet. Through COVID, the company’s revenue began to aggressively accelerate. The stock has had a tremendous run in 2020 (up +943%). We have continued adjusting our expectations given the accelerating revenue. With the current stock appreciation, the stock is no longer cheap, but they continue to deliver great growth on both the top and bottom line. We have sold down the position as the stock has advanced to keep the weight at a reasonable risk level.

Greenlane is a leading provider of biogas upgrading systems. Their solutions create clean, low-carbon renewable natural gas, suitable for injection into the natural gas grid and for the direct use as vehicle fuel. They do this by removing impurities and separating carbon dioxide from biomethane in the raw biogas created from organic waste at landfills, wastewater treatment plants, farms, and food waste facilities. The company has a strong backlog and is growing at a strong pace. We like the space and continue to hold the position.

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