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Adviser Profile

As of Date 03/28/2024
Adviser Type - Large advisory firm
Number of Employees 15 7.14%
of those in investment advisory functions 8
Registration SEC, Approved, 12/17/1991
AUM* 900,361,242 6.81%
of that, discretionary 900,361,242 6.81%
Private Fund GAV* 900,361,242 6.81%
Avg Account Size 112,545,155 6.81%
SMA’s No
Private Funds 8
Contact Info 212 xxxxxxx

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management

Recent News

Reported AUM

Discretionary
Non-discretionary
1B 1B 873M 698M 524M 349M 175M
2015 2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeHedge Fund Count6 GAV$875,316,195
Fund TypeVenture Capital Fund Count2 GAV$25,045,047

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Top Holdings

Stock Ticker Stock Name $ Position % Position $ Change # Change
Stck Ticker000899104 Stock NameADMA Biologics, Inc. $ Position$56,991,447 % Position8.00% $ Change51.00% # Change-11.00%
Stck Ticker030111207 Stock NameAmerican Superconductor Corp $ Position$50,378,668 % Position7.00% $ Change40.00% # Change-19.00%
Stck Ticker453204109 Stock NameImpinj, Inc. $ Position$45,706,607 % Position6.00% $ Change11.00% # Change-9.00%
Stck Ticker25065K104 Stock NameDestination XL Group, Inc. $ Position$34,213,441 % Position5.00% $ Change1.00% # Change0.00%
Stck Ticker04523Y105 Stock NameAspen Aerogels, Inc. $ Position$28,338,618 % Position4.00% $ Change-19.00% # Change-40.00%
Stck Ticker008073108 Stock NameAerovironment, Inc. $ Position$18,694,170 % Position3.00% $ Change13.00% # Change-5.00%
Stck Ticker00760J108 Stock NameAehr Test Systems $ Position$14,015,479 % Position2.00% $ Change-8.00% # Change2.00%
Stck TickerM1R95N100 Stock NameArbe Robotics, Ltd.(Israel) $ Position$14,732,164 % Position2.00% $ Change-9.00% # Change0.00%
Stck Ticker36872P103 Stock NameGenasys, Inc. $ Position$12,160,286 % Position2.00% $ Change-11.00% # Change0.00%
Stck Ticker63R239101 Stock NameGambling.com Group Ltd. $ Position$11,104,751 % Position2.00% $ Change-10.00% # Change0.00%

Brochure Summary

Overview

The following pages discuss the nature of AWM Investment Company’s investment advisory business and introduce its principal owners and other pertinent personnel. General Description of Advisory Firm AWM Investment Company, Inc. (“AWM”) is a registered investment adviser with the SEC under the Investment Adviser Act of 1940. AWM has been in business since 1992 and is a Delaware corporation. AWM has 15 employees, and is headquartered in New York, NY. Assets Under Management As of January 1, 2024, AWM’s assets under management totaled $867,554,097. We have complete discretionary authority over AWM Fund assets, and we do not serve as investment advisor to any other accounts, discretionary or otherwise. Description of Advisory Services Our firm offers investment advice primarily in equity securities and securities with equity features of publicly traded companies that possess a technological, market, or product niche, which may be for various reasons, undervalued, or with prospects of going private or being acquired. The Funds consider such types of investments to be “special situation investments.” We tailor our investment advice to eight private investment funds (collectively, the “Funds”) for which we serve as investment adviser. These Funds are: Special Situations Fund III QP, L.P. (“SSFQP”), Special Situations Cayman Fund, L.P. and its feeder fund, Special Situations International, Ltd. (collectively, the “Cayman Fund”), Special Situations Private Equity Fund, L.P. (“Private Equity Fund”), Special Situations Technology Fund, L.P. (“Tech Fund”), Special Situations Technology Fund II, L.P. (“Tech Fund II”), (together referred to as the “Tech Funds”), Special Situations Life Sciences Fund, L.P. (“Life Sciences Fund”), Life Sciences Innovation Fund, L.P. (“Innovation Fund”), and Life Sciences Innovation Fund II, L.P. (“Innovation Fund II”) (together referred to as the “Innovation Funds”). Additionally, AWM serves as the general partner of MGP Advisers Limited Partnership (“MGP”), the general partner of SSFQP. When making investment decisions on behalf of any one Fund we consider that Fund’s unique investment objective. Two of the Funds, SSFQP and the Cayman Fund, seek to maximize capital appreciation through general analysis of equity and equity-related securities, while the Tech Funds focus primarily on publicly traded companies that provide products and services in the communications, information, and other technology-related fields. The Life Sciences Fund invests primarily in publicly traded equity of companies that provide products and services in health care, life sciences, and related fields. The Private Equity Fund invests primarily in privately negotiated and privately placed equity and equity-related securities of publicly traded companies which possess a technological, market or product niche. The Innovation Fund invests in various seed, early and developmental stage private companies in the assisted reproductive technology sector. The Innovation Fund II was formed as a follow-on Fund of the Innovation Fund to make follow-on investments in the portfolio companies of the Innovation Fund. AWM also provides certain administrative duties to each of the Funds discussed above. As such, we provide the office space, facilities and personnel that are necessary to provide these administrative services required for the operation of the business and affairs of the Funds. Principal Owners and Pertinent Personnel The principal owners of AWM are David M. Greenhouse, President, and Adam Stettner, Executive Vice President. Austin W. Marxe is a minority shareholder of AWM. David M. Greenhouse was born in 1960 and has been a shareholder of AWM since 1992. Mr. Greenhouse served as the Executive Vice President from 1992 through June 30, 2022, when he was appointed and serves as President. Mr. Greenhouse has participated in the management of the investments of the Funds since 1992. He is a limited partner of MGP, the general partner of SSFQP and is also a member of each of the general partners of the above Funds. Mr. Greenhouse received his B.S. from the University of Virginia (1982) and his M.B.A. from the Wharton School of Business, University of Pennsylvania (1987). Adam Stettner was born in 1964 and has been a shareholder of AWM since 2010. From December 31, 2013, through June 30, 2022, Mr. Stettner served as Vice President of AWM. Effective June 30, 2022, Mr. Stettner was appointed and serves as Executive Vice President. He is a limited partner of MGP and is also a member of each of the general partners of the above Funds. Mr. Stettner has served as portfolio manager for the Tech Funds since their inception, with the first Tech Fund’s formation in 1997. Prior to managing the Tech Funds, Mr. Stettner was President of Stettner Consultants,
Inc., a technology consulting company that he founded in 1989. He received his B.A. in Physics (1986) and his M.S. in Computer Graphics (1989) from Cornell University. Austin W. Marxe was born in 1940 and is a minority shareholder of AWM. Mr. Marxe resigned as President of AWM effective June 30, 2022. Mr. Marxe is a member of Life Sciences Innovation GP LLC, the general partner of the Innovation Funds and SSCayman L.L.C., the general partner of the Special Situations Cayman Fund, L.P. Mr. Marxe received his B.A. from CUNY (1963). Dr. David B. Sable, born in 1959, is a limited partner of MGP and is also a member of LS Advisers, LLC, the general partner of the Life Sciences Fund, L.P., and is the managing member of Life Sciences Innovation GP LLC, the general partner of the Innovation Funds. Dr. Sable has been the portfolio manager for the Life Sciences Fund since its formation in 2005, and for the Innovation Fund since its formation in 2018, and for the Innovation Fund II since its formation in 2021. Prior to serving as portfolio manager for these Funds, Dr. Sable served as the Director of the Division of Reproductive Endocrinology at Saint Barnabas Medical Center in Livingston, New Jersey (1999-2004). Dr. Sable also served as an Associate Director (1992-1998) at Saint Barnabas and has acted as Obstetrician and Gynecologist at Saint Barnabas (1992-2004), Saint Luke’s Roosevelt Hospital Center, New York, NY (1998-1999), Brigham and Women’s Hospital, Boston, MA (1990-1992) and New York Hospital, New York, NY (1989-1990). Dr. Sable received his B.S. from The Wharton School, University of Pennsylvania (1981) and his M.D. from the University of Pennsylvania (1986). Dr. Sable serves as a board observer and is on the scientific advisory board of TMRW Life Sciences, Inc. and is on the Board of Directors of Hamilton Thorne, Ltd., and Celmatix, Inc., all companies owned by the Funds. , Dr. Sable joined the medical advisory board of Conceivable Life Sciences, Inc. in 2023 and the board of directors of AutoIVF Inc. in 2024. Alexander Silverman, born in 1971, joined the firm in April 2000 as a senior member of the investment team. He currently is a member of MG Advisers, LLC, the general partner of the Private Equity Fund, and serves as the Private Equity Fund’s portfolio manager. Effective January 2020, he is also a limited partner of MGP. From 1995 to 2000 he was with Value Line Asset Management, first as a small-cap analyst, then an associate portfolio manager (1997 to 1998) and finally as a portfolio manager overseeing $1 billion in small-cap investments. Prior to that he served as an equity analyst at Value Line from 1993-1995, publishing research on 35 companies in various industries. Mr. Silverman earned his B.A. in Psychology from Kalamazoo College (1993) and his M.B.A. from New York University Stern School of Business (1999). Ryan M. Nelson, CFA, born in 1975, joined the firm in April 2011 as a research analyst- generalist. Mr. Nelson is currently a limited partner of MGP and is a member of SST Advisers, LLC, the general partner of the Tech Funds. Mr. Nelson serves as an assistant portfolio manager of SSFQP. From 2008 to 2010 he worked as a small-cap analyst and assistant portfolio manager at a start-up hedge fund in Philadelphia. Prior to that he was a Principal and financial services analyst at Chartwell Investment Partners and a small cap generalist at Liberty Ridge Capital. Before earning his MBA, Mr. Nelson was a strategy consultant at Marakon Associates and a member of Capital One Financial’s internal strategy team. He earned his B.A. in Economics from Northwestern University (1997) and his M.B.A. from the Wharton School, University of Pennsylvania (2005). Marianne Kelly, born in 1979, is the Chief Administrative Officer for AWM. She joined the firm on April 3, 2000, as an Operations Specialist, serving in various capacities throughout the firm, including compliance. Ms. Kelly received her B.S. in Business Finance and Economics from The College of Staten Island (2012). and was designated an Investment Adviser Certified Compliance Professional® in March 2022. David Reif, born in 1979, is the Chief Compliance Officer for AWM. He joined the firm on January 3, 2024. Mr. Reif has years of compliance experience supporting investment advisers, investment companies, and broker-dealers. Prior to joining AWM, Mr. Reif served as the Head of Portfolio Compliance (2019 – 2023) for Sterling Capital Management. Selected prior experience includes compliance positions at Brown Brothers Harriman, Lazard Asset Management, and Deutsche Asset Management. Mr. Reif earned his B.A. in Journalism and Psychology from Rutgers University (2001) and received his M.B.A. with a concentration in Finance from Fordham University’s Gabelli School of Business (2015).