What is WORM?

Tracking Oregon’s Public Markets: Woodworth Oregon Market Index

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is our in-house scorecard for “Oregon Inc.” — a simple, equal-weight index of publicly traded companies with meaningful operations and jobs in Oregon. We take the stock price of each company in the basket, average them, and scale that number by 100 so a single daily level tells you whether the average Oregon name is grinding higher, going sideways, or sliding lower together. WORM is a research and tracking tool only (not an investable product), and we post updated closing values after each trading day on our X account, @woodworthfund

So what’s it made of?

WORM Index Overview: December 2025

The Woodworth Oregon Market (WORM) Index is a custom benchmark index tracking 31 carefully selected Oregon-based and regional companies. Created by Woodworth Contrarian Fund, WORM provides information on diverse sectors with significant operational presence in the Pacific Northwest, ranging from established consumer brands to emerging technology and specialized industrial companies.

Index Launch: December 2025
Constituents: 31 public names
Weighting: Equal-weighted index (1:1 factor across all holdings)

Key Insight

Financial Services and Technology sectors dominate the index, representing nearly one-third of the public names combined. The diversification across 13 distinct industry categories provides balanced information on Oregon's exposure to public markets.

Full Spectrum

The wide price distribution (spanning over two orders of magnitude) indicates the index captures opportunities across the full spectrum of market capitalizations. The median price of $10.00 versus the average of $32.41 suggests the presence of several higher-priced outliers (particularly LAD and BEOB), while the majority of constituents trade at lower nominal prices.

Under-discovered

Nearly two-thirds of the index consists of ultra-micro cap stocks trading under $5, reflecting potentially overlooked companies. The largest holding, LAD at $359.86, contrasts with the smallest micro-cap constituents like FUVV at under a penny, creating a wide opportunity spectrum.

Anchor Companies

Two utilities (POR, NWN) anchor the premium-priced segment alongside real estate holdings, reflecting stable income-generating opportunities in the Pacific Northwest. Real estate/development companies (LAD, LWCL) provide alternative income streams, while consumer brands (NIKE, COLM) maintain strong nominal prices. Specialty industrial and semiconductor companies round out the higher-priced constituents.

Full Index List

$NKE $LAD $GBX $POR $COLM $KLC $NWN $LSCC $EXFY $SBKO $BEOB $JCTC $ORPB $PBCO $PXLW $WVVI $CZBC $DMRC $ORBN $SMR $CRKN $PWBK $BOF $GWH $XPON $SPEV $FUVV $LWCL $SMIT $AGXXF $GRUSF

About Woodworth Contrarian Fund

Woodworth Contrarian Fund is an investment manager specializing in deep-value opportunities in liquid US markets. The WORM index serves as a regional tracking benchmark, providing unique information on Oregon companies that may be overlooked by broader markets.

Learn More: Contact the fund for detailed allocation information, updates, and investment opportunities for accredited investors.