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2L

22NW LP Portfolio holdings

AUM $146M
1-Year Est. Return 29.83%
This Fund
S&P 500
This Quarter Est. Return
+26.89%
1 Year Est. Return
+29.83%
3 Year Est. Return
+131.37%
5 Year Est. Return
+199.25%
10 Year Est. Return
–
AUM
$185M
AUM Growth
+$8.38M
Cap. Flow
-$16.9M
Cap. Flow %
-9.12%
Top 10 Hldgs %
74.5%
Holding
20
New
–
Increased
1
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
DRTT
DIRTT Environmental Solutions Ltd. Common Shares
DRTT
+$565K

Top Sells

Rank Stock Value
1
AGYS icon
Agilysys
AGYS
+$15.7M
2
MACK
Merrimack Pharmaceuticals, Inc.
MACK
+$1.78M

Sector Composition

Rank Sector Weight
1 Industrials 27.99%
2 Healthcare 20.64%
3 Materials 19.53%
4 Consumer Discretionary 15.23%
5 Technology 9.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OEC icon
1
Orion
OEC
$394M
$24.6M 13.26%
1,378,452
– –
STRL icon
2
Sterling Infrastructure
STRL
$20.3B
$19.7M 10.65%
601,201
– –
BBSI icon
3
Barrett Business Services
BBSI
$976M
$16.6M 8.97%
712,692
– –
MCFT icon
4
MasterCraft Boat Holdings
MCFT
$588M
$12.3M 6.65%
475,797
– –
ANEB
5
DELISTED
Anebulo Pharmaceuticals
ANEB
$12.3M 6.63%
5,066,290
– –
MACK
6
DELISTED
Merrimack Pharmaceuticals, Inc.
MACK
$11.6M 6.28%
1,015,048
-215,966
-18% -$1.78M
LFCR icon
7
Lifecore Biomedical
LFCR
$162M
$11.4M 6.14%
1,755,161
– –
MED icon
8
Medifast
MED
$108M
$10.3M 5.58%
89,596
– –
FSTR icon
9
Foster
FSTR
$443M
$9.9M 5.35%
1,023,135
– –
DRTT
10
DELISTED
DIRTT Environmental Solutions Ltd. Common Shares
DRTT
$9.25M 5%
17,456,665
+1,562,500
+10% +$565K
FARM
11
DELISTED
Farmer Brothers
FARM
$9.01M 4.87%
1,955,526
– –
MFGP
12
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
$8.81M 4.76%
1,396,928
– –
GPRE icon
13
Green Plains
GPRE
$1.19B
$6.26M 3.38%
205,196
– –
MTW icon
14
Manitowoc
MTW
$516M
$5.6M 3.02%
611,058
– –
CULP icon
15
Culp Inc
CULP
$45M
$5.56M 3%
1,212,380
– –
NTIC icon
16
Northern Technologies International Corp
NTIC
$76.4M
$5.37M 2.9%
403,215
– –
PFX icon
17
PhenixFIN
PFX
$83.9M
$3.66M 1.98%
117,885
– –
SSKN
18
DELISTED
Strata Skin Sciences
SSKN
$2.72M 1.47%
343,926
– –
LIAN
19
DELISTED
LianBio American Depositary Shares
LIAN
$232K 0.13%
141,223
– –
AGYS icon
20
Agilysys
AGYS
$2.78B
– –
-283,125
Closed -$15.7M

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SCM
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AWM
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AGP
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SIM
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22NW LP's Q4 2022 Portfolio in Review

As of Q4 2022, 22NW LP held 20 positions worth $185M, up 4.7% from $177M the previous quarter. Its ten largest holdings account for 74% of the portfolio.

22NW LP withdrew a net $16.9M in Q4 2022, closing 1 position and reducing 1 holding. Its most notable exit was Agilysys, an estimated $15.7M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 28% of assets, up from 23% a quarter earlier, followed by Healthcare and Materials.

Against the trend, 22NW LP added an estimated $565K to DIRTT Environmental Solutions Ltd. Common Shares.

  • 22NW LP added most to DIRTT Environmental Solutions Ltd. Common Shares in Q4 2022, an estimated $565K increase.
  • 22NW LP's biggest Q4 2022 reduction was Merrimack Pharmaceuticals, Inc., cutting an estimated $1.78M.
  • 22NW LP fully exited Agilysys in Q4 2022, selling an estimated $15.7M.
  • 22NW LP's ten largest holdings make up 74% of its $185M portfolio in Q4 2022.
  • 22NW LP opened 0 new positions and closed 1 in Q4 2022.
  • 22NW LP's portfolio value rose 4.7% quarter-over-quarter to $185M.

Based on 22NW LP's 13F filing for Q4 2022, filed 10 Feb 2023.