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2L

22NW LP Portfolio holdings

AUM $105M
1-Year Est. Return 38.33%
This Fund
S&P 500
This Quarter Est. Return
+18.05%
1 Year Est. Return
+38.33%
3 Year Est. Return
+138.09%
5 Year Est. Return
+232.99%
10 Year Est. Return
–
AUM
$163M
AUM Growth
-$22.5M
Cap. Flow
-$47.1M
Cap. Flow %
-28.93%
Top 10 Hldgs %
84.12%
Holding
20
New
1
Increased
–
Reduced
3
Closed
3

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
MCFT icon
MasterCraft Boat Holdings
MCFT
+$12.5M
2
MACK
Merrimack Pharmaceuticals, Inc.
MACK
+$11.6M
3
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
+$8.81M
4
OEC icon
Orion
OEC
+$6.33M
5
GPRE icon
Green Plains
GPRE
+$6.26M

Sector Composition

Rank Sector Weight
1 Industrials 37.33%
2 Materials 19.71%
3 Healthcare 15.51%
4 Consumer Discretionary 10.93%
5 Technology 5.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OEC icon
1
Orion
OEC
$344M
$28.7M 17.61%
1,098,515
-279,937
-20% -$6.33M
STRL icon
2
Sterling Infrastructure
STRL
$14.9B
$22.8M 13.99%
601,201
– –
BBSI icon
3
Barrett Business Services
BBSI
$822M
$15.8M 9.71%
712,692
– –
ANEB
4
DELISTED
Anebulo Pharmaceuticals
ANEB
$14.7M 9.03%
5,066,290
– –
FSTR icon
5
Foster
FSTR
$400M
$11.7M 7.22%
1,023,135
– –
MTW icon
6
Manitowoc
MTW
$772M
$10.4M 6.42%
611,058
– –
DRTT
7
DELISTED
DIRTT Environmental Solutions Ltd. Common Shares
DRTT
$9.3M 5.72%
17,456,665
– –
MED icon
8
Medifast
MED
$141M
$9.29M 5.71%
89,596
– –
FARM
9
DELISTED
Farmer Brothers
FARM
$7.55M 4.64%
1,955,526
– –
LFCR icon
10
Lifecore Biomedical
LFCR
$167M
$6.63M 4.08%
1,755,161
– –
CULP icon
11
Culp Inc
CULP
$43.6M
$6.3M 3.87%
1,212,380
– –
COIN icon
12
PUT
Coinbase
COIN
$48.7B
$5.76M 3.54%
+2,310
New +$138K
PFX icon
13
PhenixFIN
PFX
$88.8M
$4.24M 2.61%
117,885
– –
SSKN
14
DELISTED
Strata Skin Sciences
SSKN
$3.64M 2.24%
343,926
– –
NTIC icon
15
Northern Technologies International Corp
NTIC
$75.9M
$3.42M 2.1%
284,066
-119,149
-30% -$1.51M
MCFT icon
16
MasterCraft Boat Holdings
MCFT
$585M
$2.2M 1.35%
72,243
-403,554
-85% -$12.5M
LIAN
17
DELISTED
LianBio American Depositary Shares
LIAN
$277K 0.17%
141,223
– –
GPRE icon
18
Green Plains
GPRE
$1.08B
– –
-205,196
Closed -$6.26M
MFGP
19
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
– –
-1,396,928
Closed -$8.81M
MACK
20
DELISTED
Merrimack Pharmaceuticals, Inc.
MACK
– –
-1,015,048
Closed -$11.6M

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22NW LP's Q1 2023 Portfolio in Review

As of Q1 2023, 22NW LP held 20 positions worth $163M, down 12% from $185M the previous quarter. Its ten largest holdings account for 84% of the portfolio.

22NW LP withdrew a net $47.1M in Q1 2023, closing 3 positions and reducing 3 holdings. Its most notable exit was Merrimack Pharmaceuticals, Inc., an estimated $11.6M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 37% of assets, up from 28% a quarter earlier, followed by Materials and Healthcare.

  • 22NW LP's biggest Q1 2023 reduction was MasterCraft Boat Holdings, cutting an estimated $12.5M.
  • 22NW LP fully exited Merrimack Pharmaceuticals, Inc. in Q1 2023, selling an estimated $11.6M.
  • 22NW LP's ten largest holdings make up 84% of its $163M portfolio in Q1 2023.
  • 22NW LP opened 1 new position and closed 3 in Q1 2023.
  • 22NW LP's portfolio value fell 12% quarter-over-quarter to $163M.

Based on 22NW LP's 13F filing for Q1 2023, filed 15 May 2023.