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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
-22%
1 Year Est. Return
+29.83%
3 Year Est. Return
+131.37%
5 Year Est. Return
+199.25%
10 Year Est. Return
–
AUM
$238M
AUM Growth
+$25.3M
(+12%)
Cap. Flow
-$9.15M
Cap. Flow
% of AUM
-3.85%
Top 10 Holdings %
Top 10 Hldgs %
89.43%
Holding
22
New
1
Increased
2
Reduced
2
Closed
2
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Insperity
NSP
|
+$3.85M |
| 2 |
Stoneridge
SRI
|
+$548K |
| 3 |
Mayville Engineering Co
MEC
|
+$235K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DHI Group
DHX
|
+$5.66M |
| 2 |
AEBI
Aebi Schmidt Holding AG
AEBI
|
+$4.34M |
| 3 |
Foster
FSTR
|
+$3.29M |
| 4 |
UNIFI
UFI
|
+$484K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 65.98% |
| 2 | Industrials | 19.36% |
| 3 | Consumer Discretionary | 9.39% |
| 4 | Financials | 2.19% |
| 5 | Materials | 1.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ANEB
1
DELISTED
Anebulo Pharmaceuticals
ANEB
| $84.8M | 35.68% |
15,467,300
| – | – |
|
|
2
Foster
FSTR
$443M
| $32.1M | 13.51% |
1,191,046
-122,075
| -9% | -$3.29M |
|
3
Lifecore Biomedical
LFCR
$162M
| $23M | 9.69% |
1,254
| – | – |
|
4
Nektar Therapeutics
NKTR
$2.39B
| $14M | 5.89% |
331,115
| – | – |
|
5
Regenxbio
RGNX
$623M
| $13.3M | 5.6% |
923,679
| – | – |
|
6
Mineralys Therapeutics
MLYS
$2.35B
| $13M | 5.47% |
358,325
| – | – |
|
|
7
Stoneridge
SRI
$209M
| $12.7M | 5.34% |
2,192,764
+87,164
| +4% | +$548K |
|
|
8
Mayville Engineering Co
MEC
$772M
| $7.76M | 3.26% |
414,280
+14,390
| +4% | +$235K |
|
9
Culp Inc
CULP
$45M
| $6.62M | 2.79% |
1,859,061
| – | – |
|
10
PhenixFIN
PFX
$83.9M
| $5.21M | 2.19% |
117,885
| – | – |
|
11
MeiraGTx Holdings
MGTX
$1.09B
| $4.66M | 1.96% |
586,519
| – | – |
|
12
Core Molding Technologies
CMT
$210M
| $4.47M | 1.88% |
222,738
| – | – |
|
|
13
Insperity
NSP
$1.85B
| $3.73M | 1.57% |
+96,300
| New | +$3.85M |
|
|
14
UNIFI
UFI
$117M
| $2.98M | 1.26% |
852,455
-125,184
| -13% | -$484K |
|
|
FARM
15
DELISTED
Farmer Brothers
FARM
| $2.86M | 1.2% |
1,955,526
| – | – |
|
16
Team
TISI
$77.7M
| $2.4M | 1.01% |
170,187
| – | – |
|
17
Rezolute
RZLT
$480M
| $1.94M | 0.82% |
820,653
| – | – |
|
18
Eledon Pharmaceuticals
ELDN
$276M
| $961K | 0.4% |
636,364
| – | – |
|
|
SSKN
19
DELISTED
Strata Skin Sciences
SSKN
| $677K | 0.28% |
536,995
| – | – |
|
|
PMD
20
DELISTED
Psychemedics Corporation
PMD
| $442K | 0.19% |
276,034
| – | – |
|
|
21
DHI Group
DHX
$166M
| – | – |
-2,036,988
| Closed | -$5.66M |
|
|
AEBI
22
Aebi Schmidt Holding AG
AEBI
$1.01B
| – | – |
-347,840
| Closed | -$4.34M |
|
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22NW LP's Q4 2025 Portfolio in Review
As of Q4 2025, 22NW LP held 22 positions worth $238M, up 12% from $212M the previous quarter. Its ten largest holdings account for 89% of the portfolio.
22NW LP withdrew a net $9.15M in Q4 2025, closing 2 positions and reducing 2 holdings. Its most notable exit was DHI Group, an estimated $5.66M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 66% of assets, up from 55% a quarter earlier, followed by Industrials and Consumer Discretionary.
Against the trend, 22NW LP opened a new position in Insperity worth $3.73M.
- 22NW LP's largest Q4 2025 buy was Insperity: 96,300 shares worth $3.73M.
- 22NW LP added most to Stoneridge in Q4 2025, an estimated $548K increase.
- 22NW LP's biggest Q4 2025 reduction was Foster, cutting an estimated $3.29M.
- 22NW LP fully exited DHI Group in Q4 2025, selling an estimated $5.66M.
- 22NW LP's ten largest holdings make up 89% of its $238M portfolio in Q4 2025.
- 22NW LP opened 1 new position and closed 2 in Q4 2025.
- 22NW LP's portfolio value rose 12% quarter-over-quarter to $238M.
Based on 22NW LP's 13F filing for Q4 2025, filed 13 Feb 2026.