22NW, LP

CIK 0001694297 · Q2 2026

13F Equity AUM

$104.7M

-28.3% QoQ

Positions

-2 QoQ

AUM Rank

#7,877

Top 91%

Skill Alpha (FF)

+0.0%/yr^ns

No Clear Edge

Rank #2,770 · Top 33%

vs S&P +0.3%/yr (unadj.)

Quarters Tracked

~9 years

Portfolio Concentration

Top 5: 72.6%Top 10: 94.6%Top 20: 100.0%

NSP19.4%

NKTR18.8%

SRI17.3%

FOXF11.0%

CMT6.2%

RGNX5.6%

CULP5.5%

RZLT4.1%

UFI3.9%

MLYS2.9%

Others (4)5.4%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Consumer Cyclical37.6%

Healthcare33.8%

Industrials22.3%

Basic Materials6.2%

Other0.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 14Median: 4.79%Avg: 7.14%

0–0.5%

2(0.2%)

0.5–1%

0(0.0%)

1–3%

3(8.1%)

3–5%

2(7.9%)

5%+

7(83.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 14vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New1Increased1Decreased1Exited3

New Positions

TBCH0.2%

+14K

Increased

CMT6.2%

+51K(+23%)

Decreased

MLYS2.9%

-330,485(-74%)

Exited

FSTR

-1,067,186

FARM

-1,955,526

PFX

-43,115

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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