22NW, LP
Long book
$145.9M
Q1 2026
Positions
16
Top-10 weight
90%
concentration
Last quarter
+31.4%
SPY +14.8%
Turnover
29%
of book per quarter
Strategy in plain words
auto-generated from filings22NW, LP is a concentrated fundamental stock-picker, running a $145.9M US long book across 16 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: FOSTER (LB) CO-A, NEKTAR THERAPEUTICS, LIFECORE BIOMEDICAL INC, INSPERITY INC, MINERALYS THERAPEUTICS INC.
Over the last 9 quarters its long book ran on average 1pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-8.0%
Q2 2024
-0.4%
Q3 2024
+18.6%
Q4 2024
-17.0%
Q1 2025
+20.3%
Q2 2025
+28.9%
Q3 2025
-17.8%
Q4 2025
-6.6%
Q1 2026
+31.4%
Sector allocation
Healthcare 41%
Consumer discretionary 20%
Industrials 16%
Other 12%
Services media 11%
Long book by quarter
What does 22NW, LP own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| FSTR FOSTER (LB) CO-A | Consumer discretionary | 1.1M | $29.8M | 20.4% | -10.4% |
| NKTR NEKTAR THERAPEUTICS | Healthcare | 281.1K | $20.2M | 13.9% | -15.1% |
| LFCR LIFECORE BIOMEDICAL INC | Healthcare | 1.3K | $18.9M | 12.9% | Held |
| NSP INSPERITY INC | Services media | 493.0K | $13.3M | 9.1% | +411.9% |
| MLYS MINERALYS THERAPEUTICS INC | Healthcare | 444.3K | $12.0M | 8.2% | +24.0% |
| SRI STONERIDGE INC | Industrials | 2.5M | $11.9M | 8.2% | +12.5% |
| FOXF FOX FACTORY HOLDING CORP | Industrials | 678.2K | $11.2M | 7.7% | New |
| CULP CULP INC | Other | 1.9M | $5.1M | 3.5% | Held |
| CMT CORE MOLDING TECHNOLOGIES IN | Other | 222.7K | $5.0M | 3.4% | Held |
| RGNX REGENXBIO INC | Healthcare | 492.8K | $4.1M | 2.8% | -46.7% |
| UFI UNIFI INC | Other | 852.5K | $3.0M | 2.1% | Held |
| TISI TEAM INC | Services media | 170.2K | $2.7M | 1.9% | Held |
| RZLT REZOLUTE INC | Healthcare | 820.7K | $2.5M | 1.7% | Held |
| FB1 FARMER BROS CO | — | 2.0M | $2.5M | 1.7% | Held |
| ELDN ELEDON PHARMACEUTICALS INC | Healthcare | 636.4K | $2.0M | 1.3% | Held |
| PFX PHENIXFIN CORP | — | 43.1K | $1.7M | 1.2% | -63.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 16 | $145.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 20 | $237.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 21 | $212.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 21 | $158.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 20 | $149.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 16 | $158.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 13 | $119.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 13 | $117.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 13 | $116.1M | canonical | SEC ↗ |
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