Managers / Q3 2020
Fondren Management LP
CIK 0001328331 · 1177 WEST LOOP SOUTH, SUITE 1625, HOUSTON, TX, 77027 · 713.877.0089
Summary
Fondren Management LP reported $17M in U.S.-listed holdings across 16 positions for Q3 2020.
The portfolio is heavily concentrated: BH alone accounts for 23.2% of reported value.
Compared with Q2 2020, the fund opened 2 new positions and exited 11.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 90.5% · $15M
- Other · 9.5% · $2M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2020 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| MEDLEY CAP CORP | NEW | +50.0K | 50.0K | +$892,000 | $892,000 |
| BBX CAP CORP NEW | NEW | +40.0K | 40.0K | +$536,000 | $536,000 |
| LSAKNET 1 UEPS TECHNOLOGIES INC | ADDED | +330.0K | 645.0K | +$1M | $2M |
| IMMRIMMERSION CORP | SOLD OUT | −545.0K | 0 | −$3M | $0 |
| HHSHARTE-HANKS INC | SOLD OUT | −545.5K | 0 | −$2M | $0 |
| MEDLEY CAP CORP | SOLD OUT | −996.2K | 0 | −$762,000 | $0 |
| TTITETRA TECHNOLOGIES INC DEL | SOLD OUT | −1.15M | 0 | −$612,000 | $0 |
| BH/ABIGLARI HLDGS INC | SOLD OUT | −1.5K | 0 | −$506,000 | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2020
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BHBIGLARI HLDGS INChistory → | COM STK CL B | 23.24% | $4M | 44.2K |
| 2 | EGYVAALCO ENERGY INChistory → | COM NEW | 14.59% | $2M | 2.47M |
| 3 | SUPPORT COM INC | COM NEW | 13.84% | $2M | 1.30M |
| 4 | LSAKNET 1 UEPS TECHNOLOGIES INChistory → | COM NEW | 12.84% | $2M | 645.0K |
| 5 | SYNCSYNACOR INChistory → | COM | 10.82% | $2M | 1.21M |
| 6 | OPIANT PHARMACEUTICALS INC | COM | 6.05% | $1M | 137.0K |
| 7 | MEDLEY CAP CORP | COM | 5.27% | $892,000 | 50.0K |
| 8 | BBX CAP CORP NEW | CL A | 3.17% | $536,000 | 40.0K |
| 9 | CRD/BCRAWFORD & CO | CL B · CL A | 2.85% | $483,000 | 74.4K |
| 10 | HWCCHOUSTON WIRE & CABLE COhistory → | COM | 1.48% | $250,000 | 100.0K |
| 11 | PORTMAN RIDGE FIN CORP | COM | 1.41% | $238,000 | 179.1K |
| 12 | TRANSGLOBE ENERGY CORP | COM | 1.20% | $204,000 | 535.5K |
| 13 | ACNTSYNALLOY CORPhistory → | COM | 1.19% | $202,000 | 36.6K |
| 14 | RMCFROCKY MTN CHOCOLATE FACTORYhistory → | COM | 1.03% | $175,000 | 65.5K |
| 15 | UNIVERSAL STAINLESS & ALLOY | COM | 1.02% | $173,000 | 31.5K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q3 2020 | $17M | 16 | Nov 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $26M | 25 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $39M | 69 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $98M | 84 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $120M | 77 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $105M | 72 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $126M | 82 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $77M | 76 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
Other Included Managers
This filing reports holdings on behalf of 2 additional managers.
- FMLP Inc.028-19628
- Radoff Bradley Louis028-19629
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.