SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Tieton Capital Management, LLC

CIK 0001381954 · 4700 TIETON DRIVE, SUITE C, YAKIMA, WA, 98908 · 509-965-6488

Reported Value
$140M
Q1 2023
Positions
31
Filings on Record
29
2019–present window
Filed
May 10, 2023
original filing

Summary

Tieton Capital Management, LLC reported $140M in U.S.-listed holdings across 31 positions for Q1 2023.

Its largest position, CIVI, represents 8.2% of the portfolio.

Compared with Q4 2022, the fund opened 0 new positions and exited 1.

Portfolio Metrics

Turnover
+7.8%
vs prior filed quarter
Top-10 Concentration
+50.7%
share of reported value
Largest Position
+8.2%
Civitas Resources

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

13F Reported Value
Q1 ’19: $112MQ1 ’19Q2 ’19: $114MQ3 ’19: $117MQ4 ’19: $125MQ1 ’20: $62MQ1 ’20Q2 ’20: $80MQ3 ’20: $101MQ4 ’20: $137MQ1 ’21: $174MQ1 ’21Q2 ’21: $188MQ3 ’21: $184MQ4 ’21: $179MQ1 ’22: $181MQ1 ’22Q2 ’22: $144MQ3 ’22: $142MQ4 ’22: $151MQ1 ’23: $140MQ1 ’23Q2 ’23: $156MQ3 ’23: $159MQ4 ’23: $178MQ1 ’24: $191MQ1 ’24Q2 ’24: $180MQ3 ’24: $193MQ4 ’24: $249MQ1 ’25: $219MQ1 ’25Q2 ’25: $256MQ3 ’25: $288MQ4 ’25: $292MQ1 ’26: $299MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 98.7%Other: 1.3%
  • Common Stock · 98.7% · $139M
  • Other · 1.3% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GRBKGreen Brick PartnersSOLD OUT−107.6K0−$3M$0
VBTXVeritex HoldingsADDED+53.6K142.2K+$108,000$3M
VPGVishay Precision GroupTRIMMED−71.7K102.7K−$2M$4M
ACICUnited Insurance HldgsADDED+551.8K2.33M+$5M$7M
DLTHDuluth Holdings IncADDED+139.8K640.3K+$991,000$4M
CUBICustomers BancorpADDED+43.4K207.8K−$811,000$4M
MPAAMotorcar Parts of AmericaADDED+108.0K579.9K−$1M$4M
CECOCECO EnvironmentalTRIMMED−123.3K613.3K−$24,000$9M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2023

31 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CIVICivitas Resourceshistory →COM8.16%$11M167.7K
2ENVAEnova Internationalhistory →COM6.42%$9M202.9K
3CECOCECO Environmentalhistory →COM6.11%$9M613.3K
4EGYVAALCO Energyhistory →COM5.04%$7M1.56M
5ACICUnited Insurance Hldgshistory →COM4.67%$7M2.33M
6MFINMedallion Financialhistory →COM4.67%$7M854.1K
7PRIMPrimoris Services Corphistory →COM4.35%$6M247.7K
8GEOSGeospace Technologieshistory →COM3.86%$5M768.1K
9DHXDHI Grouphistory →COM3.72%$5M1.35M
10NMIHNMI Holdingshistory →COM3.71%$5M233.6K
11Guess IncCOM3.50%$5M252.4K
12KTCCKey Tronic Corphistory →COM3.42%$5M660.2K
13TCBITexas Capital Bancshrshistory →COM3.39%$5M97.3K
14Orion Energy SystemsCOM3.18%$4M2.20M
15MPAAMotorcar Parts of Americahistory →COM3.07%$4M579.9K
16VPGVishay Precision Grouphistory →COM3.06%$4M102.7K
17DLTHDuluth Holdings Inchistory →COM2.91%$4M640.3K
18BBSIBarrett Business Serviceshistory →COM2.87%$4M45.4K
19NAGEChromaDex Corphistory →COM2.78%$4M2.55M
20CUBICustomers Bancorphistory →COM2.74%$4M207.8K
21Fluent IncCOM2.71%$4M4.65M
22MYFWFirst Western Financialhistory →COM2.23%$3M158.5K
23ZUMZZumiez Inchistory →COM2.15%$3M164.0K
24RMRegional Managementhistory →COM2.05%$3M110.4K
25VBTXVeritex Holdingshistory →COM1.85%$3M142.2K
26ADTNADTRAN Holdingshistory →COM1.69%$2M149.9K
27NPKINewpark Resourceshistory →COM1.63%$2M594.7K
28TESSCO TechnologiesCOM1.55%$2M452.5K
29BM TechnologiesCOM1.28%$2M512.6K
30NATRNature's Sunshine ProductsCOM0.77%$1M106.3K
31SLNGStabilis SolutionsCOM0.45%$630,000172.4K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$299M35May 8, 202613F-HRchanges · EDGAR ↗
Q4 2025$292M35Feb 10, 202613F-HRchanges · EDGAR ↗
Q3 2025$288M33Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$256M34Aug 12, 202513F-HRchanges · EDGAR ↗
Q1 2025$219M34May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$249M40Feb 11, 202513F-HRchanges · EDGAR ↗
Q3 2024$193M40Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$180M39Aug 9, 202413F-HRchanges · EDGAR ↗
Q1 2024$191M38May 10, 202413F-HRchanges · EDGAR ↗
Q4 2023$178M37Feb 9, 202413F-HRchanges · EDGAR ↗
Q3 2023$159M33Nov 1, 202313F-HRchanges · EDGAR ↗
Q2 2023$156M31Aug 15, 202313F-HRchanges · EDGAR ↗
Q1 2023$140M31May 10, 202313F-HRchanges · EDGAR ↗
Q4 2022$151M32Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$142M32Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$144M32Aug 10, 202213F-HRchanges · EDGAR ↗
Q1 2022$181M32May 10, 202213F-HRchanges · EDGAR ↗
Q4 2021$179M33Feb 10, 202213F-HRchanges · EDGAR ↗
Q3 2021$184M32Nov 10, 202113F-HRchanges · EDGAR ↗
Q2 2021$188M33Aug 10, 202113F-HRchanges · EDGAR ↗
Q1 2021$174M35May 10, 202113F-HRchanges · EDGAR ↗
Q4 2020$137M31Feb 11, 202113F-HRchanges · EDGAR ↗
Q3 2020$101M30Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$80M29Aug 12, 202013F-HRchanges · EDGAR ↗
Q1 2020$62M27May 11, 202013F-HRchanges · EDGAR ↗
Q4 2019$125M29Feb 11, 202013F-HRchanges · EDGAR ↗
Q3 2019$117M29Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$114M29Aug 9, 201913F-HRchanges · EDGAR ↗
Q1 2019$112M30May 10, 201913F-HRchanges · EDGAR ↗

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 ↗.