SEC 13F Intelligence

Managers / Q3 2021

Adirondack Research & Management Inc.

CIK 0001569100 · 2390 WESTERN AVENUE, GUILDERLAND, NY, 12084 · 518-690-0470

Reported Value
$82M
Q3 2021
Positions
98
Filings on Record
12
2019–present window
Filed
Oct 29, 2021
original filing

Summary

Adirondack Research & Management Inc. reported $82M in U.S.-listed holdings across 98 positions for Q3 2021.

Its largest position, CNDT, represents 3.9% of the portfolio.

Compared with Q2 2021, the fund opened 9 new positions and exited 5.

Portfolio Metrics

Turnover
+10.3%
vs prior filed quarter
Top-10 Concentration
+23.1%
share of reported value
Largest Position
+3.9%
Conduent
New / Exited
9 / 5
positions this quarter

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: $161MQ1 ’19Q2 ’19: $139MQ3 ’19: $115MQ3 ’19Q4 ’19: $115MQ1 ’20: $72MQ1 ’20Q2 ’20: $76MQ3 ’20: $72MQ3 ’20Q4 ’20: $73MQ1 ’21: $85MQ1 ’21Q2 ’21: $86MQ3 ’21: $82MQ3 ’21filingsflow.com

Portfolio Composition

By security type
Common Stock: 90.6%Other: 5.3%REIT: 1.9%MLP: 1.2%ADR: 1.0%
  • Common Stock · 90.6% · $74M
  • Other · 5.3% · $4M
  • REIT · 1.9% · $2M
  • MLP · 1.2% · $1M
  • ADR · 1.0% · $799,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
HLMNHILLMAN SOULUTIONS CORPNEW+126.2K126.2K+$2M$2M
BAXBAXTER INTL INC.NEW+12.6K12.6K+$1M$1M
CNXCNX RES CORPNEW+58.4K58.4K+$737,000$737,000
MATVSCHWEITZER-MAUDUIT INTL INC.NEW+18.2K18.2K+$632,000$632,000
ECVTECOVYST INC.NEW+52.4K52.4K+$611,000$611,000
BABAALIBABA GROUP HLDG LTDNEW+3.5K3.5K+$516,000$516,000
HANESBRANDS INC.NEW+26.3K26.3K+$451,000$451,000
DSEURDRIVE SHACK INC,NEW+122.6K122.6K+$345,000$345,000

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

Holdings — Q3 2021

98 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CNDTCONDUENT INChistory →COM3.88%$3M484.1K
2UISUNISYS CORPhistory →COM NEW2.32%$2M75.9K
3CNOCNO FINL GROUP INChistory →COM2.29%$2M79.9K
4ARANTERO RESOURCES CORPhistory →COM2.28%$2M99.7K
5LAZARD LTDSHS A2.17%$2M38.9K
6CELESTICA INCSUB VTG SHS2.10%$2M194.0K
7ADTRAN INCCOM2.09%$2M91.7K
8SPNTSIRIUSPOINT LTDhistory →COM2.05%$2M182.2K
9LYTSLSI INDS INC OHIOhistory →COM1.97%$2M208.7K
10TRSTTRUSTCO BK CORP N Yhistory →COM NEW1.92%$2M49.4K
11GRAFTECH INTL LTDCOM1.91%$2M152.1K
12VONAGE HLDGS CORPCOM1.89%$2M96.5K
13NATIONAL WESTN LIFE GROUP INCL A1.87%$2M7.3K
14BRXBRIXMOR PPTY GROUP INChistory →COM1.85%$2M68.9K
15ASCARDMORE SHIPPING CORPhistory →COM1.85%$2M366.8K
16HLMNHILLMAN SOULUTIONS CORPhistory →COM1.83%$2M126.2K
17MTGMGIC INVT CORP WIShistory →COM1.79%$1M98.6K
18INFINERA CORPCOM1.66%$1M163.9K
19GNWGENWORTH FINL INChistory →COM CL A1.65%$1M361.3K
20PLABPHOTRONICS INChistory →COM1.49%$1M89.9K
21OIO-I GLASS INChistory →COM1.42%$1M81.7K
22MDRXALLSCRIPTS HEALTHCARE SOLUTNhistory →COM1.42%$1M87.1K
23CODICOMPASS DIVERSIFIEDhistory →SH BEN INT1.40%$1M40.9K
24ADMARCHER DANIELS MIDLAND COhistory →COM1.33%$1M18.2K
25COPCONOCOPHILLIPShistory →COM1.32%$1M16.0K
26TSNTYSON FOODS INChistory →CL A1.30%$1M13.5K
27CSCOCISCO SYS INChistory →COM1.27%$1M19.2K
28CTRACABOT OIL & GAS CORPhistory →COM1.27%$1M48.0K
29BAXBAXTER INTL INC.history →COM1.23%$1M12.6K
30HILL INTL INCCOM1.17%$963,000465.3K
31TIPTTIPTREE INChistory →COM1.17%$958,00095.6K
32DENNDENNYS CORPhistory →COM1.15%$944,00057.8K
33DDOMINION ENERGY INChistory →COM1.14%$939,00012.9K
34WFCWELLS FARGO CO NEWhistory →COM1.12%$923,00019.9K
35IMKTAINGLES MKTS INChistory →CL A1.12%$918,00013.9K
36FFORD MTR CO DELhistory →COM1.07%$876,00061.9K
37ARAYACCURAY INChistory →COM1.05%$863,000218.5K
38PMPHILIP MORRIS INTL INChistory →COM1.05%$863,0009.1K
39TAPMOLSON COORS BEVERAGE COhistory →CL B1.05%$862,00018.6K
40COGNYTE SOFTWARE LTDORD SHS1.03%$849,00041.3K
41TAT&T INCCOM1.00%$820,00030.4K
42KOCOCA COLA COCOM0.99%$816,00015.5K
43HOSTESS BRANDS INCCL A0.96%$790,00045.5K
44RLRALPH LAUREN CORPCL A0.95%$779,0007.0K
45SEBSEABOARD CORP DELCOM0.95%$779,000190
46MTRXMATRIX SVC COCOM0.93%$762,00072.8K
47AEBAALLETE INCCOM NEW0.92%$758,00012.7K
48WILLIAMS INDL SVCS GROUP INCCOM0.91%$751,000176.0K
49CNXCNX RES CORPCOM0.90%$737,00058.4K
50WLKPWESTLAKE CHEM PARTNERS LPCOM UNIT RP LP0.86%$711,00029.2K
51KNKNOWLES CORPCOM0.84%$692,00036.9K
52MANITEX INTL INCCOM0.82%$677,00094.4K
53CDK GLOBAL INCCOM0.81%$667,00015.7K
54BARNES GROUP INCCOM0.77%$632,00015.1K
55MATVSCHWEITZER-MAUDUIT INTL INC.COM0.77%$632,00018.2K
56HARVARD BIOSCIENCE INCCOM0.76%$628,00090.0K
57ORIOLD REP INTL CORPCOM0.76%$625,00027.0K
58SANMSANMINA CORPORATIONCOM0.76%$622,00016.1K
59ECVTECOVYST INC.COM0.74%$611,00052.4K
60PACTIV EVERGREEN INCCOM0.74%$608,00048.5K
61UAAUNDER ARMOUR INCCL A0.74%$605,00030.0K
62GLWCORNING INCCOM0.69%$570,00015.6K
63AMER SOFTWARE INCCL A0.69%$569,00024.0K
64STCSTEWART INFORMATION SVCS CORCOM0.67%$550,0008.7K
65ATENA10 NETWORKS INCCOM0.67%$548,00040.6K
66PACWEST BANCORP DELCOM0.66%$540,00011.9K
67HIGHARTFORD FINL SVCS GROUP INCCOM0.64%$523,0007.4K
68BABAALIBABA GROUP HLDG LTDSPONSORED ADS0.63%$516,0003.5K
69MSFTMICROSOFT CORPCOM0.62%$509,0001.8K
70METMETLIFE INCCOM0.61%$502,0008.1K
71CALMCAL MAINE FOODS INCCOM NEW0.60%$495,00013.7K
72QUANTUM CORPCOM NEW0.57%$469,00090.6K
73CHICOS FAS INCCOM0.57%$467,000103.9K
74EZPWEZCORP INCCL A NON VTG0.55%$454,00060.0K
75HANESBRANDS INC.COM0.55%$451,00026.3K
76EXCEXELON CORPCOM0.52%$427,0008.8K
77VSHVISHAY INTERTECHNOLOGY INCCOM0.51%$419,00020.8K
78CLFCLEVELAND-CLIFFS INC NEWCOM0.47%$388,00019.6K
79TECKTECK RESOURCES LTDCL B0.47%$383,00015.4K
80BSXBOSTON SCIENTIFIC CORPCOM0.46%$381,0008.8K
81PFEPFIZER INCCOM0.42%$349,0008.1K
82ABTABBOTT LABSCOM0.42%$348,0002.9K
83DSEURDRIVE SHACK INC,COM0.42%$345,000122.6K
84CCEPCOCA-COLA EUROPACIFIC PARTNESHS0.42%$342,0006.2K
85PCYOPURE CYCLE CORPCOM NEW0.39%$324,00024.3K
86AAALCOA CORPCOM0.37%$307,0006.3K
87EDCONSOLIDATED EDISON INCCOM0.37%$301,0004.1K
88PBF LOGISTICS LPUNIT LTD PTNR0.36%$293,00023.2K
89NOKNOKIA CORPSPONSORED ADR0.34%$283,00051.9K
90EMCORE CORPCOM NEW0.34%$282,00037.8K
91TWITTER INCCOM0.32%$266,0004.4K
92MYEMYERS INDS INCCOM0.32%$263,00013.4K
93GENERAL ELECTRIC COCOM0.32%$259,0002.5K
94HUNHUNTSMAN CORPCOM0.27%$226,0007.6K
95DINDINE BRANDS GLOBAL INCCOM0.26%$211,0002.6K
96SPUSDSP PLUS CORPCOM0.26%$210,0006.9K
97ABBVABBVIE INCCOM0.25%$204,0001.9K
98VENATOR MATLS PLCSHS0.20%$164,00057.6K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2021$82M98Oct 29, 202113F-HRchanges · EDGAR ↗
Q2 2021$86M94Aug 5, 202113F-HRchanges · EDGAR ↗
Q1 2021$85M90Apr 27, 202113F-HRchanges · EDGAR ↗
Q4 2020$73M81Feb 8, 202113F-HRchanges · EDGAR ↗
Q3 2020$72M75Nov 5, 202013F-HRchanges · EDGAR ↗
Q2 2020$76M75Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$72M86May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$115M88Feb 11, 202013F-HRchanges · EDGAR ↗
Q3 2019$115M96Nov 4, 201913F-HRchanges · EDGAR ↗
Q2 2019$139M100Aug 6, 201913F-HRchanges · EDGAR ↗
Q1 2019$161M100May 20, 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 ↗.