SEC 13F Intelligence

Managers / Q4 2023 · view latest →

Global Alpha Capital Management Ltd.

CIK 0001584691 · 1800 MCGILL COLLEGE AVENUE, SUITE 1300, MONTREAL, A8, H3A 3J6 · 514-490-2779

Reported Value
$1.2B
Q4 2023
Positions
54
Filings on Record
30
2019–present window
Filed
Feb 9, 2024
original filing

Summary

Global Alpha Capital Management Ltd. reported $1.2B in U.S.-listed holdings across 54 positions for Q4 2023.

Its largest position, HNM, represents 14.3% of the portfolio.

Compared with Q3 2023, the fund opened 21 new positions and exited 3.

Portfolio Metrics

Turnover
+7.3%
vs prior filed quarter
Top-10 Concentration
+50.1%
share of reported value
Largest Position
+14.3%
Ormat Technologies
New / Exited
21 / 3
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. 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
Q4 ’18: $387MQ4 ’18Q1 ’19: $524MQ2 ’19: $575MQ3 ’19: $578MQ4 ’19: $674MQ4 ’19Q1 ’20: $554MQ2 ’20: $630MQ3 ’20: $651MQ4 ’20: $816MQ4 ’20Q1 ’21: $855MQ2 ’21: $922MQ3 ’21: $900MQ4 ’21: $1.0BQ4 ’21Q1 ’22: $1.2BQ2 ’22: $927MQ3 ’22: $1.0BQ4 ’22: $1.0BQ4 ’22Q1 ’23: $1.1BQ2 ’23: $1.1BQ3 ’23: $996MQ4 ’23: $1.2BQ4 ’23Q1 ’24: $1.3BQ2 ’24: $1.4BQ3 ’24: $1.5BQ4 ’24: $1.4BQ4 ’24Q1 ’25: $1.4BQ2 ’25: $1.6BQ3 ’25: $1.7BQ4 ’25: $1.6BQ4 ’25Q1 ’26: $1.7Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 95.1%REIT: 4.0%Other: 0.9%
  • Common Stock · 95.1% · $1.2B
  • REIT · 4.0% · $50M
  • Other · 0.9% · $11M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CWSTCASELLA WASTE SYS INCNEW+209.7K209.7K+$18M$18M
AAONAAON INCNEW+157.0K157.0K+$12M$12M
EVREVERCORE INCNEW+66.3K66.3K+$11M$11M
PCRXPACIRA BIOSCIENCES INCNEW+72.5K72.5K+$2M$2M
LRNSTRIDE INCNEW+35.8K35.8K+$2M$2M
BCPCBALCHEM CORPNEW+14.2K14.2K+$2M$2M
VMIVALMONT INDS INCNEW+8.8K8.8K+$2M$2M
TDOCTELADOC HEALTH INCNEW+93.7K93.7K+$2M$2M

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

Holdings — Q4 2023

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1HNMORMAT TECHNOLOGIES INChistory →COM14.27%$178M2.31M
2LMNRLIMONEIRA COhistory →COM4.95%$62M2.99M
3TSAACI WORLDWIDE INChistory →COM4.75%$59M1.93M
4CWCURTISS WRIGHT CORPhistory →COM4.46%$55M249.0K
5UMBFUMB FINL CORPhistory →COM4.45%$55M662.8K
6EXPEAGLE MATLS INChistory →COM3.64%$45M223.4K
7WF2WINTRUST FINL CORPhistory →COM3.57%$44M478.8K
8PRAAPRA GROUP INChistory →COM3.41%$42M1.62M
9FSSFEDERAL SIGNAL CORPhistory →COM3.37%$42M545.7K
10ATNIATN INTL INChistory →COM3.25%$40M1.04M
11GMEDGLOBUS MED INChistory →CL A3.12%$39M728.3K
12SANMSANMINA CORPORATIONhistory →COM2.80%$35M677.9K
13OGM1COGENT COMMUNICATIONS HLDGShistory →COM NEW2.63%$33M429.6K
14BSFAANI PHARMACEUTICALS INChistory →COM2.58%$32M582.4K
15RUSHARUSH ENTERPRISES INChistory →CL A2.51%$31M620.0K
16RLIRLI CORPhistory →COM2.48%$31M231.4K
17RDNTRADNET INChistory →COM2.45%$31M878.1K
18FPIFARMLAND PARTNERS INChistory →COM2.29%$29M2.28M
19DNOWNOW INChistory →COM2.26%$28M2.49M
20HPHELMERICH & PAYNE INChistory →COM2.09%$26M716.6K
21ENVUSDENVESTNET INChistory →COM1.90%$24M477.2K
22CLNECLEAN ENERGY FUELS CORPhistory →COM1.76%$22M5.73M
23IBPINSTALLED BLDG PRODS INChistory →COM1.75%$22M119.1K
24RYNRAYONIER INChistory →COM1.73%$22M645.1K
25VTYVERINT SYS INChistory →COM1.71%$21M785.5K
26BCBRUNSWICK CORPhistory →COM1.55%$19M199.6K
27CWSTCASELLA WASTE SYS INChistory →CL A1.44%$18M209.7K
28OSISKO GOLD ROYALTIES LTDCOM1.37%$17M1.20M
293TYTITAN MACHY INChistory →COM1.37%$17M591.5K
30QA4AGENTHERM INChistory →COM1.35%$17M320.2K
31DIODDIODES INChistory →COM1.25%$16M193.6K
32DGIIDIGI INTL INChistory →COM1.11%$14M532.8K
33OMCLOMNICELL COMhistory →COM1.08%$13M357.7K
34AAONAAON INChistory →COM PAR $0.0040.93%$12M157.0K
35EVREVERCORE INChistory →CLASS A0.91%$11M66.3K
36CAESARSTONE LTDORD SHS0.90%$11M2.98M
37PCRXPACIRA BIOSCIENCES INCCOM0.20%$2M72.5K
38LRNSTRIDE INCCOM0.17%$2M35.8K
39BCPCBALCHEM CORPCOM0.17%$2M14.2K
40VMIVALMONT INDS INCCOM0.17%$2M8.8K
41TDOCTELADOC HEALTH INCCOM0.16%$2M93.7K
42ENSENERSYSCOM0.16%$2M19.2K
43CVSAADTALEM GLOBAL ED INCCOM0.15%$2M32.6K
44ICFIICF INTL INCCOM0.15%$2M14.2K
45AGMFEDERAL AGRIC MTG CORPCL C0.15%$2M9.7K
46COLDEURAMERICOLD REALTY TRUST INCCOM0.14%$2M55.7K
47BCBUSDPRIMO WATER CORPORATIONCOM0.14%$2M111.9K
48ZWSZURN ELKAY WATER SOLNS CORPCOM0.12%$2M51.4K
49JT5MUELLER WTR PRODS INCCOM SER A0.12%$2M104.8K
50BFAMBRIGHT HORIZONS FAM SOL IN DCOM0.12%$2M16.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.7B54May 11, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.6B56Feb 11, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.7B56Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.6B56Aug 7, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.4B58May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.4B56Feb 7, 202513F-HRchanges · EDGAR ↗
Q3 2024$1.5B57Nov 8, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.4B57Aug 9, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.3B55May 8, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.2B54Feb 9, 202413F-HRchanges · EDGAR ↗
Q3 2023$996M36Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$1.1B33Aug 10, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.1B34May 9, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.0B34Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.0B35Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$927M35Aug 5, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.2B35May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.0B34Feb 10, 202213F-HRchanges · EDGAR ↗
Q3 2021$900M35Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$922M34Aug 2, 202113F-HRchanges · EDGAR ↗
Q1 2021$855M34Apr 30, 202113F-HRchanges · EDGAR ↗
Q4 2020$816M35Feb 10, 202113F-HRchanges · EDGAR ↗
Q3 2020$651M36Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$630M34Aug 13, 202013F-HRchanges · EDGAR ↗
Q1 2020$554M40May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$674M37Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019$578M37Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$575M38Aug 7, 201913F-HRchanges · EDGAR ↗
Q1 2019$524M37May 8, 201913F-HRchanges · EDGAR ↗
Q4 2018$387M34Feb 11, 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 ↗.