22NW, LP

CIK 0001694297 · Q1 2026

13F Equity AUM

$145.9M

-38.6% QoQ

Positions

-4 QoQ

AUM Rank

#8,644

Top 69%

Skill Alpha (FF)

-0.4%/yr^ns

No Clear Edge

Rank #2,790 · Top 34%

vs S&P -3.9%/yr (unadj.)

Quarters Tracked

~9 years

Portfolio Concentration

Top 5: 64.6%Top 10: 90.1%Top 20: 100.0%

FSTR20.4%

NKTR13.9%

LDE12.9%

NSP9.1%

MLYS8.3%

SRI8.2%

FOXF7.7%

CULP3.5%

CMT3.4%

RGNX2.8%

Others (6)9.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare40.9%

Industrials31.4%

Consumer Cyclical21.4%

Basic Materials3.4%

Other2.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 16Median: 3.46%Avg: 6.25%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

7(12.7%)

3–5%

2(6.9%)

5%+

7(80.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 14Unique: 2vs 20 funds

0.2%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

VANGUARD CAPITAL MANAGEMENT LLC

0.4%

BlackRock, Inc.

0.3%

GEODE CAPITAL MANAGEMENT, LLC

0.3%

STATE STREET CORP

0.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.4%

MORGAN STANLEY

0.2%

BANK OF AMERICA CORP /DE/

0.1%

JPMORGAN CHASE & CO

0.1%

FMR LLC

0.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New1Increased3Decreased4Exited5

New Positions

FOXF7.7%

+678K

Increased

NSP9.1%

+397K(+412%)

SRI8.2%

+274K(+13%)

MLYS8.3%

+86K(+24%)

Decreased

RGNX2.8%

-430,920(-47%)

FSTR20.4%

-123,860(-10%)

PFX1.1%

-74,770(-63%)

NKTR13.9%

-50,000(-15%)

Exited

-15,467,300

-414,280

-586,519

-536,995

-276,034

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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