22nw, LP
SEATTLE, WA
$105m in 14 US stocks at the end of 30 June 2026. The top 10 are 94.6% of the money. It changed about 41.5% of the portfolio this quarter.
Value
$105m
Stocks
14
Top 10 share
94.6%
Turnover
41.5%
What changed this quarter
New
Bought for the first time this quarter.
- Turtle BeachTBCH0.2% of the fund
Added
Bought more of a stock they already held.
- Core Molding TechnologiesCMT6.2% of the fund+23%
Cut
Sold some of their stake.
- Mineralys TherapeuticsMLYS2.9% of the fund-74%
Sold out
Sold their entire stake.
- Foster L BFSTR-100%
- Farmer Bros-100%
- PhenixFINPFX-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| InsperityNSP | 19.5% | $20m | 493,000 | Held |
| Nektar TherapeuticsNKTR | 18.7% | $20m | 281,115 | Held |
| StoneridgeSRI | 17.3% | $18m | 2,466,975 | Held |
| Fox Factory HoldingFOXF | 11.0% | $11m | 678,165 | Held |
| Core Molding TechnologiesCMT | 6.2% | $6m | 273,521 | +23% |
| RegenxbioRGNX | 5.6% | $6m | 492,759 | Held |
| CulpCULP | 5.5% | $6m | 1,859,061 | Held |
| RezoluteRZLT | 4.1% | $4m | 820,653 | Held |
| UnifiUFI | 3.9% | $4m | 852,455 | Held |
| Mineralys TherapeuticsMLYS | 2.9% | $3m | 113,840 | -74% |
| TeamTISI | 2.8% | $3m | 170,187 | Held |
| Eledon PharmaceuticalsELDN | 2.4% | $3m | 636,364 | Held |
| Turtle BeachTBCH | 0.2% | $179,654 | 14,430 | New |
| Lifecore BiomedicalLFCR | <0.1% | $6,220 | 1,254 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 34.1% since 30 June 2025.
Where the money is
Retail & consumer40.4%
Health care33.8%
Technology19.6%
Materials6.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.