# RUTABAGA CAPITAL MANAGEMENT LLC/MA

> Institutional holdings reported to the SEC as of Q3 2022 on Form 13F. CIK 1128239. Source: https://holderbook.com/funds/1128239-rutabaga-capital-management-llc-ma/

- Reported value: $114.7M
- Positions: 47
- Weight of the ten largest: 51.0%
- Filed: 2022-11-10

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| HILL INTL INC | [HIL](https://holderbook.com/stocks/HIL/) | $8.7M | 2,622,976 | 7.6% | 16 |
| MOTORCAR PTS AMER INC | [MPAA](https://holderbook.com/stocks/MPAA/) | $6.8M | 447,277 | 5.9% | 16 |
| TITAN MACHY INC | [TITN](https://holderbook.com/stocks/TITN/) | $6.4M | 225,399 | 5.6% | 16 |
| PCTEL INC | [PCTI](https://holderbook.com/stocks/PCTI/) | $6.0M | 1,260,958 | 5.2% | 16 |
| CONCRETE PUMPING HLDGS INC | [BBCP](https://holderbook.com/stocks/BBCP/) | $5.9M | 912,762 | 5.1% | 9 |
| BANCORP INC DEL | [TBBK](https://holderbook.com/stocks/TBBK/) | $5.3M | 239,128 | 4.6% | 16 |
| NORTHERN TECHNOLOGIES INTL C | [NTIC](https://holderbook.com/stocks/NTIC/) | $5.2M | 387,416 | 4.5% | 16 |
| TECNOGLASS INC | [TGLS](https://holderbook.com/stocks/TGLS/) | $5.1M | 241,468 | 4.4% | 16 |
| RED ROBIN GOURMET BURGERS IN | [RRGB](https://holderbook.com/stocks/RRGB/) | $4.7M | 691,244 | 4.1% | 3 |
| MANITEX INTL INC | [MNTX](https://holderbook.com/stocks/MNTX/) | $4.6M | 810,387 | 4.0% | 16 |
| FOSTER L B CO | [FSTR](https://holderbook.com/stocks/FSTR/) | $4.3M | 436,351 | 3.7% | 15 |
| MATRIX SVC CO | [MTRX](https://holderbook.com/stocks/MTRX/) | $4.2M | 1,020,508 | 3.7% | 16 |
| AMPCO-PITTSBURG CORP | [AP](https://holderbook.com/stocks/AP/) | $4.2M | 1,144,269 | 3.7% | 3 |
| GEOSPACE TECHNOLOGIES CORP | [GEOS](https://holderbook.com/stocks/GEOS/) | $4.1M | 936,535 | 3.6% | 16 |
| FORACO INTERNATIONAL S.A. | - | $3.9M | 3,828,050 | 3.4% | 5 |
| STRATTEC SEC CORP | [STRT](https://holderbook.com/stocks/STRT/) | $3.7M | 179,358 | 3.3% | 8 |
| RCM TECHNOLOGIES INC | [RCMT](https://holderbook.com/stocks/RCMT/) | $3.5M | 209,956 | 3.1% | 6 |
| GREENHILL & CO INC | [GHL](https://holderbook.com/stocks/GHL/) | $3.3M | 557,686 | 2.9% | 13 |
| CROWN CRAFTS INC | [CRWS](https://holderbook.com/stocks/CRWS/) | $2.9M | 496,789 | 2.5% | 13 |
| HERITAGE INSURANCE HOLDINGS | - | $2.8M | 1,257,983 | 2.5% | 14 |
| DMC GLOBAL INC | [BOOM](https://holderbook.com/stocks/BOOM/) | $2.5M | 156,953 | 2.2% | 16 |
| ASTRONOVA INC | [ALOT](https://holderbook.com/stocks/ALOT/) | $2.3M | 192,658 | 2.0% | 16 |
| VERA BRADLEY INC | [VRA](https://holderbook.com/stocks/VRA/) | $2.2M | 735,399 | 1.9% | 10 |
| INVACARE CORP | [IVCRQ](https://holderbook.com/stocks/IVCRQ/) | $880.0K | 1,127,802 | 0.8% | 7 |
| WABASH NATL CORP | [WNC](https://holderbook.com/stocks/WNC/) | $615.0K | 39,550 | 0.5% | 9 |
| BARRETT BUSINESS SVCS INC | [BBSI](https://holderbook.com/stocks/BBSI/) | $613.0K | 7,856 | 0.5% | 10 |
| VAREX IMAGING CORP | [VREX](https://holderbook.com/stocks/VREX/) | $600.0K | 28,371 | 0.5% | 16 |
| BEACON FINANCIAL CORP. | [BBT](https://holderbook.com/stocks/BBT/) | $592.0K | 21,692 | 0.5% | 2 |
| CONSOL | - | $583.0K | 37,534 | 0.5% | 5 |
| LUXFER HLDGS PLC | [LXFR](https://holderbook.com/stocks/LXFR/) | $580.0K | 40,023 | 0.5% | 12 |
| CARS COM INC | [CARS](https://holderbook.com/stocks/CARS/) | $575.0K | 49,977 | 0.5% | 11 |
| THERMON GROUP HLDGS INC | [THR](https://holderbook.com/stocks/THR/) | $570.0K | 37,002 | 0.5% | 16 |
| MARCUS CORP DEL | [MCS](https://holderbook.com/stocks/MCS/) | $562.0K | 40,427 | 0.5% | 7 |
| LINDBLAD EXPEDITIONS HLDGS I | [LIND](https://holderbook.com/stocks/LIND/) | $554.0K | 82,026 | 0.5% | 16 |
| MAJOR DRILLING GROUP | [MJDLF](https://holderbook.com/stocks/MJDLF/) | $542.0K | 90,436 | 0.5% | 7 |
| MATTHEWS INTL CORP | [MATW](https://holderbook.com/stocks/MATW/) | $533.0K | 23,803 | 0.5% | 16 |
| HEALTHCARE SVCS GROUP INC | [HCSG](https://holderbook.com/stocks/HCSG/) | $532.0K | 43,964 | 0.5% | 11 |
| BRIGHTVIEW HLDGS INC | [BV](https://holderbook.com/stocks/BV/) | $520.0K | 65,503 | 0.5% | 5 |
| CONDUENT INC | [CNDT](https://holderbook.com/stocks/CNDT/) | $492.0K | 147,173 | 0.4% | 7 |
| GRANITE CONSTR INC | [GVA](https://holderbook.com/stocks/GVA/) | $484.0K | 19,082 | 0.4% | 16 |
| MANITOWOC CO INC | [MTW](https://holderbook.com/stocks/MTW/) | $456.0K | 58,813 | 0.4% | 16 |
| DASEKE INC | [DSKE](https://holderbook.com/stocks/DSKE/) | $454.0K | 83,955 | 0.4% | 6 |
| UNISYS CORP | [UIS](https://holderbook.com/stocks/UIS/) | $440.0K | 58,218 | 0.4% | 14 |
| ARCOSA INC | [ACA](https://holderbook.com/stocks/ACA/) | $396.0K | 6,934 | 0.3% | 16 |
| TEXTAINER GROUP HOLDINGS LTD | [TGH](https://holderbook.com/stocks/TGH/) | $308.0K | 11,464 | 0.3% | 16 |
| CRAWFORD & CO | [CRDA](https://holderbook.com/stocks/CRDA/) | $202.0K | 35,244 | 0.2% | 16 |
| CRAWFORD & CO | [CRDB](https://holderbook.com/stocks/CRDB/) | $188.0K | 35,758 | 0.2% | 16 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2022 | -2.0% | -5.3% | +3.3% | 90% |
| Q2 2022 | -18.3% | -16.5% | -1.8% | 83% |
| Q1 2022 | -4.4% | -4.9% | +0.5% | 92% |
| Q4 2021 | -0.6% | +10.7% | -11.3% | 89% |
| Q3 2021 | -3.6% | +0.3% | -3.9% | 94% |
| Q2 2021 | +8.0% | +8.0% | -0.0% | 95% |
| Q1 2021 | +34.7% | +6.0% | +28.7% | 96% |
| Q4 2020 | +35.4% | +11.6% | +23.8% | 96% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2022 | $114.7M | 47 |
| Q2 2022 | $125.1M | 48 |
| Q1 2022 | $159.4M | 52 |
| Q4 2021 | $150.9M | 50 |
| Q3 2021 | $206.4M | 54 |
| Q2 2021 | $230.2M | 51 |
| Q1 2021 | $217.4M | 50 |
| Q4 2020 | $166.5M | 48 |
| Q3 2020 | $176.1M | 48 |
| Q2 2020 | $183.1M | 47 |
| Q1 2020 | $167.0M | 47 |
| Q4 2019 | $260.3M | 46 |