# Fondren Management LP

> Institutional holdings reported to the SEC as of Q3 2020 on Form 13F. CIK 1328331. Source: https://holderbook.com/funds/1328331-fondren-management-lp/

- Reported value: $16.9M
- Positions: 16
- Weight of the ten largest: 92.8%
- Filed: 2020-11-13

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 |
|---|---|---|---|---|---|
| BIGLARI HLDGS INC | [BH](https://holderbook.com/stocks/BH/) | $3.9M | 44,221 | 23.2% | 8 |
| VAALCO ENERGY INC | [EGY](https://holderbook.com/stocks/EGY/) | $2.5M | 2,471,000 | 14.6% | 8 |
| SUPPORT COM INC | [SPRT](https://holderbook.com/stocks/SPRT/) | $2.3M | 1,301,874 | 13.8% | 8 |
| LESAKA TECHNOLOGIES INC | [LSAK](https://holderbook.com/stocks/LSAK/) | $2.2M | 645,000 | 12.8% | 7 |
| SYNACOR INC | [SYNC](https://holderbook.com/stocks/SYNC/) | $1.8M | 1,213,447 | 10.8% | 5 |
| OPIANT PHARMACEUTICALS INC | [OPNT](https://holderbook.com/stocks/OPNT/) | $1.0M | 137,000 | 6.1% | 7 |
| MEDLEY CAP CORP | - | $892.0K | 50,000 | 5.3% | 1 |
| BBX CAP CORP NEW | - | $536.0K | 40,000 | 3.2% | 1 |
| CRAWFORD & CO | [CRDB](https://holderbook.com/stocks/CRDB/) | $251.0K | 38,900 | 1.5% | 3 |
| HOUSTON WIRE & CABLE CO | [HWCC](https://holderbook.com/stocks/HWCC/) | $250.0K | 100,000 | 1.5% | 5 |
| PORTMAN RIDGE FIN CORP | [PTMN](https://holderbook.com/stocks/PTMN/) | $238.0K | 179,100 | 1.4% | 4 |
| CRAWFORD & CO | [CRDA](https://holderbook.com/stocks/CRDA/) | $232.0K | 35,500 | 1.4% | 8 |
| TRANSGLOBE ENERGY CORP | [TGA](https://holderbook.com/stocks/TGA/) | $204.0K | 535,500 | 1.2% | 7 |
| ASCENT INDUSTRIES CO | [ACNT](https://holderbook.com/stocks/ACNT/) | $202.0K | 36,556 | 1.2% | 2 |
| ROCKY MTN CHOCOLATE FACTORY | [RMCF](https://holderbook.com/stocks/RMCF/) | $175.0K | 65,462 | 1.0% | 8 |
| UNIVERSAL STAINLESS & ALLOY | [USAP](https://holderbook.com/stocks/USAP/) | $173.0K | 31,523 | 1.0% | 6 |

## 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 2020 | +5.6% | +8.6% | -3.0% | 95% |
| Q2 2020 | +29.8% | +19.6% | +10.2% | 98% |
| Q1 2020 | -47.2% | -19.9% | -27.3% | 98% |
| Q4 2019 | +5.2% | +8.5% | -3.3% | 98% |
| Q3 2019 | +1.5% | +1.3% | +0.2% | 98% |
| Q2 2019 | -2.5% | +3.7% | -6.2% | 98% |
| Q1 2019 | +18.2% | +13.0% | +5.2% | 96% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2020 | $16.9M | 16 |
| Q2 2020 | $25.9M | 25 |
| Q1 2020 | $39.4M | 69 |
| Q4 2019 | $97.7M | 84 |
| Q3 2019 | $120.2M | 77 |
| Q2 2019 | $105.1M | 72 |
| Q1 2019 | $125.6M | 82 |
| Q4 2018 | $76.6M | 76 |