# Hillcrest Asset Management LLC

> Institutional holdings reported to the SEC as of Q4 2021 on Form 13F. CIK 1415345. Source: https://holderbook.com/funds/1415345-hillcrest-asset-management-llc/

- Reported value: $656.2M
- Positions: 60
- Weight of the ten largest: 22.9%
- Filed: 2022-02-24

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 |
|---|---|---|---|---|---|
| UFP INDUSTRIES INC | [UFPI](https://holderbook.com/stocks/UFPI/) | $16.4M | 178,202 | 2.5% | 7 |
| EXLSERVICE HLDGS INC | [EXLS](https://holderbook.com/stocks/EXLS/) | $16.1M | 111,246 | 2.5% | 7 |
| LXP INDUSTRIAL TRUST | [LXPXXXX](https://holderbook.com/stocks/LXPXXXX/) | $16.1M | 1,029,818 | 2.5% | 13 |
| SPECTRUM BRANDS HOLDINGS INC | [SPB](https://holderbook.com/stocks/SPB/) | $15.3M | 150,269 | 2.3% | 5 |
| FABRINET | [FN](https://holderbook.com/stocks/FN/) | $15.2M | 128,251 | 2.3% | 1 |
| EMCOR GROUP INC | [EME](https://holderbook.com/stocks/EME/) | $14.6M | 114,892 | 2.2% | 7 |
| AMN HEALTHCARE SVCS INC | [AMN](https://holderbook.com/stocks/AMN/) | $14.5M | 118,828 | 2.2% | 13 |
| UMB FINL CORP | [UMBF](https://holderbook.com/stocks/UMBF/) | $14.4M | 135,670 | 2.2% | 13 |
| HILLTOP HLDGS INC | [HTH](https://holderbook.com/stocks/HTH/) | $14.2M | 402,832 | 2.2% | 9 |
| INVESTORS BANCORP INC NEW | [ISBC](https://holderbook.com/stocks/ISBC/) | $13.7M | 901,117 | 2.1% | 7 |
| DIODES INC | [DIOD](https://holderbook.com/stocks/DIOD/) | $13.6M | 124,173 | 2.1% | 13 |
| EVERCORE INC | [EVR](https://holderbook.com/stocks/EVR/) | $13.5M | 99,534 | 2.1% | 13 |
| SELECT MED HLDGS CORP | [SEM](https://holderbook.com/stocks/SEM/) | $13.4M | 455,999 | 2.0% | 7 |
| AAR CORP | [AIR](https://holderbook.com/stocks/AIR/) | $12.8M | 329,182 | 2.0% | 1 |
| AIR TRANSPORT SERVICES GRP I | [ATSG](https://holderbook.com/stocks/ATSG/) | $12.7M | 431,507 | 1.9% | 1 |
| CARETRUST REIT INC | [CTRE](https://holderbook.com/stocks/CTRE/) | $12.6M | 552,877 | 1.9% | 5 |
| SOMNIGROUP INTERNATIONAL INC | [SGI](https://holderbook.com/stocks/SGI/) | $12.3M | 260,549 | 1.9% | 7 |
| PIEDMONT REALTY TRUST INC | [PDM](https://holderbook.com/stocks/PDM/) | $12.2M | 665,552 | 1.9% | 8 |
| STIFEL FINL CORP | [SF](https://holderbook.com/stocks/SF/) | $12.2M | 173,561 | 1.9% | 13 |
| GRIFFON CORP | [GFF](https://holderbook.com/stocks/GFF/) | $12.2M | 427,737 | 1.9% | 3 |
| STEWART INFORMATION SVCS COR | [STC](https://holderbook.com/stocks/STC/) | $12.2M | 152,724 | 1.9% | 1 |
| GREEN BRICK PARTNERS INC | [GRBK](https://holderbook.com/stocks/GRBK/) | $12.1M | 399,175 | 1.8% | 3 |
| MALIBU BOATS INC | [MBUU](https://holderbook.com/stocks/MBUU/) | $12.1M | 175,992 | 1.8% | 13 |
| COPT DEFENSE PROPERTIES | [CDP](https://holderbook.com/stocks/CDP/) | $11.5M | 412,744 | 1.8% | 4 |
| CHEMOURS CO | [CC](https://holderbook.com/stocks/CC/) | $11.4M | 339,946 | 1.7% | 3 |
| SHYFT GROUP INC | [SHYF](https://holderbook.com/stocks/SHYF/) | $11.1M | 225,534 | 1.7% | 6 |
| CATHAY GEN BANCORP | [CATY](https://holderbook.com/stocks/CATY/) | $11.0M | 254,788 | 1.7% | 13 |
| GRAPHIC PACKAGING HLDG CO | [GPK](https://holderbook.com/stocks/GPK/) | $10.9M | 557,635 | 1.7% | 7 |
| VIRTUS INVT PARTNERS INC | [VRTS](https://holderbook.com/stocks/VRTS/) | $10.7M | 35,893 | 1.6% | 3 |
| PORTLAND GEN ELEC CO | [POR](https://holderbook.com/stocks/POR/) | $10.7M | 201,283 | 1.6% | 4 |
| PROG HOLDINGS INC | [PRG](https://holderbook.com/stocks/PRG/) | $10.6M | 235,212 | 1.6% | 5 |
| GRAY MEDIA INC | [GTN](https://holderbook.com/stocks/GTN/) | $10.6M | 524,947 | 1.6% | 13 |
| AMERIS BANCORP | [ABCB](https://holderbook.com/stocks/ABCB/) | $10.5M | 211,885 | 1.6% | 5 |
| ARGO GROUP INTERNATIONAL | - | $10.4M | 179,800 | 1.6% | 2 |
| Orion Engineered Carbons SA | - | $10.3M | 559,481 | 1.6% | 2 |
| PDC ENERGY INC | [PDCE](https://holderbook.com/stocks/PDCE/) | $10.2M | 208,836 | 1.6% | 8 |
| TIMKEN CO | [TKR](https://holderbook.com/stocks/TKR/) | $10.0M | 144,907 | 1.5% | 11 |
| EPR PPTYS | [EPR](https://holderbook.com/stocks/EPR/) | $10.0M | 210,111 | 1.5% | 1 |
| BRANDYWINE RLTY TR | [BDN](https://holderbook.com/stocks/BDN/) | $9.8M | 729,119 | 1.5% | 10 |
| HILLENBRAND INC | [HI](https://holderbook.com/stocks/HI/) | $9.7M | 185,989 | 1.5% | 5 |
| INTEGER HLDGS CORP | [ITGR](https://holderbook.com/stocks/ITGR/) | $9.6M | 112,357 | 1.5% | 7 |
| WINNEBAGO INDS INC | [WGO](https://holderbook.com/stocks/WGO/) | $9.6M | 128,328 | 1.5% | 13 |
| WERNER ENTERPRISES INC | [WERN](https://holderbook.com/stocks/WERN/) | $9.5M | 199,554 | 1.4% | 4 |
| JACK IN THE BOX INC | [JACK](https://holderbook.com/stocks/JACK/) | $9.5M | 108,438 | 1.4% | 4 |
| SOUTHWEST GAS HLDGS INC | [SWX](https://holderbook.com/stocks/SWX/) | $9.2M | 131,537 | 1.4% | 7 |
| NATIONAL BK HLDGS CORP | [NBHC](https://holderbook.com/stocks/NBHC/) | $9.2M | 208,313 | 1.4% | 13 |
| CIVITAS RESOURCES INC | [CIVI](https://holderbook.com/stocks/CIVI/) | $9.1M | 186,354 | 1.4% | 1 |
| ADAPTHEALTH CORP | [AHCO](https://holderbook.com/stocks/AHCO/) | $8.9M | 365,467 | 1.4% | 1 |
| II-VI INC | [IIVI](https://holderbook.com/stocks/IIVI/) | $8.8M | 128,048 | 1.3% | 13 |
| PRIMORIS SVCS CORP | [PRIM](https://holderbook.com/stocks/PRIM/) | $8.7M | 361,328 | 1.3% | 13 |
| WHITING PETE CORP NEW | [WLL](https://holderbook.com/stocks/WLL/) | $8.0M | 123,770 | 1.2% | 1 |
| EMERGENT BIOSOLUTIONS INC | [EBS](https://holderbook.com/stocks/EBS/) | $8.0M | 184,010 | 1.2% | 13 |
| MCGRATH RENTCORP | [MGRC](https://holderbook.com/stocks/MGRC/) | $7.8M | 97,299 | 1.2% | 7 |
| LA Z BOY INC | [LZB](https://holderbook.com/stocks/LZB/) | $7.2M | 199,560 | 1.1% | 5 |
| STANDARD MTR PRODS INC | [SMP](https://holderbook.com/stocks/SMP/) | $7.0M | 133,871 | 1.1% | 6 |
| NMI HLDGS INC | [NMIH](https://holderbook.com/stocks/NMIH/) | $7.0M | 320,517 | 1.1% | 8 |
| VERITEX HLDGS INC | [VBTX](https://holderbook.com/stocks/VBTX/) | $7.0M | 175,071 | 1.1% | 12 |
| WORLD KINECT CORPORATION | [WKC](https://holderbook.com/stocks/WKC/) | $6.5M | 244,042 | 1.0% | 8 |
| NORTHWESTERN ENERGY GROUP IN | [NWE](https://holderbook.com/stocks/NWE/) | $6.0M | 105,209 | 0.9% | 13 |
| G III APPAREL GROUP LTD | [GIII](https://holderbook.com/stocks/GIII/) | $5.9M | 214,835 | 0.9% | 13 |

## 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 |
|---|---|---|---|---|
| Q4 2021 | +7.3% | +10.7% | -3.4% | 93% |
| Q3 2021 | -1.1% | +0.3% | -1.4% | 100% |
| Q2 2021 | +2.4% | +8.0% | -5.6% | 100% |
| Q1 2021 | +16.2% | +6.0% | +10.2% | 100% |
| Q4 2020 | +30.1% | +11.6% | +18.4% | 98% |
| Q3 2020 | +6.1% | +8.6% | -2.5% | 100% |
| Q2 2020 | +21.7% | +19.6% | +2.0% | 95% |
| Q1 2020 | -38.5% | -19.9% | -18.6% | 95% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2021 | $656.2M | 60 |
| Q3 2021 | $698.9M | 58 |
| Q2 2021 | $739.6M | 59 |
| Q1 2021 | $856.9M | 59 |
| Q4 2020 | $735.6M | 60 |
| Q3 2020 | $565.7M | 57 |
| Q2 2020 | $547.3M | 56 |
| Q1 2020 | $416.0M | 55 |
| Q4 2019 | $656.9M | 58 |
| Q3 2019 | $626.3M | 58 |
| Q2 2019 | $642.2M | 58 |
| Q1 2019 | $624.8M | 58 |