# ZPR Investment Management

> Institutional holdings reported to the SEC as of Q3 2019 on Form 13F. CIK 1504681. Source: https://holderbook.com/funds/1504681-zpr-investment-management/

- Reported value: $46.8M
- Positions: 79
- Weight of the ten largest: 37.5%
- Filed: 2019-11-14

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 |
|---|---|---|---|---|---|
| TD SYNNEX CORPORATION | [SNX](https://holderbook.com/stocks/SNX/) | $2.9M | 25,294 | 6.1% | 4 |
| AMERICAS CAR-MART INC | [CRMT](https://holderbook.com/stocks/CRMT/) | $2.0M | 21,523 | 4.2% | 4 |
| GENERAC HLDGS INC | [GNRC](https://holderbook.com/stocks/GNRC/) | $1.7M | 22,277 | 3.7% | 4 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $1.7M | 44,981 | 3.6% | 3 |
| ZEBRA TECHNOLOGIES CORPORATI | [ZBRA](https://holderbook.com/stocks/ZBRA/) | $1.7M | 8,150 | 3.6% | 4 |
| ATKORE INC | [ATKR](https://holderbook.com/stocks/ATKR/) | $1.7M | 54,664 | 3.5% | 3 |
| PLUMAS BANCORP | [PLBC](https://holderbook.com/stocks/PLBC/) | $1.6M | 80,909 | 3.5% | 4 |
| MILLER INDS INC TENN | [MLR](https://holderbook.com/stocks/MLR/) | $1.5M | 45,958 | 3.3% | 3 |
| TRANSACT TECHNOLOGIES INC | [TACT](https://holderbook.com/stocks/TACT/) | $1.4M | 115,530 | 3.0% | 4 |
| WALKER & DUNLOP INC | [WD](https://holderbook.com/stocks/WD/) | $1.4M | 24,558 | 2.9% | 2 |
| OSHKOSH CORP | [OSK](https://holderbook.com/stocks/OSK/) | $1.2M | 16,420 | 2.7% | 3 |
| DIODES INC | [DIOD](https://holderbook.com/stocks/DIOD/) | $1.2M | 29,317 | 2.5% | 3 |
| PATHWARD FINANCIAL INC | [CASH](https://holderbook.com/stocks/CASH/) | $1.1M | 35,225 | 2.5% | 3 |
| ROCKY BRANDS INC | [RCKY](https://holderbook.com/stocks/RCKY/) | $1.1M | 33,221 | 2.4% | 4 |
| GREEN BRICK PARTNERS INC | [GRBK](https://holderbook.com/stocks/GRBK/) | $1.1M | 100,548 | 2.3% | 2 |
| MASTERCRAFT BOAT HLDGS INC | [MCFT](https://holderbook.com/stocks/MCFT/) | $972.0K | 65,157 | 2.1% | 4 |
| VERINT SYS INC | [VRNT](https://holderbook.com/stocks/VRNT/) | $967.0K | 22,604 | 2.1% | 3 |
| TALOS ENERGY INC | [TALO](https://holderbook.com/stocks/TALO/) | $965.0K | 47,471 | 2.1% | 4 |
| SANMINA CORP | [SANM](https://holderbook.com/stocks/SANM/) | $860.0K | 26,777 | 1.8% | 3 |
| PREFERRED BK LOS ANGELES CA | [PFBC](https://holderbook.com/stocks/PFBC/) | $859.0K | 16,406 | 1.8% | 4 |
| UNIVERSAL FST PRODS INC | [UFPIXXXX](https://holderbook.com/stocks/UFPIXXXX/) | $848.0K | 21,260 | 1.8% | 1 |
| NEWMARK GROUP INC | [NMRK](https://holderbook.com/stocks/NMRK/) | $803.0K | 88,600 | 1.7% | 4 |
| FONAR CORP | [FONR](https://holderbook.com/stocks/FONR/) | $779.0K | 37,681 | 1.7% | 4 |
| TIMKEN CO | [TKR](https://holderbook.com/stocks/TKR/) | $772.0K | 17,750 | 1.6% | 2 |
| MASTECH HLDGS INC | [MHH](https://holderbook.com/stocks/MHH/) | $735.0K | 122,457 | 1.6% | 4 |
| PARK-OHIO HLDGS CORP | [PKOH](https://holderbook.com/stocks/PKOH/) | $729.0K | 24,400 | 1.6% | 2 |
| NETSOL TECHNOLOGIES INC | [NTWK](https://holderbook.com/stocks/NTWK/) | $660.0K | 117,106 | 1.4% | 2 |
| CAPRI HOLDINGS LIMITED | [CPRI](https://holderbook.com/stocks/CPRI/) | $639.0K | 19,259 | 1.4% | 3 |
| M D C HLDGS INC | [MDC](https://holderbook.com/stocks/MDC/) | $534.0K | 12,400 | 1.1% | 1 |
| BMC STK HLDGS INC | [BMCH](https://holderbook.com/stocks/BMCH/) | $514.0K | 19,625 | 1.1% | 1 |
| SB FINL GROUP INC | [SBFG](https://holderbook.com/stocks/SBFG/) | $505.0K | 30,211 | 1.1% | 4 |
| PERFICIENT INC | [PRFT](https://holderbook.com/stocks/PRFT/) | $503.0K | 13,050 | 1.1% | 1 |
| HELEN OF TROY LTD | [HELE](https://holderbook.com/stocks/HELE/) | $463.0K | 2,936 | 1.0% | 1 |
| MILLERKNOLL INC | [MLKN](https://holderbook.com/stocks/MLKN/) | $450.0K | 9,760 | 1.0% | 1 |
| GUARANTY FED BANCSHARES INC | [GFED](https://holderbook.com/stocks/GFED/) | $440.0K | 18,112 | 0.9% | 4 |
| JONES LANG LASALLE INC | [JLL](https://holderbook.com/stocks/JLL/) | $427.0K | 3,072 | 0.9% | 1 |
| FIRST AMERN FINL CORP | [FAF](https://holderbook.com/stocks/FAF/) | $426.0K | 7,217 | 0.9% | 1 |
| EVERTEC INC | [EVTC](https://holderbook.com/stocks/EVTC/) | $408.0K | 13,070 | 0.9% | 1 |
| FARMERS NATIONAL BANC CORP | [FMNB](https://holderbook.com/stocks/FMNB/) | $379.0K | 26,170 | 0.8% | 4 |
| NI HLDGS INC | [NODK](https://holderbook.com/stocks/NODK/) | $375.0K | 21,898 | 0.8% | 4 |
| OIL DRI CORP AMER | [ODC](https://holderbook.com/stocks/ODC/) | $355.0K | 10,420 | 0.8% | 4 |
| UNITY BANCORP INC | [UNTY](https://holderbook.com/stocks/UNTY/) | $353.0K | 15,925 | 0.8% | 2 |
| FOOT LOCKER INC | [FL](https://holderbook.com/stocks/FL/) | $315.0K | 7,295 | 0.7% | 3 |
| ANIXTER INTL INC | [AXE](https://holderbook.com/stocks/AXE/) | $299.0K | 4,327 | 0.6% | 1 |
| DESIGNER BRANDS INC | [DBI](https://holderbook.com/stocks/DBI/) | $276.0K | 16,129 | 0.6% | 2 |
| SECURITY NATL FINL CORP | [SNFCA](https://holderbook.com/stocks/SNFCA/) | $275.0K | 56,035 | 0.6% | 4 |
| NACCO INDS INC | [NC](https://holderbook.com/stocks/NC/) | $274.0K | 4,290 | 0.6% | 3 |
| UNITED GUARDIAN INC | [UG](https://holderbook.com/stocks/UG/) | $259.0K | 13,636 | 0.6% | 3 |
| BEL FUSE INC | [BELFB](https://holderbook.com/stocks/BELFB/) | $255.0K | 16,990 | 0.5% | 2 |
| RIVERVIEW FINL CORP NEW | [RIVE](https://holderbook.com/stocks/RIVE/) | $250.0K | 21,373 | 0.5% | 4 |
| EASTERN CO | [EML](https://holderbook.com/stocks/EML/) | $249.0K | 10,020 | 0.5% | 4 |
| HMN FINL INC | [HMNF](https://holderbook.com/stocks/HMNF/) | $237.0K | 10,350 | 0.5% | 1 |
| VICTORY CAP HLDGS INC DEL | [VCTR](https://holderbook.com/stocks/VCTR/) | $230.0K | 14,954 | 0.5% | 4 |
| ALASKA COMMUNICATIONS SYS GR | [ALSK](https://holderbook.com/stocks/ALSK/) | $229.0K | 132,919 | 0.5% | 2 |
| JERASH HLDGS US INC | [JRSH](https://holderbook.com/stocks/JRSH/) | $229.0K | 30,928 | 0.5% | 3 |
| PURPLE INNOVATION INC | [PRPL](https://holderbook.com/stocks/PRPL/) | $224.0K | 29,729 | 0.5% | 1 |
| ALICO INC | [ALCO](https://holderbook.com/stocks/ALCO/) | $213.0K | 6,261 | 0.5% | 1 |
| INNOVATIVE SOLUTIONS & SUPPO | [ISSC](https://holderbook.com/stocks/ISSC/) | $205.0K | 43,591 | 0.4% | 2 |
| TOWNSQUARE MEDIA INC | [TSQ](https://holderbook.com/stocks/TSQ/) | $193.0K | 27,427 | 0.4% | 2 |
| STERLING BANCORP INC | [SBT](https://holderbook.com/stocks/SBT/) | $187.0K | 19,161 | 0.4% | 4 |
| CRAWFORD & CO | [CRDB](https://holderbook.com/stocks/CRDB/) | $181.0K | 17,966 | 0.4% | 3 |
| FIRST WESTN FINL INC | [MYFW](https://holderbook.com/stocks/MYFW/) | $181.0K | 10,602 | 0.4% | 1 |
| S&W SEED CO | [SANW](https://holderbook.com/stocks/SANW/) | $180.0K | 75,721 | 0.4% | 1 |
| COMMUNITY WEST BANCSHARES | [CWBC](https://holderbook.com/stocks/CWBC/) | $171.0K | 17,284 | 0.4% | 4 |
| LIMESTONE BANCORP INC | [LMST](https://holderbook.com/stocks/LMST/) | $161.0K | 10,458 | 0.3% | 1 |
| PB BANCORP INC | [PBBI](https://holderbook.com/stocks/PBBI/) | $161.0K | 13,996 | 0.3% | 1 |
| VIEMED HEALTHCARE INC | [VMD](https://holderbook.com/stocks/VMD/) | $158.0K | 22,872 | 0.3% | 1 |
| NATURAL ALTERNATIVES INTL IN | [NAII](https://holderbook.com/stocks/NAII/) | $150.0K | 17,985 | 0.3% | 3 |
| NATURES SUNSHINE PRODS INC | [NATR](https://holderbook.com/stocks/NATR/) | $139.0K | 16,821 | 0.3% | 1 |
| CPI AEROSTRUCTURES INC | [CVU](https://holderbook.com/stocks/CVU/) | $137.0K | 16,645 | 0.3% | 2 |
| AMERISERV FINL INC | [ASRV](https://holderbook.com/stocks/ASRV/) | $136.0K | 32,886 | 0.3% | 4 |
| DOVER MOTORSPORTS INC | [DVD](https://holderbook.com/stocks/DVD/) | $129.0K | 65,065 | 0.3% | 3 |
| GOODRICH PETE CORP | [GDP](https://holderbook.com/stocks/GDP/) | $126.0K | 11,849 | 0.3% | 3 |
| RANGER ENERGY SVCS INC | [RNGR](https://holderbook.com/stocks/RNGR/) | $122.0K | 18,978 | 0.3% | 1 |
| NLI HOLDINGS INC | [NL](https://holderbook.com/stocks/NL/) | $81.0K | 21,570 | 0.2% | 1 |
| EARTHSTONE ENERGY INC | [ESTE](https://holderbook.com/stocks/ESTE/) | $64.0K | 19,750 | 0.1% | 1 |
| BEASLEY BROADCAST GROUP INC | [BBGI](https://holderbook.com/stocks/BBGI/) | $52.0K | 16,842 | 0.1% | 1 |
| AWARE INC MASS | [AWRE](https://holderbook.com/stocks/AWRE/) | $36.0K | 11,950 | 0.1% | 3 |
| ARC DOCUMENT SOLUTIONS INC | [ARC](https://holderbook.com/stocks/ARC/) | $15.0K | 11,214 | 0.0% | 2 |

## 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 2019 | +0.8% | +1.3% | -0.5% | 100% |
| Q2 2019 | +1.9% | +3.7% | -1.8% | 99% |
| Q1 2019 | +10.7% | +13.0% | -2.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2019 | $46.8M | 79 |
| Q2 2019 | $49.1M | 76 |
| Q1 2019 | $50.7M | 86 |
| Q4 2018 | $50.3M | 76 |