# Monarch Partners Asset Management LLC

> Institutional holdings reported to the SEC as of Q4 2022 on Form 13F. CIK 1568555. Source: https://holderbook.com/funds/1568555-monarch-partners-asset-management-llc/

- Reported value: $338.6M
- Positions: 133
- Weight of the ten largest: 15.4%
- Filed: 2023-02-02

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 |
|---|---|---|---|---|---|
| LEONARDO DRS INC | [DRS](https://holderbook.com/stocks/DRS/) | $6.9M | 541,588 | 2.0% | 1 |
| MODINE MFG CO | [MOD](https://holderbook.com/stocks/MOD/) | $6.6M | 330,893 | 1.9% | 4 |
| TECNOGLASS INC | [TGLS](https://holderbook.com/stocks/TGLS/) | $5.7M | 184,777 | 1.7% | 16 |
| HERITAGE COMM CORP | [HTBK](https://holderbook.com/stocks/HTBK/) | $5.3M | 406,586 | 1.6% | 7 |
| CARETRUST REIT INC | [CTRE](https://holderbook.com/stocks/CTRE/) | $4.9M | 262,646 | 1.4% | 2 |
| ULTRA CLEAN HLDGS INC | [UCTT](https://holderbook.com/stocks/UCTT/) | $4.8M | 144,997 | 1.4% | 8 |
| NETSTREIT CORP | [NTST](https://holderbook.com/stocks/NTST/) | $4.6M | 252,384 | 1.4% | 5 |
| CHEFS WHSE INC | [CHEF](https://holderbook.com/stocks/CHEF/) | $4.6M | 137,398 | 1.4% | 3 |
| OXFORD INDS INC | [OXM](https://holderbook.com/stocks/OXM/) | $4.5M | 48,180 | 1.3% | 3 |
| ADTRAN HOLDINGS INC | [ADTN](https://holderbook.com/stocks/ADTN/) | $4.4M | 236,114 | 1.3% | 2 |
| UNITIL CORP | [UTL](https://holderbook.com/stocks/UTL/) | $4.4M | 86,049 | 1.3% | 4 |
| HUDSON TECHNOLOGIES INC | [HDSN](https://holderbook.com/stocks/HDSN/) | $4.4M | 431,852 | 1.3% | 1 |
| METALLUS INC | [MTUS](https://holderbook.com/stocks/MTUS/) | $4.4M | 240,111 | 1.3% | 1 |
| HURON CONSULTING GROUP INC | [HURN](https://holderbook.com/stocks/HURN/) | $4.3M | 59,678 | 1.3% | 3 |
| KRYSTAL BIOTECH INC | [KRYS](https://holderbook.com/stocks/KRYS/) | $4.3M | 53,905 | 1.3% | 3 |
| SUNOPTA INC | [STKL](https://holderbook.com/stocks/STKL/) | $4.2M | 501,170 | 1.2% | 3 |
| CONNECTONE BANCORP INC | [CNOB](https://holderbook.com/stocks/CNOB/) | $4.2M | 174,058 | 1.2% | 1 |
| LIGAND PHARMACEUTICALS INC | [LGND](https://holderbook.com/stocks/LGND/) | $4.2M | 62,327 | 1.2% | 3 |
| COLLEGIUM PHARMACEUTICAL INC | [COLL](https://holderbook.com/stocks/COLL/) | $4.2M | 179,129 | 1.2% | 12 |
| GREEN PLAINS INC | [GPRE](https://holderbook.com/stocks/GPRE/) | $4.1M | 136,025 | 1.2% | 8 |
| CASTLE BIOSCIENCES INC | [CSTL](https://holderbook.com/stocks/CSTL/) | $4.0M | 170,195 | 1.2% | 14 |
| IVERIC BIO INC | [ISEE](https://holderbook.com/stocks/ISEE/) | $4.0M | 186,706 | 1.2% | 9 |
| LAKELAND BANCORP INC | [LBAI](https://holderbook.com/stocks/LBAI/) | $3.8M | 218,580 | 1.1% | 1 |
| U S SILICA HLDGS INC | [SLCA](https://holderbook.com/stocks/SLCA/) | $3.8M | 304,219 | 1.1% | 4 |
| OLD SECOND BANCORP INC DEL | [OSBC](https://holderbook.com/stocks/OSBC/) | $3.7M | 232,773 | 1.1% | 4 |
| INNOVIVA INC | [INVA](https://holderbook.com/stocks/INVA/) | $3.7M | 281,595 | 1.1% | 3 |
| DUCOMMUN INC DEL | [DCO](https://holderbook.com/stocks/DCO/) | $3.6M | 71,759 | 1.1% | 9 |
| ADDUS HOMECARE CORP | [ADUS](https://holderbook.com/stocks/ADUS/) | $3.6M | 35,890 | 1.1% | 8 |
| REX AMERICAN RES CORP | [REX](https://holderbook.com/stocks/REX/) | $3.5M | 110,776 | 1.0% | 9 |
| UNIVEST FINANCIAL CORPORATIO | [UVSP](https://holderbook.com/stocks/UVSP/) | $3.5M | 134,456 | 1.0% | 9 |
| IRONWOOD PHARMACEUTICALS INC | [IRWD](https://holderbook.com/stocks/IRWD/) | $3.4M | 276,579 | 1.0% | 3 |
| GUARANTY BANCSHARES INC TEX | [GNTY](https://holderbook.com/stocks/GNTY/) | $3.4M | 97,765 | 1.0% | 8 |
| STOCK YDS BANCORP INC | [SYBT](https://holderbook.com/stocks/SYBT/) | $3.4M | 52,047 | 1.0% | 9 |
| SHORE BANCSHARES INC | [SHBI](https://holderbook.com/stocks/SHBI/) | $3.2M | 184,857 | 1.0% | 6 |
| UNITED FIRE GROUP INC | [UFCS](https://holderbook.com/stocks/UFCS/) | $3.1M | 114,239 | 0.9% | 3 |
| BELDEN INC | [BDC](https://holderbook.com/stocks/BDC/) | $3.0M | 42,229 | 0.9% | 5 |
| BRUNSWICK CORP | [BC](https://holderbook.com/stocks/BC/) | $3.0M | 41,602 | 0.9% | 1 |
| OPPENHEIMER HLDGS INC | [OPY](https://holderbook.com/stocks/OPY/) | $3.0M | 70,646 | 0.9% | 5 |
| PLYMOUTH INDL REIT INC | [PLYM](https://holderbook.com/stocks/PLYM/) | $3.0M | 155,772 | 0.9% | 7 |
| MASTERCRAFT BOAT HLDGS INC | [MCFT](https://holderbook.com/stocks/MCFT/) | $3.0M | 114,084 | 0.9% | 11 |
| STONERIDGE INC | [SRI](https://holderbook.com/stocks/SRI/) | $2.9M | 133,198 | 0.8% | 9 |
| AMERICAN NATL BANKSHARES INC | [AMNB](https://holderbook.com/stocks/AMNB/) | $2.8M | 76,449 | 0.8% | 9 |
| AMERICAN VANGUARD CORP | [AVD](https://holderbook.com/stocks/AVD/) | $2.8M | 129,117 | 0.8% | 5 |
| STIFEL FINL CORP | [SF](https://holderbook.com/stocks/SF/) | $2.8M | 47,988 | 0.8% | 6 |
| GREEN BRICK PARTNERS INC | [GRBK](https://holderbook.com/stocks/GRBK/) | $2.7M | 109,908 | 0.8% | 1 |
| I3 VERTICALS INC | [IIIV](https://holderbook.com/stocks/IIIV/) | $2.6M | 107,071 | 0.8% | 4 |
| INDEPENDENCE RLTY TR INC | [IRT](https://holderbook.com/stocks/IRT/) | $2.6M | 153,185 | 0.8% | 2 |
| BATH & BODY WORKS INC | [BBWI](https://holderbook.com/stocks/BBWI/) | $2.5M | 59,636 | 0.7% | 1 |
| BLACK HILLS CORP | [BKH](https://holderbook.com/stocks/BKH/) | $2.5M | 35,721 | 0.7% | 2 |
| ENTRAVISION COMMUNICATIONS C | [EVC](https://holderbook.com/stocks/EVC/) | $2.5M | 522,112 | 0.7% | 5 |
| SOUTHERN FIRST BANCSHARES | [SFST](https://holderbook.com/stocks/SFST/) | $2.5M | 54,713 | 0.7% | 9 |
| BANDWIDTH INC | [BAND](https://holderbook.com/stocks/BAND/) | $2.5M | 108,784 | 0.7% | 4 |
| PLAYA HOTELS & RESORTS NV | [PLYA](https://holderbook.com/stocks/PLYA/) | $2.5M | 381,624 | 0.7% | 4 |
| NORTHEAST BK PORTLAND ME | [NBN](https://holderbook.com/stocks/NBN/) | $2.5M | 59,055 | 0.7% | 9 |
| WINTRUST FINL CORP | [WTFC](https://holderbook.com/stocks/WTFC/) | $2.5M | 29,408 | 0.7% | 5 |
| MERITAGE HOMES CORP | [MTH](https://holderbook.com/stocks/MTH/) | $2.5M | 26,832 | 0.7% | 1 |
| BIOLIFE SOLUTIONS INC | [BLFS](https://holderbook.com/stocks/BLFS/) | $2.5M | 135,787 | 0.7% | 7 |
| QCR HLDGS INC | [QCRH](https://holderbook.com/stocks/QCRH/) | $2.4M | 49,111 | 0.7% | 17 |
| ARES COML REAL ESTATE CORP | [ACRE](https://holderbook.com/stocks/ACRE/) | $2.4M | 236,600 | 0.7% | 9 |
| AMERESCO INC | [AMRC](https://holderbook.com/stocks/AMRC/) | $2.4M | 42,561 | 0.7% | 2 |
| LOUISIANA PAC CORP | [LPX](https://holderbook.com/stocks/LPX/) | $2.4M | 40,596 | 0.7% | 1 |
| IDACORP INC | [IDA](https://holderbook.com/stocks/IDA/) | $2.4M | 22,283 | 0.7% | 6 |
| VALLEY NATL BANCORP | [VLY](https://holderbook.com/stocks/VLY/) | $2.4M | 212,337 | 0.7% | 1 |
| UNIVERSAL TECHNICAL INST INC | [UTI](https://holderbook.com/stocks/UTI/) | $2.4M | 357,010 | 0.7% | 4 |
| CRINETICS PHARMACEUTICALS IN | [CRNX](https://holderbook.com/stocks/CRNX/) | $2.4M | 128,974 | 0.7% | 2 |
| NEXPOINT REAL ESTATE FIN INC | [NREF](https://holderbook.com/stocks/NREF/) | $2.3M | 147,568 | 0.7% | 12 |
| PMV PHARMACEUTICALS INC | [PMVP](https://holderbook.com/stocks/PMVP/) | $2.3M | 263,449 | 0.7% | 2 |
| BARRETT BUSINESS SVCS INC | [BBSI](https://holderbook.com/stocks/BBSI/) | $2.2M | 23,948 | 0.7% | 9 |
| PRIMIS FINANCIAL CORP | [FRST](https://holderbook.com/stocks/FRST/) | $2.2M | 188,147 | 0.7% | 5 |
| ROCKET PHARMACEUTICALS INC | [RCKT](https://holderbook.com/stocks/RCKT/) | $2.2M | 113,788 | 0.7% | 2 |
| EARTHSTONE ENERGY INC | [ESTE](https://holderbook.com/stocks/ESTE/) | $2.2M | 153,901 | 0.6% | 1 |
| PROTHENA CORP PLC | [PRTA](https://holderbook.com/stocks/PRTA/) | $2.1M | 35,645 | 0.6% | 2 |
| GXO LOGISTICS INCORPORATED | [GXO](https://holderbook.com/stocks/GXO/) | $2.1M | 50,115 | 0.6% | 1 |
| ENTERPRISE BANCORP INC MASS | [EBTC](https://holderbook.com/stocks/EBTC/) | $2.1M | 60,115 | 0.6% | 6 |
| TETRA TECHNOLOGIES INC DEL | [TTI](https://holderbook.com/stocks/TTI/) | $2.1M | 612,311 | 0.6% | 4 |
| PERION NETWORK LTD | [PERI](https://holderbook.com/stocks/PERI/) | $2.1M | 82,915 | 0.6% | 9 |
| CHATHAM LODGING TR | [CLDT](https://holderbook.com/stocks/CLDT/) | $2.1M | 170,166 | 0.6% | 5 |
| CAMBRIDGE BANCORP | [CATC](https://holderbook.com/stocks/CATC/) | $2.1M | 25,134 | 0.6% | 13 |
| LINDBLAD EXPEDITIONS HLDGS I | [LIND](https://holderbook.com/stocks/LIND/) | $2.1M | 270,098 | 0.6% | 3 |
| EVANS BANCORP INC | [EVBN](https://holderbook.com/stocks/EVBN/) | $2.0M | 54,651 | 0.6% | 7 |
| FIRST MERCHANTS CORP | [FRME](https://holderbook.com/stocks/FRME/) | $2.0M | 49,569 | 0.6% | 1 |
| CELLDEX THERAPEUTICS INC NEW | [CLDX](https://holderbook.com/stocks/CLDX/) | $2.0M | 45,479 | 0.6% | 1 |
| SOUTHSTATE CORPORATION | [SSBXXXX](https://holderbook.com/stocks/SSBXXXX/) | $2.0M | 26,517 | 0.6% | 4 |
| SEASPINE HLDGS CORP | [SPNE](https://holderbook.com/stocks/SPNE/) | $2.0M | 241,377 | 0.6% | 17 |
| ATN INTL INC | [ATNI](https://holderbook.com/stocks/ATNI/) | $2.0M | 44,158 | 0.6% | 3 |
| O-I GLASS INC | [OI](https://holderbook.com/stocks/OI/) | $2.0M | 120,056 | 0.6% | 3 |
| BOOT BARN HLDGS INC | [BOOT](https://holderbook.com/stocks/BOOT/) | $2.0M | 31,799 | 0.6% | 1 |
| PVH CORPORATION | [PVH](https://holderbook.com/stocks/PVH/) | $2.0M | 27,991 | 0.6% | 1 |
| AMERICAN EAGLE OUTFITTERS IN | [AEO](https://holderbook.com/stocks/AEO/) | $2.0M | 141,145 | 0.6% | 1 |
| PURE CYCLE CORP | [PCYO](https://holderbook.com/stocks/PCYO/) | $2.0M | 187,233 | 0.6% | 17 |
| HANCOCK WHITNEY CORPORATION | [HWC](https://holderbook.com/stocks/HWC/) | $1.9M | 38,508 | 0.6% | 2 |
| CAPRI HOLDINGS LIMITED | [CPRI](https://holderbook.com/stocks/CPRI/) | $1.8M | 32,153 | 0.5% | 3 |
| ORTHOPEDIATRICS CORP | [KIDS](https://holderbook.com/stocks/KIDS/) | $1.8M | 46,172 | 0.5% | 10 |
| TRINET GROUP INC | [TNET](https://holderbook.com/stocks/TNET/) | $1.8M | 26,947 | 0.5% | 3 |
| BRINKS CO | [BCO](https://holderbook.com/stocks/BCO/) | $1.8M | 33,975 | 0.5% | 17 |
| BERRY CORP | [BRY](https://holderbook.com/stocks/BRY/) | $1.8M | 223,458 | 0.5% | 5 |
| ENERGY RECOVERY INC | [ERII](https://holderbook.com/stocks/ERII/) | $1.8M | 86,596 | 0.5% | 17 |
| FIVE9 INC | [FIVN](https://holderbook.com/stocks/FIVN/) | $1.7M | 25,442 | 0.5% | 1 |
| HARVARD BIOSCIENCE INC | [HBIO](https://holderbook.com/stocks/HBIO/) | $1.7M | 613,837 | 0.5% | 7 |
| MAMMOTH ENERGY SVCS INC | [TUSK](https://holderbook.com/stocks/TUSK/) | $1.7M | 195,964 | 0.5% | 1 |

## 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 2022 | +7.0% | +7.1% | -0.1% | 99% |
| Q3 2022 | -4.7% | -5.3% | +0.6% | 100% |
| Q2 2022 | -17.6% | -16.5% | -1.2% | 100% |
| Q1 2022 | -4.4% | -4.9% | +0.5% | 100% |
| Q4 2021 | +5.1% | +10.7% | -5.6% | 98% |
| Q3 2021 | -3.7% | +0.3% | -4.0% | 100% |
| Q2 2021 | +6.8% | +8.0% | -1.2% | 100% |
| Q1 2021 | +19.7% | +6.0% | +13.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2022 | $338.6M | 133 |
| Q3 2022 | $332.8M | 135 |
| Q2 2022 | $358.0M | 152 |
| Q1 2022 | $447.6M | 151 |
| Q4 2021 | $492.0M | 155 |
| Q3 2021 | $685.0M | 152 |
| Q2 2021 | $695.5M | 148 |
| Q1 2021 | $664.6M | 149 |
| Q4 2020 | $572.7M | 167 |
| Q3 2020 | $444.4M | 159 |
| Q2 2020 | $409.7M | 171 |
| Q1 2020 | $285.0M | 154 |