# Adirondack Research & Management Inc.

> Institutional holdings reported to the SEC as of Q3 2021 on Form 13F. CIK 1569100. Source: https://holderbook.com/funds/1569100-adirondack-research-management-inc/

- Reported value: $82.2M
- Positions: 98
- Weight of the ten largest: 23.1%
- Filed: 2021-10-29

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 |
|---|---|---|---|---|---|
| CONDUENT INC | [CNDT](https://holderbook.com/stocks/CNDT/) | $3.2M | 484,139 | 3.9% | 12 |
| UNISYS CORP | [UIS](https://holderbook.com/stocks/UIS/) | $1.9M | 75,858 | 2.3% | 7 |
| CNO FINL GROUP INC | [CNO](https://holderbook.com/stocks/CNO/) | $1.9M | 79,920 | 2.3% | 12 |
| ANTERO RESOURCES CORP | [AR](https://holderbook.com/stocks/AR/) | $1.9M | 99,690 | 2.3% | 3 |
| LAZARD LTD | [LAZXXXX](https://holderbook.com/stocks/LAZXXXX/) | $1.8M | 38,901 | 2.2% | 9 |
| CELESTICA INC | [CLSXXXX](https://holderbook.com/stocks/CLSXXXX/) | $1.7M | 193,996 | 2.1% | 12 |
| ADTRAN INC | [ADTNXXXX](https://holderbook.com/stocks/ADTNXXXX/) | $1.7M | 91,700 | 2.1% | 12 |
| SIRIUSPOINT LTD | [SPNT](https://holderbook.com/stocks/SPNT/) | $1.7M | 182,231 | 2.1% | 3 |
| LSI INDS INC OHIO | [LYTS](https://holderbook.com/stocks/LYTS/) | $1.6M | 208,653 | 2.0% | 12 |
| TRUSTCO BK CORP N Y | [TRST](https://holderbook.com/stocks/TRST/) | $1.6M | 49,446 | 1.9% | 2 |
| GRAFTECH INTL LTD | [EAF](https://holderbook.com/stocks/EAF/) | $1.6M | 152,078 | 1.9% | 8 |
| VONAGE HLDGS CORP | [VG](https://holderbook.com/stocks/VG/) | $1.6M | 96,451 | 1.9% | 12 |
| NATIONAL WESTN LIFE GROUP IN | [NWLI](https://holderbook.com/stocks/NWLI/) | $1.5M | 7,316 | 1.9% | 12 |
| BRIXMOR PPTY GROUP INC | [BRX](https://holderbook.com/stocks/BRX/) | $1.5M | 68,886 | 1.9% | 8 |
| ARDMORE SHIPPING CORP | [ASC](https://holderbook.com/stocks/ASC/) | $1.5M | 366,773 | 1.9% | 12 |
| HILLMAN SOLUTIONS CORP | [HLMN](https://holderbook.com/stocks/HLMN/) | $1.5M | 126,181 | 1.8% | 1 |
| MGIC INVT CORP WIS | [MTG](https://holderbook.com/stocks/MTG/) | $1.5M | 98,600 | 1.8% | 12 |
| INFINERA CORP | [INFN](https://holderbook.com/stocks/INFN/) | $1.4M | 163,860 | 1.7% | 12 |
| GENWORTH FINL INC | [GNW](https://holderbook.com/stocks/GNW/) | $1.4M | 361,285 | 1.6% | 12 |
| PHOTRONICS INC | [PLAB](https://holderbook.com/stocks/PLAB/) | $1.2M | 89,858 | 1.5% | 6 |
| O-I GLASS INC | [OI](https://holderbook.com/stocks/OI/) | $1.2M | 81,715 | 1.4% | 8 |
| ALLSCRIPTS HEALTHCARE SOLUTN | [MDRX](https://holderbook.com/stocks/MDRX/) | $1.2M | 87,067 | 1.4% | 12 |
| COMPASS DIVERSIFIED | [CODI](https://holderbook.com/stocks/CODI/) | $1.2M | 40,864 | 1.4% | 12 |
| ARCHER DANIELS MIDLAND CO | [ADM](https://holderbook.com/stocks/ADM/) | $1.1M | 18,187 | 1.3% | 11 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $1.1M | 15,975 | 1.3% | 3 |
| TYSON FOODS INC | [TSN](https://holderbook.com/stocks/TSN/) | $1.1M | 13,504 | 1.3% | 3 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $1.0M | 19,187 | 1.3% | 3 |
| COTERRA ENERGY INC | [CTRA](https://holderbook.com/stocks/CTRA/) | $1.0M | 47,950 | 1.3% | 7 |
| BAXTER INTL INC | [BAX](https://holderbook.com/stocks/BAX/) | $1.0M | 12,597 | 1.2% | 1 |
| HILL INTL INC | [HIL](https://holderbook.com/stocks/HIL/) | $963.0K | 465,320 | 1.2% | 11 |
| TIPTREE INC | [TIPT](https://holderbook.com/stocks/TIPT/) | $958.0K | 95,600 | 1.2% | 5 |
| DENNYS CORP | [DENN](https://holderbook.com/stocks/DENN/) | $944.0K | 57,800 | 1.1% | 4 |
| DOMINION ENERGY INC | [D](https://holderbook.com/stocks/D/) | $939.0K | 12,864 | 1.1% | 7 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $923.0K | 19,884 | 1.1% | 2 |
| INGLES MKTS INC | [IMKTA](https://holderbook.com/stocks/IMKTA/) | $918.0K | 13,910 | 1.1% | 6 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $876.0K | 61,875 | 1.1% | 2 |
| ACCURAY INC DEL | [ARAY](https://holderbook.com/stocks/ARAY/) | $863.0K | 218,537 | 1.0% | 12 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $863.0K | 9,101 | 1.0% | 2 |
| MOLSON COORS BEVERAGE CO | [TAP](https://holderbook.com/stocks/TAP/) | $862.0K | 18,582 | 1.0% | 4 |
| COGNYTE SOFTWARE LTD | [CGNT](https://holderbook.com/stocks/CGNT/) | $849.0K | 41,334 | 1.0% | 3 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $820.0K | 30,353 | 1.0% | 12 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $816.0K | 15,544 | 1.0% | 3 |
| HOSTESS BRANDS INC | [TWNK](https://holderbook.com/stocks/TWNK/) | $790.0K | 45,470 | 1.0% | 3 |
| RALPH LAUREN CORP | [RL](https://holderbook.com/stocks/RL/) | $779.0K | 7,015 | 0.9% | 4 |
| SEABOARD CORP DEL | [SEB](https://holderbook.com/stocks/SEB/) | $779.0K | 190 | 0.9% | 12 |
| MATRIX SVC CO | [MTRX](https://holderbook.com/stocks/MTRX/) | $762.0K | 72,835 | 0.9% | 6 |
| ALLETE INC | [ALE](https://holderbook.com/stocks/ALE/) | $758.0K | 12,737 | 0.9% | 7 |
| WILLIAMS INDL SVCS GROUP INC | [WLMSQ](https://holderbook.com/stocks/WLMSQ/) | $751.0K | 176,035 | 0.9% | 3 |
| CNX RES CORP | [CNX](https://holderbook.com/stocks/CNX/) | $737.0K | 58,400 | 0.9% | 1 |
| WESTLAKE CHEM PARTNERS LP | [WLKP](https://holderbook.com/stocks/WLKP/) | $711.0K | 29,210 | 0.9% | 12 |
| KNOWLES CORP | [KN](https://holderbook.com/stocks/KN/) | $692.0K | 36,909 | 0.8% | 11 |
| MANITEX INTL INC | [MNTX](https://holderbook.com/stocks/MNTX/) | $677.0K | 94,351 | 0.8% | 12 |
| CDK GLOBAL INC | - | $667.0K | 15,682 | 0.8% | 4 |
| BARNES GROUP INC | [B](https://holderbook.com/stocks/B/) | $632.0K | 15,143 | 0.8% | 4 |
| MATIV HOLDINGS INC | [MATV](https://holderbook.com/stocks/MATV/) | $632.0K | 18,248 | 0.8% | 1 |
| HARVARD BIOSCIENCE INC | [HBIO](https://holderbook.com/stocks/HBIO/) | $628.0K | 90,020 | 0.8% | 12 |
| OLD REP INTL CORP | [ORI](https://holderbook.com/stocks/ORI/) | $625.0K | 27,000 | 0.8% | 6 |
| SANMINA CORP | [SANM](https://holderbook.com/stocks/SANM/) | $622.0K | 16,128 | 0.8% | 12 |
| ECOVYST INC | [ECVT](https://holderbook.com/stocks/ECVT/) | $611.0K | 52,375 | 0.7% | 1 |
| PACTIV EVERGREEN INC | [PTVE](https://holderbook.com/stocks/PTVE/) | $608.0K | 48,532 | 0.7% | 3 |
| UNDER ARMOUR INC | [UAA](https://holderbook.com/stocks/UAA/) | $605.0K | 30,000 | 0.7% | 5 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $570.0K | 15,630 | 0.7% | 6 |
| AMER SOFTWARE INC | [LGTY](https://holderbook.com/stocks/LGTY/) | $569.0K | 23,978 | 0.7% | 5 |
| STEWART INFORMATION SVCS COR | [STC](https://holderbook.com/stocks/STC/) | $550.0K | 8,700 | 0.7% | 12 |
| A10 NETWORKS INC | [ATEN](https://holderbook.com/stocks/ATEN/) | $548.0K | 40,636 | 0.7% | 11 |
| PACWEST BANCORP DEL | [PACW](https://holderbook.com/stocks/PACW/) | $540.0K | 11,916 | 0.7% | 3 |
| HARTFORD INSURANCE GROUP INC | [HIG](https://holderbook.com/stocks/HIG/) | $523.0K | 7,445 | 0.6% | 12 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $516.0K | 3,486 | 0.6% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $509.0K | 1,804 | 0.6% | 12 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $502.0K | 8,133 | 0.6% | 12 |
| CAL MAINE FOODS INC | [CALM](https://holderbook.com/stocks/CALM/) | $495.0K | 13,700 | 0.6% | 3 |
| QUANTUM CORP | [QMCO](https://holderbook.com/stocks/QMCO/) | $469.0K | 90,620 | 0.6% | 7 |
| CHICOS FAS INC | [CHS](https://holderbook.com/stocks/CHS/) | $467.0K | 103,948 | 0.6% | 2 |
| EZCORP INC | [EZPW](https://holderbook.com/stocks/EZPW/) | $454.0K | 60,004 | 0.6% | 3 |
| HANESBRANDS INC | [HBI](https://holderbook.com/stocks/HBI/) | $451.0K | 26,300 | 0.5% | 1 |
| EXELON CORP | [EXC](https://holderbook.com/stocks/EXC/) | $427.0K | 8,835 | 0.5% | 12 |
| VISHAY INTERTECHNOLOGY INC | [VSH](https://holderbook.com/stocks/VSH/) | $419.0K | 20,834 | 0.5% | 12 |
| CLEVELAND-CLIFFS INC NEW | [CLF](https://holderbook.com/stocks/CLF/) | $388.0K | 19,600 | 0.5% | 2 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $383.0K | 15,370 | 0.5% | 12 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $381.0K | 8,780 | 0.5% | 12 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $349.0K | 8,115 | 0.4% | 12 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $348.0K | 2,945 | 0.4% | 12 |
| DRIVE SHACK INC | [DSHK](https://holderbook.com/stocks/DSHK/) | $345.0K | 122,612 | 0.4% | 1 |
| COCA-COLA EUROPACIFIC PARTNE | [CCEP](https://holderbook.com/stocks/CCEP/) | $342.0K | 6,190 | 0.4% | 12 |
| PURE CYCLE CORP | [PCYO](https://holderbook.com/stocks/PCYO/) | $324.0K | 24,308 | 0.4% | 4 |
| ALCOA CORP | [AA](https://holderbook.com/stocks/AA/) | $307.0K | 6,275 | 0.4% | 3 |
| CONSOLIDATED EDISON INC | [ED](https://holderbook.com/stocks/ED/) | $301.0K | 4,140 | 0.4% | 12 |
| PBF LOGISTICS LP | [PBFX](https://holderbook.com/stocks/PBFX/) | $293.0K | 23,230 | 0.4% | 10 |
| NOKIA CORP | [NOK](https://holderbook.com/stocks/NOK/) | $283.0K | 51,880 | 0.3% | 12 |
| EMCORE CORP | [EMKR](https://holderbook.com/stocks/EMKR/) | $282.0K | 37,758 | 0.3% | 7 |
| TWITTER INC | [TWTR](https://holderbook.com/stocks/TWTR/) | $266.0K | 4,405 | 0.3% | 2 |
| MYERS INDS INC | [MYE](https://holderbook.com/stocks/MYE/) | $263.0K | 13,450 | 0.3% | 6 |
| GENERAL ELECTRIC CO | [GEXXXX](https://holderbook.com/stocks/GEXXXX/) | $259.0K | 2,510 | 0.3% | 12 |
| HUNTSMAN CORP | [HUN](https://holderbook.com/stocks/HUN/) | $226.0K | 7,643 | 0.3% | 3 |
| DINE BRANDS GLOBAL INC | [DIN](https://holderbook.com/stocks/DIN/) | $211.0K | 2,600 | 0.3% | 3 |
| SP PLUS CORP | [SP](https://holderbook.com/stocks/SP/) | $210.0K | 6,859 | 0.3% | 4 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $204.0K | 1,890 | 0.2% | 4 |
| VENATOR MATLS PLC | [VNTRF](https://holderbook.com/stocks/VNTRF/) | $164.0K | 57,620 | 0.2% | 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 |
|---|---|---|---|---|
| Q3 2021 | -2.3% | +0.3% | -2.5% | 96% |
| Q2 2021 | +5.4% | +8.0% | -2.6% | 97% |
| Q1 2021 | +16.0% | +6.0% | +10.0% | 97% |
| Q4 2020 | +32.0% | +11.6% | +20.3% | 97% |
| Q3 2020 | +41.8% | +8.6% | +33.2% | 100% |
| Q2 2020 | +24.5% | +19.6% | +4.9% | 100% |
| Q1 2020 | -36.7% | -19.9% | -16.8% | 99% |
| Q4 2019 | +8.3% | +8.5% | -0.2% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2021 | $82.2M | 98 |
| Q2 2021 | $85.5M | 94 |
| Q1 2021 | $84.6M | 90 |
| Q4 2020 | $73.1M | 81 |
| Q3 2020 | $71.8M | 75 |
| Q2 2020 | $76.2M | 75 |
| Q1 2020 | $71.7M | 86 |
| Q4 2019 | $115.4M | 88 |
| Q3 2019 | $114.6M | 96 |
| Q2 2019 | $139.5M | 100 |
| Q1 2019 | $160.5M | 100 |
| Q4 2018 | $159.9M | 98 |