# Alambic Investment Management, L.P.

> Institutional holdings reported to the SEC as of Q3 2020 on Form 13F. CIK 1663368. Source: https://holderbook.com/funds/1663368-alambic-investment-management-l-p/

- Reported value: $9.1M
- Positions: 73
- Weight of the ten largest: 37.7%
- 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 |
|---|---|---|---|---|---|
| MITEK SYS INC | [MITK](https://holderbook.com/stocks/MITK/) | $452.0K | 35,511 | 5.0% | 4 |
| CHANNELADVISOR CORP | [ECOM](https://holderbook.com/stocks/ECOM/) | $433.0K | 29,943 | 4.7% | 8 |
| ZYNGA INC | [ZNGA](https://holderbook.com/stocks/ZNGA/) | $401.0K | 44,000 | 4.4% | 5 |
| CENTRUS ENERGY CORP | [LEU](https://holderbook.com/stocks/LEU/) | $356.0K | 42,506 | 3.9% | 4 |
| MONSTER BEVERAGE CORP NEW | [MNST](https://holderbook.com/stocks/MNST/) | $345.0K | 4,300 | 3.8% | 4 |
| ANAPTYSBIO INC | [ANAB](https://holderbook.com/stocks/ANAB/) | $307.0K | 20,800 | 3.4% | 4 |
| PERSONALIS INC | [PSNL](https://holderbook.com/stocks/PSNL/) | $306.0K | 14,104 | 3.4% | 5 |
| LUMINEX CORP DEL | [LMNX](https://holderbook.com/stocks/LMNX/) | $302.0K | 11,500 | 3.3% | 4 |
| SCIPLAY CORPORATION | [SCPL](https://holderbook.com/stocks/SCPL/) | $269.0K | 16,608 | 3.0% | 4 |
| CORCEPT THERAPEUTICS INC | [CORT](https://holderbook.com/stocks/CORT/) | $267.0K | 15,323 | 2.9% | 4 |
| CAMBIUM NETWORKS CORP | [CMBMF](https://holderbook.com/stocks/CMBMF/) | $258.0K | 15,319 | 2.8% | 5 |
| TECHTARGET INC | [TTGT](https://holderbook.com/stocks/TTGT/) | $233.0K | 5,300 | 2.6% | 5 |
| GLU MOBILE INC | [GLUU](https://holderbook.com/stocks/GLUU/) | $223.0K | 29,040 | 2.4% | 4 |
| COSTAR GROUP INC | [CSGP](https://holderbook.com/stocks/CSGP/) | $221.0K | 260 | 2.4% | 1 |
| CONCERT PHARMACEUTICALS INC | [CNCE](https://holderbook.com/stocks/CNCE/) | $196.0K | 19,934 | 2.1% | 4 |
| TRIPLE-S MGMT CORP | [GTS](https://holderbook.com/stocks/GTS/) | $196.0K | 10,978 | 2.1% | 8 |
| INFUSYSTEM HLDGS INC | [INFU](https://holderbook.com/stocks/INFU/) | $174.0K | 13,584 | 1.9% | 4 |
| NEW HOME CO INC | [NWHM](https://holderbook.com/stocks/NWHM/) | $165.0K | 30,367 | 1.8% | 5 |
| ORION ENERGY SYS INC | [OESXXXXX](https://holderbook.com/stocks/OESXXXXX/) | $164.0K | 21,663 | 1.8% | 5 |
| ASPEN AEROGELS INC | [ASPN](https://holderbook.com/stocks/ASPN/) | $155.0K | 14,133 | 1.7% | 5 |
| ACLARIS THERAPEUTICS INC | [ACRS](https://holderbook.com/stocks/ACRS/) | $154.0K | 59,766 | 1.7% | 6 |
| COMMUNICATIONS SYS INC | [JCS](https://holderbook.com/stocks/JCS/) | $126.0K | 32,926 | 1.4% | 4 |
| PHOTRONICS INC | [PLAB](https://holderbook.com/stocks/PLAB/) | $121.0K | 12,100 | 1.3% | 1 |
| GENASYS INC | [GNSS](https://holderbook.com/stocks/GNSS/) | $119.0K | 19,290 | 1.3% | 3 |
| DNOW INC | [DNOW](https://holderbook.com/stocks/DNOW/) | $115.0K | 25,300 | 1.3% | 1 |
| STRONGBRIDGE BIOPHARMA PLC | [SBBP](https://holderbook.com/stocks/SBBP/) | $114.0K | 54,164 | 1.3% | 6 |
| DZS INC | [DZSIQ](https://holderbook.com/stocks/DZSIQ/) | $111.0K | 11,879 | 1.2% | 1 |
| LUNA INNOVATIONS INC | [LUNA](https://holderbook.com/stocks/LUNA/) | $111.0K | 18,513 | 1.2% | 8 |
| CLEAN ENERGY FUELS CORP | [CLNE](https://holderbook.com/stocks/CLNE/) | $110.0K | 44,300 | 1.2% | 5 |
| NEURONETICS INC | [STIM](https://holderbook.com/stocks/STIM/) | $107.0K | 22,026 | 1.2% | 7 |
| FITBIT INC | [FIT](https://holderbook.com/stocks/FIT/) | $102.0K | 14,607 | 1.1% | 4 |
| KEZAR LIFE SCIENCES INC | [KZR](https://holderbook.com/stocks/KZR/) | $102.0K | 21,135 | 1.1% | 5 |
| AMTECH SYS INC | [ASYS](https://holderbook.com/stocks/ASYS/) | $96.0K | 19,723 | 1.1% | 8 |
| GSI TECHNOLOGY INC | [GSIT](https://holderbook.com/stocks/GSIT/) | $87.0K | 15,502 | 1.0% | 8 |
| ENERGY RECOVERY INC | [ERII](https://holderbook.com/stocks/ERII/) | $86.0K | 10,500 | 0.9% | 1 |
| RETRACTABLE TECHNOLOGIES INC | [RVP](https://holderbook.com/stocks/RVP/) | $86.0K | 12,850 | 0.9% | 3 |
| INNOVATIVE SOLUTIONS & SUPPO | [ISSC](https://holderbook.com/stocks/ISSC/) | $84.0K | 12,212 | 0.9% | 3 |
| MARCHEX INC | [MCHX](https://holderbook.com/stocks/MCHX/) | $81.0K | 38,126 | 0.9% | 8 |
| SATSUMA PHARMACEUTICALS INC | [STSA](https://holderbook.com/stocks/STSA/) | $81.0K | 20,711 | 0.9% | 1 |
| INTEVAC INC | [IVAC](https://holderbook.com/stocks/IVAC/) | $78.0K | 14,191 | 0.9% | 7 |
| NEOPHOTONICS CORP | [NPTN](https://holderbook.com/stocks/NPTN/) | $78.0K | 12,840 | 0.9% | 8 |
| RIMINI STR INC DEL | [RMNI](https://holderbook.com/stocks/RMNI/) | $78.0K | 24,089 | 0.9% | 5 |
| CATALYST BIOSCIENCES INC | [CBIO](https://holderbook.com/stocks/CBIO/) | $76.0K | 17,681 | 0.8% | 1 |
| HARVARD BIOSCIENCE INC | [HBIO](https://holderbook.com/stocks/HBIO/) | $76.0K | 25,398 | 0.8% | 8 |
| ORION GROUP HLDGS INC | [ORN](https://holderbook.com/stocks/ORN/) | $71.0K | 25,828 | 0.8% | 4 |
| A10 NETWORKS INC | [ATEN](https://holderbook.com/stocks/ATEN/) | $70.0K | 11,000 | 0.8% | 1 |
| COMMERCIAL VEH GROUP INC | [CVGI](https://holderbook.com/stocks/CVGI/) | $70.0K | 10,735 | 0.8% | 8 |
| OSMOTICA PHARMACEUTICALS PLC | [RVLPQ](https://holderbook.com/stocks/RVLPQ/) | $68.0K | 12,516 | 0.7% | 5 |
| TELENAV INC | [TNAV](https://holderbook.com/stocks/TNAV/) | $67.0K | 18,553 | 0.7% | 4 |
| EVERSPIN TECHNOLOGIES INC | [MRAM](https://holderbook.com/stocks/MRAM/) | $65.0K | 11,433 | 0.7% | 4 |
| CYCLERION THERAPEUTICS INC | [CYCN](https://holderbook.com/stocks/CYCN/) | $63.0K | 10,298 | 0.7% | 4 |
| GRITSTONE BIO INC | [GRTSQ](https://holderbook.com/stocks/GRTSQ/) | $57.0K | 21,655 | 0.6% | 1 |
| ARC DOCUMENT SOLUTIONS INC | [ARC](https://holderbook.com/stocks/ARC/) | $54.0K | 60,143 | 0.6% | 8 |
| ACCURAY INC DEL | [ARAY](https://holderbook.com/stocks/ARAY/) | $54.0K | 22,354 | 0.6% | 8 |
| SYNLOGIC INC | [SYBX](https://holderbook.com/stocks/SYBX/) | $52.0K | 25,901 | 0.6% | 5 |
| ANTARES PHARMA INC | [ATRS](https://holderbook.com/stocks/ATRS/) | $45.0K | 16,769 | 0.5% | 4 |
| FLUENT INC | [FLNT](https://holderbook.com/stocks/FLNT/) | $45.0K | 18,179 | 0.5% | 7 |
| EMCORE CORP | [EMKR](https://holderbook.com/stocks/EMKR/) | $44.0K | 13,390 | 0.5% | 7 |
| NIAGEN BIOSCIENCE INC | [NAGE](https://holderbook.com/stocks/NAGE/) | $43.0K | 10,810 | 0.5% | 1 |
| ENTASIS THERAPEUTICS HLDGS I | [ETTX](https://holderbook.com/stocks/ETTX/) | $42.0K | 20,682 | 0.5% | 1 |
| GLYCOMIMETICS INC | [GLYC](https://holderbook.com/stocks/GLYC/) | $42.0K | 13,796 | 0.5% | 1 |
| COTY INC | [COTY](https://holderbook.com/stocks/COTY/) | $41.0K | 15,200 | 0.4% | 1 |
| SAVARA INC | [SVRA](https://holderbook.com/stocks/SVRA/) | $40.0K | 36,546 | 0.4% | 1 |
| MEI PHARMA INC | [MEIPXXXX](https://holderbook.com/stocks/MEIPXXXX/) | $39.0K | 12,500 | 0.4% | 1 |
| RED LION HOTELS CORP | [RLH](https://holderbook.com/stocks/RLH/) | $38.0K | 17,688 | 0.4% | 4 |
| DURECT CORP | [DRRX](https://holderbook.com/stocks/DRRX/) | $36.0K | 20,880 | 0.4% | 4 |
| ALASKA COMMUNICATIONS SYS GR | [ALSK](https://holderbook.com/stocks/ALSK/) | $32.0K | 15,800 | 0.4% | 8 |
| HELIX ENERGY SOLUTIONS GRP I | [HLX](https://holderbook.com/stocks/HLX/) | $31.0K | 12,712 | 0.3% | 1 |
| SYNACOR INC | [SYNC](https://holderbook.com/stocks/SYNC/) | $25.0K | 16,700 | 0.3% | 5 |
| VYNE THERAPEUTICS INC | [VYNEXXXX](https://holderbook.com/stocks/VYNEXXXX/) | $25.0K | 15,200 | 0.3% | 1 |
| ABEONA THERAPEUTICS INC | [ABEO](https://holderbook.com/stocks/ABEO/) | $24.0K | 23,112 | 0.3% | 1 |
| PIERIS PHARMACEUTICALS INC | [PIRS](https://holderbook.com/stocks/PIRS/) | $23.0K | 10,900 | 0.3% | 1 |
| FORUM ENERGY TECHNOLOGIES IN | [FET](https://holderbook.com/stocks/FET/) | $10.0K | 18,724 | 0.1% | 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 | +7.5% | +8.6% | -1.1% | 99% |
| Q2 2020 | +30.0% | +19.6% | +10.3% | 99% |
| Q1 2020 | -36.5% | -19.9% | -16.6% | 99% |
| Q4 2019 | +10.2% | +8.5% | +1.8% | 100% |
| Q3 2019 | -4.5% | +1.3% | -5.8% | 98% |
| Q2 2019 | -3.0% | +3.7% | -6.7% | 99% |
| Q1 2019 | +16.7% | +13.0% | +3.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2020 | $9.1M | 73 |
| Q2 2020 | $39.9M | 163 |
| Q1 2020 | $41.3M | 187 |
| Q4 2019 | $119.5M | 280 |
| Q3 2019 | $132.9M | 297 |
| Q2 2019 | $161.9M | 293 |
| Q1 2019 | $243.7M | 343 |
| Q4 2018 | $237.9M | 303 |