Data as of Q4 2025 (Dec 31, 2025)

22NW, LP

•CIK: 1694297•Filing: Q4 2025

**22NW, LP** manages $238M across a concentrated portfolio of 20 positions. The fund exhibits significant conviction in its top holdings, led by ANEB, representing $84.8M of the total assets. Further substantial allocations include FSTR at $32.1M and LDE at $23.0M, indicating a focused, high-conviction approach. This structure suggests an active, bottom-up strategy targeting specific market opportunities.

Total AUM
$237.6M
QoQ Performance
+11.9%
Positions
20
Top 10 Concentration
89.4%
Latest Filing
Q4 2025

Top Holdings Allocation

ANEB
FSTR
LDE
NKTR
RGNX
MLYS
SRI
ANEB35.7%
FSTR13.5%
LDE9.7%
NKTR5.9%
RGNX5.6%
MLYS5.5%
SRI5.3%
MEC3.3%

📈 Biggest Buys

NSP
INSPERITY INC
NEW
1.6% of portfolio
SRI
STONERIDGE INC
+4.1%
5.3% of portfolio
MEC
MAYVILLE ENGR CO INC
+3.6%
3.3% of portfolio

📉 Biggest Sells

FSTR
FOSTER L B CO
-9.3%
13.5% of portfolio
UFI
UNIFI INC
-12.8%
1.3% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

DHX
DHI GROUP INC
SOLD
$5.7M
—
AEBI SCHMIDT HLDG AG
SOLD
$4.3M

Changes from Q3 2025

NEW1 new position
↑2 increased
↓2 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

ANEB35.7%
ANEBULO PHARMACEUTICALS INC
$84.8M
FSTR13.5%
FOSTER L B CO
$32.1M
LDE9.7%
LIFECORE BIOMEDICAL INC
$23.0M
NKTR5.9%
NEKTAR THERAPEUTICS
$14.0M
RGNX5.6%
REGENXBIO INC
$13.3M

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