Insights into Nierenberg's Latest 13F Filings and Key Portfolio Adjustments

David Nierenberg (Trades, Portfolio), the founder and president of Nierenberg Investment Management Company, which operates the D3 Family of Funds, recently disclosed his 13F filings for the third quarter of 2024. Nierenberg, a Yale College and Yale Law School alumnus, is known for his focus on long-term capital gains through investments in undervalued, domestic, micro-cap growth companies. His investment strategy often involves activism to unlock shareholder value. This quarter's filing reveals significant changes in his portfolio, including new buys, increased stakes, and some strategic exits.

Summary of New Buys

David Nierenberg (Trades, Portfolio) added a total of 9 stocks to his portfolio this quarter. Noteworthy new acquisitions include:

• Adtran Holdings Inc (ADTN, Financial), with 343,110 shares, making up 1.15% of the portfolio and valued at approximately $2.03 million.
• Oshkosh Corp (OSK, Financial), comprising 5,555 shares, which represent about 0.32% of the portfolio, with a total value of $556,670.
• Hooker Furnishings Corp (HOFT, Financial), with 11,555 shares, accounting for 0.12% of the portfolio and a total value of $208,910.

Key Position Increases

David Nierenberg (Trades, Portfolio) also increased his stakes in a total of 10 stocks, with significant boosts in:

• Riverview Bancorp Inc (RVSB, Financial), adding an additional 658,205 shares, bringing the total to 1,060,600 shares. This adjustment represents a 163.57% increase in share count, impacting the current portfolio by 1.76%, and valued at $4.99 million.
• Potbelly Corp (PBPB, Financial), with an additional 150,704 shares, bringing the total to 2,980,564. This adjustment represents a 5.33% increase in share count, valued at $24.86 million.

Summary of Sold Out Positions

During the third quarter of 2024, David Nierenberg (Trades, Portfolio) completely exited 7 holdings, including:

• Flotek Industries Inc (FTK, Financial), where all 1,247,637 shares were sold, impacting the portfolio by -3.43%.
• First Horizon Corp (FHN, Financial), with all 111,555 shares liquidated, causing a -0.98% impact on the portfolio.

Key Position Reductions

Reductions were made in 8 stocks, with significant cuts in:

• Mr. Cooper Group Inc (COOP, Financial), reduced by 151,180 shares, resulting in a -29.4% decrease in shares and a -6.87% impact on the portfolio. The stock traded at an average price of $88.62 during the quarter and has returned 15.45% over the past 3 months and 52.33% year-to-date.
• Superior Industries International Inc (SUP, Financial), reduced by 238,555 shares, resulting in a -68.14% reduction in shares and a -0.44% impact on the portfolio. The stock traded at an average price of $3.2 during the quarter and has returned -14.33% over the past 3 months and -21.56% year-to-date.

Portfolio Overview

As of the third quarter of 2024, David Nierenberg (Trades, Portfolio)'s portfolio included 54 stocks. The top holdings were 18.96% in Mr. Cooper Group Inc (COOP), 14.09% in Potbelly Corp (PBPB, Financial), 11.68% in Fluor Corp (FLR, Financial), 11.14% in EQT Corp (EQT, Financial), and 11.08% in Cantaloupe Inc (CTLP, Financial). The holdings are mainly concentrated in 10 of all the 11 industries: Financial Services, Industrials, Technology, Consumer Cyclical, Energy, Healthcare, Communication Services, Real Estate, Basic Materials, and Consumer Defensive.

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