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NIERENBERG INVESTMENT MANAGEMENT COMPANY, INC.

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CAMAS WA Investment Advisor Hedge Fund Activist Investor
13F Summary

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Nierenberg Investment Management Company is based out of Camas. Nierenberg Investment Management Company is a hedge fund with 4 clients and discretionary assets under management (AUM) of $174,454,363 (Form ADV from 2024-03-18). Their last reported 13F filing for Q4 2024 included $180,195,106 in managed 13F securities and a top 10 holdings concentration of 82.1%. Nierenberg Investment Management Company's largest holding is Mr Cooper Group Inc with shares held of 363,004. Whalewisdom has at least 66 13F filings, 167 13D filings, 20 13G filings, and 38 Form 4 filings
Business Description
The company has established an advisory committee composed of individuals with significant business and investment experience. These individuals are selected by the company and serve at its discretion. The advisory committee may be consulted on matters such as strategy, asset valuation, conflict resolution, dispute handling, and other matters deemed appropriate by the company. The company may execute securities transactions for client accounts with broker-dealers who provide access to proprietary research reports. These services are generally available to all institutional investors and are provided on an unsolicited basis, regardless of commission rates or business volume. In the past fiscal year, the company obtained analytical insight into portfolio companies in exchange for client commissions on a limited basis.
Investment Strategy
The investment strategies of the D3 Funds and the Benedict Fund share some commonalities, including a focus on low risk of permanent loss and high potential for long-term gain, a commitment to building shareholder value, a strong competitive position, manageable debt load, and a catalyst for value realization. However, they differ in major ways, including company size, holding period, activism, growth, and selling discipline. The D3 Funds focus on micro-cap companies and invest for five to seven years, while the Benedict Fund focuses on small-cap companies and invests for one to two years. The D3 Funds are highly active and seek to catalyze company change, while the Benedict Fund passively seeks external catalysts. The D3 Funds seek a significant increase in earnings per share, while the Benedict Fund often invests in companies whose earnings are expected to grow only modestly. The D3 Funds sell based on fundamental change or valuation, while the Benedict Fund sells based on a predetermined holding period or a change in the company's prospects.
Owners
  • NIERENBERG, DAVID - PRESIDENT
  • BAUER-KUEHL, HANNELORE, NMN - CHIEF COMPLIANCE OFFICER AND CHIEF FINANCIAL OFFICER
  • NIERENBERG, PATRICIA, ANN - SECRETARY/TREASURER
  • BENEDICT, DAMON, LAUGHLIN - VICE PRESIDENT
  • Click on the Ownership/Private Fund Data tab for more details.
Other Contact Information
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2024-12-31

Top Buys (13F)

Name % Change
CRTO Criteo S.A 1.48%
RVSB Riverview Bancorp In 1.27%
EXE Expand Energy Corp 1.07%
CNXC Concentrix Corp 0.55%
BFH Bread Financial Hold 0.38%

2024-12-31

Top Sells (13F)

2024-12-31

13F Holdings Summary

Name $ Change
COOP Mr Cooper Group Inc 19.34%
PBPB Potbelly Corp 15.58%
CTLP Cantaloupe Inc 13.94%
EQT EQT Corp 13.73%
EBC Eastern Bankshares, 5.87%

2024-12-31

13F Activity

Market Value $180m, Prior: $176m
Inflows (Outflows) as % of Total MV (-7.6124)%
New Purchases 4 stocks
Added To 8 stocks
Sold out of 7 stocks
Reduced holdings in 5 stocks
Top 10 Holdings % 82.1%
Turnover %[1] 18.97%
Turnover Alt %[2] 4.78%
Time Held Top 20 6.55 quarters
Time Held Top 10 9 quarters
Time Held All 5.63 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2024-12-31

13F Sector Allocation Over Time

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2024-12-31

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2024-12-31

Portfolio Performance