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The Rise and Fall of Rutabaga Capital Management LLC/Ma Q2 2022 vs. Q3 2022 Holdings Comparison

Ava Hoppe | 6 May, 2023

Rutabaga Capital Management LLC/Ma, a registered investment adviser based in Boston, recently filed their 13F form with the SEC, disclosing their Q2 2022 and Q3 2022 holdings. The 13F form is a quarterly report filed by institutional investment managers that discloses their equity holdings. In this article, we'll be taking a closer look at Rutabaga Capital Management LLC/Ma's holdings comparison between Q2 2022 and Q3 2022.

According to their 13F form, Rutabaga Capital Management LLC/Ma had a total portfolio value of $137,362,000 in Q2 2022, which decreased to $76,065,000 in Q3 2022, representing a decrease of 44.6%.

Looking at the changes in their 13F holdings, we can see that Rutabaga Capital Management LLC/Ma reduced their position in 20 stocks, sold out of one stock, and added one new stock to their portfolio.

The largest holding in Rutabaga Capital Management LLC/Ma's portfolio is "HILL INTERNATIONAL INC.", with 2,953,114 shares worth $4,972,000 in Q2 2022. However, they decreased their position in this stock to 2,622,976 shares worth $8,708,000 in Q3 2022, representing a decrease of 11.2% in shares held.

Another significant decrease in shares held was "MOTORCAR PARTS OF AMERICA", where they reduced their position by 28.6% from 403,457 shares worth $5,293,000 in Q2 2022 to 447,277 shares worth $6,808,000 in Q3 2022.

On the other hand, Rutabaga Capital Management LLC/Ma added "AMPCO-PITTSBURGH CORP" to their portfolio in Q3 2022, buying 180,618 shares worth $4,211,000.

It's interesting to note that they sold out of "NATUS MEDICAL INCORPORATED" in Q3 2022, selling all 29,731 shares worth $974,000. This could indicate that the company no longer meets their investment criteria or that they are losing confidence in the company's future prospects.

In terms of sectors, Rutabaga Capital Management LLC/Ma's largest holdings are in the Industrial sector, followed by the Consumer Discretionary and Information Technology sectors. These three sectors make up over 75% of their portfolio.

In conclusion, Rutabaga Capital Management LLC/Ma made significant changes in their equity holdings between Q2 2022 and Q3 2022, reducing their portfolio value by 44.6%. It's important to note that this is just a snapshot of their holdings, and they may have made further changes since filing this report with the SEC. The 13F report provides valuable insights into a fund's investment strategy and can be a useful tool for investors to track institutional buying and selling activity.

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