An Insightful Look at Global Alpha Capital Management's Q4 2022 vs. Q1 2023 Holdings

Global Alpha Capital Management Ltd. is a top hedge fund that manages assets worth billions of dollars. As a hedge fund, it invests in a diverse range of securities such as stocks, bonds, and options. As a result, it files a quarterly report known as Form 13F with the Securities and Exchange Commission (SEC). The 13F report discloses the hedge fund's holdings at the end of the quarter, which provides useful insights into its investment strategy.

In this article, we'll take a closer look at Global Alpha Capital Management's 13F report for Q4 2022 and Q1 2023. We'll analyze the holdings of the fund, the changes made between the two quarters, and what it might mean for the future.

First, let's take a look at the top holdings of the fund for Q4 2022. According to the 13F report, the top five holdings of Global Alpha Capital Management were Ormat Technologies Inc., Limoneira Co., Clean Energy Fuels Corp., Ossisko Gold Royalties Ltd., and AudioCodes Ltd. These five holdings accounted for around 34% of the fund's total portfolio value, which was $480 million.

Now, let's take a look at how the fund's holdings changed in Q1 2023 compared to Q4 2022. One of the biggest changes was in its holdings of Limoneira Co., which increased from 2.79 million shares in Q4 2022 to 2.87 million shares in Q1 2023. This represents a 2.8% increase in shares held. The value of these holdings also increased from $34 million to $48 million, which represents a 41% increase in value.

Global Alpha Capital Management also increased its holdings in Pra Group Inc., Radnet Inc., and Rayonier Inc. by 2.9%, 2.6%, and 4.2%, respectively. On the other hand, the fund decreased its holdings in UMB Financial Corp., Caeserstone Ltd., and Motorcar Parts of America Inc. by 28.9%, 27.9%, and 39.9%, respectively. As we can see, the fund made some significant shifts in its portfolio during Q1 2023.

It's interesting to note that the fund completely sold out of two holdings in Q1 2023: Helmerich & Payne Inc. and Rush Enterprises Inc. These two holdings had a total value of $29 million in Q4 2022, representing around 6% of the fund's total portfolio value. It's unclear why the fund sold out of these positions, but it could be due to a change in investment strategy or new information about the companies.

In summary, Global Alpha Capital Management made some significant changes to its portfolio during Q1 2023. It increased its holdings in some companies, decreased its holdings in others, and sold out of two completely. It will be interesting to see how these changes affect the fund's performance in the coming quarters. However, it's worth noting that hedge funds like Global Alpha Capital Management have access to sophisticated investment tools, so it's likely that their investment decisions are based on extensive research and analysis.

In conclusion, Form 13F provides valuable insights into the holdings of top hedge funds like Global Alpha Capital Management. By analyzing these reports, investors can identify trends, see what companies these funds are investing in, and potentially replicate their investment strategy to achieve similar results.