Fondren Management L.P. 13F annual report
Fondren Management L.P. is an investment fund managing more than $16.9 million ran by Bradley Radoff. There are currently 15 companies in Mr. Radoff’s portfolio. The largest investments include Biglari and VAALCO, together worth $6.41 million.
$16.9 million Assets Under Management (AUM)
As of 6th November 2020, Fondren Management L.P.’s top holding is 44,221 shares of Biglari currently worth over $3.94 million and making up 23.2% of the portfolio value.
Relative to the number of outstanding shares of Biglari, Fondren Management L.P. owns more than approximately 0.1% of the company.
In addition, the fund holds 2,471,000 shares of VAALCO worth $2.47 million, whose value grew 17.4% in the past six months.
The third-largest holding is Support.com worth $2.34 million and the next is Net 1 Ueps Technologies Inc worth $2.17 million, with 645,000 shares owned.
Currently, Fondren Management L.P.'s portfolio is worth at least $16.9 million. The total portfolio value may be much higher due to cash
assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.
Careers at Fondren Management L.P.
The Fondren Management L.P. office and employees reside in Houston, Texas. According to the last 13-F report filed with the SEC, Bradley Radoff serves as the Sole Director of its General Partner at Fondren Management L.P..
Recent trades
In the most recent 13F filing, Fondren Management L.P. revealed that it had opened a new position in
Medley Cap Corp and bought 50,000 shares worth $892 thousand.
The investment fund also strengthened its position in Net 1 Ueps Technologies Inc by buying
330,000 additional shares.
This makes their stake in Net 1 Ueps Technologies Inc total 645,000 shares worth $2.17 million.
On the other hand, there are companies that Fondren Management L.P. is getting rid of from its portfolio.
Fondren Management L.P. closed its position in Immersion on 13th November 2020.
It sold the previously owned 545,000 shares for $3.4 million.
Bradley Radoff also disclosed a decreased stake in Biglari by 0.3%.
This leaves the value of the investment at $3.94 million and 44,221 shares.
One of the smallest hedge funds
The two most similar investment funds to Fondren Management L.P. are Gratia Capital and C.v. Starr & Co., Trust. They manage $16.9 million and $16.9 million respectively.
Bradley Radoff investment strategy
Fondren Management L.P.’s portfolio is diversified across 8 sectors.
Currently, their heaviest sector is Technology — making up 24.7% of
the total portfolio value.
The fund focuses on investments in the United States as
53.3% of the portfolio companies
are based in the United States.
The majority of the companies in the fund’s portfolio are small-cap stocks.
Stocks with a size of more than $100 million in market cap make up
47% of the total holdings value.
On the other hand, large-cap stocks make up only approximately 0.1% of the portfolio.
The average market cap of the portfolio companies is close to $105 million.
The complete list of Fondren Management L.P. trades based on 13F SEC filings
These positions were updated on November 13th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.
| Security | Shares Owned | Value | Allocation |
|---|---|---|---|
| Biglari Holdings, Inc. |
34.41%
44,221
|
$3,936,000 | 23.24% |
| Immersion Corp. |
Closed
545,000
|
$3,395,000 | |
| VAALCO Energy, Inc. |
No change
2,471,000
|
$2,471,000 | 14.59% |
| Support.com, Inc. |
No change
1,301,874
|
$2,343,000 | 13.84% |
| Net 1 Ueps Technologies Inc |
104.76%
645,000
|
$2,174,000 | 12.84% |
| Synacor, Inc. |
31.44%
1,213,447
|
$1,832,000 | 10.82% |
| Harte-Hanks, Inc. |
Closed
545,502
|
$1,658,000 | |
| Opiant Pharmaceuticals, Inc. |
26.70%
137,000
|
$1,025,000 | 6.05% |
| Medley Cap Corp |
Opened
50,000
|
$892,000 | 5.27% |
| Medley Cap Corp |
Closed
996,225
|
$762,000 | |
| TETRA Technologies, Inc. |
Closed
1,145,000
|
$612,000 | |
| Bbx Cap Corp New |
Opened
40,000
|
$536,000 | 3.17% |
| Biglari Holdings Inc. |
Closed
1,510
|
$506,000 | |
| Bbx Cap Corp New |
Closed
170,000
|
$432,000 | |
| HC2 Holdings, Inc. |
Closed
125,000
|
$418,000 | |
| HireQuest, Inc. |
Closed
45,416
|
$281,000 | |
| Crawford & Company |
27.16%
74,400
|
$483,000 | 2.85% |
| Houston Wire & Cable Co. |
11.11%
100,000
|
$250,000 | 1.48% |
| Castlight Health, Inc. |
Closed
300,000
|
$249,000 | |
| AstroNova, Inc. |
Closed
30,000
|
$239,000 | |
| Portman Ridge Fin Corp |
No change
179,100
|
$238,000 | 1.41% |
| TransGlobe Energy Corp. |
65.84%
535,500
|
$204,000 | 1.20% |
| Synalloy Corp. |
18.76%
36,556
|
$202,000 | 1.19% |
| Rocky Mtn Chocolate Factory |
9.83%
65,462
|
$175,000 | 1.03% |
| Universal Stainless & Alloy |
21.88%
31,523
|
$173,000 | 1.02% |
| Lubys Inc |
Closed
63,422
|
$92,000 | |
| No transactions found | |||
| Showing first 500 out of 26 holdings | |||
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