0001162044-21-000187.txt : 20210217 0001162044-21-000187.hdr.sgml : 20210217 20210217160014 ACCESSION NUMBER: 0001162044-21-000187 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210217 PERIOD START: 20210331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Adirondack Funds CENTRAL INDEX KEY: 0001311981 IRS NUMBER: 201993634 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21691 FILM NUMBER: 21644624 BUSINESS ADDRESS: STREET 1: 2390 WESTERN AVENUE CITY: GUILDERLAND STATE: NY ZIP: 12084 BUSINESS PHONE: 518-690-0470 MAIL ADDRESS: STREET 1: 2390 WESTERN AVENUE CITY: GUILDERLAND STATE: NY ZIP: 12084 0001311981 S000004764 Adirondack Small Cap Fund C000012957 Adirondack Small Cap Fund ADKSX NPORT-P 1 primary_doc.xml NPORT-P false 0001311981 XXXXXXXX S000004764 C000012957 Adirondack Funds 811-21691 0001311981 54930096PEQ7NXEFKK26 2390 Western Avenue GUILDERLAND 12084 518-690-0470 The Adirondack Small Cap Fund S000004764 54930083FMYYVP37Z732 2021-03-31 2020-12-31 N 51941612.75 350940.92 51590671.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1000.00 N A10 Networks, Inc. 549300UQD4IWUML81Q35 A10 Networks, Inc. 002121101 80546.00 NS USD 794183.56 1.54 Long EC CORP US N 1 N N N ADTRAN, Inc. 549300XWTHXJVGKWU616 ADTRAN, Inc. 00738A106 139098.00 NS USD 2054477.46 3.98 Long EC CORP US N 1 N N N Accuray, Inc. 549300G28LY4TZKZJG51 Accuray, Inc. 004397105 220248.00 NS USD 918434.16 1.78 Long EC CORP US N 1 N N N Allete, Inc. 549300NNLSIMY6Z8OT86 Allete, Inc. 018522300 20747.00 NS USD 1285069.18 2.49 Long EC CORP US N 1 N N N Allscripts Healthcare Solutions, Inc. Y68YJHVB1GU4TAU3C223 Allscripts Healthcare Solutions, Inc. 01988P108 155088.00 NS USD 2239470.72 4.34 Long EC CORP US N 1 N N N Ardmore Shipping Corp. 549300J8HD7K6BHD8O28 Ardmore Shipping Corp. Y0207T100 380272.00 NS USD 1243489.44 2.41 Long EC CORP MH N 1 N N N Brixmor Property Group, Inc. 5299007UXW6Y0W2EGZ95 Brixmor Property Group, Inc. 11120U105 41300.00 NS USD 683515.00 1.32 Long EC CORP US N 1 N N N CNO Financial Group, Inc. 11XPYHB76MPM4Y4P2897 CNO Financial Group, Inc. 12621E103 81521.00 NS USD 1812211.83 3.51 Long EC CORP US N 1 N N N Cabot Oil & Gas Corp. FCNMH6O7VWU7LHXMK351 Cabot Oil & Gas Corp. Class A 127097103 72600.00 NS USD 1181928.00 2.29 Long EC CORP US N 1 N N N Celestica, Inc. 549300J3CG5T6RZWLN53 Celestica, Inc. 15101Q108 192349.00 NS USD 1552256.43 3.01 Long EC CORP CA N 1 N N N Conduent, Inc. 549300SFJ2D2CYY6CQ11 Conduent, Inc. 206787103 527977.00 NS USD 2534289.60 4.91 Long EC CORP US N 1 N N N Covanta Holding Corp. 40XIFLS8XDQGGHGPGC04 Covanta Holding Corp. 22282E102 135121.00 NS USD 1774138.73 3.44 Long EC CORP US N 1 N N N Emcore Corp. 529900B9OHDEWU534K08 Emcore Corp. 290846203 75417.00 NS USD 411022.65 0.80 Long EC CORP US N 1 N N N Federated Hermes Money Market Obligations Trust 25490005VWJDWX717014 Federated Treasury Obligation Fund - Institutional Shares 60934N500 956480.28 NS USD 956480.28 1.85 Long STIV RF US N 1 N N N Genworth Financial, Inc. 549300EMCG286BDNKJ33 Genworth Financial, Inc. Class A 37247D106 243403.00 NS USD 920063.34 1.78 Long EC CORP US N 1 N N N Graftech International Ltd. 549300GY32W00XP57351 Graftech International Ltd. 384313508 122077.00 NS USD 1301340.82 2.52 Long EC CORP US N 1 N N N Gray Television, Inc. 529900TM5726KDN7UU35 Gray Television, Inc. 389375106 7637.00 NS USD 136625.93 0.26 Long EC CORP US N 1 N N N Harvard Bioscience, Inc. 549300VLGB1D47GGC642 Harvard Bioscience, Inc. 416906105 126694.00 NS USD 543517.26 1.05 Long EC CORP US N 1 N N N Hill International, Inc. N/A Hill International, Inc. 431466101 369817.00 NS USD 710048.64 1.38 Long EC CORP US N 1 N N N Infinera Corp. 549300ZOF66WPV3H0H17 Infinera Corp. 45667G103 153656.00 NS USD 1610314.88 3.12 Long EC CORP US N 1 N N N Ingles Markets, Inc. 549300XH5RYBMYP8TF26 Ingles Markets, Inc. Class A 457030104 22000.00 NS USD 938520.00 1.82 Long EC CORP US N 1 N N N Knowles Corp. 5493003EO323TDZQU148 Knowles Corp. 49926D109 47709.00 NS USD 879276.87 1.70 Long EC CORP US N 1 N N N LSI Industries, Inc. 529900HY42OANH6BVT33 LSI Industries, Inc. 50216C108 227060.00 NS USD 1943633.60 3.77 Long EC CORP US N 1 N N N Lazard Ltd. 254900RIBCDJSUFG1A11 Lazard Ltd. Class A G54050102 20638.00 NS USD 872987.40 1.69 Long EC CORP BM N 1 N N N Limelight Networks, Inc. 529900BNCMDQGEKW5M59 Limelight Networks, Inc. 53261M104 147575.00 NS USD 588824.25 1.14 Long EC CORP US N 1 N N N MGIC Investment Corp. 254900S8483WM4M98R28 MGIC Investment Corp. 552848103 100333.00 NS USD 1259179.15 2.44 Long EC CORP US N 1 N N N Manitex International, Inc. 549300QZ9TZ4MVXPZQ53 Manitex International, Inc. 563420108 73928.00 NS USD 381468.48 0.74 Long EC CORP US N 1 N N N Matrix Service Co. 529900VYBKSX6HD2YW58 Matrix Service Co. 576853105 85627.00 NS USD 943609.54 1.83 Long EC CORP US N 1 N N N Mr. Cooper Group, Inc. 549300KD8C6DPXYC2M26 Mr. Cooper Group, Inc. 62482R107 14774.00 NS USD 458437.22 0.89 Long EC CORP US N 1 N N N Myers Industries, Inc. 549300I2H9XMVTCW4Q51 Myers Industries, Inc. 628464109 13450.00 NS USD 279491.00 0.54 Long EC CORP US N 1 N N N National Western Life Group, Inc. 549300HPXNVHFT1BJ192 National Western Life Group, Inc. Class A 638517102 8191.00 NS USD 1690950.04 3.28 Long EC CORP US N 1 N N N O-I Glass, Inc. N/A O-I Glass, Inc. 67098H104 32697.00 NS USD 389094.30 0.75 Long EC CORP US N 1 N N N Old Republic International Corp. N/A Old Republic International Corp. 680223104 34000.00 NS USD 670140.00 1.30 Long EC CORP US N 1 N N N Photronics, Inc. 549300OK5JVNIBNY6F63 Photronics, Inc. 719405102 93258.00 NS USD 1040759.28 2.02 Long EC CORP US N 1 N N N Pure Cycle Corp. N/A Pure Cycle Corp. 746228303 5200.00 NS USD 58396.00 0.11 Long EC CORP US N 1 N N N Sanmina Corp. X5K24XLM8QYRXF00EB42 Sanmina Corp. 801056102 40393.00 NS USD 1288132.77 2.50 Long EC CORP US N 1 N N N Seaboard Corp. 87Q3KOXT29OW9W9YPT70 Seaboard Corp. 811543107 275.00 NS USD 833525.00 1.62 Long EC CORP US N 1 N N N Seacor Holdings, Inc. 549300IQTYSR1SC4II14 Seacor Holdings, Inc. 811904101 33915.00 NS USD 1405776.75 2.72 Long EC CORP US N 1 N N N Stewart Information Services Corp. 529900TV1XI0PLKENU10 Stewart Information Services Corp. 860372101 27000.00 NS USD 1305720.00 2.53 Long EC CORP US N 1 N N N Office Depot, Inc. 549300OI428NU7XTM839 The ODP Corp. 88337F105 42070.00 NS USD 1232651.00 2.39 Long EC CORP US N 1 N N N Third Point Reinsurance Ltd. 2LTXLGOFX5N78LZ32691 Third Point Reinsurance Ltd. G8827U100 179643.00 NS USD 1710201.36 3.31 Long EC CORP BM N 1 N N N Tiptree, Inc. N/A Tiptree, Inc. 88822Q103 59599.00 NS USD 299186.98 0.58 Long EC CORP US N 1 N N N Under Armour, Inc. 549300D4549QKWETZ406 Under Armour, Inc. Class A 00738A106 60794.00 NS USD 1043832.98 2.02 Long EC CORP US N 1 N N N Unisys Corp. 549300T21W22FIJJOW08 Unisys Corp. 909214306 114003.00 NS USD 2243579.04 4.35 Long EC CORP US N 1 N N N Vista Outdoor, Inc. 549300QI2D33ESTJLN81 Vista Outdoor, Inc. 928377100 51352.00 NS USD 1220123.52 2.37 Long EC CORP US N 1 N N N Vonage Holdings Corp. 529900W7N0N4WLN1JY21 Vonage Holdings Corp. 92886T201 84241.00 NS USD 1084602.88 2.10 Long EC CORP US N 1 N N N Williams Industrial Services Group, Inc. CTDK3GGI58CIT29OJ228 Williams Industrial Services Group, Inc. 96951A104 461172.00 NS USD 1199047.20 2.32 Long EC CORP US N 1 N N N 2020-12-31 Adirondack Funds /s/ Gregory A. Roeder Gregory A. Roeder President XXXX NPORT-EX 2 adirondacknportex.htm NPORT-EX




Schedule of Investments

December 31, 2020 (unaudited)

The Adirondack Small Cap Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares or Principal

 

 

Security Description

 

 

Amount ($)

 

Fair Value ($)(1)

 

 

 

 

 

 

Common Stocks - 97.47%

 

 

 

 

 

 

 

 

Accident & Health Insurance - 3.51%

 

 

 

 

 

CNO Financial Group, Inc.

 

 

81,521

 

1,812,212

 

 

 

 

 

 

 

 

Apparel & Other Finished Products of Fabrics & Similar Material - 2.02%

 

 

 

 

Under Armour, Inc. Class A (2)

 

 

60,794

 

1,043,833

 

 

 

 

 

 

 

 

Business Services - 4.91%

 

 

 

 

 

Conduent, Inc. (2)

 

 

 

527,977

 

2,534,290

 

 

 

 

 

 

 

 

Cogeneration Services & Small Power Producers - 3.44%

 

 

 

 

 

Covanta Holding Corp.

 

 

 

135,121

 

1,774,139

 

 

 

 

 

 

 

 

Computer Communications Equipment - 1.54%

 

 

 

 

 

A10 Networks, Inc. (2)

 

 

 

80,546

 

794,184

 

 

 

 

 

 

 

 

Construction Special Trade Contractors - 1.83%

 

 

 

 

 

Matrix Service Co. (2)

 

 

 

85,627

 

943,610

 

 

 

 

 

 

 

 

Crude Petroleum & Natural Gas - 2.29%

 

 

 

 

 

Cabot Oil & Gas Corp.

 

 

 

72,600

 

1,181,928

 

 

 

 

 

 

 

 

Deep Sea Foreign Transportation of Freight - 5.14%

 

 

 

 

 

Ardmore Shipping Corp. (Bermuda) (2)

 

 

380,272

 

1,243,489

Seacor Holdings, Inc. (2)

 

 

 

33,915

 

1,405,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,649,266

 

 

 

 

 

 

 

 

Electric Lighting & Wiring Equipment - 3.77%

 

 

 

 

 

LSI Industries, Inc.

 

 

 

227,060

 

1,943,634

 

 

 

 

 

 

 

 

Electric & Other Services Combined - 2.49%

 

 

 

 

 

Allete, Inc.

 

 

 

 

20,747

 

1,285,069

 

 

 

 

 

 

 

 

Electrical Industrial Apparatus - 2.52%

 

 

 

 

 

Graftech International Ltd.

 

 

122,077

 

1,301,341

 

 

 

 

 

 

 

 

Finance Services - 0.89%

 

 

 

 

 

Mr. Cooper Group, Inc. (2)

 

 

14,774

 

458,437

 

 

 

 

 

 

 

 

Fire, Marine & Casualty Insurance - 3.89%

 

 

 

 

 

Third Point Reinsurance Ltd. (Bermuda) (2)

 

 

179,643

 

1,710,201

Tiptree, Inc.

 

 

 

 

59,599

 

299,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,009,388

 

 

 

 

 

 

 

 

Glass Containers - 0.75%

 

 

 

 

 

O-I Glass, Inc. (2)

 

 

 

32,697

 

389,094

 

 

 

 

 

 

 

 

Heavy Construction Other Than Building Construction-Contractors - 2.32%

 

 

 

 

Williams Industrial Services Group, Inc. (2)

 

 

461,172

 

1,199,047

 

 

 

 

 

 

 

 

Household Audio & Video Equipment - 1.70%

 

 

 

 

 

Knowles Corp. (2)

 

 

 

47,709

 

879,277

 

 

 

 

 

 

 

 

Investment Advice - 1.69%

 

 

 

 

 

Lazard Ltd. Class A (Bermuda)

 

 

20,638

 

872,987

 

 

 

 

 

 

 

 

Laboratory Analytical Instruments - 1.05%

 

 

 

 

 

Harvard Bioscience, Inc. (2)

 

 

126,694

 

543,517

 

 

 

 

 

 

 

 

Life Insurance - 5.06%

 

 

 

 

 

 

Genworth Financial, Inc. Class A (2)

 

 

243,403

 

920,063

National Western Life Group, Inc. Class A

 

 

8,191

 

1,690,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,611,013

 

 

 

 

 

 

 

 

Meat Packing Plants - 1.62%

 

 

 

 

 

Seaboard Corp.

 

 

 

275

 

833,525

 

 

 

 

 

 

 

 

Ordnance & Accessories (No Vehicles/Guided Missiles) - 2.37%

 

 

 

 

 

Vista Outdoor, Inc. (2)

 

 

 

51,352

 

1,220,124

 

 

 

 

 

 

 

 

Plastics Products - 0.54%

 

 

 

 

 

Myers Industries, Inc.

 

 

 

13,450

 

279,491

 

 

 

 

 

 

 

 

Printed Circuit Boards - 5.51%

 

 

 

 

 

Celestica, Inc. (Canada) (2)

 

 

192,349

 

1,552,256

Sanmina Corp. (2)

 

 

 

40,393

 

1,288,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,840,389

 

 

 

 

 

 

 

 

Retail-Grocery Stores - 1.82%

 

 

 

 

 

Ingles Markets, Inc. Class A

 

 

22,000

 

938,520

 

 

 

 

 

 

 

 

Retail-Miscellaneous Shopping Goods Stores - 2.39%

 

 

 

 

 

The ODP Corp. (2)

 

 

 

42,070

 

1,232,651

 

 

 

 

 

 

 

 

Semiconductors & Related Devices - 2.81%

 

 

 

 

 

Emcore Corp. (2)

 

 

 

75,417

 

411,023

Photronics, Inc. (2)

 

 

 

93,258

 

1,040,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,451,782

 

 

 

 

 

 

 

 

Services-Business Services - 1.14%

 

 

 

 

 

Limelight Networks, Inc. (2)

 

 

147,575

 

588,824

 

 

 

 

 

 

 

 

Services-Computer Integrated Systems Design - 8.69%

 

 

 

 

 

Allscripts Healthcare Solutions, Inc. (2)

 

 

155,088

 

2,239,471

Unisys Corp. (2)

 

 

 

114,003

 

2,243,579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,483,050

 

 

 

 

 

 

 

 

Services-Engineering Services - 1.38%

 

 

 

 

 

Hill International, Inc. (2)

 

 

 

369,817

 

710,049

 

 

 

 

 

 

 

 

Special Industry Machinery - 0.74%

 

 

 

 

 

Manitex International, Inc. (2)

 

 

73,928

 

381,469

 

 

 

 

 

 

 

 

Surety Insurance - 3.74%

 

 

 

 

 

MGIC Investment Corp.

 

 

 

100,333

 

1,259,179

Old Republic International Corp.

 

 

34,000

 

670,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,929,319

 

 

 

 

 

 

 

 

Surgical & Medical Instruments & Apparatus - 1.78%

 

 

 

 

 

Accuray, Inc. (2)

 

 

 

220,248

 

918,434

 

 

 

 

 

 

 

 

Telephone & Telegraph Apparatus - 7.10%

 

 

 

 

 

ADTRAN, Inc.

 

 

 

139,098

 

2,054,477

Infinera Corp. (2)

 

 

 

153,656

 

1,610,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,664,792

 

 

 

 

 

 

 

 

Telephone Communications (No Radio Telephone) - 2.10%

 

 

 

 

 

Vonage Holdings Corp. (2)

 

 

84,241

 

1,084,603

 

 

 

 

 

 

 

 

Television Broadcasting Stations - 0.26%

 

 

 

 

 

Gray Television, Inc. (2)

 

 

 

7,637

 

136,626

 

 

 

 

 

 

 

 

Title Insurance - 2.53%

 

 

 

 

 

 

Stewart Information Services Corp.

 

 

27,000

 

1,305,720

 

 

 

 

 

 

 

 

Water Supply - 0.11%

 

 

 

 

 

 

Pure Cycle Corp. (2)

 

 

 

5,200

 

58,396

 

 

 

 

 

 

 

 

Total Common Stock

 

 

 

(Cost $             38,812,131)

 

50,284,030

 

 

 

 

 

 

 

 

Real Estate Investment Trusts - 1.32%

 

 

 

 

Brixmor Property Group, Inc.

41,300

 

683,515

 

 

 

 

Total Real Estate Investment Trusts

(Cost $                  374,065)

 

683,515

 

 

 

 

Money Market Registered Investment Companies - 1.85%

 

 

 

 

Federated Treasury Obligation Fund - Institutional Shares - .01% (4)

956,480

 

956,480

 

 

 

 

Total Money Market Registered Investment Companies

(Cost $                  956,480)

 

956,480

 

 

 

 

Total Investments - 100.65%

(Cost $             40,142,676)

 

51,924,025

 

 

 

 

Liabilities in Excess of Other Assets - -.65%

 

 

(333,353)

 

 

 

 

Total Net Assets - 100.00%

 

 

51,590,672

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.

       These inputs are summarized in the three broad levels listed below.

        • Level 1 - quoted prices in active markets for identical securities

        • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

        • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

 

       The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund's assets carried at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in

 

Other Financial

Valuation Inputs

 

 

 

Securities

 

Instruments (9)

Level 1 - Quoted Prices

 

 

$

51,924,025

$

0

Level 2 - Other Significant Observable Inputs

 

 

0

 

-

Level 3 - Significant Unobservable Inputs

 

 

-

 

-

Total

 

 

 

$

51,924,025

$

0

 

 

 

 

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term

debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment

Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active

market, such securities are reflected as Level 2.

 

 

 

 

 

 

 

 

(2)  Represents non-income producing securities.

(3)  All or a portion of this security is on loan.

(4) Variable rate security; the money market rate shown represents the yield at  December 31, 2020.

(5)  Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020.

(6)  Assets of affiliates to the Conservative Allocation Fund held for the benefit of the Fund's Trustees in connection with the Trustees Deferred Compensation Plan.

(7)  Fair valued security deemed as Level 3 security.

(8)  Exchange-traded fund.

(9)  Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized

      appreciation/depreciation on the instrument.