0001162044-24-000156.txt : 20240212 0001162044-24-000156.hdr.sgml : 20240212 20240212155412 ACCESSION NUMBER: 0001162044-24-000156 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240212 DATE AS OF CHANGE: 20240212 PERIOD START: 20240331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Adirondack Funds CENTRAL INDEX KEY: 0001311981 ORGANIZATION NAME: 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: 24619703 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 2024-03-31 2023-12-31 N 36181401.53 123917.88 36057483.65 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 ADTRAN, Inc. 549300XWTHXJVGKWU616 ADTRAN, Inc. 00738A106 82730.00 NS USD 607238.20 1.68 Long EC CORP US N 1 N N N Accuray, Inc. 549300G28LY4TZKZJG51 Accuray, Inc. 004397105 177208.00 NS USD 501498.64 1.39 Long EC CORP US N 1 N N N Alaska Air Group, Inc. 529900G48RT4KWLC6C27 Alaska Air Group, Inc. 011659109 11172.00 NS USD 436490.04 1.21 Long EC CORP US N 1 N N N Allete, Inc. 549300NNLSIMY6Z8OT86 Allete, Inc. 018522300 11460.00 NS USD 700893.60 1.94 Long EC CORP US N 1 N N N Antero Resources Corp. APVBKPOULHUX7YZLKU17 Antero Resources Corp. 03674X106 42274.00 NS USD 958774.32 2.66 Long EC CORP US N 1 N N N Ardmore Shipping Corp. 549300J8HD7K6BHD8O28 Ardmore Shipping Corp. Y0207T100 36458.00 NS USD 513693.22 1.42 Long EC CORP MH N 1 N N N Brixmor Property Group, Inc. 5299007UXW6Y0W2EGZ95 Brixmor Property Group, Inc. 11120U105 15570.00 NS USD 362313.90 1.00 Long EC CORP US N 1 N N N CNO Financial Group, Inc. 11XPYHB76MPM4Y4P2897 CNO Financial Group, Inc. 12621E103 28800.00 NS USD 803520.00 2.23 Long EC CORP US N 1 N N N CNX Resources Corp. 549300JK3KH8PWM3B226 CNX Resources Corp. 12653C108 37035.00 NS USD 740700.00 2.05 Long EC CORP US N 1 N N N Celestica, Inc. 549300J3CG5T6RZWLN53 Celestica, Inc. 15101Q108 10060.00 NS USD 294556.80 0.82 Long EC CORP CA N 1 N N N Ciena Corp. W0CZ7N0GH8UIGXDM1H41 Ciena Corp. 171779309 5946.00 NS USD 267629.46 0.74 Long EC CORP US N 1 N N N Cleveland Cliffs, Inc. 549300TM2WLI2BJMDD86 Cleveland Cliffs, Inc. 185899101 33100.00 NS USD 675902.00 1.87 Long EC CORP US N 1 N N N Conduent, Inc. 549300SFJ2D2CYY6CQ11 Conduent, Inc. 206787103 377538.00 NS USD 1378013.70 3.82 Long EC CORP US N 1 N N N Dole PLC N/A Dole PLC G27907107 94133.00 NS USD 1156894.57 3.21 Long EC CORP IE N 1 N N N Drilling Tools International Corporation N/A Drilling Tools International Corp. 26205E107 93581.00 NS USD 299459.20 0.83 Long EC CORP US N 1 N N N EZCORP, Inc. 5493003K6PG3ZQ7TUQ63 EZCORP, Inc. Class A 302301106 73839.00 NS USD 645352.86 1.79 Long EC CORP US N 1 N N N Federated Hermes Money Market Obligations Trust 25490005VWJDWX717014 Federated Treasury Obligation Fund - Institutional Shares 60934N500 2133234.96 NS USD 2133234.96 5.92 Long STIV RF US N 1 N N N Ferroglobe PLC 2138005GCFJACFTZUD90 Ferroglobe PLC G33856108 124523.00 NS USD 810644.73 2.25 Long EC CORP GB N 1 N N N Genworth Financial, Inc. 549300EMCG286BDNKJ33 Genworth Financial, Inc. Class A 37247D106 201084.00 NS USD 1343241.12 3.73 Long EC CORP US N 1 N N N Graftech International Ltd. 549300GY32W00XP57351 Graftech International Ltd. 384313508 17506.00 NS USD 38338.14 0.11 Long EC CORP US N 1 N N N Hanesbrands, Inc. GX5LWVWZLL5S4W1L2F20 Hanesbrands, Inc. 410345102 63908.00 NS USD 285029.68 0.79 Long EC CORP US N 1 N N N Harvard Bioscience, Inc. 549300VLGB1D47GGC642 Harvard Bioscience, Inc. 416906105 82578.00 NS USD 441792.30 1.23 Long EC CORP US N 1 N N N Healthcare Realty Trust Inc. 549300CB86LH2IOKHH22 Healthcare Realty Trust, Inc. 42226K105 6784.00 NS USD 116888.32 0.32 Long EC CORP US N 1 N N N Hillman Solutions Corp. N/A Hillman Solutions Corp. Class A 431636109 66837.00 NS USD 615568.77 1.71 Long EC CORP US N 1 N N N Infinera Corp. 549300ZOF66WPV3H0H17 Infinera Corp. 45667G103 47827.00 NS USD 227178.25 0.63 Long EC CORP US N 1 N N N JBG Smith Pptys N/A JBG SMITH Properties 46590V100 21779.00 NS USD 370460.79 1.03 Long EC CORP US N 1 N N N Knowles Corp. 5493003EO323TDZQU148 Knowles Corp. 49926D109 35099.00 NS USD 628623.09 1.74 Long EC CORP US N 1 N N N Kyndryl Holdings, Inc. 549300LQ4LWX2R8ZV130 Kyndryl Holdings, Inc. 50155Q100 62909.00 NS USD 1307249.02 3.63 Long EC CORP US N 1 N N N LSI Industries, Inc. 529900HY42OANH6BVT33 LSI Industries, Inc. 50216C108 67165.00 NS USD 945683.20 2.62 Long EC CORP US N 1 N N N MDU Resources Group, Inc. 0T6SBMK3JTBI1JR36794 MDU Resources Group, Inc. 552690109 30123.00 NS USD 596435.40 1.65 Long EC CORP US N 1 N N N Manitex International, Inc. 549300QZ9TZ4MVXPZQ53 Manitex International, Inc. 563420108 53605.00 NS USD 468507.70 1.30 Long EC CORP US N 1 N N N Matrix Service Co. 529900VYBKSX6HD2YW58 Matrix Service Co. 576853105 19612.00 NS USD 191805.36 0.53 Long EC CORP US N 1 N N N Mistras Group, Inc. N/A Mistras Group, Inc. 60649T107 43028.00 NS USD 314964.96 0.87 Long EC CORP US N 1 N N N National Western Life Group, Inc. 549300HPXNVHFT1BJ192 National Western Life Group, Inc. Class A 638517102 950.00 NS USD 458869.00 1.27 Long EC CORP US N 1 N N N O-I Glass, Inc. N/A O-I Glass, Inc. 67098H104 76525.00 NS USD 1253479.50 3.48 Long EC CORP US N 1 N N N Orthofix Medical, Inc. N/A Orthofix Medical, Inc. 68752M108 69078.00 NS USD 931171.44 2.58 Long EC CORP US N 1 N N N Pactiv Evergreen, Inc. N/A Pactiv Evergreen, Inc. 69526K105 79541.00 NS USD 1090507.11 3.02 Long EC CORP US N 1 N N N Photronics, Inc. 549300OK5JVNIBNY6F63 Photronics, Inc. 719405102 4100.00 NS USD 128617.00 0.36 Long EC CORP US N 1 N N N Pure Cycle Corp. N/A Pure Cycle Corp. 746228303 62828.00 NS USD 657809.16 1.82 Long EC CORP US N 1 N N N Sanmina Corp. X5K24XLM8QYRXF00EB42 Sanmina Corp. 801056102 4564.00 NS USD 234452.68 0.65 Long EC CORP US N 1 N N N Seaboard Corp. 87Q3KOXT29OW9W9YPT70 Seaboard Corp. 811543107 131.00 NS USD 467683.10 1.30 Long EC CORP US N 1 N N N SiriusPoint Ltd. 2LTXLGOFX5N78LZ32691 SiriusPoint Ltd. G8192H106 119021.00 NS USD 1380643.60 3.83 Long EC CORP BM N 1 N N N TTM Technologies, Inc. 549300SC4BDOIS008048 TTM Technologies, Inc. 87305R109 42190.00 NS USD 667023.90 1.85 Long EC CORP US N 1 N N N Talen Energy Corp N/A Talen Energy Corp. 87422Q109 6225.00 NS USD 398400.00 1.10 Long EC CORP US N 1 N N N Tetra Technologies, Inc. 549300T5W131705EK832 Tetra Technologies, Inc. 88162F105 138234.00 NS USD 624817.68 1.73 Long EC CORP US N 1 N N N Tiptree, Inc. N/A Tiptree, Inc. Class A 88822Q103 55281.00 NS USD 1048127.76 2.91 Long EC CORP US N 1 N N N Tronox Holdings PLC 549300NRVC84SGJSXV06 Tronox Holdings PLC Class A G9087Q102 37185.00 NS USD 526539.60 1.46 Long EC CORP GB N 1 N N N Trustco Bank Corp. NY N/A Trustco Bank Corp. NY 898349204 39110.00 NS USD 1214365.50 3.37 Long EC CORP US N 1 N N N Under Armour, Inc. 549300D4549QKWETZ406 Under Armour, Inc. Class A 904311107 136945.00 NS USD 1203746.55 3.34 Long EC CORP US N 1 N N N Unisys Corp. 549300T21W22FIJJOW08 Unisys Corp. 909214306 63776.00 NS USD 358421.12 0.99 Long EC CORP US N 1 N N N United Fire Group, Inc. 549300ZRC3FQZU7GNY20 United Fire Group, Inc. 910340108 28106.00 NS USD 565492.72 1.57 Long EC CORP US N 1 N N N Veradigm Inc. Y68YJHVB1GU4TAU3C223 Veradigm, Inc. 01988P108 64843.00 NS USD 680203.07 1.89 Long EC CORP US N 1 N N N Virtu Financial, Inc. 5493001OPW2K42CH3884 Virtu Financial, Inc. Class A 928254101 38228.00 NS USD 774499.28 2.15 Long EC CORP US N 1 N N N Wolverine World Wide, Inc. 549300OVC7PK14LQ8D87 Wolverine World Wide, Inc. 978097103 31437.00 NS USD 279474.93 0.78 Long EC CORP US N 1 N N N 2023-12-31 Adirondack Funds /s/ Gregory A. Roeder Gregory A. Roeder President XXXX NPORT-EX 2 adirondacknportex.htm NPORT-EX




Schedule of Investments

December 31, 2023 (unaudited)

The Adirondack Small Cap Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares or Principal

 

 

Security Description

 

 

Amount ($)

 

Fair Value ($)(1)

 

 

 

 

 

 

Common Stocks - 91.91%

 

 

 

 

 

 

 

 

Crude Petroleum & Natural Gas - 3.94%

 

 

 

 

 

CNO Financial Group, Inc.

 

 

28,800

 

803,520

Hillman Solutions Corp. Class A (2)

 

 

66,837

 

615,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,419,089

 

 

 

 

 

 

 

 

Agriculture Production-Crops - 3.22%

 

 

 

 

 

Dole PLC (Ireland)

 

 

 

94,133

 

1,156,895

 

 

 

 

 

 

 

 

Air Transportation Scheduled - 1.22%

 

 

 

 

 

Alaska Air Group, Inc.  (2)

 

 

11,172

 

436,490

 

 

 

 

 

 

 

 

Apparel & Other Finished Products of Fabrics & Similar Material - 3.34%

 

 

 

 

Under Armour, Inc. Class A   (2)

 

 

136,945

 

1,203,747

 

 

 

 

 

 

 

 

Business Services - 3.82%

 

 

 

 

 

Conduent, Inc.   (2)

 

 

 

377,538

 

1,378,014

 

 

 

 

 

 

 

 

Construction Special Trade Contractors - 0.53%

 

 

 

 

 

Matrix Service Co.   (2)

 

 

 

19,612

 

191,805

 

 

 

 

 

 

 

 

Crude Petroleum & Natural Gas - 6.45%

 

 

 

 

 

Antero Resources Corp.   (2)

 

 

42,274

 

958,774

CNX Resources Corp.   (2)

 

 

37,035

 

740,700

Tetra Technologies, Inc.   (2)

 

 

138,234

 

624,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,324,292

 

 

 

 

 

 

 

 

Deep Sea Foreign Transportation of Freight - 1.42%

 

 

 

 

 

Ardmore Shipping Corp. (Bermuda)    

 

 

36,458

 

513,693

 

 

 

 

 

 

 

 

Electric Lighting & Wiring Equipment - 2.62%

 

 

 

 

 

LSI Industries, Inc.

 

 

 

67,165

 

945,683

 

 

 

 

 

 

 

 

Electric & Other Services Combined - 1.94%

 

 

 

 

 

Allete, Inc.

 

 

 

 

11,460

 

700,894

 

 

 

 

 

 

 

 

Electric Services - 1.10%

 

 

 

 

 

Talen Energy Corp.  (2)

 

 

 

6,225

 

398,400

 

 

 

 

 

 

 

 

Electrical Industrial Apparatus - 0.11%

 

 

 

 

 

Graftech International Ltd. (2)

 

 

17,506

 

38,338

 

 

 

 

 

 

 

 

Fire, Marine & Casualty Insurance - 8.30%

 

 

 

 

 

SiriusPoint Ltd. (Bermuda)    (2)

 

 

119,021

 

1,380,644

Tiptree, Inc. Class A

 

 

 

55,281

 

1,048,128

United Fire Group, Inc.

 

 

 

28,106

 

565,493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,994,265

 

 

 

 

 

 

 

 

Footwear, (No Rubber)- 0.78%

 

 

 

 

 

Wolverine World Wide, Inc.

 

 

31,437

 

279,475

 

 

 

 

 

 

 

 

Glass Containers - 3.48%

 

 

 

 

 

O-I Glass, Inc.   (2)

 

 

 

76,525

 

1,253,479

 

 

 

 

 

 

 

 

Household Audio & Video Equipment - 1.74%

 

 

 

 

 

Knowles Corp.   (2)

 

 

 

35,099

 

628,623

 

 

 

 

 

 

 

 

Industrial Inorganic Chemicals - 1.46%

 

 

 

 

 

Tronox Holdings PLC  Class A (United Kingdom)

 

 

37,185

 

526,540

 

 

 

 

 

 

 

 

Laboratory Analytical Instruments - 1.23%

 

 

 

 

 

Harvard Bioscience, Inc. (2)

 

 

82,578

 

441,792

 

 

 

 

 

 

 

 

Life Insurance - 5.00%

 

 

 

 

 

 

Genworth Financial, Inc. Class A   (2)

 

 

201,084

 

1,343,241

National Western Life Group, Inc. Class A   

 

 

950

 

458,869

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,802,110

 

 

 

 

 

 

 

 

Meat Packing Plants - 1.30%

 

 

 

 

 

Seaboard Corp.

 

 

 

131

 

467,683

 

 

 

 

 

 

 

 

Metal Mining - 4.12%

 

 

 

 

 

 

Cleveland Cliffs, Inc.  (2)

 

 

 

33,100

 

675,902

Ferroglobe PLC (United Kingdom)  (2)

 

 

124,523

 

810,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,486,547

 

 

 

 

 

 

 

 

Mining, Quarrying of Nonmetallic Minerals (No Fuels) - 1.65%

 

 

 

 

 

MDU Resources Group, Inc.

 

 

30,123

 

596,435

 

 

 

 

 

 

 

 

Oil & Gas Field Machinery & Equipment - 0.83%

 

 

 

 

 

Drilling Tools International Corp.  (2)

 

 

93,581

 

299,459

 

 

 

 

 

 

 

 

Plastics, Foil & Coated Paper Bags - 3.02%

 

 

 

 

 

Pactiv Evergreen, Inc.

 

 

 

79,541

 

1,090,507

 

 

 

 

 

 

 

 

Printed Circuit Boards - 3.32%

 

 

 

 

 

Celestica, Inc. (Canada)    (2)

 

 

10,060

 

294,557

Sanmina Corp.    (2)

 

 

 

4,564

 

234,453

TTM Technologies, Inc.  (2)

 

 

42,190

 

667,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,196,034

 

 

 

 

 

 

 

 

Retail-Apparel & Accessory Stores - 0.79%

 

 

 

 

 

Hanesbrands, Inc.  (2)

 

 

 

63,908

 

285,030

 

 

 

 

 

 

 

 

Retail-Miscellaneous Retail - 1.79%

 

 

 

 

 

EZCORP, Inc. Class A    (2)

 

 

73,839

 

645,353

 

 

 

 

 

 

 

 

Security Brokers, Dealers & Flotation Companies - 2.15%

 

 

 

 

 

Virtu Financial, Inc. Class A

 

 

38,228

 

774,499

 

 

 

 

 

 

 

 

Semiconductors & Related Devices- 0.36%

 

 

 

 

 

Photronics, Inc.   (2)

 

 

 

4,100

 

128,617

 

 

 

 

 

 

 

 

Services-Computer Integrated Systems Design - 6.51%

 

 

 

 

 

Kyndryl Holdings, Inc.  (2)

 

 

62,909

 

1,307,249

Unisys Corp.   (2)

 

 

 

63,776

 

358,421

Veradigm, Inc.  (2)

 

 

 

64,843

 

680,203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,345,873

 

 

 

 

 

 

 

 

Services- Engineering Services - 0.87%

 

 

 

 

 

Mistras Group, Inc.  (2)

 

 

 

43,028

 

314,965

 

 

 

 

 

 

 

 

Special Industry Machinery - 1.30%

 

 

 

 

 

Manitex International, Inc.   (2)

 

 

53,605

 

468,508

 

 

 

 

 

 

 

 

State Commercial Banks - 3.37%

 

 

 

 

 

Trustco Bank Corp. NY

 

 

 

39,110

 

1,214,365

 

 

 

 

 

 

 

 

Surgical & Medical Instruments & Apparatus - 3.97%

 

 

 

 

 

Accuray, Inc.    (2)

 

 

 

177,208

 

501,499

Orthofix Medical, Inc.  (2)

 

 

69,078

 

931,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,432,670

 

 

 

 

 

 

 

 

Telephone & Telegraph Apparatus - 3.06%

 

 

 

 

 

ADTRAN, Inc.  

 

 

 

82,730

 

607,238

Ciena Corp.  (2)

 

 

 

5,946

 

267,629

Infinera Corp.    (2)

 

 

 

47,827

 

227,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,102,045

 

 

 

 

 

 

 

 

Water Supply - 1.82%

 

 

 

 

 

 

Pure Cycle Corp.  (2)

 

 

 

62,828

 

657,809

 

 

 

 

 

 

 

 

Total Common Stock

 

 

 

(Cost $          25,982,725)

 

33,140,023

 

 

 

 

 

 

 

 

Real Estate Investment Trusts - 2.36%

 

 

 

 

Brixmor Property Group, Inc.

15,570

 

362,314

Healthcare Realty Trust, Inc.  (2)

 

 

6,784

 

116,888

JBG Smith Properties

21,779

 

370,461

 

 

 

 

Total Real Estate Investment Trusts

(Cost $                586,496)

 

849,663

 

 

 

 

Money Market Registered Investment Companies - 5.92%

 

 

 

 

Federated Treasury Obligation Fund - Institutional Shares -  5.210% (4)

2,133,235

 

2,133,235

 

 

 

 

Total Money Market Registered Investment Companies

(Cost $            2,133,235)

 

2,133,235

 

 

 

 

Total Investments - 100.18%

(Cost $           28,702,456)

 

36,122,921

 

 

 

 

Liabilities in Excess of Other Assets - -.18%

 

 

 

 

(65,437)

 

 

 

 

 

 

 

 

Total Net Assets - 100.00%

 

 

36,057,484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2023 in valuing the Fund's assets carried at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in

 

Other Financial

Valuation Inputs

 

 

 

Securities

 

Instruments (9)

Level 1 - Quoted Prices

 

 

$

36,122,921

$

0

Level 2 - Other Significant Observable Inputs

 

 

0

 

-

Level 3 - Significant Unobservable Inputs

 

 

-

 

-

Total

 

 

 

$

36,122,921

$

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.

(4) Variable rate security; the rate shown represents the yield at December 31, 2023.