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.