Acuitas Investments 13F annual report

Acuitas Investments is an investment fund managing more than $187 billion ran by Lisa Thenell. There are currently 118 companies in Mrs. Thenell’s portfolio. The largest investments include Orion Inc and Natural Grocers By Vitamin C, together worth $10.6 billion.

Limited to 30 biggest holdings

$187 billion Assets Under Management (AUM)

As of 29th July 2024, Acuitas Investments’s top holding is 582,855 shares of Orion Inc currently worth over $5.54 billion and making up 3.0% of the portfolio value. Relative to the number of outstanding shares of Orion Inc, Acuitas Investments owns more than approximately 0.1% of the company. In addition, the fund holds 236,544 shares of Natural Grocers By Vitamin C worth $5.01 billion. The third-largest holding is Alpha & Omega Semiconductor Ltd worth $4.84 billion and the next is Arhaus Inc worth $4.83 billion, with 285,139 shares owned.

Currently, Acuitas Investments's portfolio is worth at least $187 billion. 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 Acuitas Investments

The Acuitas Investments office and employees reside in Seattle, Washington. According to the last 13-F report filed with the SEC, Lisa Thenell serves as the Chief Compliance Officer/Chief Operating Officer at Acuitas Investments.

Recent trades

In the most recent 13F filing, Acuitas Investments revealed that it had opened a new position in Aarons Inc and bought 224,898 shares worth $2.24 billion. This means they effectively own approximately 0.1% of the company. Aarons Inc makes up 8.5% of the fund's Industrials sector allocation and has decreased its share price by approximately 0.1% in the past year.

The investment fund also strengthened its position in Red Robin Gourmet Burgers In by buying 50,172 additional shares. This makes their stake in Red Robin Gourmet Burgers In total 610,193 shares worth $4.62 billion.

On the other hand, there are companies that Acuitas Investments is getting rid of from its portfolio. Acuitas Investments closed its position in Overseas Shipholding Group I on 5th August 2024. It sold the previously owned 440,942 shares for $2.82 billion. Lisa Thenell also disclosed a decreased stake in Orion Inc by approximately 0.1%. This leaves the value of the investment at $5.54 billion and 582,855 shares.

One of the smallest hedge funds

The two most similar investment funds to Acuitas Investments are Bck Partners and Wealth Management Partners. They manage $187 billion and $187 billion respectively.


Lisa Thenell investment strategy

Acuitas Investments’s portfolio is diversified across 10 sectors. Currently, their heaviest sector is Industrials — making up 14.2% of the total portfolio value. The fund focuses on investments in the United States as 55.9% 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 15% 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 $695 million.

The complete list of Acuitas Investments trades based on 13F SEC filings

These positions were updated on August 5th 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
Orion Group Holdings Inc
9.66%
582,855
$5,542,951,000 2.97%
Natural Grocers By Vitamin C
5.21%
236,544
$5,014,733,000 2.68%
Alpha & Omega Semiconductor Ltd
No change
129,500
$4,839,415,000 2.59%
Arhaus Inc
21.49%
285,139
$4,830,255,000 2.59%
Red Robin Gourmet Burgers In
8.96%
610,193
$4,619,161,000 2.47%
Ligand Pharmaceuticals, Inc.
No change
54,682
$4,607,505,000 2.47%
Natural Gas Svcs Group Inc
No change
200,200
$4,028,024,000 2.16%
Tejon Ranch Co.
No change
232,552
$3,967,337,000 2.12%
HomeStreet Inc
No change
332,689
$3,792,655,000 2.03%
Truecar Inc
No change
1,135,800
$3,555,054,000 1.90%
Seneca Foods Corp.
0.54%
57,488
$3,299,811,000 1.77%
First Internet Bancorp
No change
118,421
$3,199,735,000 1.71%
Franklin Str Pptys Corp
39.47%
2,075,596
$3,175,662,000 1.70%
Hurco Co
66.77%
203,151
$3,100,084,000 1.66%
Xoma Corp Del
No change
123,197
$2,918,537,000 1.56%
Universal Technical Inst Inc
No change
185,107
$2,911,733,000 1.56%
Yatra Online Inc
No change
2,419,343
$2,879,018,000 1.54%
Overseas Shipholding Group I
Closed
440,942
$2,822,029,000
Haynes International Inc.
No change
47,041
$2,761,307,000 1.48%
Applied Optoelectronics Inc
38.39%
331,221
$2,745,822,000 1.47%
Cato Corp.
18.82%
492,629
$2,729,165,000 1.46%
Equinox Gold Corp
25.80%
521,104
$2,725,374,000 1.46%
Great Lakes Dredge & Dock Corporation
No change
308,664
$2,710,070,000 1.45%
Solaris Oilfield Infrastruct
No change
306,237
$2,627,513,000 1.41%
Osisko Gold Royalties Ltd
26.05%
167,008
$2,601,985,000 1.39%
Acacia Resh Corp
0.55%
497,916
$2,494,559,000 1.34%
Angiodynamics Inc
No change
403,280
$2,439,844,000 1.31%
Biglari Holdings Inc.
22.98%
12,536
$2,424,212,000 1.30%
Mistras Group Inc
No change
292,264
$2,422,869,000 1.30%
Hackett Group Inc (The)
No change
111,100
$2,413,092,000 1.29%
Dril-Quip, Inc.
No change
129,488
$2,408,477,000 1.29%
UNIFI, Inc.
20.43%
404,356
$2,381,657,000 1.27%
Alico Inc.
19.25%
88,513
$2,293,372,000 1.23%
Aarons Company Inc (The)
Opened
224,898
$2,244,482,000 1.20%
Gaia Inc
0.53%
498,944
$2,200,343,000 1.18%
Uranium Rty Corp
Opened
942,109
$2,119,745,000 1.13%
Sally Beauty Holdings Inc
62.53%
196,935
$2,113,113,000 1.13%
Helix Energy Solutions Grp I
31.88%
176,224
$2,104,115,000 1.13%
Diamond Offshore Drilling In
No change
130,430
$2,020,361,000 1.08%
Skywest Inc.
Closed
28,719
$1,983,909,000
Eton Pharmaceuticals, Inc.
No change
579,960
$1,908,068,000 1.02%
Weave Communications, Inc.
54.37%
207,489
$1,871,551,000 1.00%
Saga Communications, Inc.
0.53%
116,644
$1,837,143,000 0.98%
CRA International Inc.
No change
10,600
$1,825,532,000 0.98%
Fonar Corp.
142.12%
113,400
$1,814,400,000 0.97%
Geospace Technologies Corp
0.54%
201,416
$1,808,716,000 0.97%
Ramaco Res Inc
No change
160,908
$1,747,461,000 0.94%
Brightcove Inc
No change
704,938
$1,670,703,000 0.89%
Westwood Hldgs Group Inc
0.58%
136,678
$1,664,738,000 0.89%
Oportun Finl Corp
Opened
543,634
$1,576,539,000 0.84%
AstroNova Inc
0.55%
101,249
$1,563,285,000 0.84%
Johnson Outdoors Inc
Opened
43,298
$1,514,564,000 0.81%
Lakeland Inds Inc
0.54%
62,387
$1,431,158,000 0.77%
Universal Stainless & Alloy
48.80%
51,423
$1,407,962,000 0.75%
Taseko Mines Ltd.
70.95%
565,265
$1,384,899,000 0.74%
Vera Bradley Inc
31.31%
213,425
$1,336,041,000 0.72%
Accuray Inc
No change
708,553
$1,289,566,000 0.69%
Orion Energy Sys Inc
No change
1,140,133
$1,265,548,000 0.68%
Limoneira Co
0.54%
59,565
$1,239,548,000 0.66%
Kvh Inds Inc
19.07%
266,055
$1,237,156,000 0.66%
Cantaloupe Inc
No change
187,100
$1,234,860,000 0.66%
Ishares Tr
Closed
5,716
$1,202,075,000
Star Hldgs
Opened
98,259
$1,185,004,000 0.63%
Hooker Furnishings Corporati
Opened
81,485
$1,179,903,000 0.63%
Iteris Inc.
155.23%
270,534
$1,171,412,000 0.63%
Harvard Bioscience Inc.
24.75%
407,343
$1,160,928,000 0.62%
Intevac, Inc.
55.10%
285,260
$1,101,104,000 0.59%
Nektar Therapeutics
31.29%
879,904
$1,091,081,000 0.58%
Intrepid Potash Inc
21.03%
46,072
$1,079,467,000 0.58%
Nuvation Bio Inc
31.93%
365,741
$1,067,964,000 0.57%
Radcom
0.88%
110,748
$1,035,494,000 0.55%
Universal Electrs Inc
0.54%
86,921
$1,010,022,000 0.54%
Caesarstone Ltd
0.54%
196,368
$981,840,000 0.53%
Fulgent Genetics Inc
Opened
49,016
$961,694,000 0.51%
Strattec Sec Corp
Opened
37,017
$925,425,000 0.50%
Controladora Vuela Comp De A
11.12%
145,400
$924,744,000 0.49%
Spdr Ser Tr
21.66%
10,072
$924,408,000 0.49%
Miller Inds Inc Tenn
Closed
17,813
$892,431,000
Nexpoint Diversified Rel Et
Opened
156,491
$865,394,000 0.46%
Atea Pharmaceuticals, Inc.
0.53%
259,289
$858,247,000 0.46%
Voxx Intl Corp
Opened
270,711
$855,447,000 0.46%
SoundThinking Inc
23.04%
69,749
$849,543,000 0.45%
Fuel Tech Inc
0.53%
780,746
$835,398,000 0.45%
Gencor Inds Inc
49.49%
39,652
$766,870,000 0.41%
Netgear Inc
0.53%
47,312
$723,874,000 0.39%
eGain Corp
Closed
110,709
$714,073,000
AlloVir, Inc.
0.53%
984,833
$712,330,000 0.38%
Gulf Is Fabrication Inc
50.72%
115,861
$703,276,000 0.38%
Lenz Therapeutics Inc
Closed
31,488
$703,124,000
Assembly Biosciences Inc
0.53%
49,996
$685,945,000 0.37%
AMREP Corp.
0.54%
34,980
$661,472,000 0.35%
Ikena Oncology Inc
0.54%
399,879
$659,800,000 0.35%
TAT Technologies Ltd.
22.73%
42,275
$631,159,000 0.34%
Reneo Pharmaceuticals Inc
0.53%
406,209
$613,376,000 0.33%
Sera Prognostics Inc
Closed
66,044
$601,000,000
Kezar Life Sciences Inc
42.84%
986,785
$592,071,000 0.32%
Arteris Inc
67.62%
76,977
$578,097,000 0.31%
Pmv Pharmaceuticals Inc
0.53%
353,749
$573,073,000 0.31%
Seer, Inc.
0.53%
340,750
$572,460,000 0.31%
Chimerix Inc
0.53%
638,657
$559,464,000 0.30%
Kronos Bio, Inc.
0.53%
443,457
$549,887,000 0.29%
Astrotech Corp
0.52%
59,546
$536,398,000 0.29%
Adaptimmune Therapeutics Plc
0.53%
541,201
$527,617,000 0.28%
Aadi Bioscience Inc
10.80%
352,483
$514,625,000 0.28%
Nextcure Inc
0.52%
323,342
$514,114,000 0.28%
Aclaris Therapeutics Inc
0.53%
464,120
$510,532,000 0.27%
ReposiTrak Inc.
Opened
32,600
$498,454,000 0.27%
Bolt Biotherapeutics Inc
21.73%
630,507
$472,880,000 0.25%
Cara Therapeutics Inc
Closed
512,213
$466,114,000
Ckx Lds Inc
0.57%
33,425
$451,241,000 0.24%
Aviat Networks Inc
No change
14,073
$403,754,000 0.22%
Richardson Electrs Ltd
30.24%
32,855
$390,646,000 0.21%
Rafael Holdings Inc
0.54%
264,141
$380,363,000 0.20%
Passage Bio Inc
0.53%
471,812
$374,713,000 0.20%
Invivyd Inc
Closed
77,195
$342,746,000
Lumos Pharma Inc
0.53%
141,435
$328,129,000 0.18%
Climb Global Solutions Inc
136.36%
5,200
$326,612,000 0.17%
Fulcrum Therapeutics Inc
Closed
33,224
$313,635,000
Kodiak Sciences Inc
0.53%
132,502
$311,380,000 0.17%
Semler Scientific Inc
Closed
9,923
$289,851,000
Everspin Technologies Inc
Closed
28,315
$224,255,000
Mamas Creations Inc
Closed
42,100
$210,500,000
Security Natl Finl Corp
Closed
20,370
$161,127,000
Silicom Ltd
39.36%
10,484
$158,518,000 0.08%
NVE Corp
No change
2,000
$149,380,000 0.08%
Cutera Inc
49.99%
67,870
$102,484,000 0.05%
Quicklogic Corp
53.97%
9,700
$100,783,000 0.05%
B2gold Corp
10.77%
37,300
$100,070,000 0.05%
TechnipFMC plc
No change
3,394
$88,753,000 0.05%
Ero Copper Corp
Closed
2,100
$40,511,000
BorgWarner Inc
30.77%
900
$29,016,000 0.02%
Sealed Air Corp.
58.82%
700
$24,353,000 0.01%
Campbell Soup Co.
Closed
300
$13,335,000
Energizer Hldgs Inc New
80.73%
126
$3,722,000 0.00%
No transactions found
Showing first 500 out of 134 holdings