TOWLE & CO

DENVER, CO · CIK 1224014 · 13F filing filed 2026-08-11

SEC-registered investment adviser since 1981 · corporation

Assets managed$473.7m
Staff9 · 4 in investment roles
Main clients (by assets)Mutual funds and ETFs 36%, Private funds 32%, Charities 15%
Private funds2 (1 hedge) · $85.7m gross assets
Websitesmallcapvalue.com
Form ADV · 2026-07-16SEC adviser record

Legal entityTOWLE & CO. (US)

Kindhedge funds, mutual funds, futures
Others nearbyDenver, CO

As an employer

Offices in1 country
Private fundsother private 1, hedge 1

$295.1m reported value +14.6% vs Q1 2026

59positions

30.1%in top 10

15 new 18 added 26 reduced 10 sold out vs Q1 2026

Also in the report of:

Empowered Funds, LLC – $203.6m of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	METHODE ELECTRS INC COM MEI	MEI	645,605	$12.2m4.15%	4.15%	Reduced -73.2k	-73,242 -10.2%
2	TD SYNNEX CORPORATION COM SNX	SNX	36,053	$9.6m3.27%	3.27%	Reduced -2.1k	-2,069 -5.4%
3	COMPASS INC CL A COMP	COMP	759,747	$9.4m3.17%	3.17%	Added +133.4k	+133,412 21.3%
4	ARROW ELECTRS INC COM ARW	ARW	43,070	$9.2m3.11%	3.11%	Reduced -1.9k	-1,893 -4.2%
5	OSCAR HEALTH INC CL A OSCR	OSCR	308,597	$8.8m2.98%	2.98%	Added +30.1k	+30,108 10.8%
6	INSPERITY INC COM NSP	NSP	210,239	$8.7m2.94%	2.94%	Added +30.4k	+30,361 16.9%
7	MAGNA INTL INC COM MGA	MGA	122,395	$8.0m2.72%	2.72%	Reduced -7.7k	-7,652 -5.9%
8	UNITED NAT FOODS INC COM UNFI	UNFI	173,459	$7.9m2.68%	2.68%	Reduced -39.8k	-39,782 -18.7%
9	A-MARK PRECIOUS METALS INC COM GOLD	GOLD	180,781	$7.5m2.55%	2.55%	Reduced -24.8k	-24,766 -12.1%
10	BORGWARNER INC COM BWA	BWA	109,871	$7.3m2.47%	2.47%	Reduced -27.5k	-27,482 -20.0%
11	SCHOLASTIC CORP COM SCHL	SCHL	157,131	$7.2m2.45%	2.45%	New
12	LEAR CORP COM NEW LEA	LEA	52,784	$7.1m2.40%	2.40%	Reduced -3.3k	-3,339 -6.0%
13	MOLINA HEALTHCARE INC COM MOH	MOH	30,940	$7.1m2.40%	2.40%	Added +3.1k	+3,083 11.1%
14	HARLEY DAVIDSON INC COM HOG	HOG	278,861	$6.8m2.31%	2.31%	New
15	ARCBEST CORP COM ARCB	ARCB	46,676	$6.7m2.27%	2.27%	Reduced -33.4k	-33,438 -41.7%
16	INGRAM MICRO HLDG CORP COM INGM	INGM	239,422	$6.6m2.23%	2.23%	New
17	LIBERTY ENERGY INC COM CL A LBRT	LBRT	249,281	$6.5m2.21%	2.21%	Reduced -17.4k	-17,370 -6.5%
18	ATKORE INC COM ATKR	ATKR	85,793	$6.5m2.21%	2.21%	New
19	FIVE9 INC COM FIVN	FIVN	304,623	$6.5m2.20%	2.20%	New
20	DELUXE CORP COM DLX	DLX	271,397	$6.5m2.20%	2.20%	Reduced -17.8k	-17,758 -6.1%
21	PAR PAC HOLDINGS INC COM NEW PARR	PARR	109,183	$6.1m2.07%	2.07%	Reduced -7.1k	-7,080 -6.1%
22	CLEVELAND-CLIFFS INC NEW COM CLF	CLF	648,628	$6.1m2.06%	2.06%	New
23	PROPETRO HLDG CORP COM PUMP	PUMP	421,563	$6.0m2.05%	2.05%	Reduced -254.8k	-254,840 -37.7%
24	INGLES MKTS INC CL A IMKTA	IMKTA	67,912	$6.0m2.04%	2.04%	Reduced -2.5k	-2,538 -3.6%
25	FLUOR CORP NEW COM FLR	FLR	113,372	$5.9m2.01%	2.01%	Reduced -8.4k	-8,356 -6.9%
26	ALPHA METALLURGICAL RESOUR I COM AMR	AMR	35,996	$5.9m2.01%	2.01%	Reduced -2.1k	-2,125 -5.6%
27	NOV INC COM NOV	NOV	315,042	$5.8m1.98%	1.98%	Reduced -17.4k	-17,379 -5.2%
28	PBF ENERGY INC CL A PBF	PBF	127,651	$5.8m1.97%	1.97%	Reduced -121.3k	-121,344 -48.7%
29	RYERSON HLDG CORP COM RYZ	RYZ	234,573	$5.8m1.96%	1.96%	Reduced -16.6k	-16,617 -6.6%
30	ARTISAN PARTNERS ASSET MGMT CL A APAM	APAM	167,060	$5.8m1.95%	1.95%	New
31	ASTRANA HEALTH INC COM NEW ASTH	ASTH	122,863	$5.7m1.93%	1.93%	New
32	PROGYNY INC COM PGNY	PGNY	195,595	$5.6m1.91%	1.91%	New
33	BUNGE GLOBAL SA COM SHS BG	BG	50,715	$5.4m1.83%	1.83%	Reduced -3.0k	-3,040 -5.7%
34	FOX FACTORY HLDG CORP COM FOXF	FOXF	311,129	$5.3m1.79%	1.79%	Reduced -20.5k	-20,451 -6.2%
35	PVH CORPORATION COM PVH	PVH	70,826	$5.3m1.78%	1.78%	New
36	ADVANSIX INC COM ASIX	ASIX	249,091	$5.0m1.68%	1.68%	Added +235.0k	+234,976 1664.7%
37	WISDOMTREE TR US LARGECAP FUND EPS	EPS	61,916	$4.8m1.63%	1.63%	Added +23.1k	+23,110 59.5%
38	ZUMIEZ INC COM ZUMZ	ZUMZ	224,757	$4.0m1.36%	1.36%	Reduced -14.8k	-14,801 -6.2%
39	CAPITOL FED FINL INC COM CFFN	CFFN	447,891	$3.8m1.29%	1.29%	Reduced -28.3k	-28,349 -6.0%
40	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	17,443	$3.7m1.26%	1.26%	Added +6.4k	+6,422 58.3%
41	FIRST BUSEY CORP COM NEW BUSE	BUSE	120,188	$3.5m1.20%	1.20%	Reduced -7.8k	-7,791 -6.1%
42	VANGUARD BD INDEX FDS TOTAL BND MRKT BND	BND	46,958	$3.4m1.17%	1.17%	Added +16.3k	+16,267 53.0%
43	EASTERN BANKSHARES INC COM EBC	EBC	150,525	$3.3m1.13%	1.13%	Reduced -9.7k	-9,735 -6.1%
44	PROSPERITY BANCSHARES INC COM PB	PB	42,725	$3.1m1.06%	1.06%	Reduced -2.7k	-2,734 -6.0%
45	EA SERIES TRUST TOWLE VALUE ETF TCV	TCV	89,163	$2.9m0.97%	0.97%	Added +31.5k	+31,528 54.7%
46	ISHARES TR MSCI INTL VLU FT IVLU	IVLU	63,849	$2.7m0.90%	0.90%	Added +23.2k	+23,188 57.0%
47	WISDOMTREE TR INTL SMCAP DIV DLS	DLS	27,955	$2.3m0.79%	0.79%	Added +10.5k	+10,499 60.1%
48	J P MORGAN EXCHANGE TRADED F INCOME ETF JPIE	JPIE	45,649	$2.1m0.71%	0.71%	Added +15.8k	+15,753 52.7%
49	INVESCO EXCH TRADED FD TR II INTL BUYBACK IPKW	IPKW	32,748	$1.8m0.63%	0.63%	Added +12.3k	+12,286 60.0%
50	AMERICAN CENTY ETF TR US LARGE CAP VLU AVLV	AVLV	16,555	$1.5m0.51%	0.51%	Added +6.0k	+5,983 56.6%
51	VANGUARD CHARLOTTE FDS TOTAL INT BD ETF BNDX	BNDX	21,697	$1.1m0.36%	0.36%	Added +7.5k	+7,474 52.5%
52	CAPITAL GROUP NEW GEOGRAPHY SHS CGNG	CGNG	23,463	$878.9k0.30%	0.30%	Added +8.9k	+8,919 61.3%
53	ETF OPPORTUNITIES TRUST BROOKMONT CATAST ILS	ILS	26,512	$521.5k0.18%	0.18%	Added +11.5k	+11,483 76.4%
54	LITMAN GREGORY FDS TR IMGP DBI MANAGED DBMF	DBMF	17,007	$520.6k0.18%	0.18%	Added +7.4k	+7,363 76.3%
55	AMPLIFY ETF TR BLOCKCHAIN LDR BLOK	BLOK	4,941	$309.5k0.10%	0.10%	New
56	EA SERIES TRUST MILITIA LONG/SHO ORR	ORR	7,258	$263.6k0.09%	0.09%	New
57	LISTED FD TR HORIZON KINETICS INFL	INFL	4,874	$243.1k0.08%	0.08%	New
58	ISHARES TR COPPER & METALS ICOP	ICOP	4,694	$231.1k0.08%	0.08%	New
59	KRANESHARES TRUST CSI CHI INTERNET KWEB	KWEB	8,547	$209.1k0.07%	0.07%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
HOVNANIAN ENTERPRISES INC HOV	HOV	61,581	$6.8m61.6k shares
OSHKOSH CORP OSK	OSK	45,676	$6.7m45.7k shares
PEABODY ENERGY CORP BTU	BTU	198,567	$6.5m198.6k shares
LEGGETT & PLATT INC LEG	LEG	602,592	$6.0m602.6k shares
BLUELINX HLDGS INC BXC	BXC	104,587	$5.7m104.6k shares
STEPAN CO SCL	SCL	105,940	$5.3m105.9k shares
WABASH NATL CORP WNC	WNC	613,717	$5.3m613.7k shares
ADIENT PLC ADNT	ADNT	258,104	$5.2m258.1k shares
HEALTHCARE SVCS GROUP INC HCSG	HCSG	216,138	$4.0m216.1k shares
BLOOMIN BRANDS INC BLMN	BLMN	317,861	$1.7m317.9k shares