22NW, LP

SEATTLE, WA · CIK 1694297 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2017 · partnership

Assets managed$295.6m
Staff6 · 6 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $295.6m gross assets
Websiteenglishcap.com
Form ADV · 2026-03-13SEC adviser record

$104.7m reported value -28.3% vs Q1 2026

14positions

94.6%in top 10

1 new 1 added 1 reduced 3 sold out vs Q1 2026

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	INSPERITY INC COM NSP	NSP	493,000	$20.4m19.45%	19.45%	Unchanged
2	NEKTAR THERAPEUTICS COM NEW NKTR	NKTR	281,115	$19.6m18.75%	18.75%	Unchanged
3	STONERIDGE INC COM SRI	SRI	2,466,975	$18.1m17.25%	17.25%	Unchanged
4	FOX FACTORY HLDG CORP COM FOXF	FOXF	678,165	$11.5m10.98%	10.98%	Unchanged
5	CORE MOLDING TECHNOLOGIES IN COM CMT	CMT	273,521	$6.5m6.17%	6.17%	Added +50.8k	+50,783 22.8%
6	REGENXBIO INC COM RGNX	RGNX	492,759	$5.9m5.64%	5.64%	Unchanged
7	CULP INC COM CULP	CULP	1,859,061	$5.8m5.51%	5.51%	Unchanged
8	REZOLUTE INC COM NEW RZLT	RZLT	820,653	$4.3m4.08%	4.08%	Unchanged
9	UNIFI INC COM NEW UFI	UFI	852,455	$4.0m3.87%	3.87%	Unchanged
10	MINERALYS THERAPEUTICS INC COM MLYS	MLYS	113,840	$3.1m2.93%	2.93%	Reduced -330.5k	-330,485 -74.4%
11	TEAM INC COM NEW TISI	TISI	170,187	$2.9m2.81%	2.81%	Unchanged
12	ELEDON PHARMACEUTICALS INC COM ELDN	ELDN	636,364	$2.5m2.40%	2.40%	Unchanged
13	TURTLE BEACH CORP COM NEW TBCH	TBCH	14,430	$179.7k0.17%	0.17%	New
14	LIFECORE BIOMEDICAL INC COM LFCR	LFCR	1,254	$6.2k0.01%	0.01%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
FOSTER L B CO FSTR	FSTR	1,067,186	$29.8m1.1m shares
FARMER BROS CO FARM	FARM	1,955,526	$2.5m2.0m shares
PHENIXFIN CORP PFX	PFX	43,115	$1.7m43.1k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
TURTLE BEACH CORP TBCH · 13G · filed 2026-09-02	TBCH	7.3%≈ $16.2m	new	13G	2026-09-02

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-04-01	FOSTER L B CO 10% owner · By: 22NW Fund, LP	FSTR	Sold	38,431	$1.1m38.4k shares	-4%