Schedule of Investments | |||||||
December 31, 2023 (unaudited) | |||||||
The Adirondack Small Cap Fund | |||||||
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| Shares or Principal |
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Security Description |
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| Amount ($) |
| Fair Value ($)(1) | ||
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Common Stocks - 91.91% | |||||||
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Crude Petroleum & Natural Gas - 3.94% |
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CNO Financial Group, Inc. |
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| 28,800 |
| 803,520 | ||
Hillman Solutions Corp. Class A (2) |
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| 66,837 |
| 615,569 | ||
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| 1,419,089 |
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Agriculture Production-Crops - 3.22% |
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Dole PLC (Ireland) |
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| 94,133 |
| 1,156,895 | |
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Air Transportation Scheduled - 1.22% |
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Alaska Air Group, Inc. (2) |
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| 11,172 |
| 436,490 | ||
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Apparel & Other Finished Products of Fabrics & Similar Material - 3.34% |
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Under Armour, Inc. Class A (2) |
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| 136,945 |
| 1,203,747 | ||
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Business Services - 3.82% |
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Conduent, Inc. (2) |
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| 377,538 |
| 1,378,014 | |
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Construction Special Trade Contractors - 0.53% |
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Matrix Service Co. (2) |
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| 19,612 |
| 191,805 | |
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Crude Petroleum & Natural Gas - 6.45% |
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Antero Resources Corp. (2) |
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| 42,274 |
| 958,774 | ||
CNX Resources Corp. (2) |
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| 37,035 |
| 740,700 | ||
Tetra Technologies, Inc. (2) |
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| 138,234 |
| 624,818 | ||
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| 2,324,292 |
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Deep Sea Foreign Transportation of Freight - 1.42% |
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Ardmore Shipping Corp. (Bermuda) |
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| 36,458 |
| 513,693 | ||
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Electric Lighting & Wiring Equipment - 2.62% |
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LSI Industries, Inc. |
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| 67,165 |
| 945,683 | |
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Electric & Other Services Combined - 1.94% |
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Allete, Inc. |
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| 11,460 |
| 700,894 |
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Electric Services - 1.10% |
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Talen Energy Corp. (2) |
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| 6,225 |
| 398,400 | |
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Electrical Industrial Apparatus - 0.11% |
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Graftech International Ltd. (2) |
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| 17,506 |
| 38,338 | ||
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Fire, Marine & Casualty Insurance - 8.30% |
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SiriusPoint Ltd. (Bermuda) (2) |
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| 119,021 |
| 1,380,644 | ||
Tiptree, Inc. Class A |
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| 55,281 |
| 1,048,128 | |
United Fire Group, Inc. |
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| 28,106 |
| 565,493 | |
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| 2,994,265 |
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Footwear, (No Rubber)- 0.78% |
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Wolverine World Wide, Inc. |
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| 31,437 |
| 279,475 | ||
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Glass Containers - 3.48% |
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O-I Glass, Inc. (2) |
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| 76,525 |
| 1,253,479 | |
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Household Audio & Video Equipment - 1.74% |
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Knowles Corp. (2) |
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| 35,099 |
| 628,623 | |
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Industrial Inorganic Chemicals - 1.46% |
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Tronox Holdings PLC Class A (United Kingdom) |
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| 37,185 |
| 526,540 | ||
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Laboratory Analytical Instruments - 1.23% |
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Harvard Bioscience, Inc. (2) |
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| 82,578 |
| 441,792 | ||
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Life Insurance - 5.00% |
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Genworth Financial, Inc. Class A (2) |
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| 201,084 |
| 1,343,241 | ||
National Western Life Group, Inc. Class A |
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| 950 |
| 458,869 | ||
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| 1,802,110 |
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Meat Packing Plants - 1.30% |
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Seaboard Corp. |
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| 131 |
| 467,683 | |
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Metal Mining - 4.12% |
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Cleveland Cliffs, Inc. (2) |
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| 33,100 |
| 675,902 | |
Ferroglobe PLC (United Kingdom) (2) |
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| 124,523 |
| 810,645 | ||
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| 1,486,547 |
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Mining, Quarrying of Nonmetallic Minerals (No Fuels) - 1.65% |
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MDU Resources Group, Inc. |
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| 30,123 |
| 596,435 | ||
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Oil & Gas Field Machinery & Equipment - 0.83% |
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Drilling Tools International Corp. (2) |
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| 93,581 |
| 299,459 | ||
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Plastics, Foil & Coated Paper Bags - 3.02% |
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Pactiv Evergreen, Inc. |
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| 79,541 |
| 1,090,507 | |
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Printed Circuit Boards - 3.32% |
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Celestica, Inc. (Canada) (2) |
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| 10,060 |
| 294,557 | ||
Sanmina Corp. (2) |
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| 4,564 |
| 234,453 | |
TTM Technologies, Inc. (2) |
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| 42,190 |
| 667,024 | ||
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| 1,196,034 |
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Retail-Apparel & Accessory Stores - 0.79% |
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Hanesbrands, Inc. (2) |
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| 63,908 |
| 285,030 | |
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Retail-Miscellaneous Retail - 1.79% |
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EZCORP, Inc. Class A (2) |
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| 73,839 |
| 645,353 | ||
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Security Brokers, Dealers & Flotation Companies - 2.15% |
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Virtu Financial, Inc. Class A |
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| 38,228 |
| 774,499 | ||
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Semiconductors & Related Devices- 0.36% |
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Photronics, Inc. (2) |
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| 4,100 |
| 128,617 | |
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Services-Computer Integrated Systems Design - 6.51% |
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Kyndryl Holdings, Inc. (2) |
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| 62,909 |
| 1,307,249 | ||
Unisys Corp. (2) |
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| 63,776 |
| 358,421 | |
Veradigm, Inc. (2) |
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| 64,843 |
| 680,203 | |
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| 2,345,873 |
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Services- Engineering Services - 0.87% |
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Mistras Group, Inc. (2) |
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| 43,028 |
| 314,965 | |
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Special Industry Machinery - 1.30% |
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Manitex International, Inc. (2) |
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| 53,605 |
| 468,508 | ||
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State Commercial Banks - 3.37% |
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Trustco Bank Corp. NY |
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| 39,110 |
| 1,214,365 | |
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Surgical & Medical Instruments & Apparatus - 3.97% |
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Accuray, Inc. (2) |
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| 177,208 |
| 501,499 | |
Orthofix Medical, Inc. (2) |
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| 69,078 |
| 931,171 | ||
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| 1,432,670 |
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Telephone & Telegraph Apparatus - 3.06% |
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ADTRAN, Inc. |
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| 82,730 |
| 607,238 | |
Ciena Corp. (2) |
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| 5,946 |
| 267,629 | |
Infinera Corp. (2) |
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| 47,827 |
| 227,178 | |
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| 1,102,045 |
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Water Supply - 1.82% |
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Pure Cycle Corp. (2) |
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| 62,828 |
| 657,809 | |
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Total Common Stock |
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| (Cost $ 25,982,725) |
| 33,140,023 | |
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Real Estate Investment Trusts - 2.36% | |||||||
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Brixmor Property Group, Inc. | 15,570 |
| 362,314 | ||||
Healthcare Realty Trust, Inc. (2) |
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| 6,784 |
| 116,888 | ||
JBG Smith Properties | 21,779 |
| 370,461 | ||||
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Total Real Estate Investment Trusts | (Cost $ 586,496) |
| 849,663 | ||||
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Money Market Registered Investment Companies - 5.92% | |||||||
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Federated Treasury Obligation Fund - Institutional Shares - 5.210% (4) | 2,133,235 |
| 2,133,235 | ||||
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Total Money Market Registered Investment Companies | (Cost $ 2,133,235) |
| 2,133,235 | ||||
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Total Investments - 100.18% | (Cost $ 28,702,456) |
| 36,122,921 | ||||
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Liabilities in Excess of Other Assets - -.18% |
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| (65,437) | ||
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Total Net Assets - 100.00% |
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| 36,057,484 | ||||
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(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) | |||||||
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The following is a summary of the inputs used as of December 31, 2023 in valuing the Fund's assets carried at fair value: | |||||||
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| Investments in |
| Other Financial |
Valuation Inputs |
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| Securities |
| Instruments (9) | |
Level 1 - Quoted Prices |
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| $ | 36,122,921 | $ | 0 | |
Level 2 - Other Significant Observable Inputs |
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| 0 |
| - | ||
Level 3 - Significant Unobservable Inputs |
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| - |
| - | ||
Total |
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| $ | 36,122,921 | $ | 0 |
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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. | |||||||
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(2) Represents non-income producing securities. | |||||||
(4) Variable rate security; the rate shown represents the yield at December 31, 2023. |
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NPORT-P Filing
Adirondack Small Cap Fund (ADKSX) NPORT-PThe Adirondack Small Cap Fund (Dec 2023 report)
Filed: 12 Feb 24, 3:54pm