HODGES SMALL INTRINSIC VALUE FUND | ||||||
SCHEDULE OF INVESTMENTS at June 30, 2023 (Unaudited) | ||||||
Shares | Value | |||||
COMMON STOCKS: 92.5% | ||||||
Airlines: 1.0% | ||||||
41,200 | Frontier Group Holdings, Inc. 1 | $ | 398,404 | |||
Apparel & Shoe Retail: 2.0% | ||||||
36,500 | Shoe Carnival, Inc. | 857,020 | ||||
Banks: 14.3% | ||||||
10,000 | BancFirst Corp. | 920,000 | ||||
33,600 | Hilltop Holdings, Inc. | 1,057,056 | ||||
48,500 | Home Bancshares, Inc. | 1,105,800 | ||||
10,500 | Independent Bank Group, Inc. | 362,565 | ||||
20,000 | Texas Capital BancShares, Inc. 1 | 1,030,000 | ||||
25,000 | Triumph Bancorp, Inc. 1 | 1,518,000 | ||||
5,993,421 | ||||||
Building Materials: 7.4% | ||||||
7,300 | Builders FirstSource, Inc. 1 | 992,800 | ||||
11,400 | Eagle Materials, Inc. | 2,125,188 | ||||
3,117,988 | ||||||
Commercial Services: 2.9% | ||||||
4,100 | Herc Holdings, Inc. | 561,085 | ||||
46,300 | The GEO Group, Inc. 1 | 331,508 | ||||
150,000 | Research Solutions, Inc. 1 | 306,000 | ||||
1,198,593 | ||||||
Computers: 1.8% | ||||||
29,700 | NCR Corp. 1 | 748,440 | ||||
Electrical Components & Equipment: 2.3% | ||||||
5,300 | Encore Wire Corp. | 985,429 | ||||
Electronics: 2.7% | ||||||
41,200 | Kimball Electronics, Inc. 1 | 1,138,356 | ||||
Engineering & Construction: 1.0% | ||||||
50,000 | Southland Holdings, Inc. 1 | 410,500 | ||||
Entertainment: 1.9% | ||||||
49,600 | Cinemark Holdings, Inc. 1 | 818,400 | ||||
Food: 8.5% | ||||||
22,300 | Calavo Growers, Inc. | 647,146 | ||||
3,275 | John B Sanfilippo & Son, Inc. | 384,059 | ||||
12,500 | Sprouts Farmers Market, Inc. 1 | 459,125 | ||||
159,000 | SunOpta, Inc. 1 | 1,063,710 | ||||
20,500 | TreeHouse Foods, Inc. 1 | 1,032,790 | ||||
3,586,830 | ||||||
Healthcare Products: 2.2% | ||||||
47,100 | Bausch + Lomb Corp. 1 | 945,297 | ||||
Home Builders: 3.7% | ||||||
31,500 | Taylor Morrison Home Corp. 1 | 1,536,255 | ||||
Home Furnishings: 3.7% | ||||||
36,000 | Ethan Allen Interiors, Inc. | 1,018,080 | ||||
20,350 | Sleep Number Corp. 1 | 555,148 | ||||
1,573,228 | ||||||
Insurance: 1.4% | ||||||
38,000 | Tiptree, Inc. | 570,380 | ||||
Internet: 1.7% | ||||||
83,000 | CarParts.com, Inc. 1 | 352,750 | ||||
66,204 | Solo Brands, Inc. - Class A 1 | 374,715 | ||||
727,465 | ||||||
Iron & Steel: 4.1% | ||||||
60,000 | Cleveland-Cliffs, Inc. 1 | 1,005,600 | ||||
13,465 | Commercial Metals Co. | 709,067 | ||||
1,714,667 | ||||||
Leisure Time: 5.5% | ||||||
14,000 | Brunswick Corp. | 1,212,960 | ||||
40,000 | Vista Outdoor, Inc. 1 | 1,106,800 | ||||
2,319,760 | ||||||
Machinery - Diversified: 3.0% | ||||||
100,100 | GrafTech International Ltd. | 504,504 | ||||
20,500 | Ichor Holdings Ltd. 1 | 768,750 | ||||
1,273,254 | ||||||
Metal Fabricate & Hardware: 2.2% | ||||||
20,800 | AZZ, Inc. | 903,968 | ||||
Oil Companies Exploration & Production: 6.3% | ||||||
12,000 | Chesapeake Energy Corp. | 1,004,160 | ||||
8,200 | Chord Energy Corp. | 1,261,160 | ||||
35,000 | HighPeak Energy, Inc. | 380,800 | ||||
2,646,120 | ||||||
Oil Field Services: 2.2% | ||||||
110,000 | ProPetro Holding Corp. 1 | 906,400 | ||||
Private Equity: 0.9% | ||||||
35,000 | P10, Inc. - Class A | 395,500 | ||||
Real Estate: 2.5% | ||||||
40,000 | Stratus Properties, Inc. | 1,050,000 | ||||
Semiconductors: 3.6% | ||||||
11,800 | Diodes, Inc. 1 | 1,091,382 | ||||
16,900 | Photronics, Inc. 1 | 435,851 | ||||
1,527,233 | ||||||
Telecommunications: 2.7% | ||||||
33,600 | Aviat Networks, Inc. 1 | 1,121,232 | ||||
Transportation: 1.0% | ||||||
33,500 | Navigator Holdings Ltd. 1 | 435,835 | ||||
TOTAL COMMON STOCKS | ||||||
(Cost $32,997,162) | 38,899,975 | |||||
WARRANTS: 0.1% | ||||||
25,000 | Southland Holdings, Inc., Expiration: September 2026 1 | 26,250 | ||||
TOTAL WARRANTS | ||||||
(Cost $15,185) | 26,250 | |||||
TOTAL INVESTMENTS IN SECURITIES: 92.6% | ||||||
(Cost $33,012,347) | 38,926,225 | |||||
Other Assets in Excess of Liabilities: 7.4% | 3,109,056 | |||||
TOTAL NET ASSETS: 100.0% | $ | 42,035,281 | ||||
1 | Non-income producing security. |
Hodges Small Intrinsic Value Fund | ||||
Summary of Fair Value Exposure at June 30, 2023 (Unaudited) | ||||
The Hodges Small Intrinsic Value Fund (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP (Generally Accepted Accounting Principles) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | ||||
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. • Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data. • Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | ||||
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023. See the Schedule of Investments for an industry breakout. |
Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks | $ | 38,899,975 | $ | - | $ | - | $ | 38,899,975 | |||||||
Warrants | 26,250 | - | - | 26,250 | |||||||||||
Total Investments in Securities | $ | 38,926,225 | $ | - | $ | - | $ | 38,926,225 |