THB ASSET MANAGEMENT

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CIK 1057439

13F portfolio (2020-Q4)

$440M

Positions

154

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2020-Q3. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2020-Q4)

Holdings

154

Top 5

12.3%

Top 10

21.7%

Effective N

87.7

HHI

0.011

This quarter

16 new · 0 exit →

By sector

Unclassified27.0%

Industrials17.6%

Information Technology13.6%

Consumer Discretionary13.2%

Health Care12.4%

Financials7.9%

Materials5.6%

Utilities1.5%

Other1.4%

By market cap

Small ($300M–2B)32.7%

Unknown28.0%

Mid ($2–10B)27.7%

Micro (<$300M)8.3%

Large ($10–200B)3.3%

By region

North America73.0%

Other27.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	26.99%	34
Technology Hardware & Equipment	7.18%	9
Health Care Equipment & Supplies	6.64%	12
Construction & Engineering	6.44%	10
Banks	5.58%	6
Semiconductors & Semiconductor Equipment	5.31%	10
Machinery	5.16%	7
Hotels, Restaurants & Leisure	4.63%	5
Pharmaceuticals & Biotechnology	4.30%	10
Specialty Retail	2.41%	2
Metals & Mining	2.30%	5
Capital Markets	2.18%	2
Household Durables	1.97%	2
Paper & Forest Products	1.86%	3
Distributors	1.76%	1
Commercial Services & Supplies	1.48%	4
Utilities	1.46%	1
Airlines	1.44%	1
Aerospace & Defense	1.32%	2
Leisure Products	1.28%	2
Health Care Providers & Services	1.13%	2
Oil, Gas & Consumable Fuels	1.11%	2
Professional Services	1.10%	3
Chemicals	1.00%	4
Diversified Consumer Services	0.87%	2
Communications Equipment	0.79%	1
Construction Materials	0.43%	1
Life Sciences Tools & Services	0.29%	1
Software & IT Services	0.27%	2
Equity Real Estate Investment Trusts (REITs)	0.27%	2
Marine	0.24%	1
Textiles, Apparel & Luxury Goods	0.21%	1
Road & Rail	0.20%	1
Transportation Infrastructure	0.20%	1
Insurance	0.13%	1
Automobiles & Components	0.09%	1

Top holdings

#	Ticker	Name	Sector	Weight
1		GUESS INC	Unclassified	2.95%
2	TPICQ	TPI COMPOSITES INC	Unclassified	2.58%
3	BUSE	FIRST BUSEY CORP /NV/	Financials	2.52%
4	PAR	PAR TECHNOLOGY CORP	Information Technology	2.15%
5		PERFICIENT INC	Unclassified	2.07%
6	BJRI	BJs RESTAURANTS INC	Consumer Discretionary	2.04%
7	HY	HYSTER-YALE, INC.	Industrials	2.01%
8		RENEWABLE ENERGY GROUP INC	Unclassified	1.91%
9	PLUS	EPLUS INC	Consumer Discretionary	1.76%
10	JYNT	JOINT Corp	Financials	1.67%

120/154 names classified · sector 73.0% of weight · industry 73.0% · mkt cap 72.0%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 31 quarters

IndustrialsGHM, CCS, AGX, RAIL, HY · other

Consumer DiscretionaryJOUT, CALY, BSET, BBBY, RRGB · other

Information TechnologyPAR, MLAB, UCTT, MEI, MITK · other

FinancialsOSBC, BUSE, HFWA, KRNY, JYNT · other

Health CareLMAT, UFPT, USPH, ADUS, BLFS · other

MaterialsIIIN, KOP, ROG, IPI, SND · other

EnergyNGS, EPM, REI, TUSK, RES · other

Real EstateCHCT, TRNO, JLL, IIPR, ADC · other

Consumer StaplesDAR, JBSS, LWAY, JJSF, TSCO.L

Communication ServicesKVHI, DLX, ZD

UtilitiesCWCO, CLNE, SWX, AWR, NJR · other

UnclassifiedRENEWABLE ENERGY GROUP INC, WCI CMNTYS INC, PERFICIENT INC, TPICQ, GUESS INC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 73.0% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2020-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (100 classified)THB ASSET MANAGEMENT centroid (Small Core)

IndustrialsConsumer DiscretionaryHealth CareFinancialsInformation TechnologyMaterialsEnergyReal Estate

Style box summary for THB ASSET MANAGEMENT: centroid Small Core. Heaviest cells: Small Growth 23.2%, Small Core 19.5%, Small Value 13.6%.

Classified: 57.3% of book weight (100/126 names) · unclassified 42.7%: , TPICQ, PAR, BLFS, UPLD, UCTT, CLNE, SNBRQ, SONO, ICHR +16 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 154 positions (2020-Q4) · largest first · Δ vs 2020-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	GUESS INC	574,598	$13M	3.0%	TRIM −8%
2	TPICQTPI COMPOSITES INC	215,392	$11M	2.6%	TRIM −19%
3	BUSEFIRST BUSEY CORP	514,112	$11M	2.5%	ADD 47%
4	PARPAR TECHNOLOGY CORP	150,690	$9M	2.1%	TRIM −37%
5	PERFICIENT INC	191,618	$9M	2.1%	TRIM −6%
6	BJRIBJS RESTAURANTS INC	233,547	$9M	2.0%	TRIM −7%
7	HYHYSTER-YALE INC	148,495	$9M	2.0%	ADD 33%
8	RENEWABLE ENERGY GROUP INC	118,975	$8M	1.9%	TRIM −33%
9	PLUSEPLUS INC	88,065	$8M	1.8%	HOLD
10	JYNTJOINT CORP	280,694	$7M	1.7%	TRIM −4%
11	BLFSBIOLIFE SOLUTIONS INC	180,056	$7M	1.6%	TRIM −19%
12	UPLDUPLAND SOFTWARE INC	147,913	$7M	1.5%	TRIM −11%
13	UCTTULTRA CLEAN HLDGS INC	212,491	$7M	1.5%	TRIM −14%
14	CLNECLEAN ENERGY FUELS CORP	819,310	$6M	1.5%	NEW
15	SKYWSKYWEST INC	157,706	$6M	1.4%	ADD 18%
16	SNBRQSLEEP NUMBER CORP	76,755	$6M	1.4%	TRIM −21%
17	CAKECHEESECAKE FACTORY INC	169,513	$6M	1.4%	TRIM −12%
18	BOOTBOOT BARN HLDGS INC	144,167	$6M	1.4%	TRIM −17%
19	CCSCENTURY CMNTYS INC	133,463	$6M	1.3%	TRIM −27%
20	LMATLEMAITRE VASCULAR INC	143,886	$6M	1.3%	TRIM −12%
21	SONOSONOS INC	242,027	$6M	1.3%	TRIM −19%
22	KOPKOPPERS HOLDINGS INC	181,227	$6M	1.3%	TRIM −12%
23	OSBCOLD SECOND BANCORP INC ILL	518,812	$5M	1.2%	TRIM −8%
24	US CONCRETE INC	130,593	$5M	1.2%	ADD 101%
25	CIRCOR INTERNATIONAL INC	133,360	$5M	1.2%	ADD 24%
26	GBXGREENBRIER COS INC	137,687	$5M	1.1%	TRIM −3%
27	MHOM/I HOMES INC	108,241	$5M	1.1%	TRIM −11%
28	AMRXAMNEAL PHARMACEUTICALS INC	1,014,495	$5M	1.1%	ADD 22%
29	VCELVERICEL CORP	149,871	$5M	1.1%	NEW
30	ICHRICHOR HOLDINGS	151,092	$5M	1.0%	TRIM −11%
31	ALNTALLIENT INC	88,399	$5M	1.0%	TRIM −12%
32	NVRIENVIRI CORP	250,843	$5M	1.0%	TRIM −10%
33	LUNALUNA INNOVATIONS INC	453,653	$4M	1.0%	ADD 52%
34	ONTOONTO INNOVATION INC	93,922	$4M	1.0%	TRIM −13%
35	TRNSTRANSCAT INC	126,693	$4M	1.0%	TRIM −11%
36	PROVIDENCE SVC CORP	31,535	$4M	1.0%	TRIM −7%
37	CRMTAMERICAS CAR-MART INC	39,737	$4M	1.0%	TRIM −22%
38	RVPRETRACTABLE TECHNOLOGIES INC	385,403	$4M	0.9%	NEW
39	OFIXORTHOFIX MED INC	94,775	$4M	0.9%	TRIM −11%
40	ADUSADDUS HOMECARE CORP	34,271	$4M	0.9%	TRIM −13%
41	GHMGRAHAM CORP	257,312	$4M	0.9%	TRIM −13%
42	NNBRNN INC	587,424	$4M	0.9%	ADD 41%
43	RESRPC INC	1,197,400	$4M	0.9%	ADD 55%
44	PING IDENTITY HOLDING CORP	130,694	$4M	0.9%	TRIM −11%
45	ORNORION GROUP HLDGS INC	750,020	$4M	0.8%	TRIM −12%
46	RANDOLPH BANCORP INC	163,662	$4M	0.8%	TRIM −13%
47	HFWAHERITAGE FINL CORP WASH	151,540	$4M	0.8%	ADD 46%
48	AMRCAMERESCO INC	67,693	$4M	0.8%	TRIM −25%
49	NSSCNAPCO SEC TECHNOLOGIES INC	133,282	$3M	0.8%	TRIM −10%
50	AMBAAMBARELLA INC	37,178	$3M	0.8%	TRIM −59%
51	JOUTJOHNSON OUTDOORS INC	29,845	$3M	0.8%	TRIM −12%
52	ORION ENERGY SYS INC	330,084	$3M	0.7%	TRIM −10%
53	UTIUNIVERSAL TECHNICAL INST INC	479,862	$3M	0.7%	TRIM −10%
54	PLPCPREFORMED LINE PRODS CO	44,814	$3M	0.7%	TRIM −11%
55	BSETBASSETT FURNITURE INDS INC	149,151	$3M	0.7%	TRIM −4%
56	CARDIOVASCULAR SYSTEMS INC	66,412	$3M	0.7%	TRIM −14%
57	KAIKADANT INC	20,016	$3M	0.6%	TRIM −11%
58	KALUKAISER ALUMINUM CORP	27,421	$3M	0.6%	NEW
59	VPGVISHAY PRECISION GROUP INC	85,604	$3M	0.6%	TRIM −20%
60	DEL TACO RESTAURANTS INC NEW	294,725	$3M	0.6%	TRIM −35%
61	ATRION CORPORATION	4,121	$3M	0.6%	TRIM −14%
62	NWPXNWPX INFRASTRUCTURE INC	91,880	$3M	0.6%	TRIM −11%
63	U S XPRESS ENTERPRISES INC	371,339	$3M	0.6%	TRIM −13%
64	MLABMESA LABS INC	8,779	$3M	0.6%	TRIM −15%
65	WLDNWILLDAN GROUP INC	60,091	$3M	0.6%	TRIM −15%
66	AORTARTIVION INC	104,616	$2M	0.6%	TRIM −12%
67	BCMLBAYCOM CORP	162,226	$2M	0.6%	TRIM −11%
68	RRGBRED ROBIN GOURMET BURGERS IN	119,559	$2M	0.5%	NEW
69	CALYTOPGOLF CALLAWAY BRANDS CORP	94,640	$2M	0.5%	ADD 42%
70	SFSTIFEL FINL CORP	43,997	$2M	0.5%	ADD 67%
71	IESCIES HLDGS INC	47,058	$2M	0.5%	TRIM −9%
72	ZIX CORP	249,127	$2M	0.5%	TRIM −10%
73	CHUYS HLDGS INC	80,955	$2M	0.5%	TRIM −14%
74	IIININSTEEL INDS INC	95,261	$2M	0.5%	TRIM −15%
75	ALTRA INDL MOTION CORP	38,209	$2M	0.5%	TRIM −72%
76	ULBIULTRALIFE CORP	320,148	$2M	0.5%	TRIM −10%
77	NDLSNOODLES & CO	261,671	$2M	0.5%	TRIM −11%
78	ASPUASPEN GROUP INC	180,295	$2M	0.5%	TRIM −10%
79	LGNDLIGAND PHARMACEUTICALS INC	20,096	$2M	0.5%	TRIM −8%
80	MOVMOVADO GROUP INC	116,692	$2M	0.4%	NEW
81	SHYFT GROUP INC COM	67,830	$2M	0.4%	NEW
82	EXPEAGLE MATLS INC	18,650	$2M	0.4%	ADD 36%
83	EXPRO GROUP HOLDINGS NV COM	669,136	$2M	0.4%	TRIM −10%
84	CHRSCOHERUS ONCOLOGY INC	101,790	$2M	0.4%	TRIM −10%
85	MERIDIAN BIOSCIENCE INC	94,040	$2M	0.4%	TRIM −10%
86	MYRGMYR GROUP INC DEL	29,084	$2M	0.4%	TRIM −20%
87	HOMBHOME BANCSHARES INC	89,456	$2M	0.4%	ADD 58%
88	BWENBROADWIND INC	213,770	$2M	0.4%	NEW
89	AEISADVANCED ENERGY INDS	17,419	$2M	0.4%	HOLD
90	LNTHLANTHEUS HLDGS INC	124,966	$2M	0.4%	TRIM −11%
91	GEOSGEOSPACE TECHNOLOGIES CORP	195,194	$2M	0.4%	NEW
92	PDEXPRO-DEX INC COLO	51,887	$2M	0.4%	TRIM −10%
93	LPXLOUISIANA PAC CORP	41,276	$2M	0.3%	HOLD
94	FORMFORMFACTOR INC	35,176	$2M	0.3%	HOLD
95	REXREX AMERICAN RES CORP	20,558	$2M	0.3%	TRIM −10%
96	ASTHASTRANA HEALTH INC	79,692	$1M	0.3%	TRIM −10%
97	FIRST BANCSHARES INC MISS	46,826	$1M	0.3%	TRIM −11%
98	ITERIS INC NEW	254,389	$1M	0.3%	NEW
99	ECHO GLOBAL LOGISTICS INC	50,866	$1M	0.3%	NEW
100	IBPINSTALLED BLDG PRODS INC	13,279	$1M	0.3%	HOLD
101	DIODDIODES INC	18,672	$1M	0.3%	HOLD
102	MEDPMEDPACE HLDGS INC	9,136	$1M	0.3%	HOLD
103	ACLSAXCELIS TECHNOLOGIES INC	43,202	$1M	0.3%	TRIM −17%
104	ROGROGERS CORP	7,983	$1M	0.3%	ADD 27%
105	RBCRBC BEARINGS INC	6,796	$1M	0.3%	ADD 22%
106	HALOHALOZYME THERAPEUTICS INC	28,404	$1M	0.3%	HOLD
107	RUTH'S CHRIS STEAK HOUSE	67,510	$1M	0.3%	NEW
108	NGSNATURAL GAS SVCS GROUP INC	116,341	$1M	0.3%	TRIM −11%
109	STAASTAAR SURGICAL CO	13,834	$1M	0.2%	HOLD
110	EMEEMCOR GROUP INC	11,672	$1M	0.2%	HOLD
111	MTHMERITAGE HOMES CORP	12,602	$1M	0.2%	TRIM −12%
112	KEXKIRBY CORP	20,008	$1M	0.2%	HOLD
113	EXLSEXLSERVICE HOLDINGS INC	11,821	$1M	0.2%	HOLD
114	ROCKGIBRALTAR INDS INC	13,883	$998,000	0.2%	ADD 17%
115	CVCOCAVCO INDS INC DEL	5,663	$993,000	0.2%	HOLD
116	ANIPANI PHARMACEUTICALS INC	33,745	$979,000	0.2%	TRIM −30%
117	ENSGENSIGN GROUP INC	13,109	$955,000	0.2%	HOLD
118	SHOOMADDEN STEVEN LTD	26,775	$945,000	0.2%	HOLD
119	LSTRLANDSTAR SYS INC	6,635	$893,000	0.2%	HOLD
120	ENVESTNET INC	10,708	$881,000	0.2%	HOLD
121	PCRXPACIRA BIOSCIENCES INC	14,627	$875,000	0.2%	TRIM −11%
122	FWRDFORWARD AIR CORP	11,377	$874,000	0.2%	TRIM −63%
123	EXPOEXPONENT INC	9,584	$862,000	0.2%	HOLD
124	TRI POINTE HOMES INC	48,332	$833,000	0.2%	HOLD
125	HXLHEXCEL CORP NEW	17,069	$827,000	0.2%	NEW
126	SCLSTEPAN CO	6,936	$827,000	0.2%	NEW
127	CMC MATERIALS INC	5,383	$814,000	0.2%	HOLD
128	AAONAAON INC	12,179	$811,000	0.2%	HOLD
129	FOXFFOX FACTORY HLDG CORP	7,583	$801,000	0.2%	HOLD
130	CBRLCRACKER BARREL OLD CTRY STOR	5,716	$754,000	0.2%	HOLD
131	MEIMETHODE ELECTRS INC	19,539	$747,000	0.2%	TRIM −41%
132	UNFUNIFIRST CORP MASS	3,497	$740,000	0.2%	HOLD
133	ITGRINTEGER HLDGS CORP	8,806	$714,000	0.2%	HOLD
134	LANDGLADSTONE LD CORP	47,862	$700,000	0.2%	NEW
135	CACICACI INTL INC	2,611	$651,000	0.1%	ADD 3%
136	OSURORASURE TECHNOLOGIES INC	56,525	$598,000	0.1%	HOLD
137	EBSEMERGENT BIOSOLUTIONS INC	6,634	$594,000	0.1%	HOLD
138	MKSIMKS INSTRUMENT INC	3,796	$571,000	0.1%	TRIM −29%
139	EIGEMPLOYERS HLDGS INC	17,696	$569,000	0.1%	ADD 100%
140	NEOGNEOGEN CORP	7,067	$560,000	0.1%	ADD 22%
141	MANTECH INTL CORP	6,259	$556,000	0.1%	HOLD
142	EVTCEVERTEC INC	14,028	$551,000	0.1%	HOLD
143	EFORASGN INC	6,383	$533,000	0.1%	TRIM −16%
144	GMEDGLOBUS MED INC	8,166	$532,000	0.1%	HOLD
145	FMBHFirst Mid Ill Bankshares, Inc.	15,350	$516,000	0.1%	NEW
146	MMSIMERIT MED SYS INC	9,217	$511,000	0.1%	HOLD
147	ICUIICU MED INC	2,279	$488,000	0.1%	HOLD
148	MMSMAXIMUS INC	6,666	$487,000	0.1%	HOLD
149	PSTLPOSTAL REALTY TRUST INC	28,686	$484,000	0.1%	TRIM −26%
150	VICRVICOR CORP	4,788	$441,000	0.1%	TRIM −75%
151	LANNET INC	65,992	$430,000	0.1%	TRIM −34%
152	BMC STK HLDGS INC	7,193	$386,000	0.1%	TRIM −64%
153	NVECNVE CORP	6,853	$385,000	0.1%	TRIM −55%
154	DORMDORMAN PRODS INC	4,325	$375,000	0.1%	HOLD

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