Hillcrest Asset Management LLC

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CIK 1415345

13F portfolio (2021-Q4)

$656M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2021-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 →

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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 (2021-Q4)

Holdings

Top 5

12.0%

Top 10

22.9%

Effective N

56.7

HHI

0.018

This quarter

8 new · 0 exit →

By sector

Industrials21.5%

Unclassified19.3%

Financials17.5%

Consumer Discretionary8.8%

Real Estate8.6%

Information Technology6.7%

Health Care6.1%

Materials5.9%

Other5.6%

By market cap

Mid ($2–10B)45.8%

Small ($300M–2B)22.2%

Unknown19.3%

Large ($10–200B)12.6%

By region

North America80.7%

Other19.3%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	19.34%	12
Banks	9.02%	5
Commercial Services & Supplies	7.48%	4
Equity Real Estate Investment Trusts (REITs)	6.69%	4
Capital Markets	5.55%	3
Construction & Engineering	5.40%	3
Paper & Forest Products	4.16%	2
Utilities	3.94%	3
Aerospace & Defense	3.80%	2
Health Care Providers & Services	3.41%	2
Machinery	3.39%	2
Household Durables	2.97%	2
Insurance	2.92%	2
Automobiles & Components	2.53%	2
Technology Hardware & Equipment	2.33%	1
Communications Equipment	2.32%	1
Semiconductors & Semiconductor Equipment	2.08%	1
Real Estate Management & Development	1.86%	1
Chemicals	1.74%	1
Media & Entertainment	1.61%	1
Health Care Equipment & Supplies	1.47%	1
Road & Rail	1.45%	1
Hotels, Restaurants & Leisure	1.45%	1
Pharmaceuticals & Biotechnology	1.22%	1
Distributors	0.98%	1
Textiles, Apparel & Luxury Goods	0.90%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	UFPI	UFP INDUSTRIES INC	Materials	2.50%
2	EXLS	ExlService Holdings, Inc.	Industrials	2.45%
3		LXP INDUSTRIAL TRUST	Unclassified	2.45%
4	SPB	Spectrum Brands Holdings, Inc.	Information Technology	2.33%
5	FN	Fabrinet	Information Technology	2.32%
6	EME	EMCOR Group, Inc.	Industrials	2.23%
7	AMN	AMN HEALTHCARE SERVICES INC	Industrials	2.22%
8	UMBF	UMB FINANCIAL CORP	Financials	2.19%
9	HTH	Hilltop Holdings Inc.	Financials	2.16%
10		INVESTORS BANCORP INC NEW	Unclassified	2.08%

48/60 names classified · sector 80.7% of weight · industry 80.7% · mkt cap 80.7%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 29 quarters

FinancialsCUBI, SF, FIBK, SFNC, ECPG · other

Consumer DiscretionaryHELE, FSS, BLDR, SNX, CBRL · other

IndustrialsAMN, MBUU, ABM, CW, EXLS · other

Real EstateRHP, RLJ, BDN, EPR, LTC · other

UtilitiesNWE, BKH, AVA, CWEN, NJR · other

Information TechnologyDIOD, CRUS, FN, SANM, SYNA · other

MaterialsCRS, UFPI, APOG, GPK, SCL · other

Health CareEBS, SEM, MEDP, ITGR, STE · other

Communication Services

EnergyKWR, GPOR

UnclassifiedLXP INDUSTRIAL TRUST, CALLON PETE CO DEL, UFP INDS INC, AVANTAX INC, DUPONT FABROS TECHNOLOGY 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: 80.7% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2021-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (44 classified)Hillcrest Asset Management LLC centroid (Small Core)

IndustrialsFinancialsConsumer DiscretionaryInformation TechnologyMaterialsReal EstateHealth CareUtilitiesCommunication Services

Style box summary for Hillcrest Asset Management LLC: centroid Small Core. Heaviest cells: Small Value 25.6%, Small Core 24.1%, Small Growth 17.6%.

Classified: 73.7% of book weight (44/50 names) · unclassified 26.3%: , AMN, PDM, BDN, CIVI, AHCO. 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· 60 positions (2021-Q4) · largest first · Δ vs 2021-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	UFPIUFP INDUSTRIES INC	178,202	$16M	2.5%	TRIM −13%
2	EXLSEXLSERVICE HOLDINGS INC	111,246	$16M	2.5%	TRIM −13%
3	LXP INDUSTRIAL TRUST	1,029,818	$16M	2.5%	TRIM −13%
4	SPBSPECTRUM BRANDS HLDGS INC NE	150,269	$15M	2.3%	TRIM −13%
5	FNFABRINET	128,251	$15M	2.3%	NEW
6	EMEEMCOR GROUP INC	114,892	$15M	2.2%	TRIM −13%
7	AMNAMN HEALTHCARE SERVICES INC	118,828	$15M	2.2%	TRIM −32%
8	UMBFUMB FINL CORP	135,670	$14M	2.2%	TRIM −13%
9	HTHHILLTOP HOLDINGS INC	402,832	$14M	2.2%	TRIM −13%
10	INVESTORS BANCORP INC NEW	901,117	$14M	2.1%	TRIM −13%
11	DIODDIODES INC	124,173	$14M	2.1%	TRIM −37%
12	EVREVERCORE INC	99,534	$14M	2.1%	TRIM −13%
13	SEMSELECT MED HLDGS CORP	455,999	$13M	2.0%	TRIM −13%
14	AIRAAR CORP	329,182	$13M	2.0%	NEW
15	AIR TRANSPORT SERVICES GRP I	431,507	$13M	1.9%	NEW
16	CTRECareTrust REIT, Inc.	552,877	$13M	1.9%	TRIM −13%
17	SGISOMNIGROUP INTERNATIONAL INC	260,549	$12M	1.9%	TRIM −13%
18	PDMPIEDMONT REALTY TRUST INC	665,552	$12M	1.9%	TRIM −13%
19	SFSTIFEL FINL CORP	173,561	$12M	1.9%	TRIM −33%
20	GFFGRIFFON CORP	427,737	$12M	1.9%	TRIM −13%
21	STCSTEWART INFORMATION SVCS COR	152,724	$12M	1.9%	NEW
22	GRBKGREEN BRICK PARTNERS INC	399,175	$12M	1.8%	TRIM −13%
23	MBUUMALIBU BOATS INC	175,992	$12M	1.8%	TRIM −13%
24	CDPCOPT DEFENSE PROPERTIES	412,744	$12M	1.8%	TRIM −13%
25	CCCHEMOURS CO	339,946	$11M	1.7%	TRIM −13%
26	SHYFT GROUP INC COM	225,534	$11M	1.7%	TRIM −13%
27	CATYCATHAY GEN BANCORP	254,788	$11M	1.7%	TRIM −13%
28	GPKGRAPHIC PACKAGING HLDG CO	557,635	$11M	1.7%	TRIM −13%
29	VRTSVIRTUS INVT PARTNERS INC	35,893	$11M	1.6%	TRIM −13%
30	PORPORTLAND GEN ELEC CO	201,283	$11M	1.6%	TRIM −13%
31	PRGPROG HOLDINGS INC	235,212	$11M	1.6%	ADD 18%
32	GTNGRAY MEDIA INC	524,947	$11M	1.6%	TRIM −13%
33	ABCBAMERIS BANCORP	211,885	$11M	1.6%	TRIM −13%
34	ARGO GROUP INTERNATIONAL	179,800	$10M	1.6%	TRIM −13%
35	Orion Engineered Carbons SA	559,481	$10M	1.6%	TRIM −13%
36	PDC ENERGY INC	208,836	$10M	1.6%	TRIM −13%
37	TKRTimken Co.	144,907	$10M	1.5%	TRIM −13%
38	EPREPR PPTYS	210,111	$10M	1.5%	NEW
39	BDNBRANDYWINE RLTY TR	729,119	$10M	1.5%	TRIM −13%
40	HILLENBRAND INC	185,989	$10M	1.5%	TRIM −13%
41	ITGRINTEGER HLDGS CORP	112,357	$10M	1.5%	TRIM −13%
42	WGOWINNEBAGO INDS INC	128,328	$10M	1.5%	TRIM −13%
43	WERNWERNER ENTERPRISES INC	199,554	$10M	1.4%	TRIM −13%
44	JACKJACK IN THE BOX INC	108,438	$9M	1.4%	TRIM −13%
45	SWXSOUTHWEST GAS HLDGS INC	131,537	$9M	1.4%	TRIM −13%
46	NBHCNATIONAL BK HLDGS CORP	208,313	$9M	1.4%	TRIM −13%
47	CIVICIVITAS RESOURCES INC	186,354	$9M	1.4%	NEW
48	AHCOADAPTHEALTH CORP	365,467	$9M	1.4%	NEW
49	II-VI INC	128,048	$9M	1.3%	TRIM −13%
50	PRIMPRIMORIS SVCS CORP	361,328	$9M	1.3%	TRIM −13%
51	WHITING PETROLEUM CORP	123,770	$8M	1.2%	NEW
52	EBSEMERGENT BIOSOLUTIONS INC	184,010	$8M	1.2%	TRIM −13%
53	MGRCMCGRATH RENTCORP	97,299	$8M	1.2%	TRIM −13%
54	LZBLA Z BOY INC	199,560	$7M	1.1%	TRIM −13%
55	SMPSTANDARD MTR PRODS INC	133,871	$7M	1.1%	TRIM −13%
56	NMIHNMI HLDGS INC	320,517	$7M	1.1%	TRIM −13%
57	VERITEX HLDGS INC	175,071	$7M	1.1%	TRIM −13%
58	WKCWORLD KINECT CORPORATION	244,042	$6M	1.0%	TRIM −13%
59	NWENORTHWESTERN ENERGY GROUP IN	105,209	$6M	0.9%	TRIM −13%
60	GIIIG-III APPAREL GROUP LTD	214,835	$6M	0.9%	TRIM −13%

☆Hillcrest Asset Management LLC