Monarch Partners Asset Management LLC

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CIK 1568555

13F portfolio (2022-Q4)

$339M

Positions

133

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2022-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 (2022-Q4)

Holdings

133

Top 5

8.7%

Top 10

15.4%

Effective N

108.1

HHI

0.009

This quarter

30 new · 0 exit →

By sector

Unclassified19.1%

Health Care15.7%

Financials13.7%

Industrials12.3%

Consumer Discretionary11.9%

Materials9.5%

Real Estate6.0%

Information Technology5.6%

Other6.3%

By market cap

Small ($300M–2B)35.9%

Mid ($2–10B)31.1%

Unknown19.9%

Micro (<$300M)7.2%

Large ($10–200B)5.9%

By region

North America80.5%

Other19.1%

Middle East0.4%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	19.05%	27
Banks	11.11%	15
Pharmaceuticals & Biotechnology	11.04%	15
Equity Real Estate Investment Trusts (REITs)	5.97%	8
Aerospace & Defense	3.97%	3
Chemicals	3.91%	6
Utilities	3.34%	4
Distributors	3.13%	3
Automobiles & Components	2.79%	2
Textiles, Apparel & Luxury Goods	2.45%	3
Health Care Providers & Services	2.43%	3
Specialty Retail	2.35%	4
Construction Materials	2.27%	2
Construction & Engineering	2.24%	3
Metals & Mining	2.19%	2
Transportation Infrastructure	2.18%	4
Software	1.92%	3
Capital Markets	1.71%	2
Oil, Gas & Consumable Fuels	1.60%	3
Semiconductors & Semiconductor Equipment	1.42%	1
Machinery	1.41%	2
Communications Equipment	1.31%	1
Professional Services	1.28%	1
Health Care Equipment & Supplies	1.27%	2
Commercial Services & Supplies	1.20%	2
Paper & Forest Products	1.14%	2
Life Sciences Tools & Services	0.95%	3
Insurance	0.92%	1
Media & Entertainment	0.74%	1
Diversified Consumer Services	0.71%	1
Diversified Telecommunication Services	0.59%	1
Software & IT Services	0.51%	1
Hotels, Restaurants & Leisure	0.47%	1
Technology Hardware & Equipment	0.43%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	DRS	Leonardo DRS, Inc.	Industrials	2.04%
2	MOD	MODINE MANUFACTURING CO	Consumer Discretionary	1.94%
3	TGLS	Tecnoglass Inc.	Materials	1.68%
4		HERITAGE COMM CORP	Unclassified	1.56%
5	CTRE	CareTrust REIT, Inc.	Real Estate	1.44%
6	UCTT	Ultra Clean Holdings, Inc.	Information Technology	1.42%
7	NTST	NETSTREIT Corp.	Real Estate	1.37%
8	CHEF	Chefs' Warehouse, Inc.	Consumer Discretionary	1.35%
9	OXM	OXFORD INDUSTRIES INC	Consumer Discretionary	1.33%
10	ADTN	ADTRAN Holdings, Inc.	Information Technology	1.31%

106/133 names classified · sector 80.9% of weight · industry 80.9% · mkt cap 80.1%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 39 quarters

FinancialsTHG, WTFC, PRA, OFG, PFSI · other

IndustrialsBCO, STRL, FCN, AZZ, DY · other

Consumer DiscretionarySNX, BJ, HELE, RRGB, BFAM · other

MaterialsGPK, GPRE, EXP, TROX, DECK · other

Real EstateSTAG, ADC, HIW, AAT, VAC · other

Health CareACHC, CRL, COO, BKD, TDOC · other

Information TechnologySSNC, MANH, NTCT, FIVN, CACI · other

UtilitiesUTL, POR, CMS, BKH, AVA · other

Consumer StaplesHAIN, VFF, INGR, BGS, TSCO.L · other

Communication ServicesDLX, NXST, MTN, CALX, PRKS · other

EnergyGPOR, RES, DK, PUMP, TALO · other

UnclassifiedHOWARD HUGHES CORPORATION, PACWEST BANCORP, NOMD, WAUSAU PAPER CORP, BALLY TECHNOLOGIES · 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: 80.9% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2022-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (75 classified)Monarch Partners Asset Management LLC centroid (Small Core)

FinancialsIndustrialsConsumer DiscretionaryMaterialsHealth CareReal EstateUtilitiesInformation TechnologyEnergyCommunication Services

Style box summary for Monarch Partners Asset Management LLC: centroid Small Core. Heaviest cells: Small Core 28.1%, Small Growth 17.9%, Small Value 14.7%.

Classified: 61.0% of book weight (75/112 names) · unclassified 39.0%: , UCTT, MTUS, KRYS, STKL, CSTL, DCO, PLYM, SRI, AVD +27 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· 133 positions (2022-Q4) · largest first · Δ vs 2022-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	DRSLEONARDO DRS INC	541,588	$7M	2.0%	NEW
2	MODMODINE MFG CO	330,893	$7M	1.9%	ADD 11%
3	TGLSTECNOGLASS INC	184,777	$6M	1.7%	TRIM −19%
4	HERITAGE COMM CORP	406,586	$5M	1.6%	ADD 24%
5	CTRECareTrust REIT, Inc.	262,646	$5M	1.4%	ADD 8%
6	UCTTULTRA CLEAN HLDGS INC	144,997	$5M	1.4%	ADD 122%
7	NTSTNETSTREIT CORP	252,384	$5M	1.4%	TRIM −14%
8	CHEFCHEFS WHSE INC	137,398	$5M	1.4%	TRIM −27%
9	OXMOXFORD INDS INC	48,180	$4M	1.3%	ADD 5%
10	ADTNADTRAN HOLDINGS INC	236,114	$4M	1.3%	ADD 16%
11	UTLUNITIL CORP	86,049	$4M	1.3%	TRIM −29%
12	HDSNHUDSON TECHNOLOGIES INC	431,852	$4M	1.3%	NEW
13	MTUSMETALLUS INC	240,111	$4M	1.3%	NEW
14	HURNHURON CONSULTING GROUP INC	59,678	$4M	1.3%	TRIM −28%
15	KRYSKRYSTAL BIOTECH INC	53,905	$4M	1.3%	ADD 16%
16	STKLSUNOPTA INC	501,170	$4M	1.2%	ADD 4%
17	CNOBCONNECTONE BANCORP INC	174,058	$4M	1.2%	NEW
18	LGNDLIGAND PHARMACEUTICALS INC	62,327	$4M	1.2%	ADD 5%
19	COLLCOLLEGIUM PHARMACEUTICAL INC	179,129	$4M	1.2%	HOLD
20	GPREGREEN PLAINS INC	136,025	$4M	1.2%	TRIM −8%
21	CSTLCASTLE BIOSCIENCES INC	170,195	$4M	1.2%	TRIM −10%
22	IVERIC BIO INC	186,706	$4M	1.2%	ADD 34%
23	LAKELAND BANCORP INC	218,580	$4M	1.1%	NEW
24	U S SILICA HLDGS INC	304,219	$4M	1.1%	ADD 16%
25	OSBCOLD SECOND BANCORP INC ILL	232,773	$4M	1.1%	HOLD
26	INVAINNOVIVA INC	281,595	$4M	1.1%	TRIM −8%
27	DCODUCOMMUN INC DEL	71,759	$4M	1.1%	HOLD
28	ADUSADDUS HOMECARE CORP	35,890	$4M	1.1%	TRIM −30%
29	REXREX AMERICAN RES CORP	110,776	$4M	1.0%	TRIM −7%
30	UVSPUNIVEST FINANCIAL CORPORATIO	134,456	$4M	1.0%	HOLD
31	IRWDIRONWOOD PHARMACEUTICALS INC	276,579	$3M	1.0%	TRIM −9%
32	GUARANTY BANCSHARES INC TEX	97,765	$3M	1.0%	HOLD
33	SYBTSTOCK YDS BANCORP INC	52,047	$3M	1.0%	TRIM −6%
34	SHBISHORE BANCSHARES INC	184,857	$3M	1.0%	HOLD
35	UFCSUNITED FIRE GROUP INC	114,239	$3M	0.9%	HOLD
36	BDCBELDEN INC	42,229	$3M	0.9%	ADD 33%
37	BCBRUNSWICK CORP	41,602	$3M	0.9%	NEW
38	OPYOPPENHEIMER HLDGS INC	70,646	$3M	0.9%	HOLD
39	PLYMPLYMOUTH INDL REIT INC	155,772	$3M	0.9%	HOLD
40	MCFTMASTERCRAFT BOAT HLDGS INC	114,084	$3M	0.9%	TRIM −13%
41	SRISTONERIDGE INC	133,198	$3M	0.8%	HOLD
42	AMERICAN NATL BANKSHARES INC	76,449	$3M	0.8%	HOLD
43	AVDAMERICAN VANGUARD CORP	129,117	$3M	0.8%	ADD 21%
44	SFSTIFEL FINL CORP	47,988	$3M	0.8%	TRIM −18%
45	GRBKGREEN BRICK PARTNERS INC	109,908	$3M	0.8%	NEW
46	IIIVI3 VERTICALS INC	107,071	$3M	0.8%	TRIM −23%
47	IRTINDEPENDENCE RLTY TR INC	153,185	$3M	0.8%	TRIM −18%
48	BBWIBATH & BODY WORKS INC	59,636	$3M	0.7%	NEW
49	BKHBLACK HILLS CORP	35,721	$3M	0.7%	ADD 18%
50	EVCENTRAVISION COMMUNICATIONS C	522,112	$3M	0.7%	HOLD
51	SFSTSOUTHERN FIRST BANCSHARES	54,713	$3M	0.7%	ADD 58%
52	BANDBANDWIDTH INC	108,784	$2M	0.7%	ADD 34%
53	PLAYA HOTELS & RESORTS NV	381,624	$2M	0.7%	TRIM −38%
54	NBNNORTHEAST BK PORTLAND ME	59,055	$2M	0.7%	ADD 13%
55	WTFCWINTRUST FINL CORP	29,408	$2M	0.7%	TRIM −30%
56	MTHMERITAGE HOMES CORP	26,832	$2M	0.7%	NEW
57	BLFSBIOLIFE SOLUTIONS INC	135,787	$2M	0.7%	HOLD
58	QCRHQCR HOLDINGS INC	49,111	$2M	0.7%	ADD 59%
59	ACREARES COML REAL ESTATE CORP	236,600	$2M	0.7%	HOLD
60	AMRCAMERESCO INC	42,561	$2M	0.7%	TRIM −11%
61	LPXLOUISIANA PAC CORP	40,596	$2M	0.7%	NEW
62	IDAIDACORP INC	22,283	$2M	0.7%	TRIM −18%
63	VLYVALLEY NATL BANCORP	212,337	$2M	0.7%	NEW
64	UTIUNIVERSAL TECHNICAL INST INC	357,010	$2M	0.7%	TRIM −21%
65	CRNXCRINETICS PHARMACEUTICALS IN	128,974	$2M	0.7%	HOLD
66	NREFNEXPOINT REAL ESTATE FIN INC	147,568	$2M	0.7%	HOLD
67	PMVPPMV PHARMACEUTICALS INC	263,449	$2M	0.7%	ADD 25%
68	BBSIBARRETT BUSINESS SVCS INC	23,948	$2M	0.7%	TRIM −28%
69	FRSTPRIMIS FINANCIAL CORP	188,147	$2M	0.7%	HOLD
70	RCKTROCKET PHARMACEUTICALS INC	113,788	$2M	0.7%	ADD 31%
71	EARTHSTONE ENERGY INC	153,901	$2M	0.6%	NEW
72	PRTAPROTHENA CORP PLC	35,645	$2M	0.6%	ADD 7%
73	GXOGXO LOGISTICS INCORPORATED	50,115	$2M	0.6%	NEW
74	ENTERPRISE BANCORP INC MASS COM	60,115	$2M	0.6%	HOLD
75	TTITETRA TECHNOLOGIES INC DEL	612,311	$2M	0.6%	TRIM −8%
76	PERIPERION NETWORK LTD	82,915	$2M	0.6%	HOLD
77	CLDTCHATHAM LODGING TR	170,166	$2M	0.6%	TRIM −37%
78	CAMBRIDGE BANCORP	25,134	$2M	0.6%	HOLD
79	LINDLINDBLAD EXPEDITIONS HLDGS I	270,098	$2M	0.6%	ADD 42%
80	EVANS BANCORP INC	54,651	$2M	0.6%	TRIM −12%
81	FRMEFIRST MERCHANTS CORP	49,569	$2M	0.6%	NEW
82	CLDXCELLDEX THERAPEUTICS INC NEW	45,479	$2M	0.6%	NEW
83	SOUTHSTATE CORPORATION	26,517	$2M	0.6%	TRIM −13%
84	SEASPINE HLDGS CORP	241,377	$2M	0.6%	HOLD
85	ATNIATN INTL INC	44,158	$2M	0.6%	HOLD
86	OIO-I GLASS INC	120,056	$2M	0.6%	ADD 80%
87	BOOTBOOT BARN HLDGS INC	31,799	$2M	0.6%	NEW
88	PVHPVH CORPORATION	27,991	$2M	0.6%	NEW
89	AEOAMERICAN EAGLE OUTFITTERS IN	141,145	$2M	0.6%	NEW
90	PCYOPURE CYCLE CORP	187,233	$2M	0.6%	HOLD
91	HWCHANCOCK WHITNEY CORPORATION	38,508	$2M	0.6%	TRIM −38%
92	CPRICAPRI HOLDINGS LIMITED	32,153	$2M	0.5%	TRIM −20%
93	KIDSORTHOPEDIATRICS CORP	46,172	$2M	0.5%	TRIM −49%
94	TNETTRINET GROUP INC	26,947	$2M	0.5%	TRIM −40%
95	BCOBRINKS CO	33,975	$2M	0.5%	TRIM −6%
96	BERRY CORP	223,458	$2M	0.5%	HOLD
97	ERIIENERGY RECOVERY INC	86,596	$2M	0.5%	HOLD
98	FIVNFIVE9 INC	25,442	$2M	0.5%	NEW
99	HBIOHARVARD BIOSCIENCE INC	613,837	$2M	0.5%	TRIM −23%
100	TUSKMAMMOTH ENERGY SVCS INC	195,964	$2M	0.5%	NEW
101	SCSCSCANSOURCE INC	57,100	$2M	0.5%	HOLD
102	WNS HLDGS LTD	20,635	$2M	0.5%	TRIM −16%
103	AGIOAGIOS PHARMACEUTICALS INC	58,246	$2M	0.5%	HOLD
104	RGNXREGENXBIO INC	72,064	$2M	0.5%	TRIM −28%
105	HESKA CORP	25,887	$2M	0.5%	TRIM −42%
106	CNTYCENTURY CASINOS INC	226,932	$2M	0.5%	HOLD
107	SMSM ENERGY CO	45,747	$2M	0.5%	ADD 125%
108	FOOT LOCKER INC	40,930	$2M	0.5%	NEW
109	EVOQUA WATER TECHNOLOGIES CO	39,025	$2M	0.5%	TRIM −17%
110	DXLGDESTINATION XL GROUP INC	221,197	$1M	0.4%	NEW
111	GPKGRAPHIC PACKAGING HLDG CO	65,889	$1M	0.4%	TRIM −18%
112	NVMINOVA LTD	17,803	$1M	0.4%	NEW
113	AEROJET ROCKETDYNE HOLDINGS	25,846	$1M	0.4%	NEW
114	FIBKFIRST INTST BANCSYSTEM INC	36,262	$1M	0.4%	TRIM −18%
115	NPOENPRO INC	12,808	$1M	0.4%	TRIM −16%
116	VERXVERTEX INC	95,252	$1M	0.4%	NEW
117	ATLAS TECHNICAL CONSULTANTS	266,651	$1M	0.4%	HOLD
118	VRRMVERRA MOBILITY CORP	97,515	$1M	0.4%	TRIM −46%
119	DYNAVAX TECHNOLOGIES CORP	121,879	$1M	0.4%	NEW
120	UPLDUPLAND SOFTWARE INC	180,627	$1M	0.4%	HOLD
121	RLAYRELAY THERAPEUTICS INC	85,139	$1M	0.4%	ADD 100%
122	RCUSARCUS BIOSCIENCES INC	58,847	$1M	0.4%	HOLD
123	OABIOMNIAB INC	315,193	$1M	0.3%	NEW
124	OFGOFG BANCORP	41,165	$1M	0.3%	TRIM −22%
125	PDC ENERGY INC	16,566	$1M	0.3%	ADD 5%
126	BHBBAR HBR BANKSHARES	32,790	$1M	0.3%	NEW
127	CROXCROCS INC	7,702	$835,128	0.2%	TRIM −83%
128	ORGOORGANOGENESIS HLDGS INC	303,681	$816,902	0.2%	HOLD
129	ADCAGREE RLTY CORP	9,680	$686,602	0.2%	TRIM −73%
130	PSNLPERSONALIS INC	321,406	$636,384	0.2%	HOLD
131	MAAMID-AMER APT CMNTYS INC	3,715	$583,218	0.2%	NEW
132	DECKDECKERS OUTDOOR CORP	1,305	$520,904	0.2%	TRIM −83%
133	CRLCHARLES RIV LABS INTL INC	1,820	$396,578	0.1%	NEW

☆Monarch Partners Asset Management LLC