Fondren Management LP

CIK

1328331

Location

Houston, TX

Portfolio Value

Micro $15,267,674

Diversification

Moderately concentrated

Reports for

FMLP Inc. Radoff Bradley Louis

Filing Date

Global Rank

#5,307 / 5,416 ▼ 60 · as of Sep 2020

Top Industry

Restaurants 41.7%

Period ended 6 years ago

Filed Nov 13, 2020 · 5y

3 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Unknown

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2020, never from the firm's own description.

Style

Concentrated

The top 10 positions are 97.7% of the book (60%+)

Turnover

Turnover unknown

It needs four straight quarters of measured turnover

Horizon

Horizon unknown

The value-weighted holding period is at least 3.0 quarters, but 98.7% of the book was already held when coverage starts

Closest benchmark: the Russell 2000 as of 2020-09-30, active share 100.0%; sector active share 41.1% against the combined 13F book's sector weights.

Over time 3 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

13 tracked positions · as of Sep 30, 2020 · Δ vs Jun 30, 2020

Top Position

25.8%

+5.3 pts

Top 5

83.5%

+22.3 pts

Top 10

97.7%

+13.0 pts

HHI

1,573

Moderately concentrated+561

Portfolio Trend

3 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2020

Sector	% Portfolio	Value	Positions
Unclassified	38.2%	$5,827,000	6
Consumer Cyclical	25.8%	$3,936,111	1
Energy	16.2%	$2,471,000	1
Technology	14.2%	$2,173,650	1
Financial Services	3.2%	$482,686	2
Basic Materials	1.3%	$201,789	1
Consumer Defensive	1.1%	$175,438	1

Last Quarter's Activity

Export CSV

Sep 30, 2020 vs Jun 30, 2020

Added To

Positions the filer increased

2 positions

Ticker	Company	Δ Shares	Shares	Value
LSAK	Lesaka Technologies Inc	+330,000	645,000	$2,173,650
—		+10,000	100,000	$250,000
No positions match the current search.

Trimmed

Positions the filer reduced

9 positions

Ticker	Company	Δ Shares	Shares	Value
—		−1,032,067	535,500	$204,000
—		−556,553	1,213,447	$1,832,000
—		−49,900	137,000	$1,025,000
BH	Biglari Holdings Inc.	−23,200	44,221	$3,936,111
CRD-B	Crawford & Co	−20,575	38,900	$250,516
—		−8,827	31,523	$173,000
ACNT	Ascent Industries Co.	−8,444	36,556	$201,789
CRD-A	Crawford & Co	−7,170	35,500	$232,170
RMCF	Rocky Mountain Chocolate Factory, Inc.	−7,138	65,462	$175,438
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

10 positions

Ticker	Company	Shares	Value
IMMR	Immersion Corp	545,000	$3,395,350
HHS	Harte Hanks Inc	545,502	$1,658,326
—		996,225	$762,000
TTI	Tetra Technologies Inc	1,145,000	$606,850
BH-A	Biglari Holdings Inc.	1,510	$505,850
HCHC	INNOVATE Corp.	125,000	$418,000
HQI	HireQuest, Inc.	45,416	$281,125
—		300,000	$249,000
—		30,000	$238,800
—		63,422	$92,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

13 tracked positions · $15,267,674 total · filing declares 16 positions · $16,934,000 · as of Sep 30, 2020

All sectors Basic Materials Consumer Cyclical Consumer Defensive Energy Financial Services Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
BH	Biglari Holdings Inc. Consumer Cyclical	Reduced	44,221	-23,200	$3,936,111	−15.4%	3+	before history	25.78%
EGY	Vaalco Energy Inc Energy	Held	2,471,000	0	$2,471,000	−19.4%	3+	before history	16.18%
		Held	1,301,874	0	$2,343,000	+27.6%	3+	before history	15.35%
LSAK	Lesaka Technologies Inc Technology	Added	645,000	+330,000	$2,173,650	+127.0%	3+	before history	14.24%
		Reduced	1,213,447	-556,553	$1,832,000	−8.4%	3+	before history	12.00%
		Reduced	137,000	-49,900	$1,025,000	−39.3%	3+	before history	6.71%
CRD-B	Crawford & Co Financial Services	Reduced	38,900	-20,575	$250,516	−40.1%	3+	before history	1.64%
		Added	100,000	+10,000	$250,000	+17.9%	3+	before history	1.64%
CRD-A	Crawford & Co Financial Services	Reduced	35,500	-7,170	$232,170	−31.0%	3+	before history	1.52%
		Reduced	535,500	-1,032,067	$204,000	−76.6%	3+	before history	1.34%
ACNT	Ascent Industries Co. Basic Materials	Reduced	36,556	-8,444	$201,789	−40.1%	2	$8.68	1.32%
RMCF	Rocky Mountain Chocolate Factory, Inc. Consumer Defensive	Reduced	65,462	-7,138	$175,438	−43.1%	3+	before history	1.15%
		Reduced	31,523	-8,827	$173,000	−50.1%	3+	before history	1.13%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.