Bandera Partners LLC
Bandera Partners LLC is a New York-based hedge fund founded in 2006 by Gregory Bylinsky and Jefferson Gramm. The firm focuses on value-oriented, activist investing, particularly in micro-cap and small-cap companies. Known for its concentrated portfolio, Bandera manages assets for a select group of clients and is recognized for long-term, hands-on engagement with portfolio companies. Bandera has around $196–$363 million in assets under management and employs a small, specialized team.
Investment Strategy
Bandera Partners pursues a value-oriented, activist investment strategy with a long bias. The firm focuses on identifying companies trading significantly below intrinsic value, often engaging in special situations like reorganizations, spin-offs, and distressed situations. Bandera takes concentrated positions and actively encourages management or strategic changes in its portfolio holdings to unlock shareholder value. Its approach combines fundamental analysis and a hands-on, long-term perspective.
Top Holdings
Equity Positions (14)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
J JYNT | JOINT CORP | 20.48% | $45.4M | 3,937,296 | $17.95 | $11.54 | -$3.7M |
B BUR | BURFORD CAP LTD | 16.14% | $35.8M | 2,510,883 | $11.53 | $14.26 | +$12.5M |
S SGU | STAR GROUP L P | 14.48% | $32.1M | 2,745,360 | $6.81 | $11.70 | -$13.3M |
S SKYW | SKYWEST INC | 8.31% | $18.4M | 179,107 | $84.99 | $102.97 | +$182.3K |
A AMKR | AMKOR TECHNOLOGY INC | 7.32% | $16.2M | 773,493 | $22.04 | $20.99 | +$10.7M |