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Tieton Capital Management, LLC — 13F Holdings & Portfolio

CIK 1381954 · latest 13F-HR filed 2026-08-10

Backtest portfolio

Tieton Capital Management, LLC manages $347.8M in 13F-reported U.S. long-equity assets across 37 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are ENVA (7.64%), CUBI (5.83%), LOCO (5.04%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 3 new positions and exited 1; 22 existing positions rose in reported value and 8 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$347.8M

Long-equity book

Holdings
37

Distinct positions

Period
2026-06-30

Filed 2026-08-10

Q/Q Activity
+3 / −1 / ↑22 / ↓8

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
ENVA7.6% · -2%CUBI5.8% · -2%LOCO5.0% · -2%MYE4.7% · -2%CLMB4.6% · +28%AVNW4.3% · -1%ACIC4.0% · -2%RM3.8% · -1%NPKI3.8% · -2%RGP3.4% · +15%TCBI3.4% · -2%DHX3.4% · -6%NBBK3.3% · -1%BBSI3.3% · +21%MGPI3.2% · +50%HRMY3.2% · -2%CMT3.1% · -2%MFIN3.0% · -2%EGY2.7% · -2%IBEX2.4% · newZUMZ2.3% · +71%ADTN2.3% · -45%NAGE1.8% · -1%FORR1.8% · +36%GCT1.8% · newGEOS1.8% · -0%EML1.7% · +186%MYFW1.7% · -2%FLNT1.3% · +0%RCKY1.1% · newBGSF1.0% · +0%OESX1.0% · +7%DLTH0.9% · -3%KTCC0.9% · +0%SLNG0.3% · +4%VPG0.1% · -99%PRIM0.1% · -21%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 47.1%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 17, 2026.

Assets Under Management
$314.0M
Discretionary
$314.0M
Employees
3
Accounts
50
Address
4700 TIETON DRIVE, SUITE C
YAKIMA, WA 98908-3480
Phone
(509) 965-6488
Website
Name Title / Status Ownership Type
DEZELLEM, WILLIAM, JOSEPH ControlPRESIDENT, CHIEF INVESTMENT OFFICER, CHIEF COMPLIANCE OFFICER & MANAGING MEMBER
since Jun 2005
75% or moreIndividual
DHANE, MATTHEW, WALTER ControlPORTFOLIO MANAGER, PRINCIPAL & MEMBER
since Jan 2014
10–25%Individual
Ownership & leadership changes · 2 filings with changes since Feb 2, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 20, 2019 filing
  • ChangedDEZELLEM, WILLIAM, JOSEPH · title CHIEF INVESTMENT OFFICER, PRESIDENT, CHIEF COMPLIANCE OFFICER & MANAGING MEMBER → PRESIDENT, CHIEF INVESTMENT OFFICER, CHIEF COMPLIANCE OFFICER & MANAGING MEMBER
Jan 21, 2014 filing
  • ChangedDHANE, MATTHEW, WALTER · title SENIOR RESEARCH ANALYST, PRINCIPAL & MEMBER → PORTFOLIO MANAGER, PRINCIPAL & MEMBER
Feb 2, 2012 filing (earliest on record)
  • ListedDEZELLEM, WILLIAM, JOSEPH · CHIEF INVESTMENT OFFICER, PRESIDENT, CHIEF COMPLIANCE OFFICER & MANAGING MEMBER · 75% or more · control person
  • ListedDHANE, MATTHEW, WALTER · SENIOR RESEARCH ANALYST, PRINCIPAL & MEMBER · 10–25% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 22 →

Top Trims

Show all 8 →

New Positions

Show all 3 →

Exited Positions

Show all 1 →

Tieton Capital Management, LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 Enova International ENVA 29357K103 $26.6M 7.64% 110,400 SH
2 Customers Bancorp CUBI 23204G100 $20.3M 5.83% 256,178 SH
3 El Pollo Loco Holdings LOCO 268603107 $17.5M 5.04% 1,033,917 SH
4 Myers Industries MYE 628464109 $16.3M 4.69% 462,230 SH
5 Climb Global Solutions CLMB 946760105 $15.9M 4.59% 687,131 SH
6 Aviat Networks AVNW 05366Y201 $15.0M 4.32% 676,440 SH
7 American Coastal Insurance ACIC 910710102 $13.9M 4.00% 1,254,880 SH
8 Regional Management RM 75902K106 $13.1M 3.77% 318,259 SH
9 NPK International NPKI 651718504 $13.1M 3.76% 820,845 SH
10 Resources Connection RGP 76122Q105 $12.0M 3.44% 2,817,636 SH
11 Texas Capital Bancshrs TCBI 88224Q107 $11.9M 3.42% 115,045 SH
12 DHI Group DHX 23331S100 $11.7M 3.38% 3,165,444 SH
13 NB Bancorp NBBK 63945M107 $11.6M 3.32% 546,600 SH
14 Barrett Business Services BBSI 068463108 $11.3M 3.26% 319,390 SH
15 MGP Ingredients MGPI 55303J106 $11.3M 3.24% 642,260 SH
16 Harmony Biosciences HRMY 413197104 $11.2M 3.21% 306,781 SH
17 Core Molding Tech CMT 218683100 $10.7M 3.07% 452,030 SH
18 Medallion Financial MFIN 583928106 $10.3M 2.96% 1,008,564 SH
19 VAALCO Energy EGY 91851C201 $9.3M 2.68% 1,835,340 SH
20 IBEX Limited IBEX G4690M101 $8.4M 2.40% 275,035 SH
21 Zumiez Inc ZUMZ 989817101 $7.9M 2.28% 445,863 SH
22 ADTRAN Holdings ADTN 00486H105 $7.9M 2.28% 570,542 SH
23 Niagen Bioscience NAGE 171077407 $6.4M 1.84% 2,008,470 SH
24 Forrester Research FORR 346563109 $6.4M 1.83% 757,476 SH
25 GigaCloud Technology GCT G38644103 $6.3M 1.80% 197,995 SH
26 Geospace Technologies GEOS 37364X109 $6.1M 1.77% 907,265 SH
27 Eastern Company EML 276317104 $6.0M 1.74% 217,210 SH
28 First Western Financial MYFW 33751L105 $6.0M 1.73% 187,274 SH
29 Fluent Inc FLNT 34380C201 $4.4M 1.26% 1,176,147 SH
30 Rocky Brands RCKY 774515100 $4.0M 1.15% 96,984 SH
31 BGSF Inc BGSF 05601C105 $3.6M 1.04% 633,407 SH
32 Orion Energy Systems OESX 686275207 $3.3M 0.96% 284,526 SH
33 Duluth Holdings DLTH 26443V101 $3.3M 0.94% 726,508 SH
34 Key Tronic Corp KTCC 493144109 $3.1M 0.90% 760,930 SH
35 Stabilis Solutions SLNG 85236P101 $950.0K 0.27% 234,505 SH
36 Vishay Precision Group VPG 92835K103 $347.0K 0.10% 2,315 SH
37 Primoris Services Corp PRIM 74164F103 $341.0K 0.10% 3,443 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-10 $347.8M 37 0001381954-26-000003
2026-03-31 2026-05-08 $298.6M 35 0001381954-26-000002
2025-12-31 2026-02-10 $292.4M 35 0001381954-26-000001
Filer Information
Address
4700 TIETON DRIVE, SUITE C
YAKIMA, WA 98908
Phone
(509) 965-6488
Filing Manager
Tieton Capital Management, LLC
YAKIMA, WA
Signatory
William Dezellem, CFA
President