# EDGAR Filing Document

**Accession Number:** 0001224014
**File Stem:** 0001172661-23-000922
**Filing Date:** 2023-2
**Character Count:** 10169
**Document Hash:** 00503c6e13072dba99a5bb2665d733bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-000922.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001172661-23-000922

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOWLE & CO
- **CENTRAL INDEX KEY:** 0001224014
- **IRS NUMBER:** 431238562
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10640
- **FILM NUMBER:** 23623736

**BUSINESS ADDRESS:**
- **STREET 1:** 50 S. STEELE ST.
- **STREET 2:** SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80209
- **BUSINESS PHONE:** 3148220204

**MAIL ADDRESS:**
- **STREET 1:** 50 S. STEELE ST.
- **STREET 2:** SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80209

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** TOWLE  CO<br>**Address:** 50 S. Steele St.<br>Suite 1000<br>Denver, CO 80209

**Form 13F File Number:** 028-10640

**CRD Number (if applicable):** 000110862

**SEC File Number (if applicable):** 801-16622

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Christopher D. Towle<br>**Title:** President and CEO; Portfolio Manager<br>**Phone:** 303-731-2494

**Signature, Place, and Date of Signing:**

/s/ Christopher D. Towle  Denver, CO  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 64

**Form 13F Information Table Value Total:** $747997891

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 1 800 FLOWERS COM INC | CL A | 68243Q106 |  | 1470137 | 153780 | SH |  | SOLE |  | 153780 | 0 | 0 |
| ADIENT PLC | ORD SHS | G0084W101 |  | 23381372 | 674009 | SH |  | SOLE |  | 579539 | 0 | 94470 |
| ALASKA AIR GROUP INC | COM | 011659109 |  | 18839539 | 438741 | SH |  | SOLE |  | 354291 | 0 | 84450 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 685250 | 33040 | SH |  | SOLE |  | 33040 | 0 | 0 |
| ALGOMA STL GROUP INC | COM | 015658107 |  | 10998315 | 1734750 | SH |  | SOLE |  | 1734750 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 |  | 19936799 | 815411 | SH |  | SOLE |  | 653521 | 0 | 161890 |
| ARCBEST CORP | COM | 03937C105 |  | 991766 | 14160 | SH |  | SOLE |  | 14160 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L203 |  | 700074 | 26700 | SH |  | SOLE |  | 26700 | 0 | 0 |
| ARGO GROUP INTL HLDGS LTD | COM | G0464B107 |  | 11407295 | 441288 | SH |  | SOLE |  | 365768 | 0 | 75520 |
| ARROW ELECTRS INC | COM | 042735100 |  | 17742392 | 169670 | SH |  | SOLE |  | 136720 | 0 | 32950 |
| AVNET INC | COM | 053807103 |  | 23708500 | 570190 | SH |  | SOLE |  | 474710 | 0 | 95480 |
| BLUELINX HLDGS INC | COM NEW | 09624H208 |  | 819898 | 11530 | SH |  | SOLE |  | 11530 | 0 | 0 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 916058 | 13340 | SH |  | SOLE |  | 13340 | 0 | 0 |
| CALERES INC | COM | 129500104 |  | 860008 | 38600 | SH |  | SOLE |  | 38600 | 0 | 0 |
| CHICOS FAS INC | COM | 168615102 |  | 988084 | 200830 | SH |  | SOLE |  | 200830 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 28534032 | 1771200 | SH |  | SOLE |  | 1508220 | 0 | 262980 |
| CONSTELLIUM SE | CL A SHS | F21107101 |  | 1068841 | 90350 | SH |  | SOLE |  | 90350 | 0 | 0 |
| CONTAINER STORE GROUP INC | COM | 210751103 |  | 924064 | 214400 | SH |  | SOLE |  | 214400 | 0 | 0 |
| CROSS CTRY HEALTHCARE INC | COM | 227483104 |  | 1078211 | 40580 | SH |  | SOLE |  | 40580 | 0 | 0 |
| DANA INC | COM | 235825205 |  | 25142459 | 1661762 | SH |  | SOLE |  | 1430212 | 0 | 231550 |
| DELEK US HLDGS INC NEW | COM | 24665A103 |  | 23343390 | 864570 | SH |  | SOLE |  | 727440 | 0 | 137130 |
| DESIGNER BRANDS INC | CL A | 250565108 |  | 21379559 | 2186049 | SH |  | SOLE |  | 1871819 | 0 | 314230 |
| DXC TECHNOLOGY CO | COM | 23355L106 |  | 25538448 | 963715 | SH |  | SOLE |  | 782665 | 0 | 181050 |
| EASTMAN KODAK CO | COM NEW | 277461406 |  | 462838 | 151750 | SH |  | SOLE |  | 151750 | 0 | 0 |
| FOOT LOCKER INC | COM | 344849104 |  | 27640815 | 731432 | SH |  | SOLE |  | 631082 | 0 | 100350 |
| FORD MTR CO DEL | COM | 345370860 |  | 628834 | 54070 | SH |  | SOLE |  | 54070 | 0 | 0 |
| G III APPAREL GROUP LTD | COM | 36237H101 |  | 498359 | 36350 | SH |  | SOLE |  | 36350 | 0 | 0 |
| GAP INC | COM | 364760108 |  | 29927532 | 2653150 | SH |  | SOLE |  | 2272180 | 0 | 380970 |
| GENERAL MTRS CO | COM | 37045V100 |  | 793568 | 23590 | SH |  | SOLE |  | 23590 | 0 | 0 |
| GROUP 1 AUTOMOTIVE INC | COM | 398905109 |  | 1109276 | 6150 | SH |  | SOLE |  | 6150 | 0 | 0 |
| HAWAIIAN HOLDINGS INC | COM | 419879101 |  | 12641962 | 1232160 | SH |  | SOLE |  | 991570 | 0 | 240590 |
| HF SINCLAIR CORP | COM | 403949100 |  | 29469576 | 567924 | SH |  | SOLE |  | 476344 | 0 | 91580 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 24846891 | 179180 | SH |  | SOLE |  | 179180 | 0 | 0 |
| JELD-WEN HLDG INC | COM | 47580P103 |  | 19114045 | 1980730 | SH |  | SOLE |  | 1635470 | 0 | 345260 |
| LA Z BOY INC | COM | 505336107 |  | 882449 | 38670 | SH |  | SOLE |  | 38670 | 0 | 0 |
| LIBERTY ENERGY INC | COM CL A | 53115L104 |  | 33762368 | 2108830 | SH |  | SOLE |  | 1749490 | 0 | 359340 |
| LITHIA MTRS INC | COM | 536797103 |  | 827150 | 4040 | SH |  | SOLE |  | 4040 | 0 | 0 |
| M/I HOMES INC | COM | 55305B101 |  | 24276272 | 525688 | SH |  | SOLE |  | 447118 | 0 | 78570 |
| MACYS INC | COM | 55616P104 |  | 24564476 | 1189563 | SH |  | SOLE |  | 1024453 | 0 | 165110 |
| MCKESSON CORP | COM | 58155Q103 |  | 1706796 | 4550 | SH |  | SOLE |  | 4550 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 1172281 | 3550 | SH |  | SOLE |  | 3550 | 0 | 0 |
| OWENS  MINOR INC NEW | COM | 690732102 |  | 506218 | 25920 | SH |  | SOLE |  | 25920 | 0 | 0 |
| PATRICK INDS INC | COM | 703343103 |  | 1258662 | 20770 | SH |  | SOLE |  | 20770 | 0 | 0 |
| PBF ENERGY INC | CL A | 69318G106 |  | 31725168 | 777959 | SH |  | SOLE |  | 647889 | 0 | 130070 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 1152748 | 10030 | SH |  | SOLE |  | 10030 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 1194838 | 11480 | SH |  | SOLE |  | 11480 | 0 | 0 |
| POSCO HOLDINGS INC | SPONSORED ADR | 693483109 |  | 838293 | 15390 | SH |  | SOLE |  | 15390 | 0 | 0 |
| PROPETRO HLDG CORP | COM | 74347M108 |  | 24626261 | 2374760 | SH |  | SOLE |  | 1962430 | 0 | 412330 |
| PVH CORPORATION | COM | 693656100 |  | 25251455 | 357720 | SH |  | SOLE |  | 300550 | 0 | 57170 |
| RYERSON HLDG CORP | COM | 783754104 |  | 813086 | 26870 | SH |  | SOLE |  | 26870 | 0 | 0 |
| SCHNITZER STEEL INDS INC | CL A | 806882106 |  | 753684 | 24590 | SH |  | SOLE |  | 24590 | 0 | 0 |
| SMART GLOBAL HLDGS INC | SHS | G8232Y101 |  | 1018090 | 68420 | SH |  | SOLE |  | 68420 | 0 | 0 |
| SPORTSMANS WHSE HLDGS INC | COM | 84920Y106 |  | 16296332 | 1731810 | SH |  | SOLE |  | 1442120 | 0 | 289690 |
| STELLANTIS N.V | SHS | N82405106 |  | 20981068 | 1477540 | SH |  | SOLE |  | 1238460 | 0 | 239080 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 23898506 | 728613 | SH |  | SOLE |  | 728613 | 0 | 0 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 |  | 21843502 | 719720 | SH |  | SOLE |  | 615860 | 0 | 103860 |
| TERNIUM SA | SPONSORED ADS | 880890108 |  | 748720 | 24500 | SH |  | SOLE |  | 24500 | 0 | 0 |
| TIMKENSTEEL CORPORATION | COM | 887399103 |  | 1136715 | 62560 | SH |  | SOLE |  | 62560 | 0 | 0 |
| TRINSEO PLC | SHS | G9059U107 |  | 26138620 | 1150974 | SH |  | SOLE |  | 981944 | 0 | 169030 |
| UNITED NAT FOODS INC | COM | 911163103 |  | 26367704 | 681160 | SH |  | SOLE |  | 570540 | 0 | 110620 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 1399266 | 11030 | SH |  | SOLE |  | 11030 | 0 | 0 |
| VERITIV CORP | COM | 923454102 |  | 976114 | 8020 | SH |  | SOLE |  | 8020 | 0 | 0 |
| VICTORIAS SECRET AND CO | COMMON STOCK | 926400102 |  | 23505313 | 656940 | SH |  | SOLE |  | 566410 | 0 | 90530 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 787549 | 21080 | SH |  | SOLE |  | 21080 | 0 | 0 |

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