CIK 1058854
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. 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.
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.
| Industry group | Weight | Names |
|---|---|---|
| Insurance | 19.49% | 7 |
| Pharmaceuticals & Biotechnology | 15.34% | 3 |
| Oil, Gas & Consumable Fuels | 14.58% | 3 |
| Unclassified | 10.47% | 3 |
| Health Care Equipment & Supplies | 7.74% | 2 |
| Commercial Services & Supplies | 6.20% | 2 |
| Tobacco | 4.04% | 1 |
| Distributors | 3.90% | 1 |
| Banks | 3.76% | 2 |
| Technology Hardware & Equipment | 3.33% | 1 |
| Specialty Retail | 2.88% | 3 |
| Diversified Consumer Services | 2.72% | 2 |
| Media & Publishing | 2.42% | 1 |
| Paper & Forest Products | 1.81% | 1 |
| Capital Markets | 1.07% | 1 |
| Machinery | 0.13% | 1 |
| Food Products | 0.11% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | NOA | North American Construction Group Ltd. | Energy | 8.42% |
| 2 | SNDL | SNDL Inc. | Health Care | 7.51% |
| 3 | ASIC | Ategrity Specialty Insurance Co Holdings | Financials | 6.24% |
| 4 | NPKI | NPK International Inc. | Industrials | 6.16% |
| 5 | ETON | Eton Pharmaceuticals, Inc. | Health Care | 5.48% |
| 6 | NGS | NATURAL GAS SERVICES GROUP INC | Energy | 4.70% |
| 7 | GBLI | Global Indemnity Group, LLC | Financials | 4.55% |
| 8 | CHEGG INC | Unclassified | 4.29% | |
| 9 | TPB | Turning Point Brands, Inc. | Consumer Staples | 4.04% |
| 10 | GOLD | Gold.com, Inc. | Consumer Discretionary | 3.90% |
32/35 names classified · sector 89.5% of weight · industry 89.5% · mkt cap 87.3%; unclassified names shown, never dropped.
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: 89.5% of the book is sector-classified (unclassified names shown, never dropped).
Only 43% of book weight classified — the grid is NOT representative of the whole book.
Classified: 42.6% of book weight (15/34 names) · unclassified 57.4%: NOA, , SNDL, ASIC, ETON, OSUR, OWLT, LIFE, SJT, LEE +9 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | NOANORTH AMERN CONSTR GROUP LTD | 962,731 | $13M | 8.4% | TRIM −10% |
| 2 | SNDLSNDL INC | 8,761,155 | $12M | 7.5% | HOLD |
| 3 | ASICATEGRITY SPECIALTY IN CO HO | 486,504 | $10M | 6.2% | ADD 51% |
| 4 | NPKINPK INTERNATIONAL INC | 654,689 | $9M | 6.2% | TRIM −30% |
| 5 | ETONETON PHARMACEUTICALS INC | 341,985 | $8M | 5.5% | ADD 58% |
| 6 | NGSNATURAL GAS SVCS GROUP INC | 191,681 | $7M | 4.7% | TRIM −41% |
| 7 | GBLIGLOBAL INDEMNITY GROUP LLC | 257,360 | $7M | 4.5% | ADD 31% |
| 8 | CHEGG INC | 6,914,000 | $7M | 4.3% | ADD 179% |
| 9 | TPBTURNING PT BRANDS INC | 71,692 | $6M | 4.0% | ADD 38% |
| 10 | GOLDGOLD COM INC | 150,066 | $6M | 3.9% | TRIM −34% |
| 11 | OSURORASURE TECHNOLOGIES INC | 2,003,271 | $6M | 3.9% | ADD 3% |
| 12 | MDXGMIMEDX GROUP INC | 1,497,186 | $6M | 3.8% | HOLD |
| 13 | CALAVO GROWERS INC | 199,750 | $5M | 3.3% | ADD 26% |
| 14 | OWLTOWLET INC | 998,165 | $5M | 3.3% | ADD 131% |
| 15 | LIFEETHOS TECHNOLOGIES INC | 452,337 | $5M | 3.3% | NEW |
| 16 | SJTSAN JUAN BASIN RTY TR | 909,463 | $4M | 2.8% | ADD 9% |
| 17 | GPGIGPGI INC | 238,175 | $4M | 2.6% | TRIM −35% |
| 18 | BBWBUILD-A-BEAR WORKSHOP INC | 107,035 | $4M | 2.6% | ADD 38% |
| 19 | APEIAMERICAN PUB ED INC | 68,329 | $4M | 2.5% | TRIM −14% |
| 20 | LEELEE ENTERPRISES INC | 433,281 | $4M | 2.4% | ADD 110% |
| 21 | VRCAVERRICA PHARMACEUTICALS INC | 685,123 | $4M | 2.4% | NEW |
| 22 | CVCOCAVCO INDS INC DEL | 5,759 | $3M | 1.8% | TRIM −49% |
| 23 | HIPOHIPPO HLDGS INC | 96,642 | $3M | 1.6% | NEW |
| 24 | ROOTROOT INC | 52,331 | $2M | 1.5% | NEW |
| 25 | PNRGPRIMEENERGY RESOURCES CORP | 9,670 | $2M | 1.5% | HOLD |
| 26 | ARXACCELERANT HOLDINGS | 156,149 | $2M | 1.4% | NEW |
| 27 | OPRTOPORTUN FINL CORP | 372,697 | $2M | 1.1% | NEW |
| 28 | NTIPNETWORK-1 TECHNOLOGIES INC | 1,141,975 | $2M | 1.1% | HOLD |
| 29 | DGICADONEGAL GROUP INC | 82,939 | $1M | 0.9% | HOLD |
| 30 | CHGGCHEGG INC | 409,236 | $303,367 | 0.2% | NEW |
| 31 | REALTHE REALREAL INC | 27,504 | $249,736 | 0.2% | ADD 70% |
| 32 | FLOCFLOWCO HLDGS INC | 10,000 | $206,000 | 0.1% | NEW |
| 33 | SFIXSTITCH FIX INC | 53,268 | $176,317 | 0.1% | ADD 106% |
| 34 | MAMAMAMAS CREATIONS INC | 10,799 | $165,657 | 0.1% | NEW |
| 35 | POWWOUTDOOR HOLDING CO | 35,315 | $70,983 | 0.0% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| NOANORTH AMERN CONSTR GROUP LTD | 1.7M | 1.8M | 1.5M | 1.3M | 1.1M | 963K | $13M |
| SNDLSNDL INC | 10.2M | 9.0M | 9.0M | 9.0M | 8.8M | 8.8M | $12M |
| ASICATEGRITY SPECIALTY IN CO HO | — | — | 10K | 142K | 321K | 487K | $10M |
| NPKINPK INTERNATIONAL INC | — | — | 1.5M | 1.5M | 941K | 655K | $9M |
| ETONETON PHARMACEUTICALS INC | 381K | 691K | 388K | 455K | 217K | 342K | $8M |
| NGSNATURAL GAS SVCS GROUP INC | — | 87K | 332K | 359K | 326K | 192K | $7M |
| GBLIGLOBAL INDEMNITY GROUP LLC | 246K | 278K | 282K | 282K | 196K | 257K | $7M |
| CHEGG INC | — | — | — | — | 2.5M | 6.9M | $7M |
| TPBTURNING PT BRANDS INC | — | 17K | 60K | 180K | 52K | 72K | $6M |
| GOLDGOLD COM INC | 59K | 187K | 228K | 190K | 228K | 150K | $6M |
| OSURORASURE TECHNOLOGIES INC | 1.5M | 1.4M | 1.9M | 2.1M | 2.0M | 2.0M | $6M |
| MDXGMIMEDX GROUP INC | 3.6M | 2.1M | 2.1M | 2.0M | 1.5M | 1.5M | $6M |
| CALAVO GROWERS INC | — | — | — | — | 158K | 200K | $5M |
| OWLTOWLET INC | — | — | — | — | 432K | 998K | $5M |
| LIFEETHOS TECHNOLOGIES INC | — | — | — | — | — | 452K | $5M |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Where this firm's principals came from and which firms its alumni went on to found.
