Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (31 quarters reported)
$95M in Q4 2018 → $187M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Fennec Pharmaceuticals Inc | 10.9% | Trimmed 24% | 1,889,366 | $20.3M |
| Epsilon Energy Ltd | 10.1% | Unchanged | 3,470,761 | $18.8M |
| Alpha Cognition Inc | 7.4% | Unchanged | 1,924,617 | $13.9M |
| Sonida Senior Living Inc | 7.4% | Trimmed 24% | 337,679 | $13.8M |
| Lee Enterprises Inc | 7.4% | Trimmed 8.0% | 1,549,944 | $13.7M |
| Insperity Inc | 6.2% | Added 12% | 281,852 | $11.6M |
| GO Grocery Outlet Hldg Corp | 6.1% | Trimmed 18% | 1,139,058 | $11.4M |
| Advansix Inc | 6.1% | Added 11% | 571,324 | $11.4M |
| Advance Auto Parts Inc | 5.6% | Unchanged | 169,163 | $10.5M |
| KH Kyndryl Hldgs Inc | 5.5% | Unchanged | 915,443 | $10.4M |
| Molina Healthcare Inc | 4.9% | Trimmed 41% | 40,219 | $9.2M |
| Euronet Worldwide Inc | 4.9% | Added 74% | 124,988 | $9.15M |
| Sanuwave Health Inc | 3.3% | Added 113% | 610,968 | $6.11M |
| SE Seaport Entmt Group Inc | 3.0% | Trimmed 4.5% | 212,892 | $5.66M |
| Burford Capital Limited | 2.7% | Added 23% | 1,210,944 | $4.96M |
| Maia Biotechnology Inc | 2.3% | Trimmed 29% | 3,030,845 | $4.36M |
| Enviri Corp | 2.2% | New | 183,333 | $4.02M |
| LB Luxexperience Bv | 1.4% | New | 344,529 | $2.56M |
| Alight Inc | 1.3% | Unchanged | 4,253,822 | $2.38M |
| MM Modular Med Inc | 1.1% | Added 52% | 438,095 | $1.97M |
| Hain Celestial Group Inc | 0.3% | Unchanged | 856,064 | $480K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Molina Healthcare Inc | Trimmed | −28,500 | −$6.52M | 4.9% |
| Fennec Pharmaceuticals Inc | Trimmed | −592,832 | −$6.37M | 10.9% |
| Sonida Senior Living Inc | Trimmed | −108,200 | −$4.41M | 7.4% |
| AS Algoma Stl Group Inc | Exited | −1,047,454 | −$4.33M | — |
| Enviri Corp | New | +183,333 | +$4.02M | 2.2% |
| Enviri Corp | Exited | −201,205 | −$3.95M | — |
| Euronet Worldwide Inc | Added | +53,000 | +$3.88M | 4.9% |
| Sanuwave Health Inc | Added | +323,454 | +$3.23M | 3.3% |
| LB Luxexperience Bv | New | +344,529 | +$2.56M | 1.4% |
| GO Grocery Outlet Hldg Corp | Trimmed | −256,127 | −$2.56M | 6.1% |
Showing the 10 largest of 18 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Lee Enterprises Inc | Added | +1,211,738 | +$10M | 8.0% |
| Primo Brands Corporation | Exited | −460,619 | −$7.53M | — |
| KH Kyndryl Hldgs Inc | Added | +507,809 | +$6.66M | 6.9% |
| Maia Biotechnology Inc | New | +4,297,004 | +$6.02M | 3.5% |
| GT Goodyear Tire & Rubr Co | Exited | −676,976 | −$5.93M | — |
| Green Plains Inc | Exited | −563,453 | −$5.52M | — |
| Burford Capital Limited | New | +980,944 | +$4.43M | 2.6% |
| Enviri Corp | New | +201,205 | +$3.95M | 2.3% |
| TN Terex Corp New | Exited | −71,663 | −$3.83M | — |
| Alight Inc | New | +4,253,822 | +$2.48M | 1.4% |
Showing the 10 largest of 28 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KH Kyndryl Hldgs Inc | New | +407,634 | +$10.8M | 6.1% |
| Regeneron Pharmaceuticals | Exited | −18,218 | −$10.2M | — |
| Zimvie Inc | Exited | −530,013 | −$10M | — |
| Primo Brands Corporation | New | +460,619 | +$7.53M | 4.3% |
| The Odp Corp | Exited | −264,097 | −$7.36M | — |
| Insperity Inc | New | +182,132 | +$7.05M | 4.0% |
| Euronet Worldwide Inc | New | +73,494 | +$5.59M | 3.2% |
| Green Plains Inc | New | +563,453 | +$5.52M | 3.1% |
| GO Grocery Outlet Hldg Corp | Added | +447,913 | +$4.52M | 6.4% |
| Alpha Cognition Inc | Added | +685,860 | +$4.46M | 7.3% |
Showing the 10 largest of 25 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Molina Healthcare Inc | New | +56,737 | +$10.9M | 6.6% |
| Walgreens Boots Alliance Inc | Exited | −771,300 | −$8.85M | — |
| Bristow Group Inc | Trimmed | −168,751 | −$6.09M | 1.8% |
| SE Seaport Entmt Group Inc | New | +232,238 | +$5.32M | 3.2% |
| GO Grocery Outlet Hldg Corp | Trimmed | −303,539 | −$4.87M | 6.6% |
| Advance Auto Parts Inc | Trimmed | −67,444 | −$4.14M | 5.5% |
| Sanuwave Health Inc | Trimmed | −95,387 | −$3.58M | 4.6% |
| The Odp Corp | Added | +122,952 | +$3.42M | 4.5% |
| Zimvie Inc | Trimmed | −156,621 | −$2.97M | 6.1% |
| Advansix Inc | Added | +72,135 | +$1.4M | 6.2% |
Showing the 10 largest of 21 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Advansix Inc | New | +449,006 | +$10.7M | 6.0% |
| PP Par Pac Holdings Inc | Exited | −693,577 | −$9.89M | — |
| Regeneron Pharmaceuticals | New | +18,594 | +$9.76M | 5.5% |
| Sanuwave Health Inc | Trimmed | −287,357 | −$9.44M | 5.5% |
| PH Petco Health & Wellness Co I | Exited | −3,000,000 | −$9.15M | — |
| AM Ardagh Metal Packaging S A | Exited | −3,013,910 | −$9.1M | — |
| Bristow Group Inc | New | +250,194 | +$8.25M | 4.6% |
| GT Goodyear Tire & Rubr Co | New | +705,784 | +$7.32M | 4.1% |
| Citi Trends Inc | Trimmed | −146,537 | −$4.89M | 0.1% |
| SW Sportsmans Whse Hldgs Inc | Trimmed | −1,220,795 | −$4.21M | 1.2% |
Showing the 10 largest of 26 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sanuwave Health Inc | New | +584,048 | +$20.7M | 11.6% |
| GO Grocery Outlet Hldg Corp | New | +982,515 | +$13.7M | 7.7% |
| PH Petco Health & Wellness Co I | New | +3,000,000 | +$9.15M | 5.1% |
| Walgreens Boots Alliance Inc | Trimmed | −330,000 | −$3.69M | 4.9% |
| AS Algoma Stl Group Inc | Added | +400,000 | +$2.17M | 4.5% |
| Advance Auto Parts Inc | Added | +47,911 | +$1.88M | 6.3% |
| PP Par Pac Holdings Inc | Trimmed | −101,423 | −$1.45M | 5.6% |
| AM Ardagh Metal Packaging S A | Trimmed | −347,468 | −$1.05M | 5.1% |
| MM Modular Med Inc | Added | +762,380 | +$827K | 2.0% |
| SW Sportsmans Whse Hldgs Inc | Added | +744,954 | +$741K | 1.0% |
Showing the 10 largest of 16 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KH Kyndryl Hldgs Inc | Trimmed | −699,460 | −$24.2M | 0.6% |
| PP Par Pac Holdings Inc | Added | +641,423 | +$10.5M | 8.7% |
| Alpha Cognition Inc | New | +1,393,328 | +$8.1M | 5.4% |
| Vestis Corporation | Trimmed | −521,604 | −$7.95M | 0.4% |
| MI Mercer Intl Inc | New | +1,077,000 | +$7M | 4.6% |
| Fennec Pharmaceuticals Inc | Added | +327,383 | +$2.07M | 9.4% |
| Sonida Senior Living Inc | Trimmed | −74,000 | −$1.71M | 7.8% |
| Contextlogic Inc | Added | +231,126 | +$1.62M | 1.7% |
| Walgreens Boots Alliance Inc | Trimmed | −167,767 | −$1.57M | 6.9% |
| AM Ardagh Metal Packaging S A | Added | +330,000 | +$993K | 6.7% |
Showing the 10 largest of 17 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AC The Aarons Company Inc | Exited | −1,221,910 | −$12.2M | — |
| US U S Silica Hldgs Inc | Exited | −775,000 | −$12M | — |
| Vista Outdoor Inc | Exited | −307,693 | −$11.6M | — |
| Liberty Latin America Ltd | Exited | −1,070,065 | −$10.3M | — |
| CR California Res Corp | Exited | −140,000 | −$7.45M | — |
| AS Algoma Stl Group Inc | Trimmed | −715,523 | −$7.32M | 7.1% |
| Zimvie Inc | Added | +384,655 | +$6.1M | 4.5% |
| Advance Auto Parts Inc | Added | +94,000 | +$3.67M | 5.9% |
| Fennec Pharmaceuticals Inc | Added | +583,536 | +$2.92M | 6.8% |
| PP Par Pac Holdings Inc | New | +153,577 | +$2.7M | 1.9% |
Showing the 10 largest of 17 changes.
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