Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$266M in Q2 2013 → $145M 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 |
|---|---|---|---|---|
| NS Natures Sunshine Prods Inc | 37.1% | Unchanged | 2,473,686 | $53.9M |
| Cadre Holdings Inc | 23.6% | Added 4.8% | 1,205,000 | $34.4M |
| LB Lifecore Biomedical Inc | 17.0% | Unchanged | 4,703,216 | $24.7M |
| Dlh Holdings Corp | 13.3% | Unchanged | 3,681,421 | $19.3M |
| AE Agnico Eagle Miners Ltd | 3.7% | Unchanged | 35,000 | $5.43M |
| Quest Resource Holding Corp | 2.4% | Unchanged | 2,734,349 | $3.45M |
| Techprecision Corp | 1.6% | Unchanged | 433,605 | $2.27M |
| GX Global X Fds Global X Sil | 1.3% | Unchanged | 25,000 | $1.94M |
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 |
|---|---|---|---|---|
| Cadre Holdings Inc | Added | +55,000 | +$1.57M | 23.6% |
| Nn Inc | Exited | −28,128 | −$40.8K | — |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sunopta Inc | Exited | −1,975,784 | −$7.51M | — |
| Cadre Holdings Inc | Added | +140,000 | +$4.3M | 23.9% |
| Pan American Silver Corp | Exited | −20,000 | −$1.04M | — |
| Heritage Global Inc | Exited | −79,426 | −$98.5K | — |
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cadre Holdings Inc | Trimmed | −115,240 | −$4.71M | 23.2% |
| AE Agnico Eagle Miners Ltd | Trimmed | −15,000 | −$2.57M | 3.4% |
| Pan American Silver Corp | Trimmed | −15,000 | −$777K | 0.6% |
| GX Global X Fds Global X Sil | Trimmed | −5,000 | −$418K | 1.2% |
| Heritage Global Inc | Trimmed | −321,604 | −$399K | 0.1% |
| Telos Corporation | Exited | −50,000 | −$342K | — |
| AV American Vanguard Group Corp | Exited | −50,000 | −$287K | — |
| S&W Seed Co | Exited | −150,000 | −$52.5K | — |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AE Agnico Eagle Miners Ltd | Trimmed | −49,991 | −$8.43M | 5.1% |
| Telos Corporation | Trimmed | −350,000 | −$2.39M | 0.2% |
| GX Global X Fds Global X Sil | Trimmed | −20,000 | −$1.43M | 1.3% |
| Pan American Silver Corp | Trimmed | −15,000 | −$581K | 0.8% |
| Sono-tek | Exited | −50,950 | −$191K | — |
| S&W Seed Co | Trimmed | −73,718 | −$25.8K | — |
quarter ended June 30, 2025 · filed July 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AE Agnico Eagle Miners Ltd | Trimmed | −80,009 | −$9.52M | 7.0% |
| Pan American Silver Corp | Trimmed | −50,000 | −$1.42M | 0.8% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AE Agnico Eagle Miners Ltd | Trimmed | −310,000 | −$33.6M | 12.3% |
| Cadre Holdings Inc | Trimmed | −42,958 | −$1.27M | 21.1% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cadre Holdings Inc | Trimmed | −97,042 | −$3.13M | 17.2% |
| S&W Seed Co | New | +223,718 | +$1.79M | 0.8% |
| LB Lifecore Biomedical Inc | Trimmed | −215,763 | −$1.6M | 15.9% |
| S&W Seed Co | Exited | −4,250,636 | −$1.53M | — |
| GL Great Lakes Dredge & Dock Co | Exited | −90,000 | −$948K | — |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cadre Holdings Inc | Trimmed | −30,000 | −$1.14M | 21.4% |
| GL Great Lakes Dredge & Dock Co | Trimmed | −10,000 | −$105K | 0.4% |
| Heritage Global Inc | Trimmed | −45,000 | −$76.5K | 0.3% |
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