Ballast Asset Management, LP
Long book
$224.7M
Q1 2026
Positions
52
Top-10 weight
29%
concentration
Last quarter
+10.1%
SPY +14.8%
Turnover
4%
of book per quarter
Strategy in plain words
auto-generated from filingsBallast Asset Management, LP is an institutional manager, running a $224.7M US long book across 52 positions.
The portfolio is moderately concentrated (top 10 ≈ 29% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NATURAL RESOURCE PARTNERS LP, ECOVYST INC, AZZ INC, ROYAL GOLD INC, SOLARIS ENERGY INFRASTRUCTUR.
Over the last 9 quarters its long book ran on average 0.6pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-6.4%
Q2 2024
+8.5%
Q3 2024
+9.8%
Q4 2024
-8.0%
Q1 2025
+4.7%
Q2 2025
+12.7%
Q3 2025
+1.6%
Q4 2025
+2.2%
Q1 2026
+10.1%
Sector allocation
Industrials 32%
Financials 15%
Materials 15%
Technology 8%
Healthcare 6%
Other 6%
Energy 5%
Consumer discretionary 4%
Long book by quarter
What does Ballast Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NRP NATURAL RESOURCE PARTNERS LP | Materials | 75.9K | $9.2M | 4.1% | +5.1% |
| ECVT ECOVYST INC | Materials | 554.6K | $7.1M | 3.2% | +2.5% |
| AZZ AZZ INC | Industrials | 56.1K | $7.0M | 3.1% | +2.5% |
| RGLD ROYAL GOLD INC | Financials | 26.4K | $6.7M | 3.0% | +2.5% |
| SEI SOLARIS ENERGY INFRASTRUCTUR | Industrials | 115.9K | $6.5M | 2.9% | +2.5% |
| CLMB CLIMB GLOBAL SOLUTIONS INC | Consumer discretionary | 319.2K | $6.3M | 2.8% | +315.3% |
| CVCO CAVCO INDUSTRIES INC | Other | 12.1K | $5.9M | 2.6% | +2.6% |
| MBIN MERCHANTS BANCORP/IN | Financials | 136.6K | $5.9M | 2.6% | +2.5% |
| TPB TURNING POINT BRANDS INC | Consumer staples | 66.9K | $5.8M | 2.6% | +2.5% |
| CBNK CAPITAL BANCORP INC/MD | Financials | 189.8K | $5.6M | 2.5% | +2.7% |
| KOS KOSMOS ENERGY LTD | Energy | 2.0M | $5.6M | 2.5% | +11.4% |
| AGM FEDERAL AGRIC MTG CORP-CL C | Financials | 37.6K | $5.6M | 2.5% | +7.5% |
| PATK PATRICK INDUSTRIES INC | Industrials | 49.8K | $5.5M | 2.5% | +2.5% |
| LSTR LANDSTAR SYSTEM INC | Industrials | 34.2K | $5.5M | 2.4% | +2.5% |
| GEO GEO GROUP INC/THE | Industrials | 320.7K | $5.4M | 2.4% | +24.4% |
| CNR CORE NATURAL RESOURCES INC | Materials | 50.9K | $5.3M | 2.4% | +2.5% |
| BCO BRINK'S CO/THE | Industrials | 51.2K | $5.3M | 2.4% | +3.5% |
| TEX TEREX CORP | Industrials | 85.1K | $5.0M | 2.2% | +2.5% |
| EPSN EPSILON ENERGY LTD | Energy | 814.3K | $5.0M | 2.2% | +2.5% |
| GPGI GPGI INC | Financials | 290.4K | $5.0M | 2.2% | +2.5% |
| BELFB BEL FUSE INC-CL B | Technology | 23.7K | $4.7M | 2.1% | -43.5% |
| MTUS METALLUS INC | Industrials | 286.5K | $4.7M | 2.1% | +2.5% |
| KN KNOWLES CORP | Industrials | 171.0K | $4.4M | 2.0% | +2.2% |
| EXP EAGLE MATERIALS INC | Industrials | 22.0K | $4.2M | 1.9% | +2.4% |
| MLI MUELLER INDUSTRIES INC | Industrials | 37.3K | $4.1M | 1.8% | +27.8% |
| CCSI CONSENSUS CLOUD SOLUTION | Technology | 166.1K | $3.9M | 1.8% | +42.7% |
| MTG MGIC INVESTMENT CORP | Financials | 149.5K | $3.9M | 1.7% | +2.5% |
| ATNI ATN INTERNATIONAL INC | Communications | 137.6K | $3.7M | 1.7% | +12.4% |
| COLL COLLEGIUM PHARMACEUTICAL INC | Healthcare | 113.2K | $3.7M | 1.7% | +2.5% |
| HLMN HILLMAN SOLUTIONS CORP | Industrials | 445.8K | $3.7M | 1.7% | +6.2% |
| GSM FERROGLOBE PLC | Materials | 870.2K | $3.6M | 1.6% | +2.5% |
| IRMD IRADIMED CORP | Healthcare | 37.1K | $3.6M | 1.6% | +2.4% |
| BLCO BAUSCH + LOMB CORP | Healthcare | 219.6K | $3.5M | 1.6% | +2.4% |
| OZK BANK OZK | — | 72.3K | $3.3M | 1.5% | +8.6% |
| BRKR BRUKER CORP | Healthcare | 90.6K | $3.3M | 1.5% | +35.0% |
| G GENPACT LTD | Services media | 83.1K | $3.1M | 1.4% | +9.8% |
| RCMT RCM TECHNOLOGIES INC | Services media | 161.0K | $3.1M | 1.4% | +19.2% |
| CBT CABOT CORP | Other | 40.7K | $3.1M | 1.4% | +43.3% |
| IPGP IPG PHOTONICS CORP | Technology | 26.1K | $3.0M | 1.3% | -22.8% |
| DCI DONALDSON CO INC | Industrials | 35.1K | $3.0M | 1.3% | +2.5% |
| PHIN PHINIA INC | Industrials | 42.1K | $2.9M | 1.3% | +2.5% |
| IMKTA INGLES MARKETS INC-CLASS A | Consumer discretionary | 32.0K | $2.9M | 1.3% | +2.5% |
| ASIX ADVANSIX INC | Materials | 117.1K | $2.9M | 1.3% | +9.7% |
| GBTG GLOBAL BUSINESS TRAVEL GROUP | Industrials | 501.3K | $2.8M | 1.2% | +2.4% |
| QDEL QUIDELORTHO CORP | Materials | 146.0K | $2.4M | 1.1% | +47.8% |
| CASS CASS INFORMATION SYSTEMS INC | Services media | 51.3K | $2.3M | 1.0% | +2.5% |
| EXTR EXTREME NETWORKS INC | Technology | 139.7K | $2.1M | 0.9% | +2.5% |
| SPSC SPS COMMERCE INC | Technology | 37.4K | $2.1M | 0.9% | New |
| TRIP TRIPADVISOR INC | Technology | 183.4K | $2.0M | 0.9% | +2.5% |
| AMR ALPHA METALLURGICAL RESOURCE | Materials | 7.7K | $1.6M | 0.7% | +22.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 7, 2026 | 52 | $224.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 52 | $211.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 4, 2025 | 54 | $219.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 54 | $192.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 54 | $189.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 53 | $201.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 49 | $195.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 51 | $184.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 51 | $184.6M | canonical | SEC ↗ |
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