CANNELL CAPITAL LLC
Long book
$154.0M
Q1 2026
Positions
35
Top-10 weight
55%
concentration
Last quarter
+11.9%
SPY +14.8%
Turnover
46%
of book per quarter
Strategy in plain words
auto-generated from filingsCANNELL CAPITAL LLC is a concentrated fundamental stock-picker, running a $154.0M US long book across 35 positions.
The portfolio is concentrated: the top 10 names carry 55% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: NORTH AMERICAN CONSTRUCTION, SNDL INC, ATEGRITY SPECIALTY HOLDINGS, NPK INTERNATIONAL INC, ETON PHARMACEUTICALS INC.
Over the last 9 quarters its long book ran on average 2pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-9.5%
Q2 2024
+11.4%
Q3 2024
+8.9%
Q4 2024
-13.2%
Q1 2025
+0.8%
Q2 2025
+21.9%
Q3 2025
-2.5%
Q4 2025
-7.4%
Q1 2026
+11.9%
Sector allocation
Financials 27%
Healthcare 17%
Energy 16%
Services media 10%
Other 8%
Materials 8%
Consumer discretionary 8%
Consumer staples 5%
Long book by quarter
What does CANNELL CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NOA NORTH AMERICAN CONSTRUCTION | Energy | 962.7K | $13.0M | 8.4% | -10.5% |
| SNDL SNDL INC | Materials | 8.8M | $11.6M | 7.5% | Held |
| ASIC ATEGRITY SPECIALTY HOLDINGS | Financials | 486.5K | $9.6M | 6.2% | +51.5% |
| NPKI NPK INTERNATIONAL INC | Services media | 654.7K | $9.5M | 6.2% | -30.4% |
| ETON ETON PHARMACEUTICALS INC | Healthcare | 342.0K | $8.4M | 5.5% | +57.7% |
| NGS NATURAL GAS SERVICES GROUP | Energy | 191.7K | $7.2M | 4.7% | -41.2% |
| GBLI GLOBAL INDEMNITY GROUP LLC-A | Financials | 257.4K | $7.0M | 4.5% | +31.4% |
| TPB TURNING POINT BRANDS INC | Consumer staples | 71.7K | $6.2M | 4.0% | +38.2% |
| GOLD GOLD.COM INC | Consumer discretionary | 150.1K | $6.0M | 3.9% | -34.1% |
| OSUR ORASURE TECHNOLOGIES INC | Healthcare | 2.0M | $6.0M | 3.9% | +2.5% |
| MDXG MIMEDX GROUP INC | Healthcare | 1.5M | $5.9M | 3.8% | +1.7% |
| OWLT OWLET INC | Other | 998.2K | $5.1M | 3.3% | +131.3% |
| LIFE ETHOS TECHNOLOGIES INC CL-A | Financials | 452.3K | $5.1M | 3.3% | New |
| GPGI GPGI INC | Financials | 238.2K | $4.1M | 2.6% | -34.6% |
| BBW BUILD-A-BEAR WORKSHOP INC | Consumer discretionary | 107.0K | $4.0M | 2.6% | +38.3% |
| APEI AMERICAN PUBLIC EDUCATION | Services media | 68.3K | $3.9M | 2.5% | -14.1% |
| LEE LEE ENTERPRISES | Other | 433.3K | $3.7M | 2.4% | +110.5% |
| VRCA VERRICA PHARMACEUTICALS INC | Healthcare | 685.1K | $3.6M | 2.4% | New |
| CVCO CAVCO INDUSTRIES INC | Other | 5.8K | $2.8M | 1.8% | -49.3% |
| HIPO HIPPO HOLDINGS INC | Financials | 96.6K | $2.5M | 1.6% | New |
| ROOT ROOT INC/OH -CLASS A | Financials | 52.3K | $2.3M | 1.5% | New |
| PNRG PRIMEENERGY RESOURCES CORP | Energy | 9.7K | $2.3M | 1.5% | Held |
| ARX ACCELERANT HOLDINGS-CL A | Financials | 156.1K | $2.1M | 1.4% | New |
| OPRT OPORTUN FINANCIAL CORP | Financials | 372.7K | $1.7M | 1.1% | New |
| NTIP NETWORK-1 TECHNOLOGIES INC | Financials | 1.1M | $1.6M | 1.1% | Held |
| DGICA DONEGAL GROUP INC-CL A | Financials | 82.9K | $1.4M | 0.9% | Held |
| CHGG CHEGG INC | Services media | 409.2K | $303K | 0.2% | New |
| REAL REALREAL INC/THE | Consumer discretionary | 27.5K | $250K | 0.2% | +70.5% |
| FLOC FLOWCO HOLDINGS INC-CL A | Industrials | 10.0K | $206K | 0.1% | New |
| SFIX STITCH FIX INC-CLASS A | Consumer discretionary | 53.3K | $176K | 0.1% | +106.4% |
| MAMA MAMA'S CREATIONS INC | Consumer staples | 10.8K | $166K | 0.1% | New |
| POWW OUTDOOR HOLDING CO | Services media | 35.3K | $71K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 41 | $162.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 51 | $206.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 58 | $656.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 15, 2025 | 58 | $334.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 51 | $300.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 52 | $487.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ARESTATEMENT | Feb 11, 2025 | 49 | $486.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 49 | $486.7M | SEC ↗ | |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 60 | $441.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 55 | $465.6M | canonical | SEC ↗ |
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