RAFFLES ASSOCIATES LP
Long book
$115.3M
Q1 2026
Positions
49
Top-10 weight
61%
concentration
Last quarter
+7.5%
SPY +14.8%
Turnover
25%
of book per quarter
Strategy in plain words
auto-generated from filingsRAFFLES ASSOCIATES LP is a concentrated fundamental stock-picker, running a $115.3M US long book across 49 positions.
The portfolio is concentrated: the top 10 names carry 61% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: SOUTHERN MISSOURI BANCORP, LINEAGE CELL THERAPEUTICS IN, EASTERN BANKSHARES INC, COMMERCIAL BANCGROUP INC, PROVIDENT FINANCIAL HLDGS.
Over the last 9 quarters its long book ran on average 0.2pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.1%
Q2 2024
+10.6%
Q3 2024
-4.9%
Q4 2024
-5.5%
Q1 2025
+13.3%
Q2 2025
+17.2%
Q3 2025
+6.3%
Q4 2025
+0.2%
Q1 2026
+7.5%
Sector allocation
Financials 57%
Materials 13%
Healthcare 12%
Communications 6%
Services media 3%
Consumer discretionary 3%
Technology 3%
Industrials 2%
Long book by quarter
What does RAFFLES ASSOCIATES own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SMBC SOUTHERN MISSOURI BANCORP | Financials | 222.9K | $14.3M | 12.4% | -1.1% |
| LCTX LINEAGE CELL THERAPEUTICS IN | Healthcare | 5.4M | $8.5M | 7.4% | Held |
| EBC EASTERN BANKSHARES INC | Financials | 394.8K | $7.7M | 6.7% | +9.7% |
| CBK COMMERCIAL BANCGROUP INC | Financials | 248.3K | $6.5M | 5.6% | -0.7% |
| PROV PROVIDENT FINANCIAL HLDGS | Financials | 391.1K | $6.3M | 5.5% | 0.0% |
| IE IVANHOE ELECTRIC INC / US | Materials | 532.1K | $6.3M | 5.5% | -7.2% |
| OFG OFG BANCORP | Financials | 140.1K | $5.7M | 4.9% | +16.7% |
| GLIBK LIBERTY CAPITAL CORP-CL C | Communications | 146.2K | $5.4M | 4.7% | +5.8% |
| VZLA VIZSLA SILVER CORP | Materials | 1.5M | $5.0M | 4.3% | -9.1% |
| AFBI AFFINITY BANCSHARES INC | Financials | 198.8K | $4.4M | 3.8% | Held |
| VMD VIEMED HEALTHCARE INC | Healthcare | 413.7K | $3.8M | 3.3% | -1.0% |
| COSO COASTAL SOUTH BANCSHARES INC | Financials | 121.3K | $3.0M | 2.6% | Held |
| ASLE AERSALE CORP | Consumer discretionary | 460.0K | $2.9M | 2.5% | -4.2% |
| JOB GEE GROUP INC | Services media | 9.4M | $2.3M | 2.0% | -0.6% |
| ESOA ENERGY SERVICES OF AMERICA | Industrials | 170.4K | $2.2M | 1.9% | -14.5% |
| MAYS MAYS (J.W.) INC | Real estate | 44.4K | $1.8M | 1.5% | Held |
| PERI PERION NETWORK LTD | Technology | 170.3K | $1.7M | 1.5% | +79.2% |
| MBBC MARATHON BANCORP INC | Financials | 107.7K | $1.5M | 1.3% | Held |
| NECB NORTHEAST COMMUNITY BANCORP | Financials | 59.5K | $1.4M | 1.2% | Held |
| CTGO CONTANGO SILVER & GOLD INC | Materials | 71.4K | $1.3M | 1.2% | Held |
| FBLA FB BANCORP INC | Financials | 97.1K | $1.3M | 1.2% | Held |
| NSTS NSTS BANCORP INC | Financials | 93.8K | $1.1M | 0.9% | Held |
| FNWD FINWARD BANCORP | Financials | 26.6K | $965K | 0.8% | Held |
| NSSC NAPCO SECURITY TECHNOLOGIES | Technology | 24.4K | $962K | 0.8% | Held |
| TIPT TIPTREE INC | Financials | 55.8K | $944K | 0.8% | +36.8% |
| VABK VIRGINIA NATIONAL BANKSHARES | Financials | 18.8K | $719K | 0.6% | -0.1% |
| FBP FIRST BANCORP PUERTO RICO | Financials | 31.9K | $681K | 0.6% | -76.0% |
| NXE NEXGEN ENERGY LTD | Materials | 50.0K | $580K | 0.5% | -71.4% |
| ABTC AMERICAN BITCOIN CORP-A | Financials | 555.0K | $513K | 0.4% | -20.7% |
| SIRI SIRIUS XM HOLDINGS INC | Communications | 19.2K | $443K | 0.4% | Held |
| KELYA KELLY SERVICES INC -A | Services media | 50.0K | $443K | 0.4% | -42.4% |
| NWFL NORWOOD FINANCIAL CORP | Financials | 12.4K | $366K | 0.3% | Held |
| HYNE HOYNE BANCORP INC | Financials | 23.9K | $346K | 0.3% | Held |
| NBBK NB BANCORP INC | Financials | 14.9K | $313K | 0.3% | -47.6% |
| IAUX I-80 GOLD CORP | Materials | 195.0K | $296K | 0.3% | Held |
| UBCP UNITED BANCORP INC/OHIO | Financials | 17.7K | $269K | 0.2% | Held |
| ECBK ECB BANCORP INC | Financials | 13.4K | $224K | 0.2% | -6.0% |
| HHS HARTE-HANKS INC | Services media | 87.8K | $199K | 0.2% | 0.0% |
| FMNB FARMERS NATL BANC CORP | Financials | 15.0K | $197K | 0.2% | New |
| CLST CATALYST BANCORP INC | Financials | 10.6K | $175K | 0.2% | Held |
| AP AMPCO-PITTSBURGH CORP | Industrials | 15.0K | $101K | 0.1% | New |
| AWX AVALON HOLDINGS CORP-A | Utilities | 25.2K | $65K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 49 | $115.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 54 | $133.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 49 | $107.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 15, 2025 | 48 | $96.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 43 | $82.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 49 | $92.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 48 | $97.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 52 | $88.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 51 | $86.1M | canonical | SEC ↗ |
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