SMH CAPITAL ADVISORS INC
Long book
$32.9M
Q1 2026
Positions
38
Top-10 weight
71%
concentration
Last quarter
+11.7%
SPY +14.8%
Turnover
40%
of book per quarter
Strategy in plain words
auto-generated from filingsSMH CAPITAL ADVISORS INC is a concentrated fundamental stock-picker, running a $32.9M US long book across 38 positions.
The portfolio is concentrated: the top 10 names carry 71% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: CAPITAL SOUTHWEST CORP, TRINITY CAPITAL INC, CAPITAL SOUTHWEST CORP, VICI PROPERTIES INC, RIOT PLATFORMS INC.
Over the last 9 quarters its long book ran on average 0.8pp per quarter behind the S&P 500, beating the index in 3 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
+1.9%
Q2 2024
+13.7%
Q3 2024
+0.7%
Q4 2024
+1.8%
Q1 2025
+0.4%
Q2 2025
+5.1%
Q3 2025
-0.7%
Q4 2025
-1.9%
Q1 2026
+11.7%
Sector allocation
Other 63%
Financials 22%
Energy 10%
Consumer discretionary 6%
Long book by quarter
What does SMH CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TRIN TRINITY CAPITAL INC | — | 2.5K | $2.5M | 7.6% | -98.5% |
| CSWC CAPITAL SOUTHWEST CORP | — | 1.7K | $1.7M | 5.3% | -97.8% |
| SM SM ENERGY CO | Energy | 1.2K | $1.2M | 3.5% | New |
| PSEC PROSPECT CAPITAL CORP | — | 1.1K | $1.1M | 3.4% | -99.7% |
| MAIN MAIN STREET CAPITAL CORP | — | 1.0K | $1.0M | 3.0% | -94.7% |
| CG CARLYLE GROUP INC/THE | Financials | 911 | $911K | 2.8% | -95.2% |
| OWL BLUE OWL CAPITAL INC | Financials | 795 | $795K | 2.4% | -98.8% |
| HTGC HERCULES CAPITAL INC | — | 607 | $607K | 1.8% | -98.5% |
| DKS DICK'S SPORTING GOODS INC | Consumer discretionary | 403 | $403K | 1.2% | -80.2% |
| HASI HA SUSTAINABLE INFRASTRUCTUR | Financials | 318 | $318K | 1.0% | -96.3% |
| WT WISDOMTREE INC | Financials | 275 | $275K | 0.8% | -98.5% |
| CGBD CARLYLE SECURED LENDING INC | — | 242 | $242K | 0.7% | -98.9% |
| EZPW EZCORP INC-CL A | Consumer discretionary | 232 | $232K | 0.7% | New |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 211 | $211K | 0.6% | -88.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 10, 2026 | 38 | $32.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 55 | $49.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 51 | $49.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 6, 2025 | 46 | $44.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 8, 2025 | 45 | $43.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 45 | $41.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 47 | $32.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 49 | $32.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 48 | $37.1M | canonical | SEC ↗ |
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