SMH CAPITAL ADVISORS INC
Long book
$35.4M
Q1 2026
Positions
56
Top-10 weight
66%
concentration
Last quarter
+18.6%
SPY +18.6%
Turnover
27%
of book per quarter
Strategy in plain words
auto-generated from filingsSMH CAPITAL ADVISORS INC is a concentrated fundamental stock-picker, running a $35.4M US long book across 56 positions.
The portfolio is concentrated: the top 10 names carry 66% 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 0.5pp 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
+18.6%
Sector allocation
Other 63%
Financials 21%
Energy 11%
Consumer discretionary 5%
Long book by quarter
What does SMH CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TRIN TRINITY CAPITAL INC | — | 171.1K | $2.5M | 7.1% | +0.2% |
| CSWC CAPITAL SOUTHWEST CORP | — | 78.4K | $1.7M | 4.9% | -0.1% |
| SM SM ENERGY CO | Energy | 37.4K | $1.2M | 3.3% | New |
| PSEC PROSPECT CAPITAL CORP | — | 426.4K | $1.1M | 3.1% | 0.0% |
| MAIN MAIN STREET CAPITAL CORP | — | 18.9K | $1.0M | 2.8% | 0.0% |
| CG CARLYLE GROUP INC/THE | Financials | 18.8K | $911K | 2.6% | -0.3% |
| OWL BLUE OWL CAPITAL INC | Financials | 87.1K | $795K | 2.2% | +28.5% |
| HTGC HERCULES CAPITAL INC | — | 41.1K | $607K | 1.7% | Held |
| DKS DICK'S SPORTING GOODS INC | Consumer discretionary | 2.0K | $403K | 1.1% | Held |
| HASI HA SUSTAINABLE INFRASTRUCTUR | Financials | 8.7K | $318K | 0.9% | -0.2% |
| WT WISDOMTREE INC | Financials | 18.9K | $275K | 0.8% | +5.6% |
| CGBD CARLYLE SECURED LENDING INC | — | 22.1K | $242K | 0.7% | Held |
| EZPW EZCORP INC-CL A | Consumer discretionary | 9.1K | $232K | 0.7% | New |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 1.9K | $211K | 0.6% | +1.1% |
| ARCC ARES CAPITAL CORP | — | 11.0K | $198K | 0.6% | New |
| HPK HIGHPEAK ENERGY INC | Energy | 28.4K | $196K | 0.6% | -58.5% |
| CCAP CRESCENT CAPITAL BDC INC | — | 15.0K | $182K | 0.5% | New |
| OBDC BLUE OWL CAPITAL CORP | — | 10.5K | $116K | 0.3% | New |
| GROW U.S. GLOBAL INVESTORS INC-A | Financials | 41.1K | $102K | 0.3% | +0.1% |
| CION CION INVESTMENT CORP | — | 14.6K | $100K | 0.3% | New |
| RWAY RUNWAY GROWTH FINANCE CORP | — | 14.0K | $96K | 0.3% | New |
| NMFC NEW MOUNTAIN FINANCE CORP | — | 12.0K | $93K | 0.3% | New |
| SLQT SELECTQUOTE INC | Financials | 117.9K | $74K | 0.2% | Held |
| AFCG ADVANCED FLOWER CAPITAL INC | — | 26.0K | $73K | 0.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR/ARESTATEMENT | Aug 13, 2026 | 56 | $35.4M | canonical | SEC ↗ |
| Q1 2026 | 13F-HR | Apr 10, 2026 | 38 | $32.9M | 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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