Solas Capital Management, LLC

Fundamental concentrated ★Highest signal CIK 1604867
League rank
#323
in Fundamental concentrated · #701 overall
Long book
$173.9M
Q1 2026
Positions
22
Top-10 weight
74%
concentration
Last quarter
+18.9%
SPY +14.8%
Turnover
43%
of book per quarter

Strategy in plain words

auto-generated from filings

Solas Capital Management, LLC is a concentrated fundamental stock-picker, running a $173.9M US long book across 22 positions.

The portfolio is concentrated: the top 10 names carry 74% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: EPSILON ENERGY LTD, FENNEC PHARMACEUTICALS INC, SONIDA SENIOR LIVING INC, LEE ENTERPRISES, ADVANSIX INC.

Over the last 9 quarters its long book ran on average 2.6pp per quarter behind the S&P 500, beating the index in 4 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
-5.3%
Q2 2024
+3.2%
Q3 2024
+10.1%
Q4 2024
-9.1%
Q1 2025
+16.9%
Q2 2025
-5.9%
Q3 2025
-8.2%
Q4 2025
-4.0%
Q1 2026
+18.9%

Sector allocation

Healthcare
30%
Energy
12%
Consumer discretionary
11%
Financials
11%
Other
10%
Materials
7%
Technology
7%
Services media
7%

Long book by quarter

$155.5M
Q1 2024
$182.9M
Q2 2024
$142.5M
Q3 2024
$150.6M
Q4 2024
$177.7M
Q1 2025
$178.7M
Q2 2025
$163.8M
Q3 2025
$176.2M
Q4 2025
$173.9M
Q1 2026

What does Solas Capital own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
EPSN EPSILON ENERGY LTDEnergy3.5M$21.4M12.3%-2.1%
FENC FENNEC PHARMACEUTICALS INCHealthcare2.5M$15.3M8.8%-3.1%
SNDA SONIDA SENIOR LIVING INCHealthcare445.9K$14.4M8.3%-2.1%
LEE LEE ENTERPRISESOther1.7M$13.9M8.0%+256.3%
ASIX ADVANSIX INCMaterials517.0K$12.6M7.3%-16.0%
KD KYNDRYL HOLDINGS INCTechnology915.4K$12.0M6.9%+124.6%
ACOG ALPHA COGNITION INCHealthcare1.9M$10.6M6.1%-2.2%
GO GROCERY OUTLET HOLDING CORPConsumer discretionary1.4M$9.8M5.7%+24.1%
MOH MOLINA HEALTHCARE INCFinancials68.7K$9.2M5.3%+0.6%
AAP ADVANCE AUTO PARTS INCConsumer discretionary169.2K$8.9M5.1%-12.2%
NSP INSPERITY INCServices media251.9K$6.8M3.9%+38.3%
MAIA MAIA BIOTECHNOLOGY INCHealthcare4.3M$6.0M3.5%New
SNWV SANUWAVE HEALTH INCHealthcare287.5K$5.0M2.9%-2.0%
SEG SEAPORT ENTERTAINMENT GROUPServices media222.9K$4.8M2.8%-2.0%
EEFT EURONET WORLDWIDE INCFinancials72.0K$4.8M2.7%-2.0%
BUR BURFORD CAPITAL LTDFinancials980.9K$4.4M2.6%New
ASTL ALGOMA STEEL GROUP INCIndustrials1.0M$4.3M2.5%-2.0%
NVRI ENVIRI CORPUtilities201.2K$3.9M2.3%New
ALITEUR ALIGHT INC - CLASS A—4.3M$2.5M1.4%New
MODD MODULAR MEDICAL INCHealthcare288.1K$1.5M0.9%New
MERC MERCER INTERNATIONAL INCOther790.3K$1.1M0.6%-50.8%
HAIN HAIN CELESTIAL GROUP INCConsumer staples856.1K$597K0.3%New

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 202622$173.9M canonicalSEC ↗
Q4 202513F-HRFeb 17, 202622$176.2M canonicalSEC ↗
Q3 202513F-HRNov 14, 202520$163.8M canonicalSEC ↗
Q2 202513F-HRAug 14, 202520$178.7M canonicalSEC ↗
Q1 202513F-HRMay 15, 202521$177.7M canonicalSEC ↗
Q4 202413F-HRFeb 14, 202519$150.6M canonicalSEC ↗
Q3 202413F-HRNov 14, 202418$142.5M canonicalSEC ↗
Q2 202413F-HRAug 14, 202420$182.9M canonicalSEC ↗
Q1 202413F-HRMay 15, 202419$155.5M canonicalSEC ↗

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