Western Standard LLC
Long book
$190.2M
Q1 2026
Positions
23
Top-10 weight
78%
concentration
Last quarter
+20.5%
SPY +14.8%
Turnover
59%
of book per quarter
Strategy in plain words
auto-generated from filingsWestern Standard LLC is a concentrated fundamental stock-picker, running a $190.2M US long book across 23 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: GREEN DOT CORP-CLASS A, COMPASS DIVERSIFIED HOLDINGS, TELEFLEX INC, INNOSPEC INC, OCTAVE SPECIALTY GROUP INC.
Over the last 9 quarters its long book ran on average 2.1pp per quarter ahead of the S&P 500, beating the index in 5 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
-0.1%
Q2 2024
+19.9%
Q3 2024
+2.1%
Q4 2024
-9.2%
Q1 2025
+11.6%
Q2 2025
+11.8%
Q3 2025
+11.1%
Q4 2025
-8.5%
Q1 2026
+20.5%
Sector allocation
Financials 35%
Other 17%
Healthcare 14%
Materials 9%
Consumer discretionary 7%
Technology 7%
Services media 6%
Consumer staples 3%
Long book by quarter
What does Western Standard own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GDOT GREEN DOT CORP-CLASS A | Financials | 3.5M | $39.8M | 20.9% | +79.3% |
| CODI COMPASS DIVERSIFIED HOLDINGS | Other | 3.1M | $24.7M | 13.0% | +169.3% |
| TFX TELEFLEX INC | Healthcare | 184.8K | $22.1M | 11.6% | New |
| IOSP INNOSPEC INC | Materials | 226.8K | $16.6M | 8.7% | -15.5% |
| OSG OCTAVE SPECIALTY GROUP INC | Financials | 2.2M | $10.5M | 5.5% | -10.3% |
| AVNW AVIAT NETWORKS INC | Technology | 415.8K | $9.4M | 4.9% | -15.9% |
| ANGI ANGI INC | Services media | 1.2M | $8.3M | 4.4% | +774.1% |
| YETI YETI HOLDINGS INC | Other | 162.0K | $5.9M | 3.1% | New |
| FIVE FIVE BELOW | Consumer discretionary | 23.3K | $5.3M | 2.8% | -42.7% |
| DAVE DAVE INC | Financials | 30.2K | $5.2M | 2.8% | New |
| EZPW EZCORP INC-CL A | Consumer discretionary | 201.7K | $5.1M | 2.7% | -49.6% |
| FRPT FRESHPET INC | Consumer staples | 72.4K | $4.3M | 2.2% | New |
| WULF TERAWULF INC | Financials | 274.9K | $4.0M | 2.1% | New |
| HNRG HALLADOR ENERGY CO | Utilities | 228.7K | $3.7M | 2.0% | New |
| NSP INSPERITY INC | Services media | 109.9K | $3.0M | 1.6% | -49.0% |
| WEAV WEAVE COMMUNICATIONS INC | Technology | 514.1K | $2.4M | 1.2% | New |
| FFBC FIRST FINANCIAL BANCORP | Financials | 84.9K | $2.4M | 1.2% | +13.1% |
| ABUS ARBUTUS BIOPHARMA CORP | Healthcare | 521.6K | $2.3M | 1.2% | +2.7% |
| CWH CAMPING WORLD HOLDINGS INC-A | Consumer discretionary | 307.5K | $2.1M | 1.1% | New |
| HAIN HAIN CELESTIAL GROUP INC | Consumer staples | 1.6M | $1.1M | 0.6% | New |
| ATEC ALPHATEC HOLDINGS INC | Healthcare | 22.5K | $245K | 0.1% | -98.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 5, 2026 | 23 | $190.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 3, 2026 | 25 | $216.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 24 | $337.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 20 | $179.7M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 29 | $170.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 23 | $150.1M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 21 | $106.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 22 | $96.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 24 | $208.8M | canonical | SEC ↗ |
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