WINMILL & CO. INC
Long book
$346.6M
Q1 2026
Positions
54
Top-10 weight
61%
concentration
Last quarter
+16.0%
SPY +14.8%
Turnover
20%
of book per quarter
Strategy in plain words
auto-generated from filingsWINMILL & CO. INC is a concentrated fundamental stock-picker, running a $346.6M US long book across 54 positions.
The portfolio is concentrated: the top 10 names carry 61% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: ALPHABET INC-CL A, STEEL DYNAMICS INC, LAM RESEARCH CORP, IAMGOLD CORP, INTERACTIVE BROKERS GRO-CL A.
Over the last 9 quarters its long book ran on average 0.3pp per quarter ahead of the S&P 500, beating the index in 6 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
-4.6%
Q2 2024
+6.2%
Q3 2024
-1.2%
Q4 2024
+0.6%
Q1 2025
+7.8%
Q2 2025
+14.7%
Q3 2025
+3.0%
Q4 2025
+0.9%
Q1 2026
+16.0%
Sector allocation
Financials 27%
Industrials 23%
Technology 18%
Materials 11%
Consumer discretionary 10%
Services media 7%
Healthcare 4%
Other 0%
Long book by quarter
What does WINMILL & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GOOGL ALPHABET INC-CL A | Technology | 108.1K | $31.1M | 9.0% | Held |
| STLD STEEL DYNAMICS INC | Industrials | 168.7K | $30.4M | 8.8% | Held |
| LRCX LAM RESEARCH CORP | Industrials | 109.0K | $23.3M | 6.7% | Held |
| IAG IAMGOLD CORP | Materials | 1.2M | $22.4M | 6.5% | Held |
| IBKR INTERACTIVE BROKERS GRO-CL A | Financials | 327.2K | $21.9M | 6.3% | Held |
| WSM WILLIAMS-SONOMA INC | Consumer discretionary | 112.0K | $20.4M | 5.9% | Held |
| MLI MUELLER INDUSTRIES INC | Industrials | 169.3K | $18.8M | 5.4% | Held |
| NMIH NMI HOLDINGS INC | Financials | 396.1K | $14.9M | 4.3% | Held |
| YOU CLEAR SECURE INC -CLASS A | Technology | 289.1K | $14.0M | 4.0% | Held |
| LPLA LPL FINANCIAL HOLDINGS INC | Financials | 46.5K | $14.0M | 4.0% | -4.8% |
| PGR PROGRESSIVE CORP | Financials | 64.0K | $12.7M | 3.7% | Held |
| ESNT ESSENT GROUP LTD | Financials | 214.5K | $12.5M | 3.6% | -4.5% |
| HCA HCA HEALTHCARE INC | Healthcare | 26.4K | $12.5M | 3.6% | Held |
| DDS DILLARDS INC-CL A | Consumer discretionary | 21.5K | $12.3M | 3.6% | Held |
| URI UNITED RENTALS INC | Services media | 15.4K | $11.2M | 3.2% | Held |
| QLYS QUALYS INC | Technology | 88.6K | $7.8M | 2.2% | New |
| NVR NVR INC | Industrials | 1.1K | $7.0M | 2.0% | Held |
| NUTX NUTEX HEALTH INC | Services media | 65.3K | $6.2M | 1.8% | New |
| ALRM ALARM.COM HOLDINGS INC | Technology | 126.1K | $5.4M | 1.6% | New |
| MA MASTERCARD INC - A | Services media | 10.0K | $5.0M | 1.4% | Held |
| UNH UNITEDHEALTH GROUP INC | Financials | 13.5K | $3.7M | 1.1% | -18.1% |
| AEM AGNICO EAGLE MINES LTD | Materials | 15.0K | $3.0M | 0.9% | -50.0% |
| AUGO AURA MINERALS INC | Materials | 35.0K | $2.9M | 0.8% | Held |
| ELV ELEVANCE HEALTH INC | Financials | 9.6K | $2.8M | 0.8% | Held |
| SSRM SSR MINING INC | Financials | 95.0K | $2.8M | 0.8% | New |
| NEM NEWMONT CORP | Materials | 20.3K | $2.2M | 0.6% | +12.5% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 16.7K | $2.2M | 0.6% | +6.4% |
| BTG B2GOLD CORP | Materials | 475.0K | $2.2M | 0.6% | +58.3% |
| RGLD ROYAL GOLD INC | Financials | 8.4K | $2.1M | 0.6% | Held |
| KGC KINROSS GOLD CORP | Materials | 68.5K | $2.1M | 0.6% | Held |
| JPM JPMORGAN CHASE & CO | Financials | 6.8K | $2.0M | 0.6% | Held |
| MUX MCEWEN INC | Materials | 97.5K | $2.0M | 0.6% | +105.3% |
| TFPM TRIPLE FLAG PRECIOUS MET | Financials | 54.0K | $1.9M | 0.5% | Held |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 2.5K | $1.2M | 0.3% | -16.7% |
| META META PLATFORMS INC-CLASS A | Technology | 1.1K | $658K | 0.2% | Held |
| BBW BUILD-A-BEAR WORKSHOP INC | Consumer discretionary | 16.5K | $618K | 0.2% | Held |
| EVER EVERQUOTE INC - CLASS A | Technology | 32.4K | $500K | 0.1% | New |
| GOOG ALPHABET INC-CL C | Technology | 574 | $165K | 0.0% | Held |
| SVVC FIRSTHAND TECHNOLOGY VALUE | — | 100 | $2 | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 79 | $346.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 83 | $374.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 89 | $412.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 1, 2025 | 90 | $359.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 95 | $329.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 90 | $309.0M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ARESTATEMENT | Nov 14, 2024 | 88 | $297.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 87 | $297.0M | SEC ↗ | |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 95 | $293.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 108 | $351.3M | canonical | SEC ↗ |
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