CIK: 0002111915
Total reported value
$221.2M
Reporting period: 2026-03-31 · Number of holdings: 32
Pillsbury Lake Capital LLC disclosed 32 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $221.2M and a quarterly turnover rate of 78.2%.
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Pillsbury Lake Capital LLC's disclosed holdings carry a Herfindahl concentration index of 0.042 — mathematically equivalent to about 24 equally-sized positions, close to its 32 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.60), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 15% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim IWM
-99.2% -$40.4M
Trim GPGI
-82.3% -$10.0M
Add CRON
+129.6% $5.8M
Trim CVCO
-38.3% -$7.5M
Add SRTA
+31.6% $1.4M
Trim CRTO
-53.7% -$5.7M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | LINC | Lincoln Educational Services | Stock-Other | 7.00% | +1.05% | -46.03% | |
| 2 | TPB | Turning Point Brands INC | Stock-Other | 6.67% | +0.60% | +6.13% | |
| 3 | BGSI | THE Boyd Group INC | Stock-Other | 5.67% | +1.22% | +22.90% | |
| 4 | BBW | Build-a-bear Workshop INC | Stock-Other | 5.59% | +1.09% | +56.94% | |
| 5 | COMP | Compass INC - Class A | Stock-Real Estate | 5.29% | +0.37% | +20.28% | |
| 6 | SRTA | Strata Critical Medical INC | Stock-Other | 4.92% | +1.60% | +31.62% | |
| 7 | CRON | Cronos Group INC | Stock-Other | 4.79% | +3.10% | +129.64% | |
| 8 | LUXE | Luxexperience BV | Stock-Other | 4.25% | -0.15% | -22.04% | |
| 9 | ETON | Eton Pharmaceuticals INC | Stock-Other | 4.07% | +4.07% | NEW | |
| 10 | FLYW | Flywire Corp-voting | Stock-Other | 4.06% | +4.06% | NEW | |
| 11 | PDFS | Pdf Solutions INC | Stock-Other | 4.00% | +0.25% | -28.03% | |
| 12 | KRUS | Kura Sushi USA Inc-class A | Stock-Other | 3.74% | +0.93% | -22.80% | |
| 13 | UTI | Universal Technical Institut | Stock-Other | 3.59% | +3.59% | NEW | |
| 14 | CVCO | Cavco Industries INC | Stock-Consumer Disc | 3.45% | -1.82% | -38.25% | |
| 15 | HNI | Hni CORP | Stock-Other | 3.34% | +0.24% | +4.69% | |
| 16 | LMRI | Lumexa Imaging Holdings INC | Stock-Other | 3.17% | +3.17% | NEW | |
| 17 | BLZE | Backblaze Inc-a | Stock-Other | 3.06% | +0.24% | +13.43% | |
| 18 | CROX | Crocs INC | Stock-Consumer Disc | 3.00% | +3.00% | NEW | |
| 19 | CLH | Clean Harbors INC | Stock-Industrials | 2.97% | +1.12% | +1.61% | |
| 20 | WLTH | Wealthfront CORP | Stock-Other | 2.75% | +2.75% | NEW | |
| 21 | BV | Brightview Holdings INC | Stock-Other | 2.70% | +0.53% | +3.42% | |
| 22 | MAMA | Mama's Creations INC | Stock-Other | 2.42% | +0.10% | -29.32% | |
| 23 | LMB | Limbach Holdings INC | Stock-Other | 1.99% | +1.99% | NEW | |
| 24 | INFL | Horizon Kinetics Infl Benef | ETF-Other | 1.94% | +1.94% | NEW | |
| 25 | CRTO | Criteo Sa-spon Adr | Stock-Other | 1.73% | -1.58% | -53.66% | |
| 26 | GPGI | Gpgi INC | Stock-Other | 0.84% | -3.31% | -82.35% | |
| 27 | INVE | Identiv INC | Stock-Other | 0.82% | -0.45% | -47.99% | |
| 28 | XOP | Ss Spdr S&p Og Exp & Prod | ETF-Other | 0.69% | +0.69% | NEW | |
| 29 | NBIS | Nebius Group NV | Stock-Other | 0.47% | +0.47% | NEW | |
| 30 | CBNA | Chain Bridge Bancorp Inc-a | Stock-Other | 0.42% | +0.20% | +46.89% | |
| 31 | FLXS | Flexsteel Inds | Stock-Other | 0.37% | +0.37% | NEW | |
| 32 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.22% | -14.05% | -99.22% |
Performance for Q3 2026
+15.4%
Performance Last 4 Quarters
+8.7%
Based on 5 months of available history
Based on 80% of reported portfolio value with available pricing
Pillsbury Lake Capital LLC's most significant position changes for 2026-03-31: Sold out: Ncr Atleos CORP (NATL); Sold out: Magnite INC (MGNI); New buy: Eton Pharmaceuticals INC (ETON); New buy: Flywire Corp-voting (FLYW); Sold out: Kilroy Realty CORP (KRC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CRON | Cronos Group INC | +3.1% | +129.64% | Add |
| 2 | SRTA | Strata Critical Medical INC | +1.6% | +31.62% | Add |
| 3 | BGSI | THE Boyd Group INC | +1.2% | +22.90% | Add |
| 4 | CLH | Clean Harbors INC | +1.1% | +1.61% | Add |
| 5 | BBW | Build-a-bear Workshop INC | +1.1% | +56.94% | Add |
| 6 | LINC | Lincoln Educational Services | +1.1% | -46.03% | Trim |
| 7 | KRUS | Kura Sushi USA Inc-class A | +0.9% | -22.80% | Trim |
| 8 | TPB | Turning Point Brands INC | +0.6% | +6.13% | Add |
| 9 | BV | Brightview Holdings INC | +0.5% | +3.42% | Add |
| 10 | COMP | Compass INC - Class A | +0.4% | +20.28% | Add |
| 11 | PDFS | Pdf Solutions INC | +0.3% | -28.03% | Trim |
| 12 | HNI | Hni CORP | +0.2% | +4.69% | Add |
| 13 | BLZE | Backblaze Inc-a | +0.2% | +13.43% | Add |
| 14 | CBNA | Chain Bridge Bancorp Inc-a | +0.2% | +46.89% | Add |
| 15 | MAMA | Mama's Creations INC | +0.1% | -29.32% | Trim |
| 16 | LUXE | Luxexperience BV | -0.2% | -22.04% | Trim |
| 17 | INVE | Identiv INC | -0.5% | -47.99% | Trim |
| 18 | CRTO | Criteo Sa-spon Adr | -1.6% | -53.66% | Trim |
| 19 | CVCO | Cavco Industries INC | -1.8% | -38.25% | Trim |
| 20 | GPGI | Gpgi INC | -3.3% | -82.35% | Trim |
| 21 | IWM | Ishares Russell 2000 ETF | -14.1% | -99.22% | Trim |
| 22 | NATL | Ncr Atleos CORP | — | EXIT | Sold out |
| 23 | MGNI | Magnite INC | — | EXIT | Sold out |
| 24 | ETON | Eton Pharmaceuticals INC | — | NEW | New buy |
| 25 | FLYW | Flywire Corp-voting | — | NEW | New buy |
| 26 | KRC | Kilroy Realty CORP | — | EXIT | Sold out |
| 27 | UTI | Universal Technical Institut | — | NEW | New buy |
| 28 | LMRI | Lumexa Imaging Holdings INC | — | NEW | New buy |
| 29 | CROX | Crocs INC | — | NEW | New buy |
| 30 | ASR | Grupo Aeroportuario Sur-adr | — | EXIT | Sold out |
| 31 | KSPI | Jsc Kaspi.kz Adr | — | EXIT | Sold out |
| 32 | WLTH | Wealthfront CORP | — | NEW | New buy |
| 33 | LMB | Limbach Holdings INC | — | NEW | New buy |
| 34 | INFL | Horizon Kinetics Infl Benef | — | NEW | New buy |
| 35 | PINS | Pinterest Inc- Class A | — | EXIT | Sold out |
| 36 | BXSL | Blackstone Secured Lending F | — | EXIT | Sold out |
| 37 | NXDR | Nextdoor Holdings INC | — | EXIT | Sold out |
| 38 | XOP | Ss Spdr S&p Og Exp & Prod | — | NEW | New buy |
| 39 | NBIS | Nebius Group NV | — | NEW | New buy |
| 40 | FLXS | Flexsteel Inds | — | NEW | New buy |
| 41 | AEYE | Audioeye INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-18 | 13F-HR | View on EDGAR |
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