CC
Cannell Capital LLC — 13F Portfolio Breakdown & Top Holdings (Q2 2026)
Cannell Capital LLCCIK: 0001058854
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$149.1M
Reporting period: 2026-06-30 · Number of holdings: 36
CANNELL CAPITAL LLC disclosed 36 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $149.1M and a quarterly turnover rate of 48.8%.
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Personality snowflake
- Concentration
- 18.04
- Portfolio Stability
- 48.78
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 72
- Sizing Uniformity
- 91.99
Cannell Capital LLC's disclosed holdings carry a Herfindahl concentration index of 0.045 — mathematically equivalent to about 22 equally-sized positions, close to its 36 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 0.80), 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 6% 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out TPB
New buy VTS
Add RXT
+3151.5% $5.7M
Sold out 128246105
New buy SHIM
Sold out GPGI
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ASIC | Ategrity Specialty Holdings | Stock-Other | 7.91% | +1.70% | +0.82% | |
| 2 | SNDL | Sndl Inc | Stock-Other | 7.82% | +0.35% | -1.39% | |
| 3 | NOA | North American Construction | Stock-Other | 6.99% | -1.39% | -18.60% | |
| 4 | CHGG 0 09-01-26Bond | Chegg Inc | Bond | 5.16% | +0.89% | +17.53% | |
| 5 | LIFE | Ethos Technologies Inc Cl-a | Stock-Other | 4.97% | +1.71% | -9.69% | |
| 6 | MDXG | Mimedx Group Inc | Stock-Other | 4.83% | +1.01% | +24.93% | |
| 7 | OWLT | Owlet Inc | Stock-Other | 4.75% | +1.44% | +23.63% | |
| 8 | GBLI | Global Indemnity Group Llc-a | Stock-Other | 4.33% | -0.20% | +0.20% | |
| 9 | OSUR | Orasure Technologies Inc | Stock-Other | 4.27% | +0.39% | -28.75% | |
| 10 | GOLD | Gold.com Inc | Stock-Other | 4.26% | +0.37% | +1.75% | |
| 11 | ETON | Eton Pharmaceuticals Inc | Stock-Other | 4.14% | -1.31% | -50.07% | |
| 12 | NPKI | Npk International Inc | Stock-Other | 3.84% | -2.29% | -45.03% | |
| 13 | VTS | Vitesse Energy Inc | Stock-Other | 3.82% | +3.82% | NEW | |
| 14 | RXT | Rackspace Technology Inc | Stock-Other | 3.81% | +3.79% | +3151.46% | |
| 15 | NGS | Natural Gas Services Group | Stock-Other | 3.54% | -1.13% | -36.15% | |
| 16 | VRCA | Verrica Pharmaceuticals Inc | Stock-Other | 3.22% | +0.88% | +14.42% | |
| 17 | SHIM | Shimmick CORP | Stock-Other | 2.93% | +2.93% | NEW | |
| 18 | SJT | San Juan Basin Royalty Tr | Stock-Other | 2.61% | -0.22% | +33.35% | |
| 19 | PCYO | Pure Cycle CORP | Stock-Other | 2.26% | +2.26% | NEW | |
| 20 | BBW | Build-a-bear Workshop Inc | Stock-Other | 2.12% | -0.47% | -3.69% | |
| 21 | LEE | Lee Enterprises | Stock-Other | 2.07% | -0.34% | -20.53% | |
| 22 | ROOT | Root Inc/oh -class A | Stock-Other | 1.96% | +0.47% | — | |
| 23 | HIPO | Hippo Holdings Inc | Stock-Other | 1.83% | +0.19% | -0.97% | |
| 24 | ARX | Accelerant Holdings | Stock-Other | 1.34% | -0.01% | +9.56% | |
| 25 | NTIP | Network-1 Technologies Inc | Stock-Other | 1.26% | +0.20% | +11.67% | |
| 26 | DGICA | Donegal Group Inc-cl A | Stock-Other | 1.05% | +0.13% | — | |
| 27 | KVHI | Kvh Industries Inc | Stock-Other | 0.76% | +0.76% | NEW | |
| 28 | CHGG | Chegg Inc | Stock-Consumer Staples | 0.58% | +0.38% | +106.28% | |
| 29 | POWW | Outdoor Holding Co | Stock-Other | 0.51% | +0.46% | +852.92% | |
| 30 | APEI | American Public Education | Stock-Other | 0.26% | -2.25% | -89.60% | |
| 31 | REAL | Realreal Inc/the | Stock-Other | 0.18% | +0.02% | -16.23% | |
| 32 | SFIX | Stitch Fix Inc-class A | Stock-Other | 0.15% | +0.03% | -5.58% | |
| 33 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.14% | +0.13% | +1900.00% | |
| 34 | LINC | Lincoln Educational Services | Stock-Other | 0.14% | +0.14% | NEW | |
| 35 | COMP | Compass Inc - Class A | Stock-Real Estate | 0.10% | +0.10% | NEW | |
| 36 | CRON | Cronos Group Inc | Stock-Other | 0.08% | +0.08% | NEW |
Portfolio Performance
Performance for Q3 2026
+12.9%
Performance Last 4 Quarters
+14.2%
- Stdev
- +22.8%
- Beta
- +1.07
- Alpha
- -3.9%
- Max Drawdown
- -19.1%
- Annualized Perf
- +16.1%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +1.32
- Stutzer
- +0.22
- Treynor
- +0.16
- Sterling
- +0.68
- Calmar
- +0.84
- Information Ratio
- -0.14
- Tracking Error
- +18.1%
- Stdev Down
- +13.2%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +45.8%
- Worst 12 Months
- -2%
- Efficiency Ratio
- +0.29
- Sharpe
- +0.77
- Stdev Sectors
- +48.3%
- Skewness
- -0.04
- Kurtosis
- -0.38
- Upside Potential
- +3.11
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 36 | $149.1M | 49 | ||
| 2026 Q1 | 41 | $154.8M | 75 | ||
| 2025 Q4 | 51 | $157.6M | 100 | ||
| 2025 Q3 | 58 | $383.7M | 100 | ||
| 2025 Q2 | 58 | $334.3M | 0 | ||
| 2025 Q1 | 51 | $300.5M | 100 | ||
| 2024 Q4 | 52 | $487.3M | 0 | ||
| 2024 Q3 | 49 | $486.2M | 0 | ||
| 2024 Q2 | 60 | $441.7M | 0 | ||
| 2024 Q1 | 55 | $465.6M | 0 | ||
| 2023 Q4 | 57 | $461.2M | 0 | ||
| 2023 Q3 | 48 | $3.0B | 0 | ||
| 2023 Q2 | 66 | $501.0M | 0 | ||
| 2023 Q1 | 90 | $517.2M | 0 | ||
| 2022 Q4 | 89 | $496.2M | 0 | ||
| 2022 Q3 | 89 | $436.8M | 0 | ||
| 2022 Q2 | 90 | $498.1M | 0 | ||
| 2022 Q1 | 72 | $661.6M | 0 | ||
| 2021 Q4 | 70 | $629.8M | 0 | ||
| 2021 Q3 | 67 | $606.8M | 0 | ||
| 2021 Q2 | 71 | $623.3M | 80 | ||
| 2021 Q1 | 69 | $446.7M | 59 | ||
| 2020 Q4 | 58 | $351.2M | 64 | ||
| 2020 Q3 | 47 | $273.4M | 76 | ||
| 2020 Q2 | 51 | $266.6M | 57 | ||
| 2020 Q1 | 48 | $240.4M | 69 | ||
| 2019 Q4 | 39 | $307.8M | 54 | ||
| 2019 Q3 | 46 | $308.2M | 100 | ||
| 2019 Q2 | 49 | $352.8M | 100 | ||
| 2019 Q1 | 50 | $411.4M | 44 | ||
| 2018 Q4 | 60 | $358.2M | 46 | ||
| 2018 Q3 | 56 | $376.4M | 48 | ||
| 2018 Q2 | 62 | $371.5M | 38 | ||
| 2018 Q1 | 59 | $311.2M | 33 | ||
| 2017 Q4 | 62 | $343.9M | 30 | ||
| 2017 Q3 | 63 | $340.5M | 39 | ||
| 2017 Q2 | 76 | $350.3M | 36 | ||
| 2017 Q1 | 67 | $315.4M | 34 | ||
| 2016 Q4 | 61 | $313.5M | 51 | ||
| 2016 Q3 | 54 | $251.5M | 26 | ||
| 2016 Q2 | 56 | $246.1M | 42 | ||
| 2016 Q1 | 51 | $238.1M | 32 | ||
| 2015 Q4 | 53 | $237.7M | 39 | ||
| 2015 Q3 | 64 | $266.7M | 34 | ||
| 2015 Q2 | 63 | $305.7M | 100 | ||
| 2015 Q1 | 62 | $319.9M | 100 | ||
| 2014 Q4 | 73 | $302.5M | 47 | ||
| 2014 Q3 | 67 | $266.0M | 100 | ||
| 2014 Q2 | 62 | $288.0M | 100 | ||
| 2014 Q1 | 69 | $280.1M | 63 | ||
| 2013 Q4 | 65 | $246.4M | 48 | 1378979292047K346118H | |
| 2013 Q3 | 74 | $204.6M | 64 | ||
| 2013 Q2 | 69 | $168.6M | 0 | 192047K262544X346118H |
Holding changes this quarter
Cannell Capital LLC's most significant position changes for 2026-06-30: Sold out: Turning Point Brands Inc (TPB); New buy: Vitesse Energy Inc (VTS); Sold out: Calavo Growers Inc; New buy: Shimmick CORP (SHIM); Sold out: Gpgi Inc (GPGI).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VTS | Vitesse Energy Inc | +3.8% | NEW | New buy |
| 2 | RXT | Rackspace Technology Inc | +3.8% | +3151.46% | Add |
| 3 | SHIM | Shimmick CORP | +2.9% | NEW | New buy |
| 4 | PCYO | Pure Cycle CORP | +2.3% | NEW | New buy |
| 5 | LIFE | Ethos Technologies Inc Cl-a | +1.7% | -9.69% | Trim |
| 6 | ASIC | Ategrity Specialty Holdings | +1.7% | +0.82% | Add |
| 7 | OWLT | Owlet Inc | +1.4% | +23.63% | Add |
| 8 | MDXG | Mimedx Group Inc | +1% | +24.93% | Add |
| 9 | CHGG 0 09-01-26Bond | Chegg Inc | +0.9% | +17.53% | Add |
| 10 | VRCA | Verrica Pharmaceuticals Inc | +0.9% | +14.42% | Add |
| 11 | KVHI | Kvh Industries Inc | +0.8% | NEW | New buy |
| 12 | ROOT | Root Inc/oh -class A | +0.5% | — | Unchanged |
| 13 | POWW | Outdoor Holding Co | +0.5% | +852.92% | Add |
| 14 | OSUR | Orasure Technologies Inc | +0.4% | -28.75% | Trim |
| 15 | CHGG | Chegg Inc | +0.4% | +106.28% | Add |
| 16 | GOLD | Gold.com Inc | +0.4% | +1.75% | Add |
| 17 | SNDL | Sndl Inc | +0.4% | -1.39% | Trim |
| 18 | NTIP | Network-1 Technologies Inc | +0.2% | +11.67% | Add |
| 19 | HIPO | Hippo Holdings Inc | +0.2% | -0.97% | Trim |
| 20 | LINC | Lincoln Educational Services | +0.1% | NEW | New buy |
| 21 | IWM | Ishares Russell 2000 ETF | +0.1% | +1900.00% | Add |
| 22 | DGICA | Donegal Group Inc-cl A | +0.1% | — | Unchanged |
| 23 | COMP | Compass Inc - Class A | +0.1% | NEW | New buy |
| 24 | CRON | Cronos Group Inc | +0.1% | NEW | New buy |
| 25 | SFIX | Stitch Fix Inc-class A | 0% | -5.58% | Trim |
| 26 | REAL | Realreal Inc/the | 0% | -16.23% | Trim |
| 27 | ARX | Accelerant Holdings | 0% | +9.56% | Add |
| 28 | MAMA | Mama's Creations Inc | -0.1% | EXIT | Sold out |
| 29 | FLOC | Flowco Holdings Inc-cl A | -0.1% | EXIT | Sold out |
| 30 | GBLI | Global Indemnity Group Llc-a | -0.2% | +0.20% | Add |
| 31 | SJT | San Juan Basin Royalty Tr | -0.2% | +33.35% | Add |
| 32 | LEE | Lee Enterprises | -0.3% | -20.53% | Trim |
| 33 | CVNA | Carvana Co | -0.4% | EXIT | Sold out |
| 34 | BBW | Build-a-bear Workshop Inc | -0.5% | -3.69% | Trim |
| 35 | OPRT | Oportun Financial CORP | -1.1% | EXIT | Sold out |
| 36 | NGS | Natural Gas Services Group | -1.1% | -36.15% | Trim |
| 37 | ETON | Eton Pharmaceuticals Inc | -1.3% | -50.07% | Trim |
| 38 | NOA | North American Construction | -1.4% | -18.60% | Trim |
| 39 | PNRG | Primeenergy Resources CORP | -1.5% | EXIT | Sold out |
| 40 | CVCO | Cavco Industries Inc | -1.8% | EXIT | Sold out |
| 41 | APEI | American Public Education | -2.3% | -89.60% | Trim |
| 42 | NPKI | Npk International Inc | -2.3% | -45.03% | Trim |
| 43 | GPGI | Gpgi Inc | -2.6% | EXIT | Sold out |
| 44 | ✓ | Calavo Growers Inc | -3.3% | EXIT | Sold out |
| 45 | TPB | Turning Point Brands Inc | -4% | EXIT | Sold out |
Filing History
FAQ
What is Cannell Capital LLC and what type of investor is it?
Cannell Capital LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $149.1M, spread across 36 disclosed positions.
What are Cannell Capital LLC's largest equity positions?
Based on the latest 13F filing, Cannell Capital LLC's top holdings by market value are:
1. Ategrity Specialty Holdings (ASIC) — $11.8M (7.9%)
2. Sndl Inc (SNDL) — $11.7M (7.8%)
3. North American Construction (NOA) — $10.4M (7.0%)
4. Chegg Inc (CHGG 0 09-01-26) — $7.7M (5.2%)
5. Ethos Technologies Inc Cl-a (LIFE) — $7.4M (5.0%)
What changes did Cannell Capital LLC make in its most recent portfolio filing?
In the latest reported quarter, Cannell Capital LLC made 43 notable position adjustments: 7 new positions were initiated, 14 existing holdings were added to, 13 positions were partially reduced, and 9 were completely exited. The largest of these moves: Sold out: Turning Point Brands Inc (TPB); New buy: Vitesse Energy Inc (VTS); Sold out: Calavo Growers Inc; New buy: Shimmick CORP (SHIM); Sold out: Gpgi Inc (GPGI)
What sectors does Cannell Capital LLC focus on?
Cannell Capital LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Staples: 98.3%
• Real Estate: 1.7%
Investment Profile
Cannell Capital LLC returned an annualized 16.1% over the trailing 36 months — underperforming the S&P 500 by 3.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.07 (roughly in line with the market) and a 44% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 98.3% of the portfolio concentrated in Consumer Staples.
Its turnover score has risen from 0 to 49 over the past 4 quarters — a shift toward more active trading.
It has added to its CHGG 0 09-01-26 position over the past two quarters (+$5.5M, now $7.7M), while trimming NGS over the same stretch (-$5.7M, still holding $5.3M).
Peer Institutions
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Sector conviction100.0
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GA
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HR
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CIK 0001598177
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Portfolio Stability34.3
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Developer Access
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