CS
Cove Street Capital, LLC Historical SEC 13F Holdings & Archive (Q3 2025)
Cove Street Capital, LLCCIK: 0001531612
Diversified strategyMomentum followerSector-focused
Total reported value
$76.6M
Reporting period: 2025-09-30 · Number of holdings: 96
Cove Street Capital, LLC disclosed 96 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $76.6M and a quarterly turnover rate of 60.3%.
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Personality snowflake
- Concentration
- 14.31
- Portfolio Stability
- 60.31
- Momentum
- 100
- Sector conviction
- 89.02
- Diversification
- 100
- Sizing Uniformity
- 84.31
Cove Street Capital, LLC's disclosed holdings carry a Herfindahl concentration index of 0.036 — mathematically equivalent to about 28 equally-sized positions, well below its 96 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.57), with a handful of outsized bets alongside many smaller positions.
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 11% 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.govAdd FUN
+1711.4% $4.2M
Add CCO
+59.9% $2.6M
Add AVD
+12.1% $3.1M
Trim WBD
-64.7% -$1.5M
Trim PPLI
+20.3% -$1.4M
Trim ECVT
-44.9% -$1.2M
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 | AVD | American Vanguard CORP | Stock-Other | 10.49% | +2.75% | +12.07% | |
| 2 | RSSS | Research Solutions Inc | Stock-Other | 6.51% | +1.02% | -0.08% | |
| 3 | FUN | Six Flags Entertainment CORP | Stock-Other | 6.07% | +5.42% | +1711.38% | |
| 4 | VSAT | Viasat Inc | Stock-Tech | 4.55% | +1.32% | -54.04% | |
| 5 | ECVT | Ecovyst Inc | Stock-Other | 3.59% | -2.62% | -44.93% | |
| 6 | SNEX | Stonex Group Inc | Stock-Financials | 3.44% | +0.24% | +1.26% | |
| 7 | CCO | Clear Channel Outdoor Holdin | Stock-Other | 3.39% | +3.38% | +59.92% | |
| 8 | CLMB | Climb Global Solutions Inc | Stock-Other | 3.32% | +1.89% | +20.74% | |
| 9 | AAP | Advance Auto Parts Inc | Stock-Consumer Disc | 2.97% | -0.38% | -1.60% | |
| 10 | NEU | Newmarket CORP | Stock-Materials | 2.79% | +0.52% | +2.38% | |
| 11 | OUT | Outfront Media Inc | Stock-Other | 2.70% | +2.70% | NEW | |
| 12 | WEX | Wex Inc | Stock-Tech | 2.64% | -0.06% | -0.14% | |
| 13 | IIIV | I3 Verticals Inc-class A | Stock-Other | 2.55% | +2.54% | +3.19% | |
| 14 | PPLI | People Inc | Stock-Comm Services | 2.50% | -2.65% | +20.27% | |
| 15 | WTM | White Mountains Insurance Group, Ltd. | Stock-Financials | 2.36% | +0.87% | +128.48% | |
| 16 | CLVT | Clarivate Plc | Stock-Other | 2.26% | +0.13% | +4075.16% | |
| 17 | KMI | Kinder Morgan, Inc. | Stock-Energy | 2.08% | — | -6.34% | |
| 18 | VMD | Viemed Healthcare Inc | Stock-Other | 1.95% | +0.33% | +57.46% | |
| 19 | SCHW | Schwab (charles) CORP | Stock-Financials | 1.92% | -0.01% | -1.56% | |
| 20 | TFPM | Triple Flag Precious Met | Stock-Materials | 1.90% | — | -0.18% | |
| 21 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 1.88% | +0.12% | -0.75% | |
| 22 | CMP | Compass Minerals Internation | Stock-Other | 1.79% | — | -0.15% | |
| 23 | ENOV | Enovis CORP | Stock-Other | 1.76% | — | — | |
| 24 | WBD | Warner Bros Discovery Inc | Stock-Comm Services | 1.74% | -2.65% | -64.68% | |
| 25 | AVNS | Avanos Medical Inc | Stock-Other | 1.69% | +1.19% | +430.74% | |
| 26 | WFC | Wells Fargo & Co | Stock-Financials | 1.54% | -0.04% | — | |
| 27 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.50% | -1.00% | — | |
| 28 | ANIK | Anika Therapeutics Inc | Stock-Other | 1.25% | -0.52% | +37.59% | |
| 29 | SSP | Ew Scripps Co/the-a | Stock-Other | 1.15% | -2.13% | -43.57% | |
| 30 | MTBA | Simplify Mbs ETF | ETF-Other | 1.00% | — | +4.14% | |
| 31 | IZEA | Izea Worldwide Inc | Stock-Other | 0.88% | +0.88% | NEW | |
| 32 | BTI | British American Tob-sp Adr | Stock-Consumer Staples | 0.85% | — | -12.21% | |
| 33 | MINO | Pimco Municipal Income Oppor | ETF-Other | 0.81% | +0.81% | NEW | |
| 34 | GBLI | Global Indemnity Group Llc-a | Stock-Other | 0.71% | -1.21% | +5.64% | |
| 35 | CABO 1.125 03-15-28Bond | Cable One Inc | Bond | 0.56% | +0.56% | NEW | |
| 36 | NRC | Nrc Health | Stock-Other | 0.54% | +0.54% | NEW | |
| 37 | IDV | Ishares International Select | ETF-Other | 0.54% | — | -8.19% | |
| 38 | AVGO | Broadcom Inc | Stock-Tech | 0.52% | +0.20% | — | |
| 39 | RDVT | Red Violet Inc | Stock-Other | 0.50% | — | -6.98% | |
| 40 | CDX | Simplify High Yield ETF | ETF-High Yield | 0.50% | +0.50% | NEW | |
| 41 | PKE | Park Aerospace CORP | Stock-Other | 0.49% | — | -14.43% | |
| 42 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.48% | +0.12% | — | |
| 43 | SPAB | Ss Spdr P Agg Bond ETF | ETF-Other | 0.48% | — | — | |
| 44 | FLOT | Ishares Floating Rate Bond E | ETF-Other | 0.41% | +0.23% | +56.34% | |
| 45 | MSFT | Microsoft CORP | Stock-Tech | 0.41% | — | — | |
| 46 | AAPL | Apple Inc | Stock-Tech | 0.40% | — | — | |
| 47 | SGU | Star Group LP | Stock-Other | 0.40% | — | +46.29% | |
| 48 | VGIT | Vanguard Intermediate-term T | ETF-Other | 0.39% | +0.39% | NEW | |
| 49 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.30% | — | — | |
| 50 | VTS | Vitesse Energy Inc | Stock-Other | 0.27% | -0.40% | +50.85% |
1–50 of 96
Portfolio Performance
Performance for Q3 2026
-4.3%
Performance Last 4 Quarters
+13%
- Stdev
- +18.4%
- Beta
- +0.9
- Alpha
- -7.8%
- Max Drawdown
- -11.7%
- Annualized Perf
- +8.9%
- Batting Avg vs S&P
- +36.1%
- Sortino
- +1.03
- Stutzer
- +0.16
- Treynor
- +0.11
- Sterling
- +0.45
- Calmar
- +0.76
- Information Ratio
- -0.69
- Tracking Error
- +14.3%
- Stdev Down
- +9.9%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +51.1%
- Worst 12 Months
- -8.4%
- Efficiency Ratio
- +0.19
- Sharpe
- +0.55
- Stdev Sectors
- +14.4%
- Skewness
- +0.54
- Kurtosis
- -0.42
- Upside Potential
- +3.08
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2025 Q3 | 96 | $76.6M | 60 | ||
| 2025 Q2 | 97 | $68.2M | 0 | ||
| 2025 Q1 | 98 | $63.7M | 100 | ||
| 2024 Q4 | 94 | $85.7M | 0 | ||
| 2024 Q3 | 99 | $127.7M | 0 | ||
| 2024 Q2 | 84 | $139.3M | 0 | ||
| 2024 Q1 | 105 | $316.0M | 0 | ||
| 2023 Q4 | 103 | $326.9M | 0 | ||
| 2023 Q3 | 113 | $295.7M | 0 | ||
| 2023 Q2 | 113 | $322.3M | 0 | ||
| 2023 Q1 | 116 | $335.4M | 0 | ||
| 2022 Q4 | 113 | $366.7M | 0 | ||
| 2022 Q3 | 112 | $357.9M | 0 | ||
| 2022 Q2 | 118 | $396.5M | 0 | ||
| 2022 Q1 | 122 | $565.3M | 0 | ||
| 2021 Q4 | 126 | $570.7M | 0 | ||
| 2021 Q3 | 125 | $673.9M | 0 | ||
| 2021 Q2 | 123 | $690.9M | 100 | 192552v273943t320451n | |
| 2021 Q1 | 120 | $697.6M | 42 | 192552v220451n3l6388f | |
| 2020 Q4 | 114 | $565.3M | 37 | 192552v220451n3l6388f | |
| 2020 Q3 | 111 | $528.3M | 43 | 120451n292552v3l6388f | |
| 2020 Q2 | 112 | $505.3M | 29 | 192552v220451n355608b | |
| 2020 Q1 | 135 | $488.1M | 68 | 120451n292552v3l6388f | |
| 2019 Q4 | 135 | $756.3M | 22 | ||
| 2019 Q3 | 128 | $715.2M | 30 | ||
| 2019 Q2 | 129 | $775.1M | 90 | 1l6388f220451n392552v | |
| 2019 Q1 | 128 | $817.1M | 20 | ||
| 2018 Q4 | 130 | $772.9M | 33 | ||
| 2018 Q3 | 133 | $948.2M | 18 | ||
| 2018 Q2 | 137 | $918.8M | 26 | ||
| 2018 Q1 | 140 | $907.3M | 38 | ||
| 2017 Q4 | 141 | $926.8M | 26 | ||
| 2017 Q3 | 142 | $896.4M | 28 | ||
| 2017 Q2 | 124 | $824.7M | 36 | ||
| 2017 Q1 | 121 | $946.5M | 25 | ||
| 2016 Q4 | 129 | $957.3M | 31 | ||
| 2016 Q3 | 131 | $927.6M | 34 | ||
| 2016 Q2 | 140 | $905.2M | 53 | ||
| 2016 Q1 | 103 | $765.9M | 30 | ||
| 2015 Q4 | 110 | $759.5M | 23 | ||
| 2015 Q3 | 112 | $754.5M | 47 | ||
| 2015 Q2 | 108 | $829.8M | 36 | ||
| 2015 Q1 | 114 | $762.5M | 52 | ||
| 2014 Q4 | 110 | $671.0M | 42 | ||
| 2014 Q3 | 92 | $641.7M | 35 | ||
| 2014 Q2 | 71 | $617.8M | 61 | ||
| 2014 Q1 | 66 | $532.1M | 21 | ||
| 2013 Q4 | 71 | $538.6M | 49 | ||
| 2013 Q3 | 68 | $491.8M | 28 | ||
| 2013 Q2 | 69 | $455.2M | 0 |
Holding changes this quarter
Cove Street Capital, LLC's most significant position changes for 2025-09-30: New buy: Outfront Media Inc (OUT); Sold out: Tiptree Inc (TIPT); Sold out: Fmc CORP (FMC); Sold out: Infusystem Holdings Inc (INFU); New buy: Izea Worldwide Inc (IZEA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | FUN | Six Flags Entertainment CORP | +5.4% | +1711.38% | Add |
| 2 | CCO | Clear Channel Outdoor Holdin | +3.4% | +59.92% | Add |
| 3 | AVD | American Vanguard CORP | +2.8% | +12.07% | Add |
| 4 | IIIV | I3 Verticals Inc-class A | +2.5% | +3.19% | Add |
| 5 | CLMB | Climb Global Solutions Inc | +1.9% | +20.74% | Add |
| 6 | VSAT | Viasat Inc | +1.3% | -54.04% | Trim |
| 7 | AVNS | Avanos Medical Inc | +1.2% | +430.74% | Add |
| 8 | RSSS | Research Solutions Inc | +1% | -0.08% | Trim |
| 9 | WTM | White Mountains Insurance Group, Ltd. | +0.9% | +128.48% | Add |
| 10 | NEU | Newmarket CORP | +0.5% | +2.38% | Add |
| 11 | VMD | Viemed Healthcare Inc | +0.3% | +57.46% | Add |
| 12 | SNEX | Stonex Group Inc | +0.2% | +1.26% | Trim |
| 13 | FLOT | Ishares Floating Rate Bond E | +0.2% | +56.34% | Add |
| 14 | AVGO | Broadcom Inc | +0.2% | — | Unchanged |
| 15 | CLVT | Clarivate Plc | +0.1% | +4075.16% | Add |
| 16 | BNY | Bank Of New York Mellon CORP | +0.1% | -0.75% | Trim |
| 17 | GOOGL | Alphabet Inc-cl A | +0.1% | — | Unchanged |
| 18 | SCHW | Schwab (charles) CORP | 0% | -1.56% | Trim |
| 19 | WFC | Wells Fargo & Co | 0% | — | Unchanged |
| 20 | WEX | Wex Inc | -0.1% | -0.14% | Add |
| 21 | PM | Philip Morris International | -0.2% | -80.00% | Trim |
| 22 | CTO | Cto Realty Growth Inc | -0.3% | — | Trim |
| 23 | KBR | Kbr Inc | -0.3% | -60.34% | Trim |
| 24 | AAP | Advance Auto Parts Inc | -0.4% | -1.60% | Trim |
| 25 | VTS | Vitesse Energy Inc | -0.4% | +50.85% | Trim |
| 26 | ANIK | Anika Therapeutics Inc | -0.5% | +37.59% | Add |
| 27 | BRK-B | Berkshire Hathaway Inc-cl B | -1% | — | Trim |
| 28 | GBLI | Global Indemnity Group Llc-a | -1.2% | +5.64% | Trim |
| 29 | CLAR | Clarus CORP | -1.6% | -98.88% | Trim |
| 30 | SSP | Ew Scripps Co/the-a | -2.1% | -43.57% | Trim |
| 31 | ECVT | Ecovyst Inc | -2.6% | -44.93% | Trim |
| 32 | WBD | Warner Bros Discovery Inc | -2.7% | -64.68% | Trim |
| 33 | PPLI | People Inc | -2.7% | +20.27% | Trim |
| 34 | OUT | Outfront Media Inc | — | NEW | New buy |
| 35 | TIPT | Tiptree Inc | — | EXIT | Sold out |
| 36 | FMC | Fmc CORP | — | EXIT | Sold out |
| 37 | INFU | Infusystem Holdings Inc | — | EXIT | Sold out |
| 38 | IZEA | Izea Worldwide Inc | — | NEW | New buy |
| 39 | OXY | Occidental Petroleum CORP | — | EXIT | Sold out |
| 40 | MINO | Pimco Municipal Income Oppor | — | NEW | New buy |
| 41 | NABL | N-able Inc | — | EXIT | Sold out |
| 42 | HA7 | Enviri CORP | — | EXIT | Sold out |
| 43 | CABO 1.125 03-15-28Bond | Cable One Inc | — | NEW | New buy |
| 44 | NRC | Nrc Health | — | NEW | New buy |
| 45 | ATRO | Astronics CORP | — | EXIT | Sold out |
| 46 | CDX | Simplify High Yield ETF | — | NEW | New buy |
| 47 | VGIT | Vanguard Intermediate-term T | — | NEW | New buy |
| 48 | USB | US Bancorp | — | NEW | New buy |
| 49 | GBDC | Golub Capital Bdc Inc | — | EXIT | Sold out |
| 50 | ✓ | Bny Mellon Mun Income Inc Com | — | EXIT | Sold out |
Filing History
FAQ
What is Cove Street Capital, LLC and what type of investor is it?
Cove Street 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 (2025-09-30), the firm manages a tracked equity portfolio valued at approximately $76.6M, spread across 96 disclosed positions.
What are Cove Street Capital, LLC's largest equity positions?
Based on the latest 13F filing, Cove Street Capital, LLC's top holdings by market value are:
1. American Vanguard CORP (AVD) — $8.0M (10.5%)
2. Research Solutions Inc (RSSS) — $5.0M (6.5%)
3. Six Flags Entertainment CORP (FUN) — $4.6M (6.1%)
4. Viasat Inc (VSAT) — $3.5M (4.5%)
5. Ecovyst Inc (ECVT) — $2.7M (3.6%)
What changes did Cove Street Capital, LLC make in its most recent portfolio filing?
In the latest reported quarter, Cove Street Capital, LLC made 47 notable position adjustments: 8 new positions were initiated, 13 existing holdings were added to, 17 positions were partially reduced, and 9 were completely exited. The largest of these moves: New buy: Outfront Media Inc (OUT); Sold out: Tiptree Inc (TIPT); Sold out: Fmc CORP (FMC); Sold out: Infusystem Holdings Inc (INFU); New buy: Izea Worldwide Inc (IZEA)
What sectors does Cove Street Capital, LLC focus on?
Cove Street Capital, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 48.9%
• Materials: 17.9%
• Information Technology: 12.5%
• Health Care: 6.9%
• Communication Services: 4.5%
• Energy: 4.2%
Investment Profile
Cove Street Capital, LLC returned an annualized 8.9% over the trailing 36 months — underperforming the S&P 500 by 7.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.90 (roughly in line with the market) and a 36% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 48.9% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 60 over the past 4 quarters — a shift toward more active trading.
It has added to its CCO position over the past two quarters (+$2.6M, now $2.6M), while trimming WBD over the same stretch (-$1.5M, still holding $1.3M).
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Developer Access
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REST API
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