ML
Milfam LLC 13F Filing (Q3 2026) — Top Positions & Stock Picks
Milfam LLCCIK: 0001728825
Sector-focusedMomentum followerConcentrated strategy
Total reported value
$144.7M
Reporting period: 2026-09-30 · Number of holdings: 15
MILFAM LLC disclosed 15 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $144.7M and a quarterly turnover rate of 42.2%.
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Personality snowflake
- Concentration
- 85.77
- Portfolio Stability
- 42.24
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 28
- Sizing Uniformity
- 85.32
Milfam LLC's disclosed holdings carry a Herfindahl concentration index of 0.214 — mathematically equivalent to about 5 equally-sized positions, well below its 15 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 1.47), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 10.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 52% 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.govTrim NN
0.0% -$11.3M
New buy 369884101
Add PCG
+96.9% $12.1M
Trim OPTU
+22.8% -$3.7M
Add VSAT
+3160.0% $6.6M
Trim G7T96K107
0.0% -$1.8M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 14 holdings (of 15 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NN | Nextnav Inc | Stock-Other | 32.48% | -12.97% | — | |
| 2 | PCG | P G & E CORP | Stock-Utilities | 27.50% | +5.94% | +96.86% | |
| 3 | OPTU | Optimum Communications Inc-a | Stock-Comm Services | 13.37% | -4.64% | +22.79% | |
| 4 | ✓ | Stock-Other | 8.39% | +8.39% | NEW | ||
| 5 | ✓ | Stock-Other | 7.13% | -2.36% | — | ||
| 6 | VSAT | Viasat Inc | Stock-Tech | 4.76% | +4.55% | +3160.00% | |
| 7 | CTSH | Cognizant Tech Solutions-a | Stock-Tech | 2.35% | +2.35% | NEW | |
| 8 | ACN | Accenture plc | Stock-Tech | 1.75% | +1.75% | NEW | |
| 9 | ARES | Ares Management CORP - A | Stock-Financials | 1.20% | -0.10% | — | |
| 10 | APO | Apollo Global Management Inc | Stock-Financials | 0.60% | -0.09% | — | |
| 11 | ERII | Energy Recovery Inc | Stock-Other | 0.35% | -0.18% | — | |
| 12 | EPAM | Epam Systems Inc | Stock-Tech | 0.11% | +0.11% | NEW | |
| 13 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 0.01% | -0.01% | — | |
| 14 | BSL | Blackstone Snr Fltng Rt | Stock-Other | — | — | — |
Portfolio Performance
Performance for Q4 2026
-14.7%
Performance Last 4 Quarters
-30.8%
Based on 5 months of available history
Based on 89% of reported portfolio value with available pricing
- Stdev
- +31.2%
- Beta
- +1.2
- Alpha
- -90.9%
- Max Drawdown
- -31.1%
- Annualized Perf
- -58.7%
- Batting Avg vs S&P
- +40%
- Sortino
- -2.24
- Stutzer
- —
- Treynor
- -0.68
- Sterling
- —
- Calmar
- -1.88
- Information Ratio
- -2.93
- Tracking Error
- +30.5%
- Stdev Down
- +36.1%
- Winning Months %
- +40%
- Losing Months %
- +60%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.75
- Sharpe
- -2.59
- Stdev Sectors
- +18.2%
- Skewness
- -0.26
- Kurtosis
- -1.22
- Upside Potential
- +0.24
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Milfam LLC's most significant position changes for 2026-09-30: New buy: ; New buy: Cognizant Tech Solutions-a (CTSH); New buy: Accenture plc (ACN); Sold out: Pg&e CORP; Sold out: Seadrill Limited (SDRL).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | +8.4% | NEW | New buy | |
| 2 | PCG | P G & E CORP | +5.9% | +96.86% | Add |
| 3 | VSAT | Viasat Inc | +4.6% | +3160.00% | Add |
| 4 | CTSH | Cognizant Tech Solutions-a | +2.4% | NEW | New buy |
| 5 | ACN | Accenture plc | +1.8% | NEW | New buy |
| 6 | EPAM | Epam Systems Inc | +0.1% | NEW | New buy |
| 7 | BSL | Blackstone Snr Fltng Rt | — | — | Unchanged |
| 8 | RSP | Invesco S&p 500 Equal Weight | 0% | — | Unchanged |
| 9 | APO | Apollo Global Management Inc | -0.1% | — | Unchanged |
| 10 | ARES | Ares Management CORP - A | -0.1% | — | Unchanged |
| 11 | ERII | Energy Recovery Inc | -0.2% | — | Unchanged |
| 12 | SDRL | Seadrill Limited | -1.2% | EXIT | Sold out |
| 13 | ✓ | Pg&e CORP | -1.6% | EXIT | Sold out |
| 14 | ✓ | -2.4% | — | Unchanged | |
| 15 | OPTU | Optimum Communications Inc-a | -4.6% | +22.79% | Add |
| 16 | NN | Nextnav Inc | -13% | — | Unchanged |
Filing History
FAQ
What is Milfam LLC and what type of investor is it?
Milfam 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 (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $144.7M, spread across 15 disclosed positions.
What are Milfam LLC's largest equity positions?
Based on the latest 13F filing, Milfam LLC's top holdings by market value are:
1. Nextnav Inc (NN) — $47.0M (32.5%)
2. P G & E CORP (PCG) — $39.8M (27.5%)
3. Optimum Communications Inc-a (OPTU) — $19.3M (13.4%)
4. — $12.1M (8.4%)
5. — $10.3M (7.1%)
What changes did Milfam LLC make in its most recent portfolio filing?
In the latest reported quarter, Milfam LLC made 9 notable position adjustments: 4 new positions were initiated, 3 existing holdings were added to, 0 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: ; New buy: Cognizant Tech Solutions-a (CTSH); New buy: Accenture plc (ACN); Sold out: Pg&e CORP; Sold out: Seadrill Limited (SDRL)
What sectors does Milfam LLC focus on?
Milfam LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Utilities: 53.3%
• Communication Services: 25.9%
• Information Technology: 17.4%
• Financials: 3.5%
Investment Profile
Milfam LLC returned an annualized -58.7% over the trailing 5 months — underperforming the S&P 500 by 90.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.20 (more volatile than the market) and a 40% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 53.3% of the portfolio concentrated in Utilities.
Its turnover score has risen from 0 to 42 over the past 2 quarters — a shift toward more active trading.
It has trimmed its G7T96K107 position for two straight quarters, cutting it by $5.2M while still holding $10.3M.
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Developer Access
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