ML
Milfam LLC 13F Filing (Q2 2026) — Top Positions & Stock Picks
Milfam LLCCIK: 0001728825
Concentrated strategySector-focusedMomentum follower
Total reported value
$128.2M
Reporting period: 2026-06-30 · Number of holdings: 13
MILFAM LLC disclosed 13 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $128.2M and a quarterly turnover rate of 35.1%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 35.13
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 24
- Sizing Uniformity
- 83.35
Milfam LLC's disclosed holdings carry a Herfindahl concentration index of 0.295 — mathematically equivalent to about 3 equally-sized positions, well below its 13 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 1.67), 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 24.7 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 42% 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 OPTU
+81.5% $11.7M
Trim PCG
0.0% -$1.2M
Add NN
+29.9% $18.0M
Trim G7T96K107
0.0% -$3.4M
Sold out NNAVW
Trim 69331C908
0.0% -$989.8K
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 12 holdings (of 13 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NN | Nextnav Inc | Stock-Other | 45.45% | +6.07% | +29.93% | |
| 2 | PCG | P G & E CORP | Stock-Utilities | 21.56% | -6.65% | — | |
| 3 | OPTU | Optimum Communications Inc-a | Stock-Comm Services | 18.01% | +6.87% | +81.53% | |
| 4 | ✓ | Stock-Other | 9.49% | -5.69% | — | ||
| 5 | ✓ | Pg&e CORP | Stock-Other | 1.56% | -1.36% | — | |
| 6 | ARES | Ares Management CORP - A | Stock-Financials | 1.30% | +1.30% | NEW | |
| 7 | SDRL | Seadrill Limited | Stock-Other | 1.18% | -0.60% | — | |
| 8 | APO | Apollo Global Management Inc | Stock-Financials | 0.69% | +0.69% | NEW | |
| 9 | ERII | Energy Recovery Inc | Stock-Other | 0.53% | +0.53% | NEW | |
| 10 | VSAT | Viasat Inc | Stock-Tech | 0.21% | +0.21% | NEW | |
| 11 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 0.02% | +0.02% | NEW | |
| 12 | BSL | Blackstone Snr Fltng Rt | Stock-Other | — | — | — |
Portfolio Performance
Performance for Q3 2026
-11%
Performance Last 4 Quarters
-11%
Based on 3 months of available history
Based on 81% of reported portfolio value with available pricing
- Stdev
- +51.2%
- Beta
- +4.51
- Alpha
- -64.6%
- Max Drawdown
- -19.3%
- Annualized Perf
- -37.4%
- Batting Avg vs S&P
- +66.7%
- Sortino
- -0.95
- Stutzer
- —
- Treynor
- -0.08
- Sterling
- —
- Calmar
- -1.94
- Information Ratio
- -0.89
- Tracking Error
- +47.9%
- Stdev Down
- +38.5%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.38
- Sharpe
- -0.71
- Stdev Sectors
- +22.6%
- Skewness
- -0.41
- Kurtosis
- -1.5
- Upside Potential
- +1.05
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Milfam LLC's most significant position changes for 2026-06-30: New buy: Ares Management CORP - A (ARES); Sold out: Nextnav Inc (NNAVW); New buy: Apollo Global Management Inc (APO); New buy: Energy Recovery Inc (ERII); New buy: Viasat Inc (VSAT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | OPTU | Optimum Communications Inc-a | +6.9% | +81.53% | Add |
| 2 | NN | Nextnav Inc | +6.1% | +29.93% | Add |
| 3 | ARES | Ares Management CORP - A | +1.3% | NEW | New buy |
| 4 | APO | Apollo Global Management Inc | +0.7% | NEW | New buy |
| 5 | ERII | Energy Recovery Inc | +0.5% | NEW | New buy |
| 6 | VSAT | Viasat Inc | +0.2% | NEW | New buy |
| 7 | RSP | Invesco S&p 500 Equal Weight | 0% | NEW | New buy |
| 8 | BSL | Blackstone Snr Fltng Rt | — | — | Unchanged |
| 9 | SDRL | Seadrill Limited | -0.6% | — | Unchanged |
| 10 | ✓ | Pg&e CORP | -1.4% | — | Unchanged |
| 11 | NNAVW | Nextnav Inc | -1.4% | EXIT | Sold out |
| 12 | ✓ | -5.7% | — | Unchanged | |
| 13 | PCG | P G & E CORP | -6.7% | — | 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 (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $128.2M, spread across 13 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) — $58.3M (45.5%)
2. P G & E CORP (PCG) — $27.6M (21.6%)
3. Optimum Communications Inc-a (OPTU) — $23.1M (18.0%)
4. — $12.2M (9.5%)
5. Pg&e CORP — $2.0M (1.6%)
What changes did Milfam LLC make in its most recent portfolio filing?
In the latest reported quarter, Milfam LLC made 8 notable position adjustments: 5 new positions were initiated, 2 existing holdings were added to, 0 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Ares Management CORP - A (ARES); Sold out: Nextnav Inc (NNAVW); New buy: Apollo Global Management Inc (APO); New buy: Energy Recovery Inc (ERII); New buy: Viasat Inc (VSAT)
What sectors does Milfam LLC focus on?
Milfam LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Utilities: 51.6%
• Communication Services: 43.1%
• Financials: 4.8%
• Information Technology: 0.5%
Investment Profile
Milfam LLC returned an annualized -37.4% over the trailing 3 months — underperforming the S&P 500 by 64.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 4.51 (more volatile than the market) and a 67% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 51.6% of the portfolio concentrated in Utilities.
Its turnover score has risen from 0 to 35 over the past 1 quarters — a shift toward more active trading.
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Developer Access
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