PL
Pillsbury Lake Capital LLC 13F Holdings & Position Changes (Q2 2026)
Pillsbury Lake Capital LLCCIK: 0002111915
Momentum followerDiversified strategyQuality / disciplined sizing
Total reported value
$366.3M
Reporting period: 2026-06-30 · Number of holdings: 44
Pillsbury Lake Capital LLC disclosed 44 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $366.3M and a quarterly turnover rate of 78.4%.
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Personality snowflake
- Concentration
- 13.06
- Portfolio Stability
- 78.4
- Momentum
- 100
- Sector conviction
- 83.42
- Diversification
- 82
- Sizing Uniformity
- 94.11
Pillsbury Lake Capital LLC's disclosed holdings carry a Herfindahl concentration index of 0.033 — mathematically equivalent to about 31 equally-sized positions, close to its 44 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 0.59), 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 29% 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 CRON
-80.8% -$8.3M
Trim TPB
-25.8% -$3.9M
New buy MSA
New buy SLB
New buy MCFT
Sold out LMRI
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 41 holdings (of 44 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BLZE | Backblaze Inc-a | Stock-Other | 5.80% | +2.74% | -31.69% | |
| 2 | COMP | Compass Inc - Class A | Stock-Real Estate | 4.91% | -0.38% | -8.93% | |
| 3 | LINC | Lincoln Educational Services | Stock-Other | 4.85% | -2.15% | -6.41% | |
| 4 | HNI | Hni CORP | Stock-Other | 4.55% | +1.21% | +86.62% | |
| 5 | CLH | Clean Harbors Inc | Stock-Industrials | 4.05% | +1.08% | +116.45% | |
| 6 | ETON | Eton Pharmaceuticals Inc | Stock-Other | 3.83% | -0.24% | +6.08% | |
| 7 | UTI | Universal Technical Institut | Stock-Other | 3.75% | +0.16% | +46.23% | |
| 8 | MSA | Msa Safety Inc | Stock-Industrials | 3.67% | +3.67% | NEW | |
| 9 | SLB | Slb LTD | Stock-Energy | 3.56% | +3.56% | NEW | |
| 10 | MCFT | Mastercraft Boat Holdings In | Stock-Other | 3.52% | +3.52% | NEW | |
| 11 | CVCO | Cavco Industries Inc | Stock-Consumer Disc | 3.15% | -0.30% | +19.01% | |
| 12 | SRTA | Strata Critical Medical Inc | Stock-Other | 3.12% | -1.80% | -16.62% | |
| 13 | LUXE | Luxexperience BV | Stock-Other | 2.97% | -1.28% | +24.33% | |
| 14 | TPB | Turning Point Brands Inc | Stock-Other | 2.95% | -3.72% | -25.81% | |
| 15 | GPGI | Gpgi Inc | Stock-Other | 2.95% | +2.11% | +526.21% | |
| 16 | KNX | Knight-swift Transportation | Stock-Industrials | 2.94% | +2.94% | NEW | |
| 17 | BGSI | THE Boyd Group Inc | Stock-Other | 2.86% | -2.81% | +12.90% | |
| 18 | BBW | Build-a-bear Workshop Inc | Stock-Other | 2.83% | -2.76% | +2.76% | |
| 19 | KRUS | Kura Sushi USA Inc-class A | Stock-Other | 2.78% | -0.96% | +49.28% | |
| 20 | CARG | Cargurus Inc | Stock-Consumer Disc | 2.76% | +2.76% | NEW | |
| 21 | WLTH | Wealthfront CORP | Stock-Other | 2.50% | -0.25% | +55.59% | |
| 22 | CROX | Crocs Inc | Stock-Consumer Disc | 2.49% | -0.51% | -5.34% | |
| 23 | AIQ | Global X Art Intel & Tech | ETF-Tech | 2.41% | +2.41% | NEW | |
| 24 | LWAY | Lifeway Foods Inc | Stock-Other | 2.38% | +2.38% | NEW | |
| 25 | PDFS | Pdf Solutions Inc | Stock-Other | 2.28% | -1.72% | -56.46% | |
| 26 | FLYW | Flywire Corp-voting | Stock-Other | 2.27% | -1.79% | -38.59% | |
| 27 | ✓ | Corporacion Amer Arpts S A | Stock-Other | 2.03% | +2.03% | NEW | |
| 28 | BV | Brightview Holdings Inc | Stock-Other | 1.95% | -0.75% | -0.75% | |
| 29 | RHLD | Resolute Holdings Manag | Stock-Other | 1.90% | +1.90% | NEW | |
| 30 | INFL | Horizon Kinetics Infl Benef | ETF-Other | 1.59% | -0.35% | +35.62% | |
| 31 | SEI | Solaris Energy Infrastructur | Stock-Energy | 1.42% | +1.42% | NEW | |
| 32 | MEC | Mayville Engineering Co Inc | Stock-Other | 1.40% | +1.40% | NEW | |
| 33 | MGNI | Magnite Inc | Stock-Other | 1.13% | +1.13% | NEW | |
| 34 | SHAZ | Sharonai Holdings Inc | Stock-Other | 0.66% | +0.66% | NEW | |
| 35 | CRON | Cronos Group Inc | Stock-Other | 0.61% | -4.18% | -80.82% | |
| 36 | MAMA | Mama's Creations Inc | Stock-Other | 0.44% | -1.98% | -74.15% | |
| 37 | MDXG | Mimedx Group Inc | Stock-Other | 0.23% | +0.23% | NEW | |
| 38 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.18% | -0.04% | -30.88% | |
| 39 | ✓ | Toyo Co LTD | Stock-Other | 0.15% | +0.15% | NEW | |
| 40 | WEST | Westrock Coffee Co | Stock-Other | 0.10% | +0.10% | NEW | |
| 41 | GLXY | Galaxy Digital Inc-a | Stock-Other | 0.08% | +0.08% | NEW |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q3 2026
+7.1%
Performance Last 4 Quarters
+6.1%
- Stdev
- +29.5%
- Beta
- +0.73
- Alpha
- -2.5%
- Max Drawdown
- -5.6%
- Annualized Perf
- +12.6%
- Batting Avg vs S&P
- +16.7%
- Sortino
- +0.95
- Stutzer
- +0.17
- Treynor
- +0.21
- Sterling
- —
- Calmar
- +2.24
- Information Ratio
- -0.34
- Tracking Error
- +26.6%
- Stdev Down
- +16.4%
- Winning Months %
- +50%
- Losing Months %
- +50%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.15
- Sharpe
- +0.53
- Stdev Sectors
- +8.4%
- Skewness
- +0.02
- Kurtosis
- -1.01
- Upside Potential
- +2.91
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Pillsbury Lake Capital LLC's most significant position changes for 2026-06-30: New buy: Msa Safety Inc (MSA); New buy: Slb LTD (SLB); New buy: Mastercraft Boat Holdings In (MCFT); New buy: Knight-swift Transportation (KNX); New buy: Cargurus Inc (CARG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MSA | Msa Safety Inc | +3.7% | NEW | New buy |
| 2 | SLB | Slb LTD | +3.6% | NEW | New buy |
| 3 | MCFT | Mastercraft Boat Holdings In | +3.5% | NEW | New buy |
| 4 | KNX | Knight-swift Transportation | +2.9% | NEW | New buy |
| 5 | CARG | Cargurus Inc | +2.8% | NEW | New buy |
| 6 | BLZE | Backblaze Inc-a | +2.7% | -31.69% | Trim |
| 7 | AIQ | Global X Art Intel & Tech | +2.4% | NEW | New buy |
| 8 | LWAY | Lifeway Foods Inc | +2.4% | NEW | New buy |
| 9 | GPGI | Gpgi Inc | +2.1% | +526.21% | Add |
| 10 | ✓ | Corporacion Amer Arpts S A | +2% | NEW | New buy |
| 11 | RHLD | Resolute Holdings Manag | +1.9% | NEW | New buy |
| 12 | SEI | Solaris Energy Infrastructur | +1.4% | NEW | New buy |
| 13 | MEC | Mayville Engineering Co Inc | +1.4% | NEW | New buy |
| 14 | HNI | Hni CORP | +1.2% | +86.62% | Add |
| 15 | MGNI | Magnite Inc | +1.1% | NEW | New buy |
| 16 | CLH | Clean Harbors Inc | +1.1% | +116.45% | Add |
| 17 | SHAZ | Sharonai Holdings Inc | +0.7% | NEW | New buy |
| 18 | MDXG | Mimedx Group Inc | +0.2% | NEW | New buy |
| 19 | UTI | Universal Technical Institut | +0.2% | +46.23% | Add |
| 20 | ✓ | Toyo Co LTD | +0.2% | NEW | New buy |
| 21 | WEST | Westrock Coffee Co | +0.1% | NEW | New buy |
| 22 | GLXY | Galaxy Digital Inc-a | +0.1% | NEW | New buy |
| 23 | IWM | Ishares Russell 2000 ETF | 0% | -30.88% | Trim |
| 24 | ETON | Eton Pharmaceuticals Inc | -0.2% | +6.08% | Add |
| 25 | WLTH | Wealthfront CORP | -0.3% | +55.59% | Add |
| 26 | CVCO | Cavco Industries Inc | -0.3% | +19.01% | Add |
| 27 | INFL | Horizon Kinetics Infl Benef | -0.4% | +35.62% | Add |
| 28 | FLXS | Flexsteel Inds | -0.4% | EXIT | Sold out |
| 29 | COMP | Compass Inc - Class A | -0.4% | -8.93% | Trim |
| 30 | CBNA | Chain Bridge Bancorp Inc-a | -0.4% | EXIT | Sold out |
| 31 | NBIS | Nebius Group N.V. | -0.5% | EXIT | Sold out |
| 32 | CROX | Crocs Inc | -0.5% | -5.34% | Trim |
| 33 | XOP | Ss Spdr S&p Og Exp & Prod | -0.7% | EXIT | Sold out |
| 34 | BV | Brightview Holdings Inc | -0.8% | -0.75% | Trim |
| 35 | INVE | Identiv Inc | -0.8% | EXIT | Sold out |
| 36 | KRUS | Kura Sushi USA Inc-class A | -1% | +49.28% | Add |
| 37 | LUXE | Luxexperience BV | -1.3% | +24.33% | Add |
| 38 | PDFS | Pdf Solutions Inc | -1.7% | -56.46% | Trim |
| 39 | CRTO | Criteo Sa-spon Adr | -1.7% | EXIT | Sold out |
| 40 | FLYW | Flywire Corp-voting | -1.8% | -38.59% | Trim |
| 41 | SRTA | Strata Critical Medical Inc | -1.8% | -16.62% | Trim |
| 42 | MAMA | Mama's Creations Inc | -2% | -74.15% | Trim |
| 43 | LMB | Limbach Holdings Inc | -2% | EXIT | Sold out |
| 44 | LINC | Lincoln Educational Services | -2.2% | -6.41% | Trim |
| 45 | BBW | Build-a-bear Workshop Inc | -2.8% | +2.76% | Add |
| 46 | BGSI | THE Boyd Group Inc | -2.8% | +12.90% | Add |
| 47 | LMRI | Lumexa Imaging Holdings Inc | -3.2% | EXIT | Sold out |
| 48 | TPB | Turning Point Brands Inc | -3.7% | -25.81% | Trim |
| 49 | CRON | Cronos Group Inc | -4.2% | -80.82% | Trim |
Filing History
FAQ
What is Pillsbury Lake Capital LLC and what type of investor is it?
Pillsbury Lake 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 $366.3M, spread across 44 disclosed positions.
What are Pillsbury Lake Capital LLC's largest equity positions?
Based on the latest 13F filing, Pillsbury Lake Capital LLC's top holdings by market value are:
1. Backblaze Inc-a (BLZE) — $21.2M (5.8%)
2. Compass Inc - Class A (COMP) — $18.0M (4.9%)
3. Lincoln Educational Services (LINC) — $17.8M (4.8%)
4. Hni CORP (HNI) — $16.7M (4.5%)
5. Clean Harbors Inc (CLH) — $14.8M (4.0%)
What changes did Pillsbury Lake Capital LLC make in its most recent portfolio filing?
In the latest reported quarter, Pillsbury Lake Capital LLC made 49 notable position adjustments: 17 new positions were initiated, 12 existing holdings were added to, 12 positions were partially reduced, and 8 were completely exited. The largest of these moves: New buy: Msa Safety Inc (MSA); New buy: Slb LTD (SLB); New buy: Mastercraft Boat Holdings In (MCFT); New buy: Knight-swift Transportation (KNX); New buy: Cargurus Inc (CARG)
What sectors does Pillsbury Lake Capital LLC focus on?
Pillsbury Lake Capital LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Industrials: 36.8%
• Consumer Discretionary: 29.0%
• Energy: 17.2%
• Real Estate: 17.0%
Investment Profile
Pillsbury Lake Capital LLC returned an annualized 12.6% over the trailing 6 months — underperforming the S&P 500 by 2.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.73 (less volatile than the market) and a 17% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 36.8% of the portfolio concentrated in Industrials.
Its turnover score has risen from 0 to 78 over the past 2 quarters — a shift toward more active trading.
It has added to its CLH position over the past two quarters (+$9.5M, now $14.8M), while trimming TPB over the same stretch (-$6.6M, still holding $10.8M).
Peer Institutions
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Total reported value
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Concentration59.4
Portfolio Stability14.4
Sector conviction49.4
AUM within 0.0% of this institution
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CI
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CIK 0002022154
Total reported value
$366.4M
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AC
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CIK 0002054410
Total reported value
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Concentration47.1
Portfolio Stability61.0
Sector conviction0.0
AUM within 0.0% of this institution
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