CIK: 0001169581
Total reported value
$115.3M
Reporting period: 2026-03-31 · Number of holdings: 49
RAFFLES ASSOCIATES LP disclosed 49 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $115.3M and a quarterly turnover rate of 34.9%.
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Raffles Associates LP's disclosed holdings carry a Herfindahl concentration index of 0.049 — mathematically equivalent to about 21 equally-sized positions, well below its 49 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.19), 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 0% 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.
Trim VZLA
-9.1% -$4.1M
Add SMBC
-1.1% $929.5K
Trim GLL
-42.2% -$3.3M
Add EBC
+9.7% $1.1M
Trim FBP
-76.0% -$2.1M
Trim IE
-7.2% -$2.9M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SMBC | Southern Missouri Bancorp | Stock-Other | 12.36% | +2.37% | -1.09% | |
| 2 | LCTX | Lineage Cell Therapeutics In | Stock-Other | 7.35% | +0.63% | — | |
| 3 | EBC | Eastern Bankshares INC | Stock-Other | 6.70% | +1.73% | +9.73% | |
| 4 | CBK | Commercial Bancgroup INC | Stock-Other | 5.60% | +0.99% | -0.70% | |
| 5 | PROV | Provident Financial Hldgs | Stock-Other | 5.47% | +0.80% | -0.03% | |
| 6 | IE | Ivanhoe Electric INC / US | Stock-Other | 5.46% | -1.41% | -7.15% | |
| 7 | OFG | Ofg Bancorp | Stock-Other | 4.92% | +1.23% | +16.66% | |
| 8 | GLIBK | Liberty Capital Corp-cl C | Stock-Other | 4.72% | +0.86% | +5.79% | |
| 9 | VZLA | Vizsla Silver CORP | Stock-Other | 4.31% | -2.48% | -9.07% | |
| 10 | AFBI | Affinity Bancshares INC | Stock-Other | 3.84% | +0.79% | — | |
| 11 | VMD | Viemed Healthcare INC | Stock-Other | 3.31% | +0.98% | -0.96% | |
| 12 | COSO | Coastal South Bancshares INC | Stock-Other | 2.59% | +0.47% | — | |
| 13 | ASLE | Aersale CORP | Stock-Other | 2.48% | -0.08% | -4.17% | |
| 14 | GLL | Proshares Ultrashort Gold | ETF-Commodities | 2.28% | -2.13% | -42.22% | |
| 15 | MSOS | Advisorshares Pure US Cann | ETF-Other | 1.97% | +0.57% | +62.03% | |
| 16 | JOB | Gee Group INC | Stock-Other | 1.97% | +0.58% | -0.62% | |
| 17 | ESOA | Energy Services Of America | Stock-Other | 1.94% | +0.72% | -14.54% | |
| 18 | JETS | US Global Jets ETF | ETF-Other | 1.60% | +1.60% | NEW | |
| 19 | TMF | Dir Dly 20+yr Tr Bl3x Etf-ui | ETF-Other | 1.56% | +1.56% | NEW | |
| 20 | MAYS | Mays (j.w.) INC | Stock-Other | 1.53% | — | — | |
| 21 | PERI | Perion Network Ltd. | Stock-Other | 1.48% | +0.80% | +79.24% | |
| 22 | MNR | Mach Natural Resources LP | Stock-Other | 1.40% | +0.45% | — | |
| 23 | MBBC | Marathon Bancorp INC | Stock-Other | 1.26% | +0.28% | — | |
| 24 | NECB | Northeast Community Bancorp | Stock-Other | 1.23% | +0.22% | — | |
| 25 | CTGO | Contango Silver & Gold INC | Stock-Other | 1.16% | -0.25% | — | |
| 26 | FBLA | Fb Bancorp INC | Stock-Other | 1.16% | +0.22% | — | |
| 27 | JOF | Japan Smaller Capitalization | Stock-Other | 1.05% | -0.11% | -20.43% | |
| 28 | NSTS | Nsts Bancorp INC | Stock-Other | 0.95% | +0.04% | — | |
| 29 | FNWD | Finward Bancorp | Stock-Other | 0.84% | — | — | |
| 30 | NSSC | Napco Security Technologies | Stock-Other | 0.83% | +0.07% | — | |
| 31 | TIPT | Tiptree INC | Stock-Other | 0.82% | +0.26% | +36.76% | |
| 32 | SCOUSD | Proshares Ultrashort Bloombe | ETF-Other | 0.72% | +0.72% | NEW | |
| 33 | VABK | Virginia National Bankshares | Stock-Other | 0.62% | +0.06% | -0.13% | |
| 34 | FBP | First Bancorp Puerto Rico | Stock-Other | 0.59% | -1.48% | -76.01% | |
| 35 | NXE | Nexgen Energy LTD | Stock-Other | 0.50% | -0.71% | -71.43% | |
| 36 | ABTC | American Bitcoin Corp-a | Stock-Other | 0.45% | -0.44% | -20.71% | |
| 37 | SIRI | Sirius Xm Holdings INC | Stock-Comm Services | 0.38% | +0.09% | — | |
| 38 | KELYA | Kelly Services INC -a | Stock-Other | 0.38% | -0.19% | -42.39% | |
| 39 | NWFL | Norwood Financial CORP | Stock-Other | 0.32% | — | — | |
| 40 | HYNE | Hoyne Bancorp INC | Stock-Other | 0.30% | — | — | |
| 41 | NBBK | Nb Bancorp INC | Stock-Other | 0.27% | -0.15% | -47.58% | |
| 42 | IAUX | I-80 Gold CORP | Stock-Other | 0.26% | — | — | |
| 43 | UBCP | United Bancorp Inc/ohio | Stock-Other | 0.23% | — | — | |
| 44 | ECBK | Ecb Bancorp INC | Stock-Other | 0.19% | — | -5.99% | |
| 45 | HHS | Harte-hanks INC | Stock-Other | 0.17% | -0.03% | +0.00% | |
| 46 | FMNB | Farmers Natl Banc CORP | Stock-Other | 0.17% | +0.17% | NEW | |
| 47 | CLST | Catalyst Bancorp INC | Stock-Other | 0.15% | — | — | |
| 48 | AP | Ampco-pittsburgh CORP | Stock-Other | 0.09% | +0.09% | NEW | |
| 49 | AWX | Avalon Holdings Corp-a | Stock-Other | 0.06% | — | — |
Performance for Q3 2026
-6.1%
Performance Last 4 Quarters
+19%
Based on 63% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 49 | $115.3M | 35 | |
| 2025-12-31 | 54 | $133.3M | 39 | |
| 2025-09-30 | 49 | $107.4M | 40 | |
| 2025-06-30 | 48 | $96.0M | 0 | |
| 2025-03-31 | 43 | $82.1M | 100 | |
| 2024-12-31 | 49 | $92.8M | 0 | |
| 2024-09-30 | 48 | $97.4M | 0 | |
| 2024-06-30 | 52 | $88.8M | 0 | |
| 2024-03-31 | 51 | $86.1M | 0 | |
| 2023-12-31 | 47 | $79.1M | 0 | |
| 2023-09-30 | 46 | $75.5M | 0 | |
| 2023-06-30 | 45 | $74.4M | 0 | |
| 2023-03-31 | 46 | $73.4M | 0 | |
| 2022-12-31 | 47 | $85.4M | 0 | |
| 2022-09-30 | 50 | $93.8M | 0 | |
| 2022-06-30 | 48 | $91.8M | 0 | |
| 2022-03-31 | 45 | $97.3M | 0 | |
| 2021-12-31 | 49 | $104.4M | 0 | |
| 2021-09-30 | 42 | $108.0M | 0 | |
| 2021-06-30 | 44 | $117.6M | 43 | |
| 2021-03-31 | 39 | $98.3M | 52 | |
| 2020-12-31 | 37 | $86.1M | 56 | |
| 2020-09-30 | 31 | $58.9M | 75 | |
| 2020-06-30 | 39 | $61.4M | 30 | |
| 2020-03-31 | 45 | $54.9M | 67 | |
| 2019-12-31 | 50 | $104.0M | 42 | |
| 2019-09-30 | 53 | $104.9M | 32 | |
| 2019-06-30 | 52 | $97.4M | 19 | |
| 2019-03-31 | 50 | $91.4M | 19 | |
| 2018-12-31 | 45 | $87.6M | 45 | |
| 2018-09-30 | 46 | $109.1M | 48 | |
| 2018-06-30 | 50 | $115.2M | 39 | |
| 2018-03-31 | 40 | $93.2M | 32 | |
| 2017-12-31 | 47 | $95.2M | 43 | |
| 2017-09-30 | 45 | $109.3M | 42 | |
| 2017-06-30 | 49 | $106.6M | 27 | |
| 2017-03-31 | 51 | $106.3M | 25 | |
| 2016-12-31 | 51 | $120.5M | 46 | |
| 2016-09-30 | 65 | $145.3M | 59 | |
| 2016-06-30 | 48 | $98.4M | 25 | |
| 2016-03-31 | 45 | $85.6M | 26 | |
| 2015-12-31 | 47 | $82.3M | 33 | |
| 2015-09-30 | 56 | $95.2M | 34 | |
| 2015-06-30 | 52 | $103.0M | 29 | |
| 2015-03-31 | 56 | $95.2M | 37 | |
| 2014-12-31 | 57 | $105.4M | 44 | |
| 2014-09-30 | 63 | $112.9M | 37 | |
| 2014-06-30 | 52 | $124.3M | 38 | |
| 2014-03-31 | 54 | $100.2M | 32 | |
| 2013-12-31 | 50 | $95.8M | 40 | |
| 2013-09-30 | 52 | $107.6M | 25 | |
| 2013-06-30 | 48 | $96.3M | 0 |
Raffles Associates LP's most significant position changes for 2026-03-31: Sold out: Proshares Ultra Vix St Futur (UVXY); Sold out: Invesco Db US Dollar Index B (UUP); New buy: US Global Jets ETF (JETS); New buy: Dir Dly 20+yr Tr Bl3x Etf-ui (TMF); Sold out: Dir Dly Gol Mn Idx Br 2x ETF (DUSTUSD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SMBC | Southern Missouri Bancorp | +2.4% | -1.09% | Trim |
| 2 | EBC | Eastern Bankshares INC | +1.7% | +9.73% | Add |
| 3 | OFG | Ofg Bancorp | +1.2% | +16.66% | Add |
| 4 | CBK | Commercial Bancgroup INC | +1% | -0.70% | Trim |
| 5 | VMD | Viemed Healthcare INC | +1% | -0.96% | Trim |
| 6 | GLIBK | Liberty Capital Corp-cl C | +0.9% | +5.79% | Add |
| 7 | PERI | Perion Network Ltd. | +0.8% | +79.24% | Add |
| 8 | PROV | Provident Financial Hldgs | +0.8% | -0.03% | Trim |
| 9 | AFBI | Affinity Bancshares INC | +0.8% | — | Unchanged |
| 10 | ESOA | Energy Services Of America | +0.7% | -14.54% | Trim |
| 11 | LCTX | Lineage Cell Therapeutics In | +0.6% | — | Unchanged |
| 12 | JOB | Gee Group INC | +0.6% | -0.62% | Trim |
| 13 | MSOS | Advisorshares Pure US Cann | +0.6% | +62.03% | Add |
| 14 | COSO | Coastal South Bancshares INC | +0.5% | — | Unchanged |
| 15 | MNR | Mach Natural Resources LP | +0.5% | — | Unchanged |
| 16 | MBBC | Marathon Bancorp INC | +0.3% | — | Unchanged |
| 17 | TIPT | Tiptree INC | +0.3% | +36.76% | Add |
| 18 | FBLA | Fb Bancorp INC | +0.2% | — | Unchanged |
| 19 | NECB | Northeast Community Bancorp | +0.2% | — | Unchanged |
| 20 | SIRI | Sirius Xm Holdings INC | +0.1% | — | Unchanged |
| 21 | NSSC | Napco Security Technologies | +0.1% | — | Unchanged |
| 22 | VABK | Virginia National Bankshares | +0.1% | -0.13% | Trim |
| 23 | NSTS | Nsts Bancorp INC | 0% | — | Unchanged |
| 24 | HHS | Harte-hanks INC | 0% | +0.00% | Add |
| 25 | ASLE | Aersale CORP | -0.1% | -4.17% | Trim |
| 26 | JOF | Japan Smaller Capitalization | -0.1% | -20.43% | Trim |
| 27 | NBBK | Nb Bancorp INC | -0.2% | -47.58% | Trim |
| 28 | KELYA | Kelly Services INC -a | -0.2% | -42.39% | Trim |
| 29 | CTGO | Contango Silver & Gold INC | -0.3% | — | Unchanged |
| 30 | ABTC | American Bitcoin Corp-a | -0.4% | -20.71% | Trim |
| 31 | NXE | Nexgen Energy LTD | -0.7% | -71.43% | Trim |
| 32 | IE | Ivanhoe Electric INC / US | -1.4% | -7.15% | Trim |
| 33 | FBP | First Bancorp Puerto Rico | -1.5% | -76.01% | Trim |
| 34 | GLL | Proshares Ultrashort Gold | -2.1% | -42.22% | Trim |
| 35 | VZLA | Vizsla Silver CORP | -2.5% | -9.07% | Trim |
| 36 | UVXY | Proshares Ultra Vix St Futur | — | EXIT | Sold out |
| 37 | UUP | Invesco Db US Dollar Index B | — | EXIT | Sold out |
| 38 | JETS | US Global Jets ETF | — | NEW | New buy |
| 39 | TMF | Dir Dly 20+yr Tr Bl3x Etf-ui | — | NEW | New buy |
| 40 | DUSTUSD | Dir Dly Gol Mn Idx Br 2x ETF | — | EXIT | Sold out |
| 41 | PKST | Peakstone Realty Trust | — | EXIT | Sold out |
| 42 | VXX | Ipath Series B S&p 500 Vix | — | EXIT | Sold out |
| 43 | JDSTGBP | Dir Dly Jun Gm Ib 2x Etf-usd | — | EXIT | Sold out |
| 44 | SCOUSD | Proshares Ultrashort Bloombe | — | NEW | New buy |
| 45 | VG | Venture Global Inc-cl A | — | EXIT | Sold out |
| 46 | ALTO | Alto Ingredients INC | — | EXIT | Sold out |
| 47 | ✓ | — | EXIT | Sold out | |
| 48 | FMNB | Farmers Natl Banc CORP | — | NEW | New buy |
| 49 | AP | Ampco-pittsburgh CORP | — | NEW | New buy |
| 50 | GFR | Greenfire Resources LTD | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-15 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-15 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-15 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-15 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-16 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-17 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-15 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-16 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-15 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-17 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-17 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-15 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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