WS
Western Standard LLC — 13F Portfolio Breakdown & Top Holdings (Q2 2026)
Western Standard LLCCIK: 0001517666
High-turnover traderMomentum followerSector-focused
Total reported value
$295.3M
Reporting period: 2026-06-30 · Number of holdings: 27
Western Standard LLC disclosed 27 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $295.3M and a quarterly turnover rate of 107.7%.
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Personality snowflake
- Concentration
- 30
- Portfolio Stability
- 100
- Momentum
- 100
- Sector conviction
- 98.71
- Diversification
- 54
- Sizing Uniformity
- 89.68
Western Standard LLC's disclosed holdings carry a Herfindahl concentration index of 0.075 — mathematically equivalent to about 13 equally-sized positions, well below its 27 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 1.03), 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 20% 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.govNew buy GLASF
Sold out TFX
New buy ABVX
New buy AVTR
New buy EA
Trim GDOT
-8.6% $4.0M
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 | GDOT | Green Dot Corp-class A | Stock-Other | 14.83% | -6.10% | -8.64% | |
| 2 | GLASF | Glass House Brands Inc | Stock-Other | 11.86% | +11.86% | NEW | |
| 3 | CODI | Compass Diversified Holdings | Stock-Other | 9.57% | -3.40% | -15.47% | |
| 4 | ABVX | Abivax Sa-adr | Stock-Other | 9.03% | +9.03% | NEW | |
| 5 | AVTR | Avantor Inc | Stock-Healthcare | 7.07% | +7.07% | NEW | |
| 6 | IOSP | Innospec Inc | Stock-Other | 6.53% | -2.18% | +4.41% | |
| 7 | EA | Electronic Arts Inc | Stock-Comm Services | 6.10% | +6.10% | NEW | |
| 8 | OSG | Octave Specialty Group Inc | Stock-Other | 4.75% | -0.75% | — | |
| 9 | AHRT | Ah Realty Trust Inc | Stock-Other | 3.11% | +3.11% | NEW | |
| 10 | STGW | Stagwell Inc | Stock-Other | 2.94% | +2.94% | NEW | |
| 11 | BOBS | Bob's Discount Furniture | Stock-Other | 2.70% | +2.70% | NEW | |
| 12 | FRPT | Freshpet Inc | Stock-Consumer Staples | 2.55% | +0.31% | +75.83% | |
| 13 | CWCO | Consolidated Water Co. Ltd. | Stock-Other | 2.52% | +2.52% | NEW | |
| 14 | AVNW | Aviat Networks Inc | Stock-Other | 2.26% | -2.68% | -27.59% | |
| 15 | FWRG | First Watch Restaurant Group | Stock-Other | 2.24% | +2.24% | NEW | |
| 16 | COO | Cooper Cos Inc/the | Stock-Healthcare | 1.77% | +1.77% | NEW | |
| 17 | ANGO | Angiodynamics Inc | Stock-Other | 1.71% | +1.71% | NEW | |
| 18 | EZPW | Ezcorp Inc-cl A | Stock-Other | 1.65% | -1.04% | -30.10% | |
| 19 | INBX | Inhibrx Biosciences Inc | Stock-Other | 1.51% | +1.51% | NEW | |
| 20 | FFBC | First Financial Bancorp | Stock-Other | 1.01% | -0.23% | +4.12% | |
| 21 | ABUS | Arbutus Biopharma CORP | Stock-Other | 0.88% | -0.35% | +4.06% | |
| 22 | GENI | Genius Sports Limited | Stock-Other | 0.82% | +0.82% | NEW | |
| 23 | MELI | Mercadolibre Inc | Stock-Consumer Disc | 0.80% | +0.80% | NEW | |
| 24 | CHWY | Chewy Inc - Class A | Stock-Consumer Disc | 0.74% | +0.74% | NEW | |
| 25 | OLLI | Ollie's Bargain Outlet Holdi | Stock-Consumer Staples | 0.73% | +0.73% | NEW | |
| 26 | RRGB | Red Robin Gourmet Burgers | Stock-Other | 0.24% | +0.24% | NEW | |
| 27 | HLLY | Holley Inc | Stock-Other | 0.08% | +0.08% | NEW |
Portfolio Performance
Performance for Q3 2026
+3.6%
Performance Last 4 Quarters
+5.5%
- Stdev
- +18.9%
- Beta
- +1.01
- Alpha
- -5.6%
- Max Drawdown
- -17.2%
- Annualized Perf
- +13.7%
- Batting Avg vs S&P
- +36.1%
- Sortino
- +1.4
- Stutzer
- +0.23
- Treynor
- +0.14
- Sterling
- +0.62
- Calmar
- +0.8
- Information Ratio
- -0.4
- Tracking Error
- +13.6%
- Stdev Down
- +10.5%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +38.6%
- Worst 12 Months
- +3.2%
- Efficiency Ratio
- +0.29
- Sharpe
- +0.77
- Stdev Sectors
- +14.1%
- Skewness
- +0.1
- Kurtosis
- -0.87
- Upside Potential
- +3.3
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 27 | $295.3M | 100 | ||
| 2026 Q1 | 23 | $190.2M | 100 | ||
| 2025 Q4 | 25 | $216.8M | 100 | ||
| 2025 Q3 | 24 | $337.1M | 100 | ||
| 2025 Q2 | 20 | $179.7M | 0 | ||
| 2025 Q1 | 29 | $170.1M | 100 | ||
| 2024 Q4 | 23 | $150.1M | 0 | ||
| 2024 Q3 | 21 | $106.6M | 0 | ||
| 2024 Q2 | 22 | $96.6M | 0 | ||
| 2024 Q1 | 24 | $208.8M | 0 | ||
| 2023 Q4 | 31 | $150.2M | 0 | ||
| 2023 Q3 | 28 | $110.7M | 0 | ||
| 2023 Q2 | 35 | $116.1M | 0 | ||
| 2023 Q1 | 25 | $98.6M | 0 | ||
| 2022 Q4 | 28 | $113.6M | 0 | ||
| 2022 Q3 | 26 | $87.4M | 0 | ||
| 2022 Q2 | 37 | $131.9M | 0 | ||
| 2022 Q1 | 22 | $105.3M | 0 | ||
| 2021 Q4 | 32 | $169.0M | 0 | ||
| 2021 Q3 | 32 | $175.8M | 0 | ||
| 2021 Q2 | 34 | $170.0M | 100 | ||
| 2021 Q1 | 30 | $140.3M | 88 | ||
| 2020 Q4 | 31 | $87.4M | 100 | ||
| 2020 Q3 | 32 | $88.1M | 90 | ||
| 2020 Q2 | 26 | $83.4M | 87 | ||
| 2020 Q1 | 34 | $108.3M | 100 | 1G0177J2RLJ 1.95 PERP A3GPRE 4.125 09-01-22 | |
| 2019 Q4 | 40 | $128.4M | 39 | ||
| 2019 Q3 | 39 | $126.2M | 75 | ||
| 2019 Q2 | 39 | $135.3M | 52 | ||
| 2019 Q1 | 40 | $112.8M | 62 | ||
| 2018 Q4 | 44 | $126.0M | 74 | ||
| 2018 Q3 | 48 | $113.2M | 53 | ||
| 2018 Q2 | 50 | $98.8M | 77 | ||
| 2018 Q1 | 51 | $112.9M | 51 | ||
| 2017 Q4 | 48 | $85.9M | 68 | ||
| 2017 Q3 | 42 | $75.8M | 75 | ||
| 2017 Q2 | 51 | $73.3M | 90 | ||
| 2017 Q1 | 40 | $64.5M | 57 | ||
| 2016 Q4 | 32 | $47.3M | — |
Holding changes this quarter
Western Standard LLC's most significant position changes for 2026-06-30: New buy: Glass House Brands Inc (GLASF); New buy: Abivax Sa-adr (ABVX); Sold out: Teleflex Inc (TFX); New buy: Avantor Inc (AVTR); New buy: Electronic Arts Inc (EA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GLASF | Glass House Brands Inc | +11.9% | NEW | New buy |
| 2 | ABVX | Abivax Sa-adr | +9% | NEW | New buy |
| 3 | AVTR | Avantor Inc | +7.1% | NEW | New buy |
| 4 | EA | Electronic Arts Inc | +6.1% | NEW | New buy |
| 5 | AHRT | Ah Realty Trust Inc | +3.1% | NEW | New buy |
| 6 | STGW | Stagwell Inc | +2.9% | NEW | New buy |
| 7 | BOBS | Bob's Discount Furniture | +2.7% | NEW | New buy |
| 8 | CWCO | Consolidated Water Co. Ltd. | +2.5% | NEW | New buy |
| 9 | FWRG | First Watch Restaurant Group | +2.2% | NEW | New buy |
| 10 | COO | Cooper Cos Inc/the | +1.8% | NEW | New buy |
| 11 | ANGO | Angiodynamics Inc | +1.7% | NEW | New buy |
| 12 | INBX | Inhibrx Biosciences Inc | +1.5% | NEW | New buy |
| 13 | GENI | Genius Sports Limited | +0.8% | NEW | New buy |
| 14 | MELI | Mercadolibre Inc | +0.8% | NEW | New buy |
| 15 | CHWY | Chewy Inc - Class A | +0.7% | NEW | New buy |
| 16 | OLLI | Ollie's Bargain Outlet Holdi | +0.7% | NEW | New buy |
| 17 | FRPT | Freshpet Inc | +0.3% | +75.83% | Add |
| 18 | RRGB | Red Robin Gourmet Burgers | +0.2% | NEW | New buy |
| 19 | HLLY | Holley Inc | +0.1% | NEW | New buy |
| 20 | ATEC | Alphatec Holdings Inc | -0.1% | EXIT | Sold out |
| 21 | FFBC | First Financial Bancorp | -0.2% | +4.12% | Add |
| 22 | ABUS | Arbutus Biopharma CORP | -0.4% | +4.06% | Add |
| 23 | HAIN | Hain Celestial Group Inc | -0.6% | EXIT | Sold out |
| 24 | OSG | Octave Specialty Group Inc | -0.8% | — | Unchanged |
| 25 | EZPW | Ezcorp Inc-cl A | -1% | -30.10% | Trim |
| 26 | CWH | Camping World Holdings Inc-a | -1.1% | EXIT | Sold out |
| 27 | WEAV | Weave Communications Inc | -1.3% | EXIT | Sold out |
| 28 | NSP | Insperity Inc | -1.6% | EXIT | Sold out |
| 29 | HNRG | Hallador Energy Co | -2% | EXIT | Sold out |
| 30 | WULF | Terawulf Inc | -2.1% | EXIT | Sold out |
| 31 | IOSP | Innospec Inc | -2.2% | +4.41% | Add |
| 32 | AVNW | Aviat Networks Inc | -2.7% | -27.59% | Trim |
| 33 | UUP | Invesco Db US Dollar Index B | -2.7% | EXIT | Sold out |
| 34 | DAVE | Dave Inc | -2.8% | EXIT | Sold out |
| 35 | FIVE | Five Below | -2.8% | EXIT | Sold out |
| 36 | YETI | Yeti Holdings Inc | -3.1% | EXIT | Sold out |
| 37 | CODI | Compass Diversified Holdings | -3.4% | -15.47% | Trim |
| 38 | AIV | Apartment Invt & Mgmt Co -a | -3.5% | EXIT | Sold out |
| 39 | ANGI | Angi Inc | -4.4% | EXIT | Sold out |
| 40 | GDOT | Green Dot Corp-class A | -6.1% | -8.64% | Trim |
| 41 | TFX | Teleflex Inc | -11.6% | EXIT | Sold out |
Filing History
FAQ
What is Western Standard LLC and what type of investor is it?
Western Standard 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 $295.3M, spread across 27 disclosed positions.
What are Western Standard LLC's largest equity positions?
Based on the latest 13F filing, Western Standard LLC's top holdings by market value are:
1. Green Dot Corp-class A (GDOT) — $43.8M (14.8%)
2. Glass House Brands Inc (GLASF) — $35.0M (11.9%)
3. Compass Diversified Holdings (CODI) — $28.3M (9.6%)
4. Abivax Sa-adr (ABVX) — $26.7M (9.0%)
5. Avantor Inc (AVTR) — $20.9M (7.1%)
What changes did Western Standard LLC make in its most recent portfolio filing?
In the latest reported quarter, Western Standard LLC made 40 notable position adjustments: 18 new positions were initiated, 4 existing holdings were added to, 4 positions were partially reduced, and 14 were completely exited. The largest of these moves: New buy: Glass House Brands Inc (GLASF); New buy: Abivax Sa-adr (ABVX); Sold out: Teleflex Inc (TFX); New buy: Avantor Inc (AVTR); New buy: Electronic Arts Inc (EA)
What sectors does Western Standard LLC focus on?
Western Standard LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 44.7%
• Communication Services: 30.9%
• Consumer Staples: 16.6%
• Consumer Discretionary: 7.8%
Investment Profile
Western Standard LLC returned an annualized 13.7% over the trailing 36 months — underperforming the S&P 500 by 5.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.01 (roughly in line with the market) and a 36% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 44.7% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 100 over the past 4 quarters — a shift toward more active trading.
It has added to its CODI position over the past two quarters (+$22.7M, now $28.3M), while trimming AVNW over the same stretch (-$3.9M, still holding $6.7M).
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