CIK: 0001517666
Total reported value
$190.2M
Reporting period: 2026-03-31 · Number of holdings: 23
Western Standard LLC disclosed 23 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $190.2M and a quarterly turnover rate of 103.0%.
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Western Standard LLC's disclosed holdings carry a Herfindahl concentration index of 0.096 — mathematically equivalent to about 10 equally-sized positions, well below its 23 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 1.13), 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 22% 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 ATEC
-98.2% -$26.2M
Add CODI
+169.3% $19.1M
Add GDOT
+79.3% $14.5M
Add ANGI
+774.1% $6.5M
Trim OSG
-10.3% -$9.0M
Trim NSP
-49.0% -$5.4M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GDOT | Green Dot Corp-class A | Stock-Other | 20.93% | +9.25% | +79.35% | |
| 2 | CODI | Compass Diversified Holdings | Stock-Other | 12.97% | +10.39% | +169.28% | |
| 3 | TFX | Teleflex INC | Stock-Healthcare | 11.63% | +11.63% | NEW | |
| 4 | IOSP | Innospec INC | Stock-Other | 8.71% | -0.77% | -15.48% | |
| 5 | OSG | Octave Specialty Group INC | Stock-Other | 5.50% | -3.49% | -10.26% | |
| 6 | AVNW | Aviat Networks INC | Stock-Other | 4.94% | +0.07% | -15.88% | |
| 7 | ANGI | Angi INC | Stock-Other | 4.37% | +3.54% | +774.06% | |
| 8 | AIV | Apartment Invt & Mgmt Co -a | Stock-Other | 3.48% | -1.12% | -3.17% | |
| 9 | YETI | Yeti Holdings INC | Stock-Consumer Disc | 3.12% | +3.12% | NEW | |
| 10 | FIVE | Five Below | Stock-Consumer Disc | 2.79% | -0.74% | -42.73% | |
| 11 | DAVE | Dave INC | Stock-Other | 2.76% | +2.76% | NEW | |
| 12 | UUP | Invesco Db US Dollar Index B | ETF-Large Cap & Growth | 2.71% | +0.40% | — | |
| 13 | EZPW | Ezcorp Inc-cl A | Stock-Other | 2.69% | -0.89% | -49.58% | |
| 14 | FRPT | Freshpet INC | Stock-Consumer Staples | 2.24% | +2.24% | NEW | |
| 15 | WULF | Terawulf INC | Stock-Financials | 2.09% | +2.09% | NEW | |
| 16 | HNRG | Hallador Energy Co | Stock-Other | 1.96% | +1.96% | NEW | |
| 17 | NSP | Insperity INC | Stock-Other | 1.56% | -2.29% | -49.01% | |
| 18 | WEAV | Weave Communications INC | Stock-Other | 1.25% | +1.25% | NEW | |
| 19 | FFBC | First Financial Bancorp | Stock-Other | 1.24% | +0.37% | +13.14% | |
| 20 | ABUS | Arbutus Biopharma CORP | Stock-Other | 1.23% | +0.10% | +2.70% | |
| 21 | CWH | Camping World Holdings Inc-a | Stock-Other | 1.10% | +1.10% | NEW | |
| 22 | HAIN | Hain Celestial Group INC | Stock-Other | 0.59% | +0.59% | NEW | |
| 23 | ATEC | Alphatec Holdings INC | Stock-Other | 0.13% | -12.05% | -98.21% |
Performance for Q3 2026
—
Performance Last 4 Quarters
+3.1%
Based on 42% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 23 | $190.2M | 100 | |
| 2025-12-31 | 25 | $216.8M | 100 | |
| 2025-09-30 | 24 | $337.1M | 100 | |
| 2025-06-30 | 20 | $179.7M | 0 | |
| 2025-03-31 | 29 | $170.1M | 100 | |
| 2024-12-31 | 23 | $150.1M | 0 | |
| 2024-09-30 | 21 | $106.6M | 0 | |
| 2024-06-30 | 22 | $96.6M | 0 | |
| 2024-03-31 | 24 | $208.8M | 0 | |
| 2023-12-31 | 31 | $150.2M | 0 | |
| 2023-09-30 | 28 | $110.7M | 0 | |
| 2023-06-30 | 35 | $116.1M | 0 | |
| 2023-03-31 | 25 | $98.6M | 0 | |
| 2022-12-31 | 28 | $113.6M | 0 | |
| 2022-09-30 | 26 | $87.4M | 0 | |
| 2022-06-30 | 37 | $131.9M | 0 | |
| 2022-03-31 | 22 | $105.3M | 0 | |
| 2021-12-31 | 32 | $169.0M | 0 | |
| 2021-09-30 | 32 | $175.8M | 0 | |
| 2021-06-30 | 34 | $170.0M | 100 | |
| 2021-03-31 | 30 | $140.3M | 88 | |
| 2020-12-31 | 31 | $87.4M | 100 | |
| 2020-09-30 | 32 | $88.1M | 90 | |
| 2020-06-30 | 26 | $83.4M | 87 | |
| 2020-03-31 | 34 | $108.3M | 100 | |
| 2019-12-31 | 40 | $128.4M | 39 | |
| 2019-09-30 | 39 | $126.2M | 75 | |
| 2019-06-30 | 39 | $135.3M | 52 | |
| 2019-03-31 | 40 | $112.8M | 62 | |
| 2018-12-31 | 44 | $126.0M | 74 | |
| 2018-09-30 | 48 | $113.2M | 53 | |
| 2018-06-30 | 50 | $98.8M | 77 | |
| 2018-03-31 | 51 | $112.9M | 51 | |
| 2017-12-31 | 48 | $85.9M | 68 | |
| 2017-09-30 | 42 | $75.8M | 75 | |
| 2017-06-30 | 51 | $73.3M | 90 | |
| 2017-03-31 | 40 | $64.5M | 57 | |
| 2016-12-31 | 32 | $47.3M | — |
Western Standard LLC's most significant position changes for 2026-03-31: Sold out: Select Medical Holdings CORP (SEM); New buy: Teleflex INC (TFX); Sold out: Belite Bio INC - Adr (BLTE); New buy: Yeti Holdings INC (YETI); New buy: Dave INC (DAVE).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CODI | Compass Diversified Holdings | +10.4% | +169.28% | Add |
| 2 | GDOT | Green Dot Corp-class A | +9.3% | +79.35% | Add |
| 3 | ANGI | Angi INC | +3.5% | +774.06% | Add |
| 4 | UUP | Invesco Db US Dollar Index B | +0.4% | — | Unchanged |
| 5 | FFBC | First Financial Bancorp | +0.4% | +13.14% | Add |
| 6 | ABUS | Arbutus Biopharma CORP | +0.1% | +2.70% | Add |
| 7 | AVNW | Aviat Networks INC | +0.1% | -15.88% | Trim |
| 8 | FIVE | Five Below | -0.7% | -42.73% | Trim |
| 9 | IOSP | Innospec INC | -0.8% | -15.48% | Trim |
| 10 | EZPW | Ezcorp Inc-cl A | -0.9% | -49.58% | Trim |
| 11 | AIV | Apartment Invt & Mgmt Co -a | -1.1% | -3.17% | Trim |
| 12 | NSP | Insperity INC | -2.3% | -49.01% | Trim |
| 13 | OSG | Octave Specialty Group INC | -3.5% | -10.26% | Trim |
| 14 | ATEC | Alphatec Holdings INC | -12.1% | -98.21% | Trim |
| 15 | SEM | Select Medical Holdings CORP | — | EXIT | Sold out |
| 16 | TFX | Teleflex INC | — | NEW | New buy |
| 17 | BLTE | Belite Bio INC - Adr | — | EXIT | Sold out |
| 18 | YETI | Yeti Holdings INC | — | NEW | New buy |
| 19 | DAVE | Dave INC | — | NEW | New buy |
| 20 | DRVN | Driven Brands Holdings INC | — | EXIT | Sold out |
| 21 | ✓ | Mister Car Wash INC | — | EXIT | Sold out |
| 22 | FRPT | Freshpet INC | — | NEW | New buy |
| 23 | NX | Quanex Building Products | — | EXIT | Sold out |
| 24 | WULF | Terawulf INC | — | NEW | New buy |
| 25 | HNRG | Hallador Energy Co | — | NEW | New buy |
| 26 | WEAV | Weave Communications INC | — | NEW | New buy |
| 27 | GOOGL | Alphabet Inc-cl A | — | EXIT | Sold out |
| 28 | CWH | Camping World Holdings Inc-a | — | NEW | New buy |
| 29 | FOXF | Fox Factory Holding CORP | — | EXIT | Sold out |
| 30 | SVV | Savers Value Village INC | — | EXIT | Sold out |
| 31 | UPBD | Upbound Group INC | — | EXIT | Sold out |
| 32 | SNCR | Synchronoss Technologies INC | — | EXIT | Sold out |
| 33 | HAIN | Hain Celestial Group INC | — | NEW | New buy |
| 34 | LKFT | Lakefront Biotherapeutic-adr | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-05 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-03 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 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 | 2023-11-14 | 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 | 2022-05-17 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-16 | Amendment | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 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 | Amendment | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | Amendment | 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 | 2018-08-10 | 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 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-16 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-15 | 13F-HR | View on EDGAR |
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