Solas Capital Management, LLC Quarterly 13F Holdings Update

Solas Capital Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.066 — mathematically equivalent to about 15 equally-sized positions, close to its 22 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 0.68), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.

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.