# RAFFLES ASSOCIATES LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1169581. Source: https://holderbook.com/funds/1169581-raffles-associates-lp/

- Reported value: $227.9M
- Positions: 48
- Weight of the ten largest: 64.4%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SOUTHERN MO BANCORP INC | [SMBC](https://holderbook.com/stocks/SMBC/) | $32.2M | 422,306 | 14.1% | 31 |
| LIBERTY CAP CORP | [GLIBK](https://holderbook.com/stocks/GLIBK/) | $24.5M | 1,135,526 | 10.7% | 3 |
| EASTERN BANKSHARES INC | [EBC](https://holderbook.com/stocks/EBC/) | $16.7M | 749,576 | 7.3% | 23 |
| COMMERCIAL BANCGROUP INC | [CBK](https://holderbook.com/stocks/CBK/) | $15.1M | 466,220 | 6.6% | 3 |
| PROVIDENT FINL HLDGS INC | [PROV](https://holderbook.com/stocks/PROV/) | $13.5M | 782,236 | 5.9% | 31 |
| OFG BANCORP | [OFG](https://holderbook.com/stocks/OFG/) | $10.0M | 204,134 | 4.4% | 15 |
| VIZSLA SILVER CORP | [VZLA](https://holderbook.com/stocks/VZLA/) | $9.6M | 2,908,020 | 4.2% | 9 |
| VIEMED HEALTHCARE INC | [VMD](https://holderbook.com/stocks/VMD/) | $9.2M | 807,382 | 4.0% | 28 |
| IVANHOE ELECTRIC INC | [IE](https://holderbook.com/stocks/IE/) | $9.2M | 954,154 | 4.0% | 11 |
| PROSHARES TR II | [UVXY](https://holderbook.com/stocks/UVXY/) | $7.0M | 279,580 | 3.1% | 1 |
| LINEAGE CELL THERAPEUTICS IN | [LCTX](https://holderbook.com/stocks/LCTX/) | $6.8M | 5,197,788 | 3.0% | 22 |
| COASTALSOUTH BANCSHARES INC | [COSO](https://holderbook.com/stocks/COSO/) | $6.0M | 224,276 | 2.6% | 4 |
| AERSALE CORPORATION | [ASLE](https://holderbook.com/stocks/ASLE/) | $5.8M | 920,000 | 2.6% | 9 |
| ENERGY SERVICES OF AMER CORP | [ESOA](https://holderbook.com/stocks/ESOA/) | $5.6M | 288,784 | 2.5% | 17 |
| PERION NETWORK LTD | [PERI](https://holderbook.com/stocks/PERI/) | $4.6M | 471,558 | 2.0% | 4 |
| GEE GROUP INC | [JOB](https://holderbook.com/stocks/JOB/) | $3.9M | 18,799,392 | 1.7% | 21 |
| CONTANGO SILVER & GOLD INC | [CTGO](https://holderbook.com/stocks/CTGO/) | $3.6M | 226,112 | 1.6% | 9 |
| MAYS J W INC | [MAYS](https://holderbook.com/stocks/MAYS/) | $3.5M | 88,862 | 1.5% | 31 |
| NORTHEAST CMNTY BANCORP INC | [NECB](https://holderbook.com/stocks/NECB/) | $3.3M | 119,000 | 1.4% | 20 |
| MARATHON BANCORP INC | [MBBC](https://holderbook.com/stocks/MBBC/) | $3.3M | 215,328 | 1.4% | 5 |
| ADVISORSHARES TR | [MSOS](https://holderbook.com/stocks/MSOS/) | $3.0M | 590,000 | 1.3% | 9 |
| FB BANCORP INC | [FBLA](https://holderbook.com/stocks/FBLA/) | $2.9M | 194,198 | 1.3% | 6 |
| JAPAN SMALLER CAPITALIZATION | [JOF](https://holderbook.com/stocks/JOF/) | $2.6M | 221,934 | 1.1% | 12 |
| PROSHARES TR II | [GLL](https://holderbook.com/stocks/GLL/) | $2.2M | 80,000 | 0.9% | 3 |
| TIPTREE INC | [TIPT](https://holderbook.com/stocks/TIPT/) | $2.0M | 111,602 | 0.9% | 11 |
| FINWARD BANCORP | [FNWD](https://holderbook.com/stocks/FNWD/) | $2.0M | 53,160 | 0.9% | 18 |
| NEXGEN ENERGY LTD | [NXE](https://holderbook.com/stocks/NXE/) | $1.9M | 200,000 | 0.8% | 15 |
| AFFINITY BANCSHARES INC | [AFBI](https://holderbook.com/stocks/AFBI/) | $1.9M | 82,460 | 0.8% | 22 |
| NAPCO SEC TECHNOLOGIES INC | [NSSC](https://holderbook.com/stocks/NSSC/) | $1.9M | 48,848 | 0.8% | 31 |
| VIRGINIA NATL BK CHRLOTSVLE | [VABK](https://holderbook.com/stocks/VABK/) | $1.7M | 37,584 | 0.7% | 21 |
| NSTS BANCORP INC | [NSTS](https://holderbook.com/stocks/NSTS/) | $1.6M | 113,178 | 0.7% | 18 |
| NB BANCORP INC | [NBBK](https://holderbook.com/stocks/NBBK/) | $1.3M | 63,748 | 0.6% | 10 |
| ADVISORSHARES TR | [MSOX](https://holderbook.com/stocks/MSOX/) | $1.3M | 391,494 | 0.6% | 1 |
| KELLY SVCS INC | [KELYA](https://holderbook.com/stocks/KELYA/) | $1.2M | 100,000 | 0.5% | 7 |
| SIRIUSXM HOLDINGS INC | [SIRI](https://holderbook.com/stocks/SIRI/) | $1.1M | 38,388 | 0.5% | 8 |
| TRULIEVE CANNABIS CORP | [TRLV](https://holderbook.com/stocks/TRLV/) | $983.0K | 100,000 | 0.4% | 1 |
| NORWOOD FINANCIAL CORP | [NWFL](https://holderbook.com/stocks/NWFL/) | $704.0K | 21,898 | 0.3% | 7 |
| AMERICAN BITCOIN CORP. | [ABTC](https://holderbook.com/stocks/ABTC/) | $653.9K | 960,000 | 0.3% | 3 |
| DIREXION SHARES ETF TRUST | [TZA](https://holderbook.com/stocks/TZA/) | $568.5K | 150,000 | 0.2% | 1 |
| UNITED BANCORP INC OHIO | [UBCP](https://holderbook.com/stocks/UBCP/) | $562.1K | 35,398 | 0.2% | 31 |
| I-80 GOLD CORP | [IAUX](https://holderbook.com/stocks/IAUX/) | $561.6K | 390,000 | 0.2% | 3 |
| ECB BANCORP INC | [ECBK](https://holderbook.com/stocks/ECBK/) | $532.3K | 26,510 | 0.2% | 13 |
| FARMERS NATIONAL BANC CORP | [FMNB](https://holderbook.com/stocks/FMNB/) | $438.0K | 30,000 | 0.2% | 2 |
| HARTE HANKS INC | [HHS](https://holderbook.com/stocks/HHS/) | $379.1K | 175,514 | 0.2% | 5 |
| CATALYST BANCORP INC | [CLST](https://holderbook.com/stocks/CLST/) | $348.5K | 21,110 | 0.2% | 19 |
| AMPCO-PITTSBURG CORP | [AP](https://holderbook.com/stocks/AP/) | $259.5K | 30,000 | 0.1% | 2 |
| AVALON HLDGS CORP | [AWX](https://holderbook.com/stocks/AWX/) | $129.3K | 51,936 | 0.1% | 26 |
| BLUE RIDGE BANKSHARES INC VA | [BRBS](https://holderbook.com/stocks/BRBS/) | $80.1K | 22,682 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.6% | +14.8% | -8.3% | 99% |
| Q1 2026 | -0.1% | -4.6% | +4.5% | 98% |
| Q4 2025 | +5.9% | +2.4% | +3.5% | 94% |
| Q3 2025 | +14.5% | +7.8% | +6.6% | 99% |
| Q2 2025 | +11.7% | +10.5% | +1.2% | 98% |
| Q1 2025 | -5.0% | -4.6% | -0.5% | 100% |
| Q4 2024 | -5.3% | +2.1% | -7.4% | 100% |
| Q3 2024 | +8.6% | +5.4% | +3.2% | 97% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $227.9M | 48 |
| Q1 2026 | $115.3M | 49 |
| Q4 2025 | $133.3M | 54 |
| Q3 2025 | $107.4M | 49 |
| Q2 2025 | $96.0M | 48 |
| Q1 2025 | $82.1M | 43 |
| Q4 2024 | $92.8M | 49 |
| Q3 2024 | $97.4M | 48 |
| Q2 2024 | $88.8M | 52 |
| Q1 2024 | $86.1M | 51 |
| Q4 2023 | $79.1M | 47 |
| Q3 2023 | $75.5M | 46 |