# Praetorian Capital Management LLC

> Institutional holdings reported to the SEC as of Q1 2023 on Form 13F. CIK 1337851. Source: https://holderbook.com/funds/1337851-praetorian-capital-management-llc/

- Reported value: $136.9M
- Positions: 20
- Weight of the ten largest: 93.2%
- Filed: 2023-05-08

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 |
|---|---|---|---|---|---|
| ST JOE CO | [JOE](https://holderbook.com/stocks/JOE/) | $33.7M | 809,094 | 24.6% | 2 |
| UNITED STS BRENT OIL FD LP | [BNO](https://holderbook.com/stocks/BNO/) | $33.7M | 1,266,080 | 24.6% | 2 |
| VALARIS LTD | [VAL](https://holderbook.com/stocks/VAL/) | $23.0M | 353,770 | 16.8% | 2 |
| TIDEWATER INC NEW | [TDW](https://holderbook.com/stocks/TDW/) | $14.3M | 325,000 | 10.5% | 2 |
| GOLD COM INC | [GOLD](https://holderbook.com/stocks/GOLD/) | $7.9M | 228,000 | 5.8% | 1 |
| LEE ENTERPRISES INC | [LEE](https://holderbook.com/stocks/LEE/) | $4.4M | 353,721 | 3.2% | 2 |
| TOWNSQUARE MEDIA INC | [TSQ](https://holderbook.com/stocks/TSQ/) | $3.4M | 420,000 | 2.5% | 2 |
| FRANKLIN COVEY CO | [FC](https://holderbook.com/stocks/FC/) | $2.6M | 67,194 | 1.9% | 1 |
| 1847 GOEDEKER INC | [POL](https://holderbook.com/stocks/POL/) | $2.6M | 4,917,864 | 1.9% | 2 |
| SURGEPAYS INC | [SURG](https://holderbook.com/stocks/SURG/) | $2.2M | 480,000 | 1.6% | 2 |
| DELEK US HLDGS INC NEW | [DK](https://holderbook.com/stocks/DK/) | $2.0M | 86,200 | 1.4% | 1 |
| UNIVERSAL STAINLESS & ALLOY | [USAP](https://holderbook.com/stocks/USAP/) | $1.9M | 200,000 | 1.4% | 2 |
| ASTRONICS CORP | [ATRO](https://holderbook.com/stocks/ATRO/) | $1.7M | 128,000 | 1.2% | 1 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $1.4M | 0 | 1.1% | 1 |
| TRIUMPH GROUP INC NEW | [TGI](https://holderbook.com/stocks/TGI/) | $811.3K | 70,000 | 0.6% | 1 |
| MARKETWISE INC | [MKTW](https://holderbook.com/stocks/MKTW/) | $680.5K | 367,858 | 0.5% | 2 |
| ANGLOGOLD ASHANTI LIMITED | [AUXXXX](https://holderbook.com/stocks/AUXXXX/) | $522.0K | 180,005 | 0.4% | 1 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $273.5K | 0 | 0.2% | 1 |
| UNITED STS OIL FD LP | [USO](https://holderbook.com/stocks/USO/) | $31.9K | 0 | 0.0% | 1 |
| TEUCRIUM COMMODITY TR | [WEAT](https://holderbook.com/stocks/WEAT/) | $4.0K | 0 | 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 |
|---|---|---|---|---|
| Q1 2023 | -0.8% | +7.0% | -7.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2023 | $136.9M | 20 |
| Q4 2022 | $123.7M | 17 |