# Lesa Sroufe & Co

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1492162. Source: https://holderbook.com/funds/1492162-lesa-sroufe-co/

- Reported value: $140.2M
- Positions: 67
- Weight of the ten largest: 43.8%
- Filed: 2026-07-22

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 |
|---|---|---|---|---|---|
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $8.8M | 23,584 | 6.3% | 29 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $7.8M | 84,044 | 5.6% | 29 |
| ANGLOGOLD ASHANTI PLC | [AU](https://holderbook.com/stocks/AU/) | $7.0M | 86,896 | 5.0% | 11 |
| PAN AMERN SILVER CORP | [PAAS](https://holderbook.com/stocks/PAAS/) | $6.7M | 150,612 | 4.8% | 29 |
| M & T BK CORP | [MTB](https://holderbook.com/stocks/MTB/) | $6.0M | 25,074 | 4.3% | 29 |
| GRUPO CIBEST SA | [CIB](https://holderbook.com/stocks/CIB/) | $5.5M | 68,797 | 3.9% | 2 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $5.3M | 99,461 | 3.8% | 24 |
| PETROLEO BRASILEIRO S A | [PBR](https://holderbook.com/stocks/PBR/) | $4.8M | 296,011 | 3.4% | 29 |
| INTERNATIONAL SEAWAYS INC | [INSW](https://holderbook.com/stocks/INSW/) | $4.7M | 61,628 | 3.4% | 20 |
| CEMEX SA EURO MTN BE 144A | [CX](https://holderbook.com/stocks/CX/) | $4.7M | 391,799 | 3.4% | 13 |
| FLUOR CORP | [FLR](https://holderbook.com/stocks/FLR/) | $4.7M | 89,330 | 3.3% | 29 |
| ALASKA AIR GROUP INC | [ALK](https://holderbook.com/stocks/ALK/) | $4.6M | 87,688 | 3.3% | 7 |
| ALCOA CORP | [AA](https://holderbook.com/stocks/AA/) | $4.2M | 79,928 | 3.0% | 28 |
| HECLA MINING COMPANY | [HL](https://holderbook.com/stocks/HL/) | $4.0M | 257,071 | 2.8% | 23 |
| RANGE RES CORP | [RRC](https://holderbook.com/stocks/RRC/) | $3.9M | 103,808 | 2.8% | 22 |
| HEARTLAND EXPRESS INC | [HTLD](https://holderbook.com/stocks/HTLD/) | $3.6M | 237,729 | 2.6% | 19 |
| BLACK HILLS CORP | [BKH](https://holderbook.com/stocks/BKH/) | $3.6M | 48,246 | 2.6% | 9 |
| MOBILEYE GLOBAL INC | [MBLY](https://holderbook.com/stocks/MBLY/) | $3.4M | 350,045 | 2.4% | 1 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $3.4M | 53,387 | 2.4% | 29 |
| TUTOR PERINI CORP | [TPC](https://holderbook.com/stocks/TPC/) | $3.3M | 39,362 | 2.3% | 27 |
| BUNGE GLOBAL SA | [BG](https://holderbook.com/stocks/BG/) | $3.3M | 30,470 | 2.3% | 7 |
| INNOVEX INTERNATIONAL INC | [INVX](https://holderbook.com/stocks/INVX/) | $3.1M | 126,150 | 2.2% | 7 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $3.1M | 8,490 | 2.2% | 29 |
| NORTHWESTERN ENERGY GROUP IN | [NWE](https://holderbook.com/stocks/NWE/) | $3.0M | 41,857 | 2.1% | 6 |
| PROSHARES TR | [PSQ](https://holderbook.com/stocks/PSQ/) | $2.8M | 112,471 | 2.0% | 5 |
| HAWAIIAN ELEC INDS INC MTN B | [HE](https://holderbook.com/stocks/HE/) | $2.7M | 200,306 | 1.9% | 6 |
| SAN JUAN BASIN RTY TR | [SJT](https://holderbook.com/stocks/SJT/) | $1.9M | 581,264 | 1.3% | 8 |
| DOLE PLC | [DOLE](https://holderbook.com/stocks/DOLE/) | $1.9M | 135,817 | 1.3% | 17 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.7M | 5,993 | 1.2% | 29 |
| SMITH & WESSON BRANDS INC | [SWBI](https://holderbook.com/stocks/SWBI/) | $1.3M | 86,094 | 0.9% | 15 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $964.0K | 30,189 | 0.7% | 29 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $910.0K | 3,581 | 0.6% | 29 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $862.0K | 3,188 | 0.6% | 29 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $782.0K | 2,124 | 0.6% | 29 |
| PACCAR INC | [PCAR](https://holderbook.com/stocks/PCAR/) | $756.0K | 6,290 | 0.5% | 2 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $749.0K | 1 | 0.5% | 2 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $697.0K | 7,608 | 0.5% | 1 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $654.0K | 2,599 | 0.5% | 23 |
| BANK OF UTICA N Y | [BKUTK](https://holderbook.com/stocks/BKUTK/) | $630.0K | 1,000 | 0.4% | 29 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $540.0K | 2,264 | 0.4% | 29 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $525.0K | 3,583 | 0.4% | 29 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $484.0K | 3,572 | 0.3% | 29 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $479.0K | 2,888 | 0.3% | 20 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $466.0K | 3,967 | 0.3% | 1 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $410.0K | 3,965 | 0.3% | 29 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $400.0K | 4,781 | 0.3% | 29 |
| AMERICAN FUNDS GROWTH FU | - | $398.0K | 4,509 | 0.3% | 2 |
| AMERISERV FINL INC | [ASRV](https://holderbook.com/stocks/ASRV/) | $388.0K | 100,000 | 0.3% | 29 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $388.0K | 5,142 | 0.3% | 9 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $358.0K | 2,441 | 0.3% | 14 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $347.0K | 1,061 | 0.2% | 9 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $331.0K | 470 | 0.2% | 14 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $297.0K | 1,484 | 0.2% | 9 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $284.0K | 1,312 | 0.2% | 14 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $274.0K | 2,690 | 0.2% | 5 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $249.0K | 1,043 | 0.2% | 7 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $247.0K | 880 | 0.2% | 7 |
| ORMAT TECHNOLOGIES INC | [ORA](https://holderbook.com/stocks/ORA/) | $247.0K | 2,270 | 0.2% | 3 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $244.0K | 2,689 | 0.2% | 22 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $240.0K | 480 | 0.2% | 7 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $230.0K | 7,831 | 0.2% | 1 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $215.0K | 2,231 | 0.2% | 10 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $213.0K | 570 | 0.2% | 1 |
| BRT APARTMENTS CORP | [BRT](https://holderbook.com/stocks/BRT/) | $207.0K | 13,479 | 0.1% | 29 |
| DOUBLELINE | - | $99.0K | 10,273 | 0.1% | 1 |
| ENEL CHILE S.A. | [ENIC](https://holderbook.com/stocks/ENIC/) | $55.0K | 12,235 | 0.0% | 20 |
| SEACO LTD | [SEAOF](https://holderbook.com/stocks/SEAOF/) | $0 | 20,000 | 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 | -5.1% | +14.8% | -20.0% | 100% |
| Q1 2026 | +9.3% | -4.6% | +13.9% | 99% |
| Q4 2025 | +12.9% | +2.4% | +10.5% | 99% |
| Q3 2025 | +16.0% | +7.8% | +8.2% | 99% |
| Q2 2025 | +10.6% | +10.5% | +0.2% | 99% |
| Q4 2024 | -6.7% | +2.1% | -8.9% | 100% |
| Q3 2024 | +5.1% | +5.4% | -0.3% | 91% |
| Q2 2024 | +0.9% | +4.0% | -3.2% | 96% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $140.2M | 67 |
| Q1 2026 | $146.9M | 67 |
| Q4 2025 | $134.3M | 68 |
| Q3 2025 | $123.8M | 68 |
| Q2 2025 | $108.8M | 70 |
| Q1 2025 | $100.2M | 70 |
| Q3 2024 | $107.1M | 74 |
| Q2 2024 | $103.0M | 71 |
| Q1 2024 | $106.9M | 74 |
| Q4 2023 | $98.0M | 65 |
| Q3 2023 | $93.3M | 66 |
| Q2 2023 | $93.7M | 67 |