Acuitas Investments, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), Acuitas Investments, LLC reported 123 stock positions worth $198.2 million. Its top holding was Arhaus (ARHS) at 2.8% of the portfolio, followed by Orion (ORN, 2.7%) and Mechanics Bancorp Class A (MCHB, 2.5%). Compared with Q4 2023, it opened 23 new positions, sold out of 16, added to 47 and reduced 35. The biggest buy was a new position in Equinox Gold (EQX) and the biggest sale an exit from Bancorp (TBBK).
- Most Recent 13F
- Q2 2026
- Location
- Seattle, WA
- CIK
- 0001524828
- Portfolio Value
- $198.2M (Q1 2024)
- SEC Filing
- 0001941040-24-000247 ↗ filed May 10, 2024
Holdings Value
Holdings 123 stocks · $198.2M
| ARHS Arhaus Inc. | 2.82% | 363,170 | $5.6M | Add +13.9% |
| ORN Orion Group Holdings Inc. | 2.67% | 645,188 | $5.3M | Reduce -0.0% |
| MCHB Mechanics Bancorp Class A filed as HOMESTREET INC | 2.53% | 332,689 | $5.0M | Reduce -2.9% |
| NGVC Natural Grocers BY Vitamin C | 2.27% | 249,553 | $4.5M | Reduce -10.2% |
| RRGB Red Robin Gourmet Burgers | 2.16% | 560,021 | $4.3M | Add +19.1% |
| EQX Equinox Gold Corp. | 2.13% | 702,314 | $4.2M | New |
| TASEKO MINES LTD | 2.13% | 1,946,006 | $4.2M | Reduce -9.1% |
| INBK First Internet Bancorp | 2.08% | 118,421 | $4.1M | Add +47.7% |
| LGND Ligand Pharmaceuticals | 2.02% | 54,682 | $4.0M | Add +14.6% |
| NGS Natural Gas Services Group | 1.96% | 200,200 | $3.9M | No change |
| TRUE Truecar Inc. | 1.94% | 1,135,800 | $3.9M | Reduce -10.2% |
| YTRA Yatra Online Inc. | 1.94% | 2,419,343 | $3.8M | Add +12.2% |
| OR Osisko Gold Royalties Ltd. | 1.87% | 225,844 | $3.7M | Reduce -10.2% |
| TRC Tejon Ranch Co. | 1.81% | 232,552 | $3.6M | Reduce -10.2% |
| FSP Franklin Street Properties C | 1.70% | 1,488,195 | $3.4M | Add +61.6% |
| AAOI Applied Optoelectronics Inc. | 1.67% | 239,336 | $3.3M | Add +53.6% |
| SENEA Seneca Foods Corp. Class A | 1.64% | 57,179 | $3.3M | Reduce -49.6% |
| BH Biglari Holdings Inc. Class B | 1.56% | 16,276 | $3.1M | Add +12.6% |
| XOMA Xoma Royalty Corporation filed as XOMA CORP DEL | 1.49% | 123,197 | $3.0M | Reduce -10.2% |
| UTI Universal Technical Institut | 1.49% | 185,107 | $3.0M | Reduce -51.1% |
| DRIL-QUIP INC | 1.47% | 129,488 | $2.9M | Add +123.8% |
| AOSL Alpha & Omega Semiconductor | 1.44% | 129,500 | $2.9M | No change |
| HAYN Haynes International Inc. | 1.43% | 47,041 | $2.8M | Reduce -10.2% |
| OVERSEAS SHIPHOLDING GROUP-A | 1.42% | 440,942 | $2.8M | Reduce -10.1% |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 1.41% | 258,701 | $2.8M | Add +60.5% |
| MG Mistras Group Inc. | 1.41% | 292,264 | $2.8M | No change |
| GLDD Great Lakes Dredge & Dock Co. | 1.36% | 308,664 | $2.7M | Reduce -1.9% |
| HCKT The Hackett Group Inc. | 1.36% | 111,100 | $2.7M | No change |
| SEI Solaris Energy Infrastructur | 1.34% | 306,237 | $2.7M | Add +94.3% |
| GEOS Geospace Technologies Corp. | 1.33% | 200,331 | $2.6M | Reduce -10.4% |
| ACTG Acacia Research Corp. | 1.33% | 495,217 | $2.6M | Add +12.7% |
| SGA Saga Communications Inc. Class A | 1.31% | 116,025 | $2.6M | Reduce -6.0% |
| HURC Hurco Companies Inc. | 1.24% | 121,818 | $2.5M | Add +38.7% |
| CATO Cato Corp. Class A | 1.21% | 414,588 | $2.4M | Add +126.8% |
| ANGO Angiodynamics Inc. | 1.19% | 403,280 | $2.4M | No change |
| USAP Universal Stainless & Alloy | 1.14% | 100,438 | $2.3M | Reduce -37.1% |
| ETON Eton Pharmaceuticals Inc. | 1.10% | 579,960 | $2.2M | Add +17.9% |
| ALCO Alico Inc. | 1.10% | 74,222 | $2.2M | Add +12.3% |
| VRA Vera Bradley Inc. | 1.07% | 310,685 | $2.1M | Reduce -9.9% |
| METCB Ramaco Resources Inc. Class B | 1.02% | 160,908 | $2.0M | Reduce -13.5% |
| UFI Unifi Inc. | 1.01% | 335,751 | $2.0M | Add +40.7% |
| SKYW Skywest Inc. | 1.00% | 28,719 | $2.0M | Reduce -10.2% |
| NUVB Nuvation Bio Inc. | 0.99% | 537,317 | $2.0M | Add +16.7% |
| ALOT Astronova Inc. | 0.91% | 100,699 | $1.8M | Add +38.0% |
| DO Diamond Offshore Drilling Inc. | 0.90% | 130,430 | $1.8M | Add +3.9% |
| ARAY Accuray Inc. | 0.88% | 708,553 | $1.8M | No change |
| AIP Arteris Inc. | 0.88% | 237,764 | $1.7M | Add +10.1% |
| GIFI Gulf Island Fabrication Inc. | 0.87% | 235,089 | $1.7M | Add +12.0% |
| WHG Westwood Holdings Group Inc. | 0.84% | 135,890 | $1.7M | Add +12.7% |
| CRAI Cra International Inc. | 0.80% | 10,600 | $1.6M | No change |
| WEAV Weave Communications Inc. | 0.78% | 134,414 | $1.5M | Reduce -27.8% |
| GAIA Gaia Inc. | 0.77% | 496,320 | $1.5M | Add +13.1% |
| SBH Sally Beauty Holdings Inc. | 0.76% | 121,168 | $1.5M | Reduce -10.2% |
| SSTI Soundthinking Inc. | 0.73% | 90,627 | $1.4M | Add +11.9% |
| HBIO Harvard Bioscience Inc. | 0.70% | 326,516 | $1.4M | No change |
| BCOV Brightcove | 0.69% | 704,938 | $1.4M | No change |
| GENC Gencor Industries Inc. | 0.66% | 78,496 | $1.3M | Add +12.7% |
| RDCM Radcom Ltd. | 0.62% | 109,779 | $1.2M | New |
| VLRS Controladora Vuela Cia-ADR | 0.61% | 163,600 | $1.2M | Add +79.2% |
| CTLP Cantaloupe Inc. | 0.61% | 187,100 | $1.2M | No change |
| IWM iShares Russell 2000 ETF | 0.61% | 5,716 | $1.2M | New |
| NKTR Nektar Therapeutics | 0.60% | 1,280,604 | $1.2M | Add +40.5% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.60% | 12,857 | $1.2M | Add +32.1% |
| LMNR Limoneira Co. | 0.58% | 59,248 | $1.2M | Add +12.4% |
| KVHI KVH Industries Inc. | 0.57% | 223,442 | $1.1M | Add +40.6% |
| LAKE Lakeland Industries Inc. | 0.57% | 62,052 | $1.1M | Add +12.6% |
| AVIR Atea Pharmaceuticals Inc. | 0.53% | 257,910 | $1.0M | Add +50.7% |
| FONR Fonar Corp. | 0.50% | 46,837 | $1.0M | Reduce -78.6% |
| OESX Orion Energy Systems Inc. | 0.50% | 1,140,133 | $992K | No change |
| FTEK Fuel Tech Inc. | 0.47% | 776,614 | $940K | Reduce -5.6% |
| MLR Miller Industries Inc. | 0.45% | 17,813 | $892K | Reduce -25.8% |
| UEIC Universal Electronics Inc. | 0.44% | 86,458 | $865K | New |
| ADAPY Adaptimmune Therapeutics-ADR | 0.43% | 538,321 | $851K | Add +12.2% |
| AXR Amrep Corp. | 0.41% | 34,791 | $809K | Reduce -63.8% |
| CSTE Caesarstone Ltd. | 0.40% | 195,306 | $799K | Add +20.1% |
| IPI Intrepid Potash Inc. | 0.40% | 38,068 | $794K | New |
| WHWK Whitehawk Therapeutics Inc. filed as AADI BIOSCIENCE INC | 0.38% | 318,139 | $744K | New |
| NTGR Netgear Inc. | 0.37% | 47,062 | $742K | Add +12.4% |
| ALLOVIR INC | 0.37% | 979,600 | $740K | New |
| BOLT Bolt Biotherapeutics Inc. | 0.37% | 517,952 | $725K | Add +12.7% |
| NXTC Nextcure Inc. | 0.36% | 321,657 | $717K | Reduce -13.7% |
| EGAN Egain Corp. | 0.36% | 110,709 | $714K | Add +64.0% |
| IVAC Intevac Inc. | 0.36% | 183,916 | $706K | Add +12.0% |
| LENZ Lenz Therapeutics Inc. | 0.35% | 31,488 | $703K | New |
| KOD Kodiak Sciences Inc. | 0.35% | 131,803 | $693K | Reduce -43.7% |
| CMRX Chimerix Inc. | 0.34% | 635,261 | $673K | Add +100.7% |
| RENEO PHARMACEUTICALS INC | 0.34% | 404,048 | $671K | New |
| TATT Tat Technologies Ltd. | 0.34% | 54,710 | $665K | Add +17.7% |
| ASMB Assembly Biosciences Inc. | 0.33% | 49,732 | $661K | Add +124.7% |
| SEER Seer Inc. | 0.32% | 338,949 | $644K | Add +75.1% |
| PASG Passage Bio Inc. | 0.32% | 469,306 | $634K | Add +12.3% |
| KEZAR LIFE SCIENCES INC | 0.31% | 690,829 | $623K | New |
| SERA Sera Prognostics Inc. Class A | 0.30% | 66,044 | $601K | Reduce -45.5% |
| PMVP PMV Pharmaceuticals Inc. | 0.30% | 351,875 | $598K | New |
| KRON Kronos Bio Inc. | 0.29% | 441,106 | $573K | Add +34.5% |
| ACRS Aclaris Therapeutics Inc. | 0.29% | 461,663 | $572K | New |
| IKENA ONCOLOGY INC | 0.28% | 397,746 | $565K | New |
| AVNW Aviat Networks Inc. | 0.27% | 14,073 | $540K | No change |
| ITI Iteris Inc. | 0.26% | 105,995 | $524K | Reduce -80.6% |
| ASTC Astrotech Corp. | 0.26% | 59,237 | $522K | Reduce -5.3% |
Portfolio Sells Q4 2023 → Q1 2024
| TBBK The Bancorp Inc. | Sold out | 0.00% | −2.32 |
| CHS Chico's Fas Inc. | Sold out | 0.00% | −1.70 |
| FC Franklin Covey Co. | Sold out | 0.00% | −1.54 |
| METC Ramaco Resources Inc. Class A | Sold out | 0.00% | −1.51 |
| ITI Iteris Inc. | Reduce -80.6% | 0.26% | −1.23 |
| UTI Universal Technical Institut | Reduce -51.1% | 1.49% | −1.00 |
| ALEX Alexander & Baldwin Inc. | Sold out | 0.00% | −0.98 |
| NOA North American Construction | Sold out | 0.00% | −0.94 |
| ASA ASA Gold and Precious Metals | Sold out | 0.00% | −0.74 |
| TTI Tetra Technologies Inc. | Sold out | 0.00% | −0.67 |
| SILC Silicom Ltd. | Reduce -78.3% | 0.13% | −0.63 |
| USAP Universal Stainless & Alloy | Reduce -37.1% | 1.14% | −0.55 |
| TRC Tejon Ranch Co. | Reduce -10.2% | 1.81% | −0.53 |
| SERA Sera Prognostics Inc. Class A | Reduce -45.5% | 0.30% | −0.48 |
| GILT Gilat Satellite Networks Ltd. | Sold out | 0.00% | −0.48 |
| SPRB Spruce Biosciences Inc. | Sold out | 0.00% | −0.42 |
| KNTE Kinnate Biopharma Inc. | Sold out | 0.00% | −0.36 |
| TRUE Truecar Inc. | Reduce -10.2% | 1.94% | −0.35 |
| WEAV Weave Communications Inc. | Reduce -27.8% | 0.78% | −0.34 |
| VRA Vera Bradley Inc. | Reduce -9.9% | 1.07% | −0.33 |
| GRPH Graphite Bio Inc. | Sold out | 0.00% | −0.33 |
| FULC Fulcrum Therapeutics Inc. | Reduce -75.4% | 0.16% | −0.32 |
| FTEK Fuel Tech Inc. | Reduce -5.6% | 0.47% | −0.31 |
| RAIN ONCOLOGY INC | Sold out | 0.00% | −0.28 |
| METCB Ramaco Resources Inc. Class B | Reduce -13.5% | 1.02% | −0.28 |
| IVVD Invivyd Inc. | Reduce -63.0% | 0.17% | −0.26 |
| GEOS Geospace Technologies Corp. | Reduce -10.4% | 1.33% | −0.19 |
| SBH Sally Beauty Holdings Inc. | Reduce -10.2% | 0.76% | −0.18 |
| HAYN Haynes International Inc. | Reduce -10.2% | 1.43% | −0.14 |
| ASTC Astrotech Corp. | Reduce -5.3% | 0.26% | −0.12 |
| ADVM Adverum Biotechnologies Inc. | Sold out | 0.00% | −0.12 |
| MLR Miller Industries Inc. | Reduce -25.8% | 0.45% | −0.08 |
| NGVC Natural Grocers BY Vitamin C | Reduce -10.2% | 2.27% | −0.06 |
| RFL Rafael Holdings Inc. Class B | Reduce -18.5% | 0.23% | −0.03 |
| KOD Kodiak Sciences Inc. | Reduce -43.7% | 0.35% | −0.02 |
| OR Osisko Gold Royalties Ltd. | Reduce -10.2% | 1.87% | −0.01 |
| SLGN Silgan Holdings Inc. | Sold out | 0.00% | −0.01 |
| ALSN Allison Transmission Holding | Sold out | 0.00% | −0.01 |
| CKX CKX Lands Inc. | Reduce -80.4% | 0.22% | +0.02 |
| AXR Amrep Corp. | Reduce -63.8% | 0.41% | +0.05 |
| OVERSEAS SHIPHOLDING GROUP-A | Reduce -10.1% | 1.42% | +0.07 |
| GLDD Great Lakes Dredge & Dock Co. | Reduce -1.9% | 1.36% | +0.09 |
| NXTC Nextcure Inc. | Reduce -13.7% | 0.36% | +0.10 |
| FONR Fonar Corp. | Reduce -78.6% | 0.50% | +0.11 |
| SKYW Skywest Inc. | Reduce -10.2% | 1.00% | +0.12 |
| XOMA Xoma Royalty Corporation | Reduce -10.2% | 1.49% | +0.16 |
| SGA Saga Communications Inc. Class A | Reduce -6.0% | 1.31% | +0.31 |
| TASEKO MINES LTD | Reduce -9.1% | 2.13% | +0.56 |
| SENEA Seneca Foods Corp. Class A | Reduce -49.6% | 1.64% | +0.61 |
| MCHB Mechanics Bancorp Class A | Reduce -2.9% | 2.53% | +0.67 |
Portfolio Buys Q4 2023 → Q1 2024
| EQX Equinox Gold Corp. | New | 2.13% | +2.13 |
| INBK First Internet Bancorp | Add +47.7% | 2.08% | +1.06 |
| ARHS Arhaus Inc. | Add +13.9% | 2.82% | +0.84 |
| DRIL-QUIP INC | Add +123.8% | 1.47% | +0.77 |
| SEI Solaris Energy Infrastructur | Add +94.3% | 1.34% | +0.68 |
| NUVB Nuvation Bio Inc. | Add +16.7% | 0.99% | +0.64 |
| RDCM Radcom Ltd. | New | 0.62% | +0.62 |
| IWM iShares Russell 2000 ETF | New | 0.61% | +0.61 |
| CATO Cato Corp. Class A | Add +126.8% | 1.21% | +0.60 |
| HOS Hornbeck Offshore Services I | Add +60.5% | 1.41% | +0.55 |
| GIFI Gulf Island Fabrication Inc. | Add +12.0% | 0.87% | +0.45 |
| UEIC Universal Electronics Inc. | New | 0.44% | +0.44 |
| ACTG Acacia Research Corp. | Add +12.7% | 1.33% | +0.43 |
| IPI Intrepid Potash Inc. | New | 0.40% | +0.40 |
| WHWK Whitehawk Therapeutics Inc. | New | 0.38% | +0.38 |
| ALLOVIR INC | New | 0.37% | +0.37 |
| LENZ Lenz Therapeutics Inc. | New | 0.35% | +0.35 |
| FSP Franklin Street Properties C | Add +61.6% | 1.70% | +0.35 |
| RENEO PHARMACEUTICALS INC | New | 0.34% | +0.34 |
| NKTR Nektar Therapeutics | Add +40.5% | 0.60% | +0.33 |
| KEZAR LIFE SCIENCES INC | New | 0.31% | +0.31 |
| BH Biglari Holdings Inc. Class B | Add +12.6% | 1.56% | +0.31 |
| PMVP PMV Pharmaceuticals Inc. | New | 0.30% | +0.30 |
| ACRS Aclaris Therapeutics Inc. | New | 0.29% | +0.29 |
| IKENA ONCOLOGY INC | New | 0.28% | +0.28 |
| ALOT Astronova Inc. | Add +38.0% | 0.91% | +0.25 |
| HURC Hurco Companies Inc. | Add +38.7% | 1.24% | +0.25 |
| TVRD Cara Therapeutics Inc. | New | 0.24% | +0.24 |
| ADAPY Adaptimmune Therapeutics-ADR | Add +12.2% | 0.43% | +0.23 |
| LGND Ligand Pharmaceuticals | Add +14.6% | 2.02% | +0.23 |
| ASMB Assembly Biosciences Inc. | Add +124.7% | 0.33% | +0.22 |
| RELL Richardson Elec Ltd. | New | 0.22% | +0.22 |
| AIP Arteris Inc. | Add +10.1% | 0.88% | +0.21 |
| AVIR Atea Pharmaceuticals Inc. | Add +50.7% | 0.53% | +0.20 |
| UFI Unifi Inc. | Add +40.7% | 1.01% | +0.18 |
| VLRS Controladora Vuela Cia-ADR | Add +79.2% | 0.61% | +0.16 |
| GAIA Gaia Inc. | Add +13.1% | 0.77% | +0.15 |
| SMLR Semler Scientific Inc. | New | 0.15% | +0.15 |
| KVHI KVH Industries Inc. | Add +40.6% | 0.57% | +0.14 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +32.1% | 0.60% | +0.13 |
| CMRX Chimerix Inc. | Add +100.7% | 0.34% | +0.11 |
| MRAM Everspin Technologies Inc. | New | 0.11% | +0.11 |
| MAMA Mama's Creations Inc. | New | 0.11% | +0.11 |
| PASG Passage Bio Inc. | Add +12.3% | 0.32% | +0.10 |
| BOLT Bolt Biotherapeutics Inc. | Add +12.7% | 0.37% | +0.10 |
| YTRA Yatra Online Inc. | Add +12.2% | 1.94% | +0.10 |
| AAOI Applied Optoelectronics Inc. | Add +53.6% | 1.67% | +0.09 |
| NVEC Nve Corp. | New | 0.09% | +0.09 |
| ALCO Alico Inc. | Add +12.3% | 1.10% | +0.09 |
| TATT Tat Technologies Ltd. | Add +17.7% | 0.34% | +0.09 |
Options Activity Q4 2023 → Q1 2024
| ATEN A10 Networks Inc. | put | Sold out | 75,500 | $994Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 7 | $1.4M | SLB, UAN, FSLR, MCHX, BBD |
| Q1 2026 | 9 | $1.4M | SLB, VTMX, MCHX, CRESY, NFGC |
| Q4 2025 | 1 | $497K | RDCM |
| Q3 2025Amended | 52 | $155.8M | SEI, AOSL, MG, NGS, ANGO |
| Q2 2025 | 53 | $125.7M | SEI, OPRT, NGS, GLDD, MCHB |
| Q1 2025 | 66 | $117.4M | MCHB, MG, NGS, INVX, ARHS |
| Q4 2024 | 63 | $121.8M | NGS, SEI, OPRT, AOSL, GLDD |
| Q3 2024 | 117 | $224.3M | SBH, MCHB, AAOI, SEI, HOS |
| Q2 2024 | 118 | $186.8M | ORN, NGVC, AOSL, ARHS, RRGB |
| Q1 2024 | 123 | $198.2M | ARHS, ORN, MCHB, NGVC, RRGB |