Acuitas Investments, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 31, 2025), Acuitas Investments, LLC reported 53 stock positions worth $125.7 million. Its top holding was Solaris Energy Infrastructur (SEI) at 4.3% of the portfolio, followed by Oportun Financial (OPRT, 4.2%) and Natural Gas Services (NGS, 4.1%). Compared with Q1 2025, it opened 12 new positions, sold out of 25, added to 11 and reduced 8. The biggest buy was Orion (ORN, shares +15%) and the biggest sale an exit from Applied Digital (APLD).
- Most Recent 13F
- Q2 2026
- Location
- Seattle, WA
- CIK
- 0001524828
- Portfolio Value
- $125.7M (Q2 2025)
- SEC Filing
- 0001941040-25-000384 ↗ filed Jul 31, 2025
Holdings Value
Holdings 53 stocks · $125.7M
| SEI Solaris Energy Infrastructur | 4.26% | 189,018 | $5.3M | Add +10.3% |
| OPRT Oportun Financial Corp. | 4.22% | 741,441 | $5.3M | Add +3.8% |
| NGS Natural Gas Services Group | 4.11% | 200,200 | $5.2M | No change |
| GLDD Great Lakes Dredge & Dock Co. | 4.11% | 423,234 | $5.2M | No change |
| MCHB Mechanics Bancorp Class A filed as HOMESTREET INC | 3.99% | 383,299 | $5.0M | No change |
| METC Ramaco Resources Inc. Class A | 3.80% | 363,578 | $4.8M | Add +17.3% |
| ORN Orion Group Holdings Inc. | 3.67% | 508,132 | $4.6M | Add +15.1% |
| AOSL Alpha & Omega Semiconductor | 3.55% | 173,820 | $4.5M | Add +18.8% |
| ANGO Angiodynamics Inc. | 3.49% | 442,230 | $4.4M | No change |
| ARHS Arhaus Inc. | 3.34% | 483,670 | $4.2M | No change |
| FTK Flotek Industries Inc. | 3.07% | 261,343 | $3.9M | Reduce -18.8% |
| TASEKO MINES LTD | 2.96% | 1,180,424 | $3.7M | No change |
| MG Mistras Group Inc. | 2.70% | 424,062 | $3.4M | No change |
| RRGB Red Robin Gourmet Burgers | 2.58% | 560,006 | $3.2M | No change |
| RDCM Radcom Ltd. | 2.33% | 215,277 | $2.9M | Reduce -3.3% |
| PGNY Progyny Inc. | 2.31% | 131,725 | $2.9M | Reduce -23.7% |
| INVX Innovex International Inc. | 2.30% | 185,353 | $2.9M | Reduce -22.9% |
| HCKT The Hackett Group Inc. | 2.25% | 111,100 | $2.8M | No change |
| INBK First Internet Bancorp | 2.24% | 104,832 | $2.8M | No change |
| OR Or Royalties Inc. | 2.14% | 104,441 | $2.7M | No change |
| SBH Sally Beauty Holdings Inc. | 2.11% | 286,575 | $2.7M | No change |
| HZO Marinemax Inc. | 2.11% | 105,281 | $2.6M | Add +25.6% |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 2.07% | 416,006 | $2.6M | No change |
| UROY Uranium Royalty Corp. | 2.02% | 1,012,976 | $2.5M | No change |
| YTRA Yatra Online Inc. | 1.88% | 2,419,343 | $2.4M | No change |
| URG Ur-Energy Inc. | 1.87% | 2,237,441 | $2.3M | Add +9.9% |
| LGND Ligand Pharmaceuticals | 1.80% | 19,897 | $2.3M | Reduce -27.7% |
| VPG Vishay Precision Group | 1.60% | 71,354 | $2.0M | New |
| CRAI Cra International Inc. | 1.58% | 10,600 | $2.0M | No change |
| ARAY Accuray Inc. | 1.55% | 1,426,026 | $2.0M | Add +0.4% |
| TRC Tejon Ranch Co. | 1.53% | 113,163 | $1.9M | Reduce -44.7% |
| PUBM Pubmatic Inc. Class A | 1.45% | 146,492 | $1.8M | New |
| SILC Silicom Ltd. | 1.41% | 113,237 | $1.8M | Reduce -0.4% |
| RNGR Ranger Energy Services Class A | 1.41% | 148,220 | $1.8M | No change |
| CTLP Cantaloupe Inc. | 1.39% | 158,945 | $1.7M | No change |
| TLS Telos Corporation | 1.32% | 521,413 | $1.7M | Add +14.3% |
| EQX Equinox Gold Corp. | 1.23% | 269,452 | $1.5M | Reduce -39.7% |
| METCB Ramaco Resources Inc. Class B | 1.17% | 180,458 | $1.5M | Add +20.4% |
| KRMD Koru Medical Systems Inc. | 1.15% | 402,494 | $1.4M | New |
| GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC | 1.11% | 63,032 | $1.4M | New |
| AIP Arteris Inc. | 0.68% | 90,000 | $858K | New |
| IWM iShares Russell 2000 ETF | 0.64% | 3,700 | $798K | New |
| TTGT Techtarget Inc. | 0.62% | 100,000 | $777K | Add +68.5% |
| AVNW Aviat Networks Inc. | 0.61% | 31,677 | $762K | No change |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.59% | 27,200 | $745K | No change |
| ITRN Ituran Location and Control | 0.46% | 15,000 | $581K | New |
| ALLT Allot Ltd. | 0.44% | 65,298 | $558K | New |
| VLRS Controladora Vuela Cia-ADR | 0.30% | 79,400 | $377K | No change |
| HBIO Harvard Bioscience Inc. | 0.17% | 491,092 | $218K | No change |
| YEXT Yext Inc. | 0.13% | 19,900 | $169K | New |
| MCHX Marchex Inc. Class B | 0.11% | 64,429 | $141K | New |
| EWZ iShares MSCI Brazil ETF | 0.07% | 3,000 | $87K | New |
| SBSW Sibanye-Stillwater Ltd.-ADR | 0.02% | 3,000 | $22K | New |
Portfolio Sells Q1 2025 → Q2 2025
| APLD Applied Digital Corp. | Sold out | 0.00% | −2.25 |
| GFL GFL Environmental Inc.-Sub VT | Sold out | 0.00% | −1.74 |
| EQX Equinox Gold Corp. | Reduce -39.7% | 1.23% | −1.38 |
| INVX Innovex International Inc. | Reduce -22.9% | 2.30% | −1.37 |
| TRC Tejon Ranch Co. | Reduce -44.7% | 1.53% | −1.24 |
| CTKB Cytek Biosciences Inc. | Sold out | 0.00% | −1.13 |
| PGNY Progyny Inc. | Reduce -23.7% | 2.31% | −0.98 |
| ODD Oddity Tech Ltd. Class A | Sold out | 0.00% | −0.71 |
| LGND Ligand Pharmaceuticals | Reduce -27.7% | 1.80% | −0.66 |
| VIK Viking Holdings Ltd. | Sold out | 0.00% | −0.62 |
| KRNT Kornit Digital Ltd. | Sold out | 0.00% | −0.59 |
| THRY Thryv Holdings Inc. | Sold out | 0.00% | −0.57 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.55 |
| KSPI JSC Kaspi.kz ADR | Sold out | 0.00% | −0.52 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.44 |
| DNN Denison Mines Corp. | Sold out | 0.00% | −0.37 |
| FORR Forrester Research Inc. | Sold out | 0.00% | −0.36 |
| MGTX Meiragtx Holdings PLC | Sold out | 0.00% | −0.24 |
| OESX Orion Energy Systems Inc. | Sold out | 0.00% | −0.22 |
| CAPR Capricor Therapeutics Inc. | Sold out | 0.00% | −0.17 |
| BTG B2GOLD Corp. | Sold out | 0.00% | −0.11 |
| XOMA Xoma Royalty Corporation | Sold out | 0.00% | −0.10 |
| FTI Technipfmc PLC | Sold out | 0.00% | −0.09 |
| TRUE Truecar Inc. | Sold out | 0.00% | −0.07 |
| SEE Sealed Air Corp. | Sold out | 0.00% | −0.06 |
| BWA Borgwarner Inc. | Sold out | 0.00% | −0.04 |
| LW Lamb Weston Holdings Inc. | Sold out | 0.00% | −0.04 |
| ERO Ero Copper Corp. | Sold out | 0.00% | −0.03 |
| SILC Silicom Ltd. | Reduce -0.4% | 1.41% | −0.03 |
| AXTA Axalta Coating Systems Ltd. | Sold out | 0.00% | −0.03 |
| TAP Molson Coors Beverage Co. Class B | Sold out | 0.00% | −0.02 |
| RDCM Radcom Ltd. | Reduce -3.3% | 2.33% | +0.16 |
| FTK Flotek Industries Inc. | Reduce -18.8% | 3.07% | +0.78 |
Portfolio Buys Q1 2025 → Q2 2025
| ORN Orion Group Holdings Inc. | Add +15.1% | 3.67% | +1.70 |
| METC Ramaco Resources Inc. Class A | Add +17.3% | 3.80% | +1.63 |
| VPG Vishay Precision Group | New | 1.60% | +1.60 |
| PUBM Pubmatic Inc. Class A | New | 1.45% | +1.45 |
| KRMD Koru Medical Systems Inc. | New | 1.15% | +1.15 |
| GOLD Gold.com Inc. | New | 1.11% | +1.11 |
| SEI Solaris Energy Infrastructur | Add +10.3% | 4.26% | +1.08 |
| OPRT Oportun Financial Corp. | Add +3.8% | 4.22% | +0.88 |
| URG Ur-Energy Inc. | Add +9.9% | 1.87% | +0.70 |
| AIP Arteris Inc. | New | 0.68% | +0.68 |
| IWM iShares Russell 2000 ETF | New | 0.64% | +0.64 |
| HZO Marinemax Inc. | Add +25.6% | 2.11% | +0.57 |
| ITRN Ituran Location and Control | New | 0.46% | +0.46 |
| AOSL Alpha & Omega Semiconductor | Add +18.8% | 3.55% | +0.45 |
| ALLT Allot Ltd. | New | 0.44% | +0.44 |
| TLS Telos Corporation | Add +14.3% | 1.32% | +0.39 |
| METCB Ramaco Resources Inc. Class B | Add +20.4% | 1.17% | +0.27 |
| YEXT Yext Inc. | New | 0.13% | +0.13 |
| MCHX Marchex Inc. Class B | New | 0.11% | +0.11 |
| EWZ iShares MSCI Brazil ETF | New | 0.07% | +0.07 |
| SBSW Sibanye-Stillwater Ltd.-ADR | New | 0.02% | +0.02 |
| TTGT Techtarget Inc. | Add +68.5% | 0.62% | −0.13 |
| ARAY Accuray Inc. | Add +0.4% | 1.55% | −0.61 |
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 |