Lesa Sroufe & Co

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Lesa Sroufe & Co reported 70 stock positions worth $108.8 million. Its top holding was Microsoft (MSFT) at 9.3% of the portfolio, followed by Anglogold Ashanti (AU, 5.4%) and Pan American Silver (PAAS, 5.1%). Compared with Q1 2025, it opened 4 new positions, sold out of 4, added to 29 and reduced 9. The biggest buy was a new position in Proshares Short QQQ (PSQ) and the biggest sale an exit from Banco Bilbao Vizcaya-SP ADR (BBVA).

Most Recent 13F
Q2 2026
Location
SEATTLE, WA
CIK
0001492162
Portfolio Value
$108.8M (Q2 2025)
SEC Filing
0001492162-25-000006 ↗ filed Jul 29, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $104.6M Q1 2024 Q2 2024: $103.0M Q2 2024 Q3 2024: $107.1M Q3 2024 Q1 2025: $100.2M Q1 2025 Q2 2025: $108.8M $108.8M Q2 2025 Q3 2025: $123.8M Q3 2025 Q4 2025: $134.3M Q4 2025 Q1 2026: $146.9M Q1 2026 Q2 2026: $140.2M Q2 2026

Holdings 70 stocks · $108.8M
MSFT Microsoft Corp. 9.30% 20,351 $10.1M Add +0.0%
AU Anglogold Ashanti PLC 5.35% 127,815 $5.8M Add +1.9%
PAAS Pan American Silver Corp. 5.11% 195,761 $5.6M Add +1.9%
NEM Newmont Corp. 4.32% 80,638 $4.7M Add +1.8%
MTB M & T Bank Corp. filed as M & T BK CORP 4.07% 22,853 $4.4M No change
PBR Petroleo Brasileiro-Spon ADR 3.94% 343,008 $4.3M Add +0.4%
SLV iShares Silver Trust 3.83% 127,180 $4.2M Add +1.2%
RRC Range Resources Corp. 3.62% 96,998 $3.9M Add +2.4%
TPC Tutor Perini Corp. 3.03% 70,535 $3.3M Reduce -43.7%
FLR Fluor Corp. 2.79% 59,329 $3.0M Add +22.9%
NTR Nutrien Ltd. 2.73% 51,097 $3.0M Add +1.1%
HL Hecla Mining Co. 2.58% 468,932 $2.8M Add +2.9%
CX Cemex Sab-Spons ADR Part Cer 2.37% 371,850 $2.6M Add +1.9%
VIV Telefonica Brasil-ADR 2.36% 225,286 $2.6M Add +4.8%
BKH Black Hills Corp. 2.35% 45,617 $2.6M Add +4.1%
LAZ Lazard Inc. 2.32% 52,619 $2.5M Add +3.1%
AMGN Amgen Inc. 2.18% 8,490 $2.4M No change
BG Bunge Global SA 2.16% 29,283 $2.4M Add +1.1%
AA Alcoa Corp. 2.04% 75,155 $2.2M Add +102.6%
INSW International Seaways Inc. 1.95% 58,161 $2.1M Add +1.1%
NWE Northwestern Energy Group Inc. 1.87% 39,656 $2.0M Add +6.0%
SJT San Juan Basin Royalty TR 1.85% 336,644 $2.0M Add +5.1%
HE Hawaiian Electric Inds 1.84% 188,573 $2.0M Add +3.5%
NOK Nokia Corp.-Spon ADR 1.82% 382,106 $2.0M Add +3.6%
HTLD Heartland Express Inc. 1.82% 228,895 $2.0M Add +111.3%
PSQ Proshares Short QQQ 1.81% 58,501 $2.0M New
ALK Alaska Air Group Inc. 1.65% 36,347 $1.8M Add +2.4%
INVX Innovex International Inc. 1.64% 114,419 $1.8M Add +31.9%
DOLE Dole PLC 1.63% 127,110 $1.8M Add +2.8%
INTC Intel Corp. 1.44% 70,114 $1.6M Add +2.6%
AAPL Apple Inc. 1.13% 5,988 $1.2M Reduce -1.2%
MCD McDonald's Corp. 0.86% 3,188 $931K No change
BRK.A 1/100 Berkshire HTWY A Class A 0.67% 1 $729K No change
SWBI Smith & Wesson Brands Inc. 0.65% 81,167 $705K Add +2.9%
PG The Procter & Gamble Co. 0.52% 3,570 $569K No change
JNJ Johnson & Johnson 0.50% 3,581 $547K No change
ORCL Oracle Corp. 0.49% 2,441 $534K Reduce -5.6%
AMZN Amazon.com Inc. 0.46% 2,304 $505K Reduce -1.1%
GLD SPDR Gold Shares 0.45% 1,620 $494K No change
PEP Pepsico Inc. 0.45% 3,727 $492K No change
BKUTK Bank Utica N Y filed as BANK OF UTICA N Y 0.45% 1,000 $491K No change
ABBV Abbvie Inc. 0.44% 2,599 $482K No change
MRK Merck & Co. Inc. 0.37% 5,100 $404K No change
VT Vanguard Tot World STK ETF 0.37% 3,125 $402K New
VGT Vanguard Info Tech ETF 0.34% 557 $369K Reduce -50.0%
ABT Abbott Laboratories 0.34% 2,689 $366K No change
SYY Sysco Corp. 0.33% 4,781 $362K No change
CVX Chevron Corp. 0.32% 2,452 $351K No change
IAU iShares Gold Trust 0.29% 5,142 $321K Add +2.3%
NVDA Nvidia Corp. 0.29% 1,977 $312K Reduce -6.2%
JPM JPMorgan Chase & Co. 0.28% 1,061 $308K No change
ASRV Ameriserv Financial Inc. 0.28% 100,000 $304K No change
CSCO Cisco Systems Inc. 0.26% 4,087 $284K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.26% 945 $279K No change
LNG Cheniere Energy Inc. 0.26% 1,140 $278K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.25% 2,231 $277K Reduce -50.0%
BA The Boeing Co. 0.25% 1,312 $275K No change
BRT BRT Apartments Corp. 0.25% 17,500 $274K No change
CVS CVS Health Corp. 0.25% 3,965 $274K No change
UNH Unitedhealth Group Inc. 0.25% 877 $274K No change
AR Antero Resources Corp. 0.25% 6,760 $272K No change
MDY State Street SPDR S&P Midcap 0.24% 470 $266K No change
XOM Exxon Mobil Corp. 0.23% 2,310 $249K No change
SCHX Schwab US Large-Cap ETF 0.22% 9,720 $238K Reduce -51.0%
CCJ Cameco Corp. 0.22% 3,190 $237K New
BRK.B Berkshire Hathaway Inc. Class B 0.22% 486 $236K Add +1.3%
AI C3.AI Inc. Class A 0.21% 9,109 $224K New
COMP Compass Inc. Class A 0.15% 25,089 $158K No change
WBA Walgreens Boots Alliance Inc. 0.11% 10,189 $117K Reduce -50.0%
ENIC Enel Chile SA-ADR 0.04% 12,235 $44K No change

Portfolio Sells Q1 2025 → Q2 2025
BBVA Banco Bilbao Vizcaya-SP ADR Sold out 0.00% −4.25
VGT Vanguard Info Tech ETF Reduce -50.0% 0.34% −0.31
VUG Vanguard Mrngstar GR ETF-Sui Sold out 0.00% −0.25
SCHX Schwab US Large-Cap ETF Reduce -51.0% 0.22% −0.22
SCHF Schwab Intl Equity ETF Sold out 0.00% −0.22
AAPL Apple Inc. Reduce -1.2% 1.13% −0.21
DIS The Walt Disney Co. Reduce -50.0% 0.25% −0.21
TTE Totalenergies SE -Spon ADR Sold out 0.00% −0.21
WBA Walgreens Boots Alliance Inc. Reduce -50.0% 0.11% −0.10
AMZN Amazon.com Inc. Reduce -1.1% 0.46% +0.02
NVDA Nvidia Corp. Reduce -6.2% 0.29% +0.06
ORCL Oracle Corp. Reduce -5.6% 0.49% +0.13
TPC Tutor Perini Corp. Reduce -43.7% 3.03% +0.13

Portfolio Buys Q1 2025 → Q2 2025
PSQ Proshares Short QQQ New 1.81% +1.81
MSFT Microsoft Corp. Add +0.0% 9.30% +1.68
FLR Fluor Corp. Add +22.9% 2.79% +1.07
AA Alcoa Corp. Add +102.6% 2.04% +0.91
HTLD Heartland Express Inc. Add +111.3% 1.82% +0.82
AU Anglogold Ashanti PLC Add +1.9% 5.35% +0.70
NEM Newmont Corp. Add +1.8% 4.32% +0.50
VIV Telefonica Brasil-ADR Add +4.8% 2.36% +0.49
VT Vanguard Tot World STK ETF New 0.37% +0.37
CX Cemex Sab-Spons ADR Part Cer Add +1.9% 2.37% +0.32
NTR Nutrien Ltd. Add +1.1% 2.73% +0.23
CCJ Cameco Corp. New 0.22% +0.22
AI C3.AI Inc. Class A New 0.21% +0.21
PAAS Pan American Silver Corp. Add +1.9% 5.11% +0.15
LAZ Lazard Inc. Add +3.1% 2.32% +0.11
INVX Innovex International Inc. Add +31.9% 1.64% +0.09
SJT San Juan Basin Royalty TR Add +5.1% 1.85% +0.08
HL Hecla Mining Co. Add +2.9% 2.58% +0.05
INSW International Seaways Inc. Add +1.1% 1.95% +0.04
IAU iShares Gold Trust Add +2.3% 0.29% −0.00
BRK.B Berkshire Hathaway Inc. Class B Add +1.3% 0.22% −0.04
BG Bunge Global SA Add +1.1% 2.16% −0.05
SLV iShares Silver Trust Add +1.2% 3.83% −0.05
SWBI Smith & Wesson Brands Inc. Add +2.9% 0.65% −0.09
ALK Alaska Air Group Inc. Add +2.4% 1.65% −0.09
INTC Intel Corp. Add +2.6% 1.44% −0.11
NOK Nokia Corp.-Spon ADR Add +3.6% 1.82% −0.12
HE Hawaiian Electric Inds Add +3.5% 1.84% −0.15
DOLE Dole PLC Add +2.8% 1.63% −0.15
RRC Range Resources Corp. Add +2.4% 3.62% −0.15
NWE Northwestern Energy Group Inc. Add +6.0% 1.87% −0.29
BKH Black Hills Corp. Add +4.1% 2.35% −0.30
PBR Petroleo Brasileiro-Spon ADR Add +0.4% 3.94% −0.95

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 67$140.2MMSFT, NEM, AU, PAAS, MTB
Q1 2026 68$146.9MMSFT, NEM, AU, PAAS, SLV
Q4 2025 69$134.3MMSFT, HL, NEM, PAAS, AU
Q3 2025 69$123.8MMSFT, PAAS, NEM, AU, HL
Q2 2025 70$108.8MMSFT, AU, PAAS, NEM, MTB
Q1 2025 70$100.2MMSFT, PAAS, PBR, AU, BBVA
Q3 2024 74$107.1MMSFT, TPC, NEM, PAAS, MTB
Q2 2024 71$103.0MMSFT, TPC, RRC, PAAS, INSW
Q1 2024 74$104.6MMSFT, RRC, BBVA, PBR, CX