Lesa Sroufe & Co

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 23, 2025), Lesa Sroufe & Co reported 69 stock positions worth $123.8 million. Its top holding was Microsoft (MSFT) at 8.5% of the portfolio, followed by Pan American Silver (PAAS, 6.1%) and Newmont (NEM, 5.5%). Compared with Q2 2025, it opened 3 new positions, sold out of 4, added to 26 and reduced 11. The biggest buy was a new position in Totalenergies SE -Spon ADR (TTE) and the biggest sale an exit from Intel (INTC).

Most Recent 13F
Q2 2026
Location
SEATTLE, WA
CIK
0001492162
Portfolio Value
$123.8M (Q3 2025)
SEC Filing
0001492162-25-000007 ↗ filed Oct 23, 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 Q2 2025 Q3 2025: $123.8M $123.8M Q3 2025 Q4 2025: $134.3M Q4 2025 Q1 2026: $146.9M Q1 2026 Q2 2026: $140.2M Q2 2026

Holdings 69 stocks · $123.8M
MSFT Microsoft Corp. 8.53% 20,376 $10.6M Add +0.1%
PAAS Pan American Silver Corp. 6.14% 196,390 $7.6M Add +0.3%
NEM Newmont Corp. 5.49% 80,679 $6.8M Add +0.1%
AU Anglogold Ashanti PLC 4.88% 85,898 $6.0M Reduce -32.8%
HL Hecla Mining Co. 4.62% 472,476 $5.7M Add +0.8%
SLV iShares Silver Trust 4.56% 133,150 $5.6M Add +4.7%
TPC Tutor Perini Corp. 3.77% 71,171 $4.7M Add +0.9%
MTB M & T Bank Corp. filed as M & T BK CORP 3.65% 22,853 $4.5M No change
PBR Petroleo Brasileiro-Spon ADR 3.21% 314,018 $4.0M Reduce -8.4%
RRC Range Resources Corp. 2.98% 97,930 $3.7M Add +1.0%
CX Cemex Sab-Spons ADR Part Cer 2.72% 374,626 $3.4M Add +0.8%
NTR Nutrien Ltd. 2.40% 50,569 $3.0M Reduce -1.0%
VIV Telefonica Brasil-ADR 2.31% 224,116 $2.9M Reduce -0.5%
BKH Black Hills Corp. 2.28% 45,833 $2.8M Add +0.5%
LAZ Lazard Inc. 2.25% 52,836 $2.8M Add +0.4%
INSW International Seaways Inc. 2.20% 59,051 $2.7M Add +1.5%
TTE Totalenergies SE -Spon ADR 2.20% 45,556 $2.7M New
FLR Fluor Corp. 2.04% 60,154 $2.5M Add +1.4%
AA Alcoa Corp. 2.01% 75,504 $2.5M Add +0.5%
AMGN Amgen Inc. 1.94% 8,490 $2.4M No change
BG Bunge Global SA 1.90% 29,016 $2.4M Reduce -0.9%
NWE Northwestern Energy Group Inc. 1.88% 39,731 $2.3M Add +0.2%
INVX Innovex International Inc. 1.72% 114,980 $2.1M Add +0.5%
HE Hawaiian Electric Inds 1.70% 190,666 $2.1M Add +1.1%
SJT San Juan Basin Royalty TR 1.66% 339,978 $2.1M Add +1.0%
PSQ Proshares Short QQQ 1.63% 65,012 $2.0M Add +11.1%
HTLD Heartland Express Inc. 1.54% 227,936 $1.9M Reduce -0.4%
NOK Nokia Corp.-Spon ADR 1.48% 380,912 $1.8M Reduce -0.3%
ALK Alaska Air Group Inc. 1.47% 36,589 $1.8M Add +0.7%
DOLE Dole PLC 1.37% 126,634 $1.7M Reduce -0.4%
AAPL Apple Inc. 1.23% 5,990 $1.5M Add +0.0%
MCD McDonald's Corp. 0.78% 3,188 $969K No change
SWBI Smith & Wesson Brands Inc. 0.65% 81,454 $801K Add +0.3%
GLD SPDR Gold Shares 0.64% 2,215 $787K Add +36.7%
BRK.A 1/100 Berkshire HTWY A Class A 0.61% 1 $754K No change
ORCL Oracle Corp. 0.55% 2,441 $686K No change
JNJ Johnson & Johnson 0.54% 3,581 $664K No change
ABBV Abbvie Inc. 0.49% 2,599 $602K No change
PG The Procter & Gamble Co. 0.44% 3,570 $549K No change
PEP Pepsico Inc. 0.42% 3,727 $523K No change
VT Vanguard Tot World STK ETF 0.41% 3,722 $513K Add +19.1%
AMZN Amazon.com Inc. 0.41% 2,315 $508K Add +0.5%
BKUTK Bank Utica N Y filed as BANK OF UTICA N Y 0.40% 1,000 $500K No change
MRK Merck & Co. Inc. 0.35% 5,100 $428K No change
VGT Vanguard Info Tech ETF 0.34% 557 $416K No change
SYY Sysco Corp. 0.32% 4,781 $394K No change
CVX Chevron Corp. 0.31% 2,485 $386K Add +1.4%
IAU iShares Gold Trust 0.30% 5,142 $374K No change
ABT Abbott Laboratories 0.29% 2,689 $360K No change
NVDA Nvidia Corp. 0.29% 1,918 $358K Reduce -3.0%
JPM JPMorgan Chase & Co. 0.27% 1,061 $335K No change
UNH Unitedhealth Group Inc. 0.24% 877 $303K No change
CVS CVS Health Corp. 0.24% 3,965 $299K No change
ASRV Ameriserv Financial Inc. 0.23% 100,000 $290K No change
BA The Boeing Co. 0.23% 1,312 $283K No change
CSCO Cisco Systems Inc. 0.23% 4,087 $280K No change
MDY State Street SPDR S&P Midcap 0.23% 470 $280K No change
BRT BRT Apartments Corp. 0.22% 17,500 $274K No change
CCJ Cameco Corp. 0.22% 3,190 $268K No change
LNG Cheniere Energy Inc. 0.22% 1,140 $268K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.22% 945 $267K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.21% 2,231 $255K No change
BRK.B Berkshire Hathaway Inc. Class B 0.20% 487 $245K Add +0.2%
SCHX Schwab US Large-Cap ETF 0.20% 9,191 $242K Reduce -5.4%
PLTR Palantir Technologies Inc. Class A 0.18% 1,220 $223K New
XOM Exxon Mobil Corp. 0.17% 1,845 $208K Reduce -20.1%
COMP Compass Inc. Class A 0.16% 25,089 $201K No change
ENIC Enel Chile SA-ADR 0.04% 12,235 $48K No change
WALGREENS BOOTS ALLI 0.00% 10,189 $0 New

Portfolio Sells Q2 2025 → Q3 2025
INTC Intel Corp. Sold out 0.00% −1.44
PBR Petroleo Brasileiro-Spon ADR Reduce -8.4% 3.21% −0.73
AU Anglogold Ashanti PLC Reduce -32.8% 4.88% −0.47
NOK Nokia Corp.-Spon ADR Reduce -0.3% 1.48% −0.34
NTR Nutrien Ltd. Reduce -1.0% 2.40% −0.34
HTLD Heartland Express Inc. Reduce -0.4% 1.54% −0.27
DOLE Dole PLC Reduce -0.4% 1.37% −0.26
BG Bunge Global SA Reduce -0.9% 1.90% −0.26
AR Antero Resources Corp. Sold out 0.00% −0.25
AI C3.AI Inc. Class A Sold out 0.00% −0.21
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.11
XOM Exxon Mobil Corp. Reduce -20.1% 0.17% −0.06
VIV Telefonica Brasil-ADR Reduce -0.5% 2.31% −0.05
SCHX Schwab US Large-Cap ETF Reduce -5.4% 0.20% −0.02
NVDA Nvidia Corp. Reduce -3.0% 0.29% +0.00

Portfolio Buys Q2 2025 → Q3 2025
TTE Totalenergies SE -Spon ADR New 2.20% +2.20
HL Hecla Mining Co. Add +0.8% 4.62% +2.04
NEM Newmont Corp. Add +0.1% 5.49% +1.18
PAAS Pan American Silver Corp. Add +0.3% 6.14% +1.04
TPC Tutor Perini Corp. Add +0.9% 3.77% +0.74
SLV iShares Silver Trust Add +4.7% 4.56% +0.72
CX Cemex Sab-Spons ADR Part Cer Add +0.8% 2.72% +0.35
INSW International Seaways Inc. Add +1.5% 2.20% +0.25
GLD SPDR Gold Shares Add +36.7% 0.64% +0.18
PLTR Palantir Technologies Inc. Class A New 0.18% +0.18
AAPL Apple Inc. Add +0.0% 1.23% +0.10
INVX Innovex International Inc. Add +0.5% 1.72% +0.08
VT Vanguard Tot World STK ETF Add +19.1% 0.41% +0.05
NWE Northwestern Energy Group Inc. Add +0.2% 1.88% +0.01
WALGREENS BOOTS ALLI New 0.00% 0.00
SWBI Smith & Wesson Brands Inc. Add +0.3% 0.65% −0.00
CVX Chevron Corp. Add +1.4% 0.31% −0.01
BRK.B Berkshire Hathaway Inc. Class B Add +0.2% 0.20% −0.02
AA Alcoa Corp. Add +0.5% 2.01% −0.03
AMZN Amazon.com Inc. Add +0.5% 0.41% −0.05
LAZ Lazard Inc. Add +0.4% 2.25% −0.07
BKH Black Hills Corp. Add +0.5% 2.28% −0.07
HE Hawaiian Electric Inds Add +1.1% 1.70% −0.14
PSQ Proshares Short QQQ Add +11.1% 1.63% −0.18
ALK Alaska Air Group Inc. Add +0.7% 1.47% −0.18
SJT San Juan Basin Royalty TR Add +1.0% 1.66% −0.19
RRC Range Resources Corp. Add +1.0% 2.98% −0.65
FLR Fluor Corp. Add +1.4% 2.04% −0.75
MSFT Microsoft Corp. Add +0.1% 8.53% −0.77

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