Lesa Sroufe & Co

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 22, 2026), Lesa Sroufe & Co reported 69 stock positions worth $134.3 million. Its top holding was Microsoft (MSFT) at 7.3% of the portfolio, followed by Hecla Mining (HL, 6.8%) and Newmont (NEM, 6.0%). Compared with Q3 2025, it opened 2 new positions, sold out of 2, added to 19 and reduced 18. The biggest buy was Hecla Mining (HL, shares +0%) and the biggest sale Microsoft (MSFT, shares −0%).

Most Recent 13F
Q2 2026
Location
SEATTLE, WA
CIK
0001492162
Portfolio Value
$134.3M (Q4 2025)
SEC Filing
0001492162-26-000001 ↗ filed Jan 22, 2026

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 Q3 2025 Q4 2025: $134.3M $134.3M Q4 2025 Q1 2026: $146.9M Q1 2026 Q2 2026: $140.2M Q2 2026

Holdings 69 stocks · $134.3M
MSFT Microsoft Corp. 7.30% 20,278 $9.8M Reduce -0.5%
HL Hecla Mining Co. 6.76% 473,169 $9.1M Add +0.1%
NEM Newmont Corp. 6.00% 80,665 $8.1M Reduce -0.0%
PAAS Pan American Silver Corp. 5.52% 143,075 $7.4M Reduce -27.1%
AU Anglogold Ashanti PLC 5.52% 86,910 $7.4M Add +1.2%
SLV iShares Silver Trust 4.66% 97,230 $6.3M Reduce -27.0%
TPC Tutor Perini Corp. 3.62% 72,497 $4.9M Add +1.9%
MTB M & T Bank Corp. filed as M & T BK CORP 3.36% 22,414 $4.5M Reduce -1.9%
CX Cemex Sab-Spons ADR Part Cer 3.22% 376,017 $4.3M Add +0.4%
AA Alcoa Corp. 3.02% 76,435 $4.1M Add +1.2%
RRC Range Resources Corp. 2.56% 97,498 $3.4M Reduce -0.4%
PBR Petroleo Brasileiro-Spon ADR 2.55% 288,600 $3.4M Reduce -8.1%
BKH Black Hills Corp. 2.39% 46,257 $3.2M Add +0.9%
NTR Nutrien Ltd. 2.35% 51,081 $3.2M Add +1.0%
TTE Totalenergies SE 2.30% 47,185 $3.1M Add +3.6%
INSW International Seaways Inc. 2.13% 58,834 $2.9M Reduce -0.4%
AMGN Amgen Inc. 2.07% 8,490 $2.8M No change
VIV Telefonica Brasil-ADR 1.98% 224,233 $2.7M Add +0.1%
INVX Innovex International Inc. 1.98% 121,535 $2.7M Add +5.7%
BG Bunge Global SA 1.94% 29,206 $2.6M Add +0.7%
NWE Northwestern Energy Group Inc. 1.93% 40,194 $2.6M Add +1.2%
LAZ Lazard Inc. 1.91% 52,834 $2.6M Reduce 0.0%
NOK Nokia Corp.-Spon ADR 1.85% 383,198 $2.5M Add +0.6%
FLR Fluor Corp. 1.81% 61,394 $2.4M Add +2.1%
HE Hawaiian Electric Inds 1.75% 190,827 $2.3M Add +0.1%
HTLD Heartland Express Inc. 1.48% 219,815 $2.0M Reduce -3.6%
DOLE Dole PLC 1.44% 129,218 $1.9M Add +2.0%
PSQ Proshares Short QQQ 1.43% 63,710 $1.9M Reduce -2.0%
SJT San Juan Basin Royalty TR 1.42% 340,390 $1.9M Add +0.1%
ALK Alaska Air Group Inc. 1.36% 36,349 $1.8M Reduce -0.7%
AAPL Apple Inc. 1.21% 5,991 $1.6M Add +0.0%
MCD McDonald's Corp. 0.73% 3,188 $974K No change
GLD SPDR Gold Shares 0.65% 2,215 $878K No change
BRK.A 1/100 Berkshire HTWY A Class A filed as BERKSHIRE HATHAWAY INC DCLASS 0.56% 1 $755K No change
SWBI Smith & Wesson Brands Inc. 0.55% 75,225 $742K Reduce -7.7%
JNJ Johnson & Johnson 0.55% 3,581 $741K No change
ABBV Abbvie Inc. 0.44% 2,599 $594K No change
MRK Merck & Co. Inc. 0.40% 5,100 $537K No change
AMZN Amazon.com Inc. 0.40% 2,315 $534K No change
VT Vanguard Tot World STK ETF 0.39% 3,751 $529K Add +0.8%
BKUTK Bank Utica N Y 0.38% 1,000 $517K No change
PEP Pepsico Inc. 0.38% 3,572 $513K Reduce -4.2%
PG The Procter & Gamble Co. 0.38% 3,570 $512K No change
ORCL Oracle Corp. 0.35% 2,441 $476K No change
VGT Vanguard Info Tech ETF 0.31% 557 $420K No change
IAU iShares Gold Trust 0.31% 5,142 $417K No change
CVX Chevron Corp. 0.28% 2,485 $379K No change
SYY Sysco Corp. 0.26% 4,781 $352K No change
JPM JPMorgan Chase & Co. 0.25% 1,061 $342K No change
ABT Abbott Laboratories 0.25% 2,689 $337K No change
ASRV Ameriserv Financial Inc. 0.24% 100,000 $319K No change
CVS CVS Health Corp. 0.23% 3,965 $315K No change
CSCO Cisco Systems Inc. 0.23% 4,087 $315K No change
CCJ Cameco Corp. 0.22% 3,190 $292K No change
BA The Boeing Co. 0.21% 1,312 $285K No change
MDY State Street SPDR S&P Midcap 0.21% 470 $284K No change
NVDA Nvidia Corp. 0.21% 1,483 $277K Reduce -22.7%
COMP Compass Inc. Class A 0.20% 25,089 $265K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.19% 880 $261K Reduce -6.9%
BRT BRT Apartments Corp. 0.19% 17,500 $257K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.19% 2,231 $254K No change
BRK.B Berkshire Hathaway Inc. Class B 0.18% 487 $245K No change
LNG Cheniere Energy Inc. 0.17% 1,140 $222K No change
ORA Ormat Technologies Inc. 0.17% 2,012 $222K New
PLTR Palantir Technologies Inc. Class A 0.16% 1,220 $217K No change
XOM Exxon Mobil Corp. 0.15% 1,710 $206K Reduce -7.3%
SCHX Schwab US Large-Cap ETF 0.15% 7,509 $202K Reduce -18.3%
ENIC Enel Chile SA-ADR 0.04% 12,235 $49K No change
WALGREENS BOOTS ALLIANCE 0.00% 10,189 $0 New

Portfolio Sells Q3 2025 → Q4 2025
MSFT Microsoft Corp. Reduce -0.5% 7.30% −1.22
PBR Petroleo Brasileiro-Spon ADR Reduce -8.1% 2.55% −0.67
PAAS Pan American Silver Corp. Reduce -27.1% 5.52% −0.63
RRC Range Resources Corp. Reduce -0.4% 2.56% −0.42
LAZ Lazard Inc. Reduce 0.0% 1.91% −0.34
MTB M & T Bank Corp. Reduce -1.9% 3.36% −0.29
UNH Unitedhealth Group Inc. Sold out 0.00% −0.24
PSQ Proshares Short QQQ Reduce -2.0% 1.43% −0.20
ALK Alaska Air Group Inc. Reduce -0.7% 1.36% −0.11
SWBI Smith & Wesson Brands Inc. Reduce -7.7% 0.55% −0.09
NVDA Nvidia Corp. Reduce -22.7% 0.21% −0.08
INSW International Seaways Inc. Reduce -0.4% 2.13% −0.07
HTLD Heartland Express Inc. Reduce -3.6% 1.48% −0.07
SCHX Schwab US Large-Cap ETF Reduce -18.3% 0.15% −0.05
PEP Pepsico Inc. Reduce -4.2% 0.38% −0.04
IBM Intl Business Machines Corp. Reduce -6.9% 0.19% −0.02
XOM Exxon Mobil Corp. Reduce -7.3% 0.15% −0.01
WALGREENS BOOTS ALLI Sold out 0.00% 0.00
SLV iShares Silver Trust Reduce -27.0% 4.66% +0.11
NEM Newmont Corp. Reduce -0.0% 6.00% +0.50

Portfolio Buys Q3 2025 → Q4 2025
HL Hecla Mining Co. Add +0.1% 6.76% +2.14
AA Alcoa Corp. Add +1.2% 3.02% +1.02
AU Anglogold Ashanti PLC Add +1.2% 5.52% +0.64
CX Cemex Sab-Spons ADR Part Cer Add +0.4% 3.22% +0.50
NOK Nokia Corp.-Spon ADR Add +0.6% 1.85% +0.37
INVX Innovex International Inc. Add +5.7% 1.98% +0.26
ORA Ormat Technologies Inc. New 0.17% +0.17
BKH Black Hills Corp. Add +0.9% 2.39% +0.11
TTE Totalenergies SE Add +3.6% 2.30% +0.10
DOLE Dole PLC Add +2.0% 1.44% +0.07
NWE Northwestern Energy Group Inc. Add +1.2% 1.93% +0.05
HE Hawaiian Electric Inds Add +0.1% 1.75% +0.05
BG Bunge Global SA Add +0.7% 1.94% +0.03
WALGREENS BOOTS ALLIANCE New 0.00% 0.00
AAPL Apple Inc. Add +0.0% 1.21% −0.02
VT Vanguard Tot World STK ETF Add +0.8% 0.39% −0.02
NTR Nutrien Ltd. Add +1.0% 2.35% −0.05
TPC Tutor Perini Corp. Add +1.9% 3.62% −0.15
FLR Fluor Corp. Add +2.1% 1.81% −0.23
SJT San Juan Basin Royalty TR Add +0.1% 1.42% −0.23
VIV Telefonica Brasil-ADR Add +0.1% 1.98% −0.33

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