Penbrook Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 22, 2025), Penbrook Management LLC reported 104 stock positions worth $143.2 million. Its top holding was Novo-Nordisk A/S-Spons ADR (NVO) at 12.1% of the portfolio, followed by Microsoft (MSFT, 8.8%) and Amazon.com (AMZN, 7.9%). Compared with Q2 2025, it opened 10 new positions, sold out of 8, added to 19 and reduced 28. The biggest buy was Alkami Technology (ALKT, shares +220%) and the biggest sale Targa Resources (TRGP, shares −27%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001381055
Portfolio Value
$143.2M (Q3 2025)
SEC Filing
0001381055-25-000008 ↗ filed Oct 22, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $161.3M Q1 2024 Q2 2024: $163.8M Q2 2024 Q3 2024: $153.8M Q3 2024 Q4 2024: $146.6M Q4 2024 Q1 2025: $132.3M Q1 2025 Q2 2025: $133.0M Q2 2025 Q3 2025: $143.2M $143.2M Q3 2025 Q4 2025: $145.0M Q4 2025 Q1 2026: $132.1M Q1 2026 Q2 2026: $156.8M Q2 2026

Holdings 104 stocks · $143.2M
NVO Novo-Nordisk A/S-Spons ADR 12.07% 311,600 $17.3M Add +0.1%
MSFT Microsoft Corp. 8.79% 24,305 $12.6M Reduce -2.7%
AMZN Amazon.com Inc. 7.93% 51,740 $11.4M Add +0.8%
MCO Moody's Corp. 4.54% 13,650 $6.5M No change
GOOGL Alphabet Inc. Class A 3.93% 23,170 $5.6M No change
GOOG Alphabet Inc. Class C 3.86% 22,720 $5.5M Reduce -8.1%
PL Planet Labs PBC 2.85% 314,220 $4.1M Reduce -7.0%
TRI Thomson Reuters Corp. 2.69% 24,848 $3.9M No change
AEHR Aehr Test Systems 2.44% 116,250 $3.5M Reduce -7.9%
ALKT Alkami Technology Inc. 2.15% 124,140 $3.1M Add +220.0%
PLAB Photronics Inc. 1.78% 111,380 $2.6M Add +4.7%
BX Blackstone Inc. 1.77% 14,800 $2.5M Reduce -0.7%
SA Seabridge Gold Inc. 1.63% 96,545 $2.3M No change
SONY Sony Group Corp. - SP ADR 1.38% 68,500 $2.0M No change
VMD Viemed Healthcare Inc. 1.29% 272,328 $1.8M Add +51.3%
ADP Automatic Data Processing 1.29% 6,300 $1.8M No change
CURI Curiositystream Inc. 1.29% 348,700 $1.8M Add +358.2%
ELVA Electrovaya Inc. 1.27% 307,911 $1.8M Reduce -0.1%
NNY Nuveen New York Muni Val 1.23% 213,727 $1.8M No change
BRK.B Berkshire Hathaway Inc. Class B 1.18% 3,375 $1.7M Add +8.9%
ACLS Axcelis Technologies Inc. 1.15% 16,895 $1.6M No change
BPOP Popular Inc. 1.11% 12,500 $1.6M Reduce -4.9%
TRGP Targa Resources Corp. 1.04% 8,911 $1.5M Reduce -27.0%
VZ Verizon Communications Inc. 1.02% 33,235 $1.5M Add +4.1%
FNF Fidelity National Financial 1.01% 23,821 $1.4M Reduce -8.4%
MESO Mesoblast Ltd.- Spon ADR 0.99% 87,675 $1.4M No change
VET Vermilion Energy Inc. 0.98% 179,575 $1.4M Reduce -0.9%
ET Energy Transfer LP 0.98% 81,594 $1.4M Reduce -0.9%
SYF Synchrony Financial 0.90% 18,200 $1.3M Reduce -5.9%
CSCO Cisco Systems Inc. 0.88% 18,350 $1.3M No change
META Meta Platforms Inc. Class A 0.87% 1,700 $1.2M No change
WMB Williams Cos Inc. 0.85% 19,280 $1.2M Reduce -2.3%
ABBV Abbvie Inc. 0.85% 5,273 $1.2M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.83% 1,795 $1.2M Reduce -6.3%
DAIO Data I/O Corp. 0.82% 352,750 $1.2M Add +0.9%
QQQ Invesco QQQ Trust Series 1 0.82% 1,945 $1.2M No change
FBP First Bancorp Puerto Rico 0.81% 52,600 $1.2M No change
ABNB Airbnb Inc. Class A 0.75% 8,850 $1.1M No change
COHU Cohu Inc. 0.70% 49,500 $1.0M Add +27.6%
NVDA Nvidia Corp. 0.68% 5,223 $975K No change
USAC USA Compression Partners LP 0.65% 38,838 $932K No change
OKE Oneok Inc. 0.58% 11,410 $833K Reduce -0.9%
MRVL Marvell Technology Inc. 0.57% 9,740 $819K New
HESM Hess Midstream LP Class A 0.56% 23,030 $796K No change
NPKI NPK International Inc. 0.54% 68,585 $776K No change
ASUR Asure Software Inc. 0.52% 90,660 $743K Add +1.1%
NVS Novartis AG-Sponsored ADR 0.50% 5,610 $719K No change
EMR Emerson Electric Co. 0.49% 5,400 $708K No change
SHEL Shell PLC-ADR 0.47% 9,400 $672K No change
SGOL Abrdn Physical Gold Shares 0.46% 17,945 $661K Add +53.2%
MGNI Magnite Inc. 0.43% 28,420 $619K No change
BLFS Biolife Solutions Inc. 0.41% 23,155 $591K No change
WES Western Midstream Partners L 0.40% 14,600 $574K Add +25.9%
RRC Range Resources Corp. 0.38% 14,340 $540K No change
CVE Cenovus Energy Inc. 0.35% 29,880 $508K Add +3.8%
PIM Franklin Master Interm IT-Ui filed as PUTNAM MASTER INTER INCOME T 0.35% 147,063 $506K Reduce -0.4%
PAR Par Technology Corp. 0.35% 12,755 $505K Add +69.3%
BBSI Barrett Business SVCS Inc. 0.35% 11,300 $501K Reduce -2.6%
CYRX Cryoport Inc. 0.35% 52,770 $500K Add +23.4%
BLZE Backblaze Inc. Class A 0.34% 52,025 $483K Add +30.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.33% 1,652 $466K Reduce -0.6%
REGN Regeneron Pharmaceuticals 0.31% 797 $448K No change
AAPL Apple Inc. 0.31% 1,729 $440K Reduce -57.4%
GPN Global Payments Inc. 0.30% 5,115 $425K New
POWI Power Integrations Inc. 0.26% 9,200 $370K No change
DMLP Dorchester Minerals LP 0.25% 14,025 $363K No change
EPD Enterprise Products Partners 0.25% 11,427 $357K No change
KLIC Kulicke & Soffa Industries 0.24% 8,600 $350K No change
GBDC Golub Capital BDC Inc. 0.24% 24,955 $342K No change
KOPN Kopin Corp. 0.23% 136,975 $333K Add +78.0%
BLDR Builders Firstsource Inc. 0.23% 2,741 $332K No change
RSP Invesco S&P 500 Equal Weight 0.22% 1,670 $317K Reduce -5.7%
LINC Lincoln Educational Services 0.21% 12,501 $294K No change
IREN Iren Ltd. filed as IREN LIMITED 0.20% 6,200 $291K New
FAF First American Financial 0.20% 4,400 $283K No change
HTGC Hercules Capital Inc. 0.20% 14,775 $279K Add +1.5%
NKE Nike Inc. Class B 0.19% 3,935 $274K New
SPYM Ste STR SPDR PT S&P 500 ETF 0.19% 3,500 $274K No change
FIS Fidelity National Info Serv 0.19% 4,124 $272K Reduce -4.6%
TTI Tetra Technologies Inc. 0.18% 44,600 $256K New
OSS One Stop Systems Inc. 0.18% 47,413 $254K New
INVE Inve Technologies Inc. filed as IDENTIV INC 0.18% 73,594 $254K No change
WBS Webster Financial Corp. 0.17% 4,180 $248K Reduce -17.7%
JEPI JPMorgan Equity Premium Inco 0.17% 4,325 $247K No change
AQST Aquestive Therapeutics Inc. 0.17% 43,585 $244K No change
UTG Reaves Utility Income Fund 0.17% 6,075 $241K No change
XGN Exagen Inc. 0.15% 19,910 $219K No change
AFL Aflac Inc. 0.15% 1,950 $218K Reduce -17.0%
CVX Chevron Corp. 0.15% 1,377 $214K New
JPC Nuveen Prefered & Income Opp 0.15% 25,710 $211K No change
JPM JPMorgan Chase & Co. 0.15% 660 $208K New
WLY Wiley (john) & Sons Class A 0.14% 5,000 $202K Reduce -9.1%
PBI Pitney Bowes Inc. 0.14% 17,050 $195K No change
VKQ Invesco Municipal Trust 0.13% 20,000 $193K No change
NUV Nuveen Municipal Value 0.13% 20,000 $180K No change
OESX Orion Energy Systems Inc. 0.10% 16,644 $146K Reduce -7.5%
ONDS Ondas Inc. filed as ONDAS HLDGS INC 0.07% 13,855 $107K Reduce -24.3%
BTQ BTQ Technologies Corp. 0.07% 14,750 $102K New
ASPN Aspen Aerogels Inc. 0.07% 14,180 $99K No change
UAMY United States Antimony Corp. 0.06% 14,825 $92K Reduce -27.1%

Show all 104 holdings

Portfolio Sells Q2 2025 → Q3 2025
TRGP Targa Resources Corp. Reduce -27.0% 1.04% −0.55
MSFT Microsoft Corp. Reduce -2.7% 8.79% −0.55
NVGS Navigator Holdings Ltd. Sold out 0.00% −0.54
NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −0.52
AAPL Apple Inc. Reduce -57.4% 0.31% −0.32
ORI Old Republic Intl Corp. Sold out 0.00% −0.25
CVS CVS Health Corp. Sold out 0.00% −0.22
ARCC Ares Capital Corp. Sold out 0.00% −0.21
MP MP Materials Corp. Sold out 0.00% −0.18
ET Energy Transfer LP Reduce -0.9% 0.98% −0.14
OKE Oneok Inc. Reduce -0.9% 0.58% −0.13
F Ford Motor Co. Sold out 0.00% −0.09
FNF Fidelity National Financial Reduce -8.4% 1.01% −0.09
WMB Williams Cos Inc. Reduce -2.3% 0.85% −0.08
FIS Fidelity National Info Serv Reduce -4.6% 0.19% −0.07
SYF Synchrony Financial Reduce -5.9% 0.90% −0.07
SPY SS SPDR S&P 500 ETF Trust-US Reduce -6.3% 0.83% −0.05
WLY Wiley (john) & Sons Class A Reduce -9.1% 0.14% −0.04
IBM Intl Business Machines Corp. Reduce -0.6% 0.33% −0.04
WBS Webster Financial Corp. Reduce -17.7% 0.17% −0.04
AFL Aflac Inc. Reduce -17.0% 0.15% −0.03
TUSK Mammoth Energy Services Inc. Sold out 0.00% −0.03
RSP Invesco S&P 500 Equal Weight Reduce -5.7% 0.22% −0.02
PIM Franklin Master Interm IT-Ui Reduce -0.4% 0.35% −0.02
BBSI Barrett Business SVCS Inc. Reduce -2.6% 0.35% −0.01
VET Vermilion Energy Inc. Reduce -0.9% 0.98% −0.01
MIN Aberdeen Intermediate Inc. FD Reduce -5.2% 0.05% −0.01
BPOP Popular Inc. Reduce -4.9% 1.11% +0.02
OESX Orion Energy Systems Inc. Reduce -7.5% 0.10% +0.02
UAMY United States Antimony Corp. Reduce -27.1% 0.06% +0.03
ONDS Ondas Inc. Reduce -24.3% 0.07% +0.05
BX Blackstone Inc. Reduce -0.7% 1.77% +0.09
ELVA Electrovaya Inc. Reduce -0.1% 1.27% +0.48
GOOG Alphabet Inc. Class C Reduce -8.1% 3.86% +0.57
AEHR Aehr Test Systems Reduce -7.9% 2.44% +1.22
PL Planet Labs PBC Reduce -7.0% 2.85% +1.30

Portfolio Buys Q2 2025 → Q3 2025
ALKT Alkami Technology Inc. Add +220.0% 2.15% +1.27
CURI Curiositystream Inc. Add +358.2% 1.29% +0.97
MRVL Marvell Technology Inc. New 0.57% +0.57
VMD Viemed Healthcare Inc. Add +51.3% 1.29% +0.36
GPN Global Payments Inc. New 0.30% +0.30
PLAB Photronics Inc. Add +4.7% 1.78% +0.28
IREN Iren Ltd. New 0.20% +0.20
NKE Nike Inc. Class B New 0.19% +0.19
SGOL Abrdn Physical Gold Shares Add +53.2% 0.46% +0.18
TTI Tetra Technologies Inc. New 0.18% +0.18
OSS One Stop Systems Inc. New 0.18% +0.18
BLZE Backblaze Inc. Class A Add +30.6% 0.34% +0.17
CVX Chevron Corp. New 0.15% +0.15
JPM JPMorgan Chase & Co. New 0.15% +0.15
KOPN Kopin Corp. Add +78.0% 0.23% +0.14
COHU Cohu Inc. Add +27.6% 0.70% +0.14
CYRX Cryoport Inc. Add +23.4% 0.35% +0.11
BTQ BTQ Technologies Corp. New 0.07% +0.07
WES Western Midstream Partners L Add +25.9% 0.40% +0.06
CVE Cenovus Energy Inc. Add +3.8% 0.35% +0.06
BRK.B Berkshire Hathaway Inc. Class B Add +8.9% 1.18% +0.05
DEFT Defi Technologies Inc. New 0.02% +0.02
DAIO Data I/O Corp. Add +0.9% 0.82% +0.01
HTGC Hercules Capital Inc. Add +1.5% 0.20% −0.01
VZ Verizon Communications Inc. Add +4.1% 1.02% −0.02
PAR Par Technology Corp. Add +69.3% 0.35% −0.04
ASUR Asure Software Inc. Add +1.1% 0.52% −0.14
AMZN Amazon.com Inc. Add +0.8% 7.93% −0.54
NVO Novo-Nordisk A/S-Spons ADR Add +0.1% 12.07% −4.09

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 101$156.8MNVO, AMZN, GOOGL, MSFT, GOOG
Q1 2026 93$132.1MNVO, AMZN, MSFT, GOOGL, GOOG
Q4 2025 97$145.0MNVO, AMZN, MSFT, GOOGL, GOOG
Q3 2025 104$143.2MNVO, MSFT, AMZN, MCO, GOOGL
Q2 2025Amended 102$133.0MNVO, MSFT, AMZN, MCO, TRI
Q1 2025 107$132.3MNVO, AMZN, MSFT, MCO, TRI
Q4 2024 110$146.6MNVO, AMZN, MSFT, MCO, GOOG
Q3 2024 104$153.8MNVO, MSFT, AMZN, MCO, TRI
Q2 2024 101$163.8MNVO, MSFT, AMZN, MCO, GOOG
Q1 2024 102$161.3MNVO, MSFT, AMZN, MCO, ACLS