Raffles Associates LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Raffles Associates LP reported 49 stock positions worth $92.8 million. Its top holding was Southern Missouri Bancorp (SMBC) at 14.2% of the portfolio, followed by Ivanhoe Electric Inc. / US (IE, 9.0%) and Provident Financial (PROV, 6.7%). Compared with Q3 2024, it opened 11 new positions, sold out of 10, added to 13 and reduced 10. The biggest buy was Aersale (ASLE, shares +296%) and the biggest sale an exit from Occidental Petroleum (OXY).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001169581
- Portfolio Value
- $92.8M (Q4 2024)
- SEC Filing
- 0001062993-25-002578 ↗ filed Feb 14, 2025
Holdings Value
Holdings 49 stocks · $92.8M
| SMBC Southern Missouri Bancorp | 14.16% | 229,086 | $13.1M | Reduce -1.7% |
| IE Ivanhoe Electric Inc. / US | 9.04% | 1,111,077 | $8.4M | No change |
| PROV Provident Financial Hldgs | 6.74% | 393,420 | $6.3M | No change |
| EBC Eastern Bankshares Inc. | 6.50% | 349,788 | $6.0M | No change |
| OFG Ofg Bancorp | 5.93% | 130,067 | $5.5M | Add +8.3% |
| FBP First Bancorp Puerto Rico | 4.86% | 242,874 | $4.5M | No change |
| PROSHARES TR | 3.81% | 180,000 | $3.5M | Reduce -21.7% |
| AFBI Affinity Bancshares Inc. | 3.75% | 199,130 | $3.5M | Add +0.1% |
| VMD Viemed Healthcare Inc. | 3.48% | 402,691 | $3.2M | No change |
| VZLA Vizsla Silver Corp. | 3.17% | 1,719,010 | $2.9M | Add +1.5% |
| ASLE Aersale Corp. | 3.09% | 455,000 | $2.9M | Add +295.6% |
| LCTX Lineage Cell Therapeutics Inc. | 2.97% | 5,492,088 | $2.8M | Add +21.8% |
| TDW Tidewater Inc. | 2.42% | 41,000 | $2.2M | New |
| JOB Gee Group Inc. | 2.13% | 9,533,737 | $2.0M | Add +0.4% |
| MAYS Mays (j.w.) Inc. | 2.11% | 44,439 | $2.0M | No change |
| JOF Japan Smaller Capitalization | 2.05% | 248,168 | $1.9M | Add +10.8% |
| ESOA Energy Services of America | 1.77% | 130,133 | $1.6M | Reduce -23.7% |
| NECB Northeast Community Bancorp | 1.57% | 59,500 | $1.5M | Reduce -3.3% |
| PKST Peakstone Realty Trust | 1.55% | 129,987 | $1.4M | Add +225.1% |
| NXE Nexgen Energy Ltd. | 1.39% | 195,000 | $1.3M | Reduce -11.4% |
| TURN 180 Degree Capital Corp. | 1.27% | 321,724 | $1.2M | Add +8.3% |
| MJ Amplify ETF TR | 1.27% | 525,000 | $1.2M | New |
| NSTS NSTS Bancorp Inc. | 1.19% | 93,813 | $1.1M | No change |
| RNGR Ranger Energy Services Class A | 1.09% | 65,380 | $1.0M | Reduce -43.1% |
| NSSC Napco Security Technologies | 1.05% | 27,424 | $975K | No change |
| KELYA Kelly Services Inc. Class A | 1.00% | 66,790 | $931K | New |
| VABK Virginia National Bankshares | 0.87% | 21,037 | $804K | Reduce -21.7% |
| FNWD Finward Bancorp | 0.83% | 27,321 | $768K | No change |
| RITHM PPTY TR INC | 0.82% | 257,007 | $763K | Add +250.7% |
| PBPB Potbelly Corp. | 0.71% | 69,761 | $657K | No change |
| TIPT Tiptree Inc. | 0.69% | 30,801 | $643K | No change |
| ECBK Ecb Bancorp Inc. | 0.68% | 42,461 | $630K | Reduce -13.2% |
| SQQQ Proshares TR | 0.67% | 20,000 | $623K | New |
| MSOS Advisorshares Pure US Cann | 0.65% | 158,000 | $602K | Reduce -37.5% |
| NWFL Norwood Financial Corp. | 0.59% | 20,000 | $544K | New |
| FRBA First Bank/Hamilton NJ | 0.51% | 33,521 | $472K | No change |
| CTGO Contango Silver & Gold Inc. | 0.50% | 46,554 | $466K | Add +281.5% |
| SIRI Sirius XM Holdings Inc. | 0.47% | 19,194 | $438K | No change |
| PPLT Abrdn Physical Platinum SHRS | 0.45% | 5,000 | $415K | New |
| TLRY Tilray Brands Inc. | 0.36% | 250,000 | $333K | New |
| YINN Direxion DLY Ftse CH BL3X-Ui | 0.30% | 10,000 | $279K | New |
| BTE Baytex Energy Corp. | 0.28% | 100,000 | $258K | New |
| COPJ Sprott Jr Copper Miners ETF | 0.23% | 11,677 | $215K | New |
| NBBK NB Bancorp Inc. | 0.22% | 11,136 | $201K | Reduce -0.2% |
| UBCP United Bancorp Inc. | 0.21% | 15,353 | $200K | Add +0.1% |
| BRBS Blue Ridge Bankshares Inc. | 0.21% | 59,934 | $193K | Add +39.6% |
| ALTO Alto Ingredients Inc. | 0.17% | 100,000 | $156K | New |
| CLST Catalyst Bancorp Inc. | 0.13% | 10,555 | $124K | No change |
| AWX Avalon Holdings Corp. Class A | 0.10% | 22,941 | $89K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −2.91 |
| PROSHARES TR II | Sold out | 0.00% | −2.56 |
| MSOS Advisorshares Pure US Cann | Reduce -37.5% | 0.65% | −1.21 |
| UUP Invesco DB US Dollar Index B | Sold out | 0.00% | −1.16 |
| PROSHARES TR | Reduce -21.7% | 3.81% | −1.06 |
| CORN Teucrium Corn Fund | Sold out | 0.00% | −0.71 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.57 |
| PROSHARES ULTRASHORT GOLD | Sold out | 0.00% | −0.53 |
| EFC Ellington Financial Inc. | Sold out | 0.00% | −0.46 |
| RNGR Ranger Energy Services Class A | Reduce -43.1% | 1.09% | −0.32 |
| VABK Virginia National Bankshares | Reduce -21.7% | 0.87% | −0.28 |
| OSISKO DEVELOPMENT CORP | Sold out | 0.00% | −0.21 |
| LXU LSB Industries Inc. | Sold out | 0.00% | −0.17 |
| SCOR Comscore Inc. | Sold out | 0.00% | −0.16 |
| NECB Northeast Community Bancorp | Reduce -3.3% | 1.57% | −0.10 |
| NXE Nexgen Energy Ltd. | Reduce -11.4% | 1.39% | −0.09 |
| ECBK Ecb Bancorp Inc. | Reduce -13.2% | 0.68% | −0.04 |
| NBBK NB Bancorp Inc. | Reduce -0.2% | 0.22% | +0.00 |
| ESOA Energy Services of America | Reduce -23.7% | 1.77% | +0.11 |
| SMBC Southern Missouri Bancorp | Reduce -1.7% | 14.16% | +0.65 |
Portfolio Buys Q3 2024 → Q4 2024
| ASLE Aersale Corp. | Add +295.6% | 3.09% | +2.49 |
| TDW Tidewater Inc. | New | 2.42% | +2.42 |
| MJ Amplify ETF TR | New | 1.27% | +1.27 |
| KELYA Kelly Services Inc. Class A | New | 1.00% | +1.00 |
| PKST Peakstone Realty Trust | Add +225.1% | 1.55% | +0.99 |
| SQQQ Proshares TR | New | 0.67% | +0.67 |
| NWFL Norwood Financial Corp. | New | 0.59% | +0.59 |
| RITHM PPTY TR INC | Add +250.7% | 0.82% | +0.57 |
| PPLT Abrdn Physical Platinum SHRS | New | 0.45% | +0.45 |
| OFG Ofg Bancorp | Add +8.3% | 5.93% | +0.39 |
| TLRY Tilray Brands Inc. | New | 0.36% | +0.36 |
| YINN Direxion DLY Ftse CH BL3X-Ui | New | 0.30% | +0.30 |
| BTE Baytex Energy Corp. | New | 0.28% | +0.28 |
| CTGO Contango Silver & Gold Inc. | Add +281.5% | 0.50% | +0.26 |
| TURN 180 Degree Capital Corp. | Add +8.3% | 1.27% | +0.24 |
| COPJ Sprott Jr Copper Miners ETF | New | 0.23% | +0.23 |
| ALTO Alto Ingredients Inc. | New | 0.17% | +0.17 |
| JOF Japan Smaller Capitalization | Add +10.8% | 2.05% | +0.15 |
| BRBS Blue Ridge Bankshares Inc. | Add +39.6% | 0.21% | +0.08 |
| UBCP United Bancorp Inc. | Add +0.1% | 0.21% | +0.01 |
| VZLA Vizsla Silver Corp. | Add +1.5% | 3.17% | −0.17 |
| JOB Gee Group Inc. | Add +0.4% | 2.13% | −0.41 |
| AFBI Affinity Bancshares Inc. | Add +0.1% | 3.75% | −0.62 |
| LCTX Lineage Cell Therapeutics Inc. | Add +21.8% | 2.97% | −1.22 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 48 | $117.3M | SMBC, GLIBK, EBC, CBK, LCTX |
| Q1 2026 | 49 | $115.3M | SMBC, LCTX, EBC, CBK, PROV |
| Q4 2025 | 54 | $133.3M | SMBC, IE, VZLA, LCTX, EBC |
| Q3 2025 | 49 | $107.4M | SMBC, LCTX, IE, VZLA, EBC |
| Q2 2025 | 48 | $96.0M | SMBC, IE, PROV, EBC, OFG |
| Q1 2025 | 43 | $82.1M | SMBC, IE, EBC, PROV, OFG |
| Q4 2024 | 49 | $92.8M | SMBC, IE, PROV, EBC, OFG |
| Q3 2024 | 48 | $97.4M | SMBC, IE, EBC, PROV, OFG |
| Q2 2024 | 52 | $88.8M | SMBC, EBC, IE, OFG, PROV |
| Q1 2024 | 51 | $86.1M | SMBC, EBC, IE, PROV, OFG |