Raffles Associates LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Raffles Associates LP reported 43 stock positions worth $82.1 million. Its top holding was Southern Missouri Bancorp (SMBC) at 14.5% of the portfolio, followed by Ivanhoe Electric Inc. / US (IE, 7.7%) and Eastern Bankshares (EBC, 7.2%). Compared with Q4 2024, it opened 2 new positions, sold out of 8, added to 9 and reduced 13. The biggest buy was a new position in Proshares Ultrashort Gold and the biggest sale an exit from Tidewater (TDW).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001169581
- Portfolio Value
- $82.1M (Q1 2025)
- SEC Filing
- 0001062993-25-009571 ↗ filed May 15, 2025
Holdings Value
Holdings 43 stocks · $82.1M
| SMBC Southern Missouri Bancorp | 14.52% | 229,249 | $11.9M | Add +0.1% |
| IE Ivanhoe Electric Inc. / US | 7.68% | 1,086,077 | $6.3M | Reduce -2.3% |
| EBC Eastern Bankshares Inc. | 7.19% | 359,788 | $5.9M | Add +2.9% |
| PROV Provident Financial Hldgs | 6.99% | 393,420 | $5.7M | No change |
| OFG Ofg Bancorp | 5.85% | 120,067 | $4.8M | Reduce -7.7% |
| VZLA Vizsla Silver Corp. | 4.75% | 1,719,010 | $3.9M | No change |
| AFBI Affinity Bancshares Inc. | 4.31% | 199,130 | $3.5M | No change |
| ASLE Aersale Corp. | 4.15% | 455,000 | $3.4M | No change |
| VMD Viemed Healthcare Inc. | 3.57% | 402,691 | $2.9M | No change |
| LCTX Lineage Cell Therapeutics Inc. | 3.10% | 5,642,088 | $2.5M | Add +2.7% |
| FBP First Bancorp Puerto Rico | 3.10% | 132,874 | $2.5M | Reduce -45.3% |
| PROSHARES TR | 2.59% | 99,000 | $2.1M | Reduce -45.0% |
| JOF Japan Smaller Capitalization | 2.51% | 245,368 | $2.1M | Reduce -1.1% |
| JOB Gee Group Inc. | 2.34% | 9,508,737 | $1.9M | Reduce -0.3% |
| PROSHARES ULTRASHORT GOLD | 2.08% | 135,000 | $1.7M | New |
| MAYS Mays (j.w.) Inc. | 2.07% | 44,439 | $1.7M | No change |
| ESOA Energy Services of America | 2.05% | 178,133 | $1.7M | Add +36.9% |
| PKST Peakstone Realty Trust | 1.99% | 129,987 | $1.6M | No change |
| NECB Northeast Community Bancorp | 1.70% | 59,500 | $1.4M | No change |
| NXE Nexgen Energy Ltd. | 1.67% | 305,000 | $1.4M | Add +56.4% |
| TURN 180 Degree Capital Corp. | 1.31% | 270,574 | $1.1M | Reduce -15.9% |
| MSOS Advisorshares Pure US Cann | 1.30% | 410,000 | $1.1M | Add +159.5% |
| NSTS NSTS Bancorp Inc. | 1.29% | 93,813 | $1.1M | No change |
| CTGO Contango Silver & Gold Inc. | 1.04% | 83,837 | $856K | Add +80.1% |
| FBLA FB Bancorp Inc. | 1.01% | 73,664 | $829K | New |
| FNWD Finward Bancorp | 0.97% | 27,321 | $795K | No change |
| VABK Virginia National Bankshares | 0.93% | 21,052 | $760K | Add +0.1% |
| TIPT Tiptree Inc. | 0.90% | 30,801 | $742K | No change |
| KELYA Kelly Services Inc. Class A | 0.83% | 51,790 | $682K | Reduce -22.5% |
| NSSC Napco Security Technologies | 0.77% | 27,424 | $631K | No change |
| RITHM PPTY TR INC | 0.72% | 206,887 | $594K | Reduce -19.5% |
| PBPB Potbelly Corp. | 0.69% | 59,761 | $568K | Reduce -14.3% |
| ECBK Ecb Bancorp Inc. | 0.60% | 32,684 | $495K | Reduce -23.0% |
| RNGR Ranger Energy Services Class A | 0.59% | 34,239 | $486K | Reduce -47.6% |
| NWFL Norwood Financial Corp. | 0.59% | 20,000 | $483K | No change |
| FRBA First Bank/Hamilton NJ | 0.57% | 31,394 | $465K | Reduce -6.3% |
| SIRI Sirius XM Holdings Inc. | 0.53% | 19,194 | $433K | No change |
| UBCP United Bancorp Inc. | 0.29% | 17,699 | $238K | Add +15.3% |
| NBBK NB Bancorp Inc. | 0.24% | 11,136 | $201K | No change |
| BRBS Blue Ridge Bankshares Inc. | 0.24% | 59,934 | $195K | No change |
| CLST Catalyst Bancorp Inc. | 0.15% | 10,555 | $123K | No change |
| ALTO Alto Ingredients Inc. | 0.14% | 100,000 | $114K | No change |
| AWX Avalon Holdings Corp. Class A | 0.08% | 22,941 | $65K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| TDW Tidewater Inc. | Sold out | 0.00% | −2.42 |
| FBP First Bancorp Puerto Rico | Reduce -45.3% | 3.10% | −1.76 |
| IE Ivanhoe Electric Inc. / US | Reduce -2.3% | 7.68% | −1.35 |
| MJ Amplify ETF TR | Sold out | 0.00% | −1.27 |
| PROSHARES TR | Reduce -45.0% | 2.59% | −1.23 |
| SQQQ Proshares TR | Sold out | 0.00% | −0.67 |
| RNGR Ranger Energy Services Class A | Reduce -47.6% | 0.59% | −0.50 |
| PPLT Abrdn Physical Platinum SHRS | Sold out | 0.00% | −0.45 |
| TLRY Tilray Brands Inc. | Sold out | 0.00% | −0.36 |
| YINN Direxion DLY Ftse CH BL3X-Ui | Sold out | 0.00% | −0.30 |
| BTE Baytex Energy Corp. | Sold out | 0.00% | −0.28 |
| COPJ Sprott Jr Copper Miners ETF | Sold out | 0.00% | −0.23 |
| KELYA Kelly Services Inc. Class A | Reduce -22.5% | 0.83% | −0.17 |
| RITHM PPTY TR INC | Reduce -19.5% | 0.72% | −0.10 |
| OFG Ofg Bancorp | Reduce -7.7% | 5.85% | −0.08 |
| ECBK Ecb Bancorp Inc. | Reduce -23.0% | 0.60% | −0.08 |
| PBPB Potbelly Corp. | Reduce -14.3% | 0.69% | −0.02 |
| TURN 180 Degree Capital Corp. | Reduce -15.9% | 1.31% | +0.04 |
| FRBA First Bank/Hamilton NJ | Reduce -6.3% | 0.57% | +0.06 |
| JOB Gee Group Inc. | Reduce -0.3% | 2.34% | +0.21 |
| JOF Japan Smaller Capitalization | Reduce -1.1% | 2.51% | +0.46 |
Portfolio Buys Q4 2024 → Q1 2025
| PROSHARES ULTRASHORT GOLD | New | 2.08% | +2.08 |
| FBLA FB Bancorp Inc. | New | 1.01% | +1.01 |
| EBC Eastern Bankshares Inc. | Add +2.9% | 7.19% | +0.68 |
| MSOS Advisorshares Pure US Cann | Add +159.5% | 1.30% | +0.65 |
| CTGO Contango Silver & Gold Inc. | Add +80.1% | 1.04% | +0.54 |
| SMBC Southern Missouri Bancorp | Add +0.1% | 14.52% | +0.36 |
| NXE Nexgen Energy Ltd. | Add +56.4% | 1.67% | +0.28 |
| ESOA Energy Services of America | Add +36.9% | 2.05% | +0.28 |
| LCTX Lineage Cell Therapeutics Inc. | Add +2.7% | 3.10% | +0.13 |
| UBCP United Bancorp Inc. | Add +15.3% | 0.29% | +0.07 |
| VABK Virginia National Bankshares | Add +0.1% | 0.93% | +0.06 |
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 |