Raffles Associates LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), Raffles Associates LP reported 48 stock positions worth $96.0 million. Its top holding was Southern Missouri Bancorp (SMBC) at 13.1% of the portfolio, followed by Ivanhoe Electric Inc. / US (IE, 9.0%) and Provident Financial (PROV, 6.3%). Compared with Q1 2025, it opened 7 new positions, sold out of 2, added to 4 and reduced 19. The biggest buy was a new position in Invesco DB US Dollar Index B (UUP) and the biggest sale an exit from Proshares Ultrashort Gold.
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001169581
- Portfolio Value
- $96.0M (Q2 2025)
- SEC Filing
- 0001062993-25-014525 ↗ filed Aug 15, 2025
Holdings Value
Holdings 48 stocks · $96.0M
| SMBC Southern Missouri Bancorp | 13.08% | 229,249 | $12.6M | No change |
| IE Ivanhoe Electric Inc. / US | 9.03% | 956,077 | $8.7M | Reduce -12.0% |
| PROV Provident Financial Hldgs | 6.33% | 391,791 | $6.1M | Reduce -0.4% |
| EBC Eastern Bankshares Inc. | 5.72% | 359,788 | $5.5M | No change |
| OFG Ofg Bancorp | 5.35% | 120,067 | $5.1M | No change |
| VZLA Vizsla Silver Corp. | 5.17% | 1,689,010 | $5.0M | Reduce -1.8% |
| LCTX Lineage Cell Therapeutics Inc. | 5.10% | 5,392,088 | $4.9M | Reduce -4.4% |
| UUP Invesco DB US Dollar Index B | 4.48% | 160,000 | $4.3M | New |
| AFBI Affinity Bancshares Inc. | 3.81% | 199,130 | $3.7M | No change |
| ASLE Aersale Corp. | 3.04% | 485,000 | $2.9M | Add +6.6% |
| VMD Viemed Healthcare Inc. | 2.90% | 402,691 | $2.8M | No change |
| FBP First Bancorp Puerto Rico | 2.88% | 132,874 | $2.8M | No change |
| PROSHARES TR II | 2.67% | 115,000 | $2.6M | New |
| PROSHARES TR | 2.17% | 125,000 | $2.1M | Add +26.3% |
| NXE Nexgen Energy Ltd. | 2.10% | 290,000 | $2.0M | Reduce -4.9% |
| JOB Gee Group Inc. | 1.95% | 9,508,737 | $1.9M | No change |
| ESOA Energy Services of America | 1.75% | 169,392 | $1.7M | Reduce -4.9% |
| MAYS Mays (j.w.) Inc. | 1.74% | 44,438 | $1.7M | Reduce 0.0% |
| PKST Peakstone Realty Trust | 1.70% | 123,847 | $1.6M | Reduce -4.7% |
| CTGO Contango Silver & Gold Inc. | 1.45% | 71,406 | $1.4M | Reduce -14.8% |
| NECB Northeast Community Bancorp | 1.44% | 59,500 | $1.4M | No change |
| JOF Japan Smaller Capitalization | 1.39% | 138,849 | $1.3M | Reduce -43.4% |
| NSTS NSTS Bancorp Inc. | 1.20% | 93,774 | $1.2M | Reduce -0.0% |
| MBBC Marathon Bancorp Inc. | 1.12% | 107,664 | $1.1M | New |
| MSOS Advisorshares Pure US Cann | 1.03% | 410,000 | $988K | No change |
| PROSHARES TR II | 0.98% | 50,000 | $938K | New |
| TURN 180 Degree Capital Corp. | 0.94% | 227,293 | $903K | Reduce -16.0% |
| FBLA FB Bancorp Inc. | 0.92% | 78,664 | $885K | Add +6.8% |
| FNWD Finward Bancorp | 0.76% | 26,580 | $734K | Reduce -2.7% |
| PBPB Potbelly Corp. | 0.76% | 59,761 | $732K | No change |
| TIPT Tiptree Inc. | 0.76% | 30,801 | $726K | No change |
| NSSC Napco Security Technologies | 0.76% | 24,424 | $725K | Reduce -10.9% |
| VABK Virginia National Bankshares | 0.73% | 19,036 | $704K | Reduce -9.6% |
| KELYA Kelly Services Inc. Class A | 0.63% | 51,790 | $606K | No change |
| RITHM PPTY TR INC | 0.58% | 206,887 | $559K | No change |
| NBBK NB Bancorp Inc. | 0.58% | 31,136 | $556K | Add +179.6% |
| SIRI Sirius XM Holdings Inc. | 0.46% | 19,194 | $441K | No change |
| ECBK Ecb Bancorp Inc. | 0.45% | 28,099 | $434K | Reduce -14.0% |
| NWFL Norwood Financial Corp. | 0.37% | 13,863 | $357K | Reduce -30.7% |
| FRBA First Bank/Hamilton NJ | 0.33% | 20,394 | $315K | Reduce -35.0% |
| HAIN Hain Celestial Group Inc. | 0.32% | 200,000 | $304K | New |
| UBCP United Bancorp Inc. | 0.27% | 17,699 | $257K | No change |
| BRBS Blue Ridge Bankshares Inc. | 0.21% | 55,934 | $201K | Reduce -6.7% |
| IAUX I-80 Gold Corp. | 0.19% | 300,000 | $180K | New |
| CLST Catalyst Bancorp Inc. | 0.14% | 10,555 | $131K | No change |
| ALTO Alto Ingredients Inc. | 0.12% | 100,000 | $115K | No change |
| HHS Harte-Hanks Inc. | 0.08% | 19,037 | $76K | New |
| AWX Avalon Holdings Corp. Class A | 0.06% | 22,941 | $57K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| PROSHARES ULTRASHORT GOLD | Sold out | 0.00% | −2.08 |
| JOF Japan Smaller Capitalization | Reduce -43.4% | 1.39% | −1.11 |
| PROV Provident Financial Hldgs | Reduce -0.4% | 6.33% | −0.66 |
| RNGR Ranger Energy Services Class A | Sold out | 0.00% | −0.59 |
| TURN 180 Degree Capital Corp. | Reduce -16.0% | 0.94% | −0.37 |
| MAYS Mays (j.w.) Inc. | Reduce 0.0% | 1.74% | −0.34 |
| ESOA Energy Services of America | Reduce -4.9% | 1.75% | −0.30 |
| PKST Peakstone Realty Trust | Reduce -4.7% | 1.70% | −0.29 |
| FRBA First Bank/Hamilton NJ | Reduce -35.0% | 0.33% | −0.24 |
| NWFL Norwood Financial Corp. | Reduce -30.7% | 0.37% | −0.22 |
| FNWD Finward Bancorp | Reduce -2.7% | 0.76% | −0.20 |
| VABK Virginia National Bankshares | Reduce -9.6% | 0.73% | −0.19 |
| ECBK Ecb Bancorp Inc. | Reduce -14.0% | 0.45% | −0.15 |
| NSTS NSTS Bancorp Inc. | Reduce -0.0% | 1.20% | −0.09 |
| BRBS Blue Ridge Bankshares Inc. | Reduce -6.7% | 0.21% | −0.03 |
| NSSC Napco Security Technologies | Reduce -10.9% | 0.76% | −0.01 |
| CTGO Contango Silver & Gold Inc. | Reduce -14.8% | 1.45% | +0.41 |
| VZLA Vizsla Silver Corp. | Reduce -1.8% | 5.17% | +0.42 |
| NXE Nexgen Energy Ltd. | Reduce -4.9% | 2.10% | +0.43 |
| IE Ivanhoe Electric Inc. / US | Reduce -12.0% | 9.03% | +1.35 |
| LCTX Lineage Cell Therapeutics Inc. | Reduce -4.4% | 5.10% | +1.99 |
Portfolio Buys Q1 2025 → Q2 2025
| UUP Invesco DB US Dollar Index B | New | 4.48% | +4.48 |
| PROSHARES TR II | New | 2.67% | +2.67 |
| MBBC Marathon Bancorp Inc. | New | 1.12% | +1.12 |
| PROSHARES TR II | New | 0.98% | +0.98 |
| NBBK NB Bancorp Inc. | Add +179.6% | 0.58% | +0.33 |
| HAIN Hain Celestial Group Inc. | New | 0.32% | +0.32 |
| IAUX I-80 Gold Corp. | New | 0.19% | +0.19 |
| HHS Harte-Hanks Inc. | New | 0.08% | +0.08 |
| FBLA FB Bancorp Inc. | Add +6.8% | 0.92% | −0.09 |
| PROSHARES TR | Add +26.3% | 2.17% | −0.42 |
| ASLE Aersale Corp. | Add +6.6% | 3.04% | −1.11 |
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 |