Sippican Capital Advisors

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 27, 2025), Sippican Capital Advisors reported 114 stock positions worth $151.3 million. Its top holding was Bancorp (TBBK) at 7.6% of the portfolio, followed by General Electric (GE, 3.1%) and NVR (NVR, 2.7%). Compared with Q2 2025, it opened 3 new positions, sold out of 1, added to 30 and reduced 44. The biggest buy was Alpha Architect 1-3 MNTH Box (BOXX, shares +453%) and the biggest sale Veritex (VBTX, shares −72%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001557406
Portfolio Value
$151.3M (Q3 2025)
SEC Filing
0001398344-25-019813 ↗ filed Oct 27, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $128.6M Q1 2024 Q2 2024: $126.4M Q2 2024 Q3 2024: $143.3M Q3 2024 Q4 2024: $137.3M Q4 2024 Q1 2025: $132.7M Q1 2025 Q2 2025: $137.7M Q2 2025 Q3 2025: $151.3M $151.3M Q3 2025 Q4 2025: $155.6M Q4 2025 Q1 2026: $146.1M Q1 2026 Q2 2026: $163.9M Q2 2026

Holdings 114 stocks · $151.3M
TBBK The Bancorp Inc. 7.64% 154,286 $11.6M Reduce -1.1%
GE General Electric filed as GE AEROSPACE 3.15% 15,835 $4.8M Reduce -0.2%
NVR NVR Inc. 2.69% 507 $4.1M Reduce -0.4%
TFIN Triumph Financial Inc. 2.26% 68,363 $3.4M Add +21.9%
XOM Exxon Mobil Corp. 2.14% 28,717 $3.2M Reduce -1.9%
ABBV Abbvie Inc. 2.13% 13,935 $3.2M Reduce -0.5%
MMM 3M Co. 2.02% 19,652 $3.0M Reduce -1.0%
CVX Chevron Corp. 1.95% 18,957 $2.9M Reduce -0.5%
COLB Columbia Banking System Inc. 1.87% 110,092 $2.8M Reduce -0.7%
C Citigroup Inc. 1.87% 27,815 $2.8M Reduce -6.9%
RTX RTX Corp. 1.86% 16,818 $2.8M Reduce -2.8%
CUBI Customers Bancorp Inc. 1.75% 40,549 $2.7M Reduce -0.2%
BMY Bristol-Myers Squibb Co. 1.73% 58,052 $2.6M Add +2.9%
GOOG Alphabet Inc. Class C 1.70% 10,543 $2.6M Reduce -0.5%
BRK.B Berkshire Hathaway Inc. Class B 1.69% 5,076 $2.6M No change
PFE Pfizer Inc. 1.67% 99,107 $2.5M Add +6.7%
ALRS Alerus Financial Corp. 1.64% 111,866 $2.5M Add +1.1%
FXAIX Fidelity 500 Index Fund 1.63% 10,555 $2.5M Add +0.5%
LLY Eli Lilly & Co. 1.59% 3,162 $2.4M Add +1.1%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 1.59% 23,532 $2.4M Reduce -0.8%
JPM JPMorgan Chase & Co. 1.44% 6,882 $2.2M Reduce -1.1%
LEN Lennar Corp. Class A 1.43% 17,121 $2.2M Add +0.0%
BANC Banc of California Inc. 1.39% 127,095 $2.1M Reduce -0.6%
MCB Metropolitan Bank Holding Co. 1.34% 27,083 $2.0M Add +3.5%
BOXX Alpha Architect 1-3 MNTH Box 1.33% 17,638 $2.0M Add +453.1%
MRK Merck & Co. Inc. 1.28% 23,126 $1.9M Add +4.3%
AAPL Apple Inc. 1.24% 7,383 $1.9M Add +1.0%
MOFG Midwestone Financial Group I 1.23% 65,564 $1.9M Reduce -0.6%
OMF Onemain Holdings Inc. 1.22% 32,809 $1.9M Reduce -0.5%
WAL Western Alliance Bancorp 1.20% 21,015 $1.8M Reduce -3.0%
GT Goodyear Tire & Rubber Co. 1.18% 237,640 $1.8M Add +31.1%
BWB Bridgewater Bancshares Inc. 1.13% 97,310 $1.7M Reduce -0.3%
ORCL Oracle Corp. 1.08% 5,828 $1.6M Reduce -0.8%
CASH Pathward Financial Inc. 1.05% 21,470 $1.6M Reduce -2.4%
FANG Diamondback Energy Inc. 1.04% 11,006 $1.6M Reduce -0.3%
LMT Lockheed Martin Corp. 1.02% 3,086 $1.5M Add +8.4%
KMI Kinder Morgan Inc. 1.01% 54,065 $1.5M No change
LKFN Lakeland Financial Corp. 1.00% 23,664 $1.5M Reduce -0.3%
PRUFX T Rowe PR Growth Stock-I 1.00% 12,430 $1.5M Reduce -19.4%
CTRA Coterra Energy Inc. 0.98% 62,790 $1.5M Reduce -0.7%
VFC VF Corp. 0.92% 96,517 $1.4M Add +34.7%
EOG EOG Resources Inc. 0.90% 12,116 $1.4M Reduce -0.4%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.90% 15,110 $1.4M Add +4.2%
IREN Iren Ltd. filed as IREN LIMITED 0.88% 28,480 $1.3M Add +17.5%
DVA Davita Inc. 0.87% 9,941 $1.3M Reduce -0.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.85% 24,855 $1.3M Reduce -4.2%
SYBT Stock Yards Bancorp Inc. 0.83% 17,989 $1.3M No change
GEV GE Vernova Inc. 0.82% 2,012 $1.2M Reduce -1.1%
BX Blackstone Inc. 0.82% 7,219 $1.2M No change
CAT Caterpillar Inc. 0.79% 2,500 $1.2M No change
EQBK Equity Bancshares Inc. Class A 0.76% 28,345 $1.2M Add +11.7%
QCRH QCR Holdings Inc. 0.76% 15,155 $1.1M No change
DKNG Draftkings Inc. Class A 0.74% 29,924 $1.1M Reduce -0.8%
MYFW First Western Financial Inc. 0.73% 47,825 $1.1M Add +6.0%
MVBF MVB Financial Corp. 0.71% 42,705 $1.1M Reduce -0.1%
DE Deere & Co. 0.71% 2,340 $1.1M No change
GD General Dynamics Corp. 0.67% 2,979 $1.0M No change
CB Chubb Ltd. 0.67% 3,565 $1.0M No change
MS Morgan Stanley 0.59% 5,645 $897K No change
VBTX Veritex Holdings Inc. 0.59% 26,655 $894K Reduce -72.1%
ENB Enbridge Inc. 0.59% 17,701 $893K No change
PNFP Pinnacle Financial Partners 0.57% 9,215 $864K No change
FLG Flagstar Bank NA 0.57% 74,380 $859K New
MGM MGM Resorts International 0.57% 24,776 $859K Reduce -5.7%
AXP American Express Co. 0.55% 2,484 $825K Reduce -2.9%
BANR Banner Corporation 0.54% 12,472 $817K No change
MSFT Microsoft Corp. 0.53% 1,538 $797K No change
EGBN Eagle Bancorp Inc. 0.50% 37,760 $764K Add +191.5%
EBC Eastern Bankshares Inc. 0.50% 41,806 $759K No change
BA The Boeing Co. 0.49% 3,450 $745K No change
GEHC GE Healthcare Technology 0.46% 9,289 $698K Reduce -7.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.45% 5,992 $686K No change
WFC Wells Fargo & Co. 0.45% 8,115 $680K Reduce -0.3%
PEP Pepsico Inc. 0.44% 4,729 $664K Add +4.9%
EPD Enterprise Products Partners 0.42% 20,485 $641K Add +0.5%
JNJ Johnson & Johnson 0.42% 3,425 $635K Add +0.4%
HD Home Depot Inc. 0.41% 1,517 $615K Reduce -6.2%
CL Colgate-Palmolive Co. 0.38% 7,130 $570K No change
PAA Plains All Amer Pipeline LP 0.36% 32,025 $546K Add +2.8%
V Visa Inc. Class A 0.36% 1,587 $542K No change
ABT Abbott Laboratories 0.32% 3,590 $481K No change
BF.B Brown-Forman Corp. Class B 0.28% 15,695 $425K Add +1.8%
VMC Vulcan Materials Co. 0.28% 1,370 $421K No change
SBLK Star Bulk Carriers Corp. 0.27% 21,891 $407K Add +0.0%
SM SM Energy Co. 0.26% 15,742 $393K Add +0.0%
WULF Terawulf Inc. 0.25% 33,650 $384K No change
WSFS WSFS Financial Corp. 0.25% 6,943 $374K New
GIS General Mills Inc. 0.24% 7,180 $362K Reduce -25.0%
KO The Coca-Cola Co. 0.24% 5,399 $358K No change
TSLA Tesla Inc. 0.23% 791 $352K Reduce -6.0%
HSY The Hershey Co. 0.23% 1,850 $346K No change
VFIAX Vanguard 500 Index-Adm 0.23% 553 $341K Add +0.2%
TRV The Travelers Cos Inc. 0.21% 1,136 $317K No change
CINF Cincinnati Financial Corp. 0.21% 1,985 $314K No change
CET Central Securities Corp. 0.20% 6,000 $308K No change
AMZN Amazon.com Inc. 0.20% 1,380 $303K No change
COP Conocophillips 0.19% 3,104 $294K Reduce -25.7%
MRP Millrose Properties 0.19% 8,683 $292K Reduce -0.6%
ZION Zions Bancorp NA 0.19% 5,050 $286K No change
PG The Procter & Gamble Co. 0.19% 1,827 $281K No change
UNP Union Pacific Corp. 0.18% 1,175 $278K No change
HON Honeywell International Inc. 0.18% 1,288 $271K Reduce -16.9%
GOOGL Alphabet Inc. Class A 0.18% 1,110 $270K New
BF.A Brown-Forman Corp. Class A 0.18% 9,859 $265K Add +0.0%
CIFR Cipher Digital Inc. 0.17% 21,000 $264K Reduce -2.8%
OKE Oneok Inc. 0.17% 3,526 $257K Add +13.6%
ITW Illinois Tool Works 0.16% 950 $248K No change
SNV Synovus Financial Corp. 0.16% 4,925 $242K No change
TTE Totalenergies SE -Spon ADR 0.16% 4,048 $242K Add +3.9%
USB US Bancorp 0.16% 4,857 $235K No change
TMHC Taylor Morrison Home Corp. 0.15% 3,500 $231K No change
TXT Textron Inc. 0.14% 2,500 $211K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.14% 728 $205K Reduce -5.2%
ERNEXA THERAPEUTICS INC 0.01% 10,000 $11K No change

Portfolio Sells Q2 2025 → Q3 2025
VBTX Veritex Holdings Inc. Reduce -72.1% 0.59% −1.22
PRUFX T Rowe PR Growth Stock-I Reduce -19.4% 1.00% −0.25
CASH Pathward Financial Inc. Reduce -2.4% 1.05% −0.21
DKNG Draftkings Inc. Class A Reduce -0.8% 0.74% −0.20
CTRA Coterra Energy Inc. Reduce -0.7% 0.98% −0.18
IRM Iron Mountain Inc. Reduce -0.8% 1.59% −0.18
MMM 3M Co. Reduce -1.0% 2.02% −0.18
DVA Davita Inc. Reduce -0.6% 0.87% −0.16
EOG EOG Resources Inc. Reduce -0.4% 0.90% −0.16
MOFG Midwestone Financial Group I Reduce -0.6% 1.23% −0.15
XOM Exxon Mobil Corp. Reduce -1.9% 2.14% −0.15
BOH Bank of Hawaii Corp. Sold out 0.00% −0.15
OMF Onemain Holdings Inc. Reduce -0.5% 1.22% −0.14
GIS General Mills Inc. Reduce -25.0% 0.24% −0.12
MGM MGM Resorts International Reduce -5.7% 0.57% −0.09
HON Honeywell International Inc. Reduce -16.9% 0.18% −0.08
GEHC GE Healthcare Technology Reduce -7.9% 0.46% −0.08
COP Conocophillips Reduce -25.7% 0.19% −0.08
FANG Diamondback Energy Inc. Reduce -0.3% 1.04% −0.06
LKFN Lakeland Financial Corp. Reduce -0.3% 1.00% −0.05
AXP American Express Co. Reduce -2.9% 0.55% −0.05
BAC Bank of America Corp. Reduce -4.2% 0.85% −0.04
NVR NVR Inc. Reduce -0.4% 2.69% −0.04
CVX Chevron Corp. Reduce -0.5% 1.95% −0.04
JPM JPMorgan Chase & Co. Reduce -1.1% 1.44% −0.03
IBM Intl Business Machines Corp. Reduce -5.2% 0.14% −0.03
HD Home Depot Inc. Reduce -6.2% 0.41% −0.02
WFC Wells Fargo & Co. Reduce -0.3% 0.45% −0.02
WAL Western Alliance Bancorp Reduce -3.0% 1.20% −0.02
COLB Columbia Banking System Inc. Reduce -0.7% 1.87% −0.01
BWB Bridgewater Bancshares Inc. Reduce -0.3% 1.13% +0.00
MVBF MVB Financial Corp. Reduce -0.1% 0.71% +0.01
MRP Millrose Properties Reduce -0.6% 0.19% +0.01
CUBI Customers Bancorp Inc. Reduce -0.2% 1.75% +0.02
C Citigroup Inc. Reduce -6.9% 1.87% +0.02
RTX RTX Corp. Reduce -2.8% 1.86% +0.03
GEV GE Vernova Inc. Reduce -1.1% 0.82% +0.04
TSLA Tesla Inc. Reduce -6.0% 0.23% +0.04
BANC Banc of California Inc. Reduce -0.6% 1.39% +0.09
CIFR Cipher Digital Inc. Reduce -2.8% 0.17% +0.10
ORCL Oracle Corp. Reduce -0.8% 1.08% +0.15
GE General Electric Reduce -0.2% 3.15% +0.18
ABBV Abbvie Inc. Reduce -0.5% 2.13% +0.24
GOOG Alphabet Inc. Class C Reduce -0.5% 1.70% +0.33
TBBK The Bancorp Inc. Reduce -1.1% 7.64% +1.18

Portfolio Buys Q2 2025 → Q3 2025
BOXX Alpha Architect 1-3 MNTH Box Add +453.1% 1.33% +1.07
IREN Iren Ltd. Add +17.5% 0.88% +0.63
FLG Flagstar Bank NA New 0.57% +0.57
EGBN Eagle Bancorp Inc. Add +191.5% 0.50% +0.32
VFC VF Corp. Add +34.7% 0.92% +0.31
WSFS WSFS Financial Corp. New 0.25% +0.25
GOOGL Alphabet Inc. Class A New 0.18% +0.18
AAPL Apple Inc. Add +1.0% 1.24% +0.15
LMT Lockheed Martin Corp. Add +8.4% 1.02% +0.06
LEN Lennar Corp. Class A Add +0.0% 1.43% +0.05
JNJ Johnson & Johnson Add +0.4% 0.42% +0.04
PFE Pfizer Inc. Add +6.7% 1.67% +0.03
TFIN Triumph Financial Inc. Add +21.9% 2.26% +0.02
EQBK Equity Bancshares Inc. Class A Add +11.7% 0.76% +0.01
MCB Metropolitan Bank Holding Co. Add +3.5% 1.34% +0.01
MRK Merck & Co. Inc. Add +4.3% 1.28% +0.01
PEP Pepsico Inc. Add +4.9% 0.44% +0.01
VFIAX Vanguard 500 Index-Adm Add +0.2% 0.23% −0.00
SBLK Star Bulk Carriers Corp. Add +0.0% 0.27% −0.01
MYFW First Western Financial Inc. Add +6.0% 0.73% −0.01
OKE Oneok Inc. Add +13.6% 0.17% −0.01
TTE Totalenergies SE -Spon ADR Add +3.9% 0.16% −0.01
BF.B Brown-Forman Corp. Class B Add +1.8% 0.28% −0.02
BF.A Brown-Forman Corp. Class A Add +0.0% 0.18% −0.02
SM SM Energy Co. Add +0.0% 0.26% −0.02
FXAIX Fidelity 500 Index Fund Add +0.5% 1.63% −0.02
EPD Enterprise Products Partners Add +0.5% 0.42% −0.04
PAA Plains All Amer Pipeline LP Add +2.8% 0.36% −0.05
CF CF Industries Holdings Inc. Add +4.2% 0.90% −0.07
ALRS Alerus Financial Corp. Add +1.1% 1.64% −0.10
BMY Bristol-Myers Squibb Co. Add +2.9% 1.73% −0.17
LLY Eli Lilly & Co. Add +1.1% 1.59% −0.18
GT Goodyear Tire & Rubber Co. Add +31.1% 1.18% −0.19

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 111$163.9MTBBK, GE, TFIN, GOOG, BMY
Q1 2026 107$146.1MTBBK, GE, TFIN, XOM, BMY
Q4 2025 113$155.6MTBBK, GE, TFIN, BOXX, NVR
Q3 2025 114$151.3MTBBK, GE, NVR, TFIN, XOM
Q2 2025 112$137.7MTBBK, GE, NVR, XOM, TFIN
Q1 2025 109$132.7MTBBK, NVR, XOM, BMY, GE
Q4 2024 112$137.3MTBBK, NVR, TFIN, FXAIX, XOM
Q3 2024 113$143.3MTBBK, NVR, BOXX, XOM, LEN
Q2 2024 113$126.4MTBBK, NVR, XOM, TFIN, LLY
Q1 2024 114$128.6MTBBK, NVR, FXAIX, CVX, TFIN