Truffle Hound Capital, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Truffle Hound Capital, LLC reported 48 stock positions worth $156.0 million . Its top holding was Bancolombia S.A.-Spons ADR at 6.7% of the portfolio, followed by Alerian MLP ETF (AMLP, 5.7% ) and Abrdn Asia-Pacific Income (FAX, 5.0% ). Compared with Q4 2024, it opened 5 new positions, sold out of 5, added to 9 and reduced 14. The biggest buy was Stoneco Class A (STNE, shares +220% ) and the biggest sale an exit from Delta Air Lines (DAL).
Location BETHESDA, MD
CIK 0001595862
Portfolio Value $156.0M (Q1 2025) Holdings 48 stocks · $156.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 BANCOLOMBIA S.A.-SPONS ADR 260,000 $10.5M Reduce -25.7% AMLP Alerian MLP ETF 170,000 $8.8M Reduce -22.7% FAX Abrdn Asia-Pacific Income 500,000 $7.8M No change KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 75,000 $7.0M No change OPBK Op Bancorp 560,000 $6.7M Reduce -3.5% PAGS Pagseguro Digital Ltd. Class A 800,000 $6.1M No change PWOD Penns Woods Bancorp Inc. 200,000 $5.6M No change CFFI C & F Financial Corp. filed as C & F FINL CORP 75,000 $5.1M No change GOOGL Alphabet Inc. Class A 32,000 $4.9M No change BCH Banco DE Chile-ADR 180,000 $4.8M Reduce -10.0% TBRG Trubridge Inc. 170,000 $4.7M Reduce -43.3% AVAL Grupo Aval Acciones Y Valore 1,700,000 $4.6M No change BSET Bassett Furniture Inds 298,520 $4.6M Add +49.3% KGEI Kolibri Global Energy Inc. 500,000 $4.2M No change STNE Stoneco Ltd. Class A 400,000 $4.2M Add +220.0% DOUG Douglas Elliman Inc. 2,300,000 $4.0M Add +15.0% STRT Strattec Security Corp. 100,000 $3.9M Reduce -20.0% MGIC Magic Software Enterprises 300,000 $3.9M Reduce -30.2% WHR Whirlpool Corp. 40,000 $3.6M No change CIA Citizens Inc. 700,000 $3.2M Add +85.7% EC Ecopetrol SA-Sponsored ADR 300,000 $3.1M New PYPL PayPal Holdings Inc. 48,000 $3.1M Reduce -20.0% ESOA Energy Services of America 327,783 $3.1M Reduce -18.1% MRBK Meridian Corp. 200,000 $2.9M No change PBR Petroleo Brasileiro-Spon ADR 200,000 $2.9M No change NE Noble Corp. PLC 100,000 $2.4M No change BVFL BV Financial Inc. filed as BV FINL INC 150,000 $2.3M No change TZOO Travelzoo 140,000 $1.9M Reduce -30.0% FCAP First Capital Inc. 50,000 $1.9M Add +35.1% CFBK CF Bankshares Inc. 86,520 $1.9M Add +8.2% LTRX Lantronix Inc. 760,555 $1.9M Reduce -23.9% VIST Vista Energy Sab DE CV 40,000 $1.9M Add +166.7% BBD Banco Bradesco-ADR 750,000 $1.7M New EPSN Epsilon Energy Ltd. 221,625 $1.6M Reduce -7.7% FRD Friedman Industries 104,918 $1.6M New SDRL Seadrill Limited 60,000 $1.5M New MPAA Motorcar Parts of America Inc. 150,000 $1.4M New HGBL Heritage Global Inc. 650,000 $1.4M No change EHTH Ehealth Inc. 200,000 $1.3M Add +185.7% TSEOQ Trinseo PLC 350,000 $1.3M No change FONR Fonar Corp. 90,000 $1.3M No change PHX PHX Minerals Inc. 290,000 $1.1M No change TEI Templeton Emrg MKTS Inc. 202,084 $1.1M No change AXR Amrep Corp. 50,000 $1.0M Reduce -23.1% CLVT Clarivate PLC 250,000 $983K Add +38.9% BRBS Blue Ridge Bankshares Inc. 150,000 $489K No change AOUT American Outdoor Brands Inc. 38,000 $462K No change CEE Central and Eastern Europe F 30,683 $443K Reduce -79.5%
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($55.9M), ISHARES INC calls ($36.2M), SLB LIMITED calls ($10.4M), GENERAL MTRS CO calls ($9.4M), ENERGY TRANSFER L P calls ($9.3M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ DAL Delta Air Lines Inc. Sold out 0.00% −2.72 CMCSA Comcast Corp. Class A Sold out 0.00% −1.80 CZR Caesars Entertainment Inc. Sold out 0.00% −1.40 LTRX Lantronix Inc. Reduce -23.9% 1.21% −1.25 OPBK Op Bancorp Reduce -3.5% 4.31% −1.18 TZOO Travelzoo Reduce -30.0% 1.22% −1.17 PYPL PayPal Holdings Inc. Reduce -20.0% 2.01% −1.06 ESOA Energy Services of America Reduce -18.1% 1.99% −1.04 CEE Central and Eastern Europe F Reduce -79.5% 0.28% −0.70 AMLP Alerian MLP ETF Reduce -22.7% 5.66% −0.68 ECH iShares MSCI Chile ETF Sold out 0.00% −0.60 MGIC Magic Software Enterprises Reduce -30.2% 2.50% −0.60 AXR Amrep Corp. Reduce -23.1% 0.64% −0.58 STRT Strattec Security Corp. Reduce -20.0% 2.53% −0.55 TBRG Trubridge Inc. Reduce -43.3% 3.00% −0.54 KEQU Kewaunee Scientific CP Sold out 0.00% −0.37 BANCOLOMBIA S.A.-SPONS ADR Reduce -25.7% 6.70% +0.10 EPSN Epsilon Energy Ltd. Reduce -7.7% 1.00% +0.11 BCH Banco DE Chile-ADR Reduce -10.0% 3.06% +0.34
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ STNE Stoneco Ltd. Class A Add +220.0% 2.69% +2.09 EC Ecopetrol SA-Sponsored ADR New 2.01% +2.01 BSET Bassett Furniture Inds Add +49.3% 2.92% +1.26 CIA Citizens Inc. Add +85.7% 2.04% +1.14 BBD Banco Bradesco-ADR New 1.07% +1.07 FRD Friedman Industries New 1.00% +1.00 SDRL Seadrill Limited New 0.96% +0.96 MPAA Motorcar Parts of America Inc. New 0.91% +0.91 VIST Vista Energy Sab DE CV Add +166.7% 1.19% +0.71 DOUG Douglas Elliman Inc. Add +15.0% 2.54% +0.54 FCAP First Capital Inc. Add +35.1% 1.22% +0.51 EHTH Ehealth Inc. Add +185.7% 0.86% +0.46 CLVT Clarivate PLC Add +38.9% 0.63% +0.08 CFBK CF Bankshares Inc. Add +8.2% 1.22% −0.00
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ STATE STR SPDR S&P 500 ETF T put Reduce -23.1% 100,000 $55.9M ISHARES INC call Add +40.0% 1,400,000 $36.2M SLB LIMITED call New 250,000 $10.4M GENERAL MTRS CO call New 200,000 $9.4M ENERGY TRANSFER L P call Reduce -23.1% 500,000 $9.3M VANECK ETF TRUST call Sold out 100,000 $4.3Mbefore exit VANECK ETF TRUST call Sold out 70,000 $2.4Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 46 $158.6M AMLP, KSPI, EOG, PAGS, CF Q1 2026 43 $163.2M AMLP, EC, KSPI, AMPY, PAGS Q4 2025 47 $170.9M CIB, AMLP, PAGS, AVAL, KSPI Q3 2025 45 $159.4M CIB, AMLP, FAX, STNE, PAGS Q2 2025 53 $151.3M AMLP, CIB, FAX, GOOGL, PAGS Q1 2025 48 $156.0M BANCOLOMBIA S.A.-SPONS ADR, AMLP, FAX, KSPI, OPBK Q4 2024 48 $167.0M BANCOLOMBIA S.A.-SPONS ADR, AMLP, OPBK, FAX, KSPI