Truffle Hound Capital, LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 7, 2026), Truffle Hound Capital, LLC reported 43 stock positions worth $163.2 million . Its top holding was Alerian MLP ETF (AMLP) at 7.7% of the portfolio, followed by Ecopetrol SA-Sponsored ADR (EC, 5.1% ) and JSC Kaspi.kz ADR (KSPI, 5.0% ). Compared with Q4 2025, it opened 8 new positions, sold out of 12, added to 8 and reduced 8. The biggest buy was a new position in SM Energy (SM) and the biggest sale an exit from Grupo Cibest SA-ADR (CIB).
Location BETHESDA, MD
CIK 0001595862
Portfolio Value $163.2M (Q1 2026) Holdings 43 stocks · $163.2M 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 2025 AMLP Alerian MLP ETF 240,000 $12.6M No change EC Ecopetrol SA-Sponsored ADR 550,000 $8.2M No change KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 110,000 $8.1M Add +29.4% AMPY Amplify Energy Corp. 1,250,000 $7.8M No change PAGS Pagseguro Digital Ltd. Class A 750,000 $7.5M Reduce -16.7% SM SM Energy Co. 240,000 $7.5M New CHCI Comstock Holding Companies 350,000 $6.6M No change BBD Banco Bradesco-ADR 1,700,000 $6.2M No change AVAL Grupo Aval Acciones Y Valore 1,400,000 $6.2M Reduce -17.6% EOG EOG Resources Inc. 40,000 $5.8M New STNE Stoneco Ltd. Class A 400,000 $5.6M No change OPBK Op Bancorp 400,000 $5.3M No change NCSM NCS Multistage Holdings Inc. 80,000 $4.9M Add +116.1% SLB SLB Ltd. filed as SLB LIMITED 95,000 $4.9M Reduce -32.1% AXR Amrep Corp. 160,000 $4.5M Add +6.7% LGCY Legacy Education Inc. 350,000 $4.4M Add +75.0% GOOGL Alphabet Inc. Class A 15,000 $4.3M No change ADBE Adobe Inc. 16,000 $3.9M Add +100.0% TFX Teleflex Inc. 32,000 $3.8M New MGYR Magyar Bancorp Inc. 200,000 $3.5M No change REI Ring Energy Inc. 2,000,000 $3.1M New VIST Vista Energy Sab DE CV 40,000 $3.0M No change CRGY Crescent Energy Inc. Class A 200,000 $2.7M New WHR Whirlpool Corp. 50,000 $2.7M Add +25.0% FRD Friedman Industries 150,000 $2.7M No change ICLR Icon PLC 24,000 $2.7M New AEO American Eagle Outfitters 140,000 $2.3M Reduce -22.2% SND Smart Sand Inc. 440,000 $2.3M Add +100.0% INFU Infusystem Holdings Inc. 230,000 $2.1M No change BSET Bassett Furniture Inds 150,000 $2.1M No change HNNA Hennessy Advisors Inc. 200,000 $1.9M Add +25.0% ULBI Ultralife Corp. 250,000 $1.6M No change PYPL PayPal Holdings Inc. 34,000 $1.5M New HGBL Heritage Global Inc. 1,100,000 $1.5M No change PINS Pinterest Inc. Class A 80,000 $1.5M New PPIH Perma-Pipe International Hol 41,000 $1.2M No change AUBN Auburn Natl Bancorporation 50,000 $1.2M No change LCUT Lifetime Brands Inc. 200,000 $1.1M No change ALTO Alto Ingredients Inc. 235,000 $1.1M Reduce -21.7% DIBS 1STDIBS.COM Inc. 180,000 $990K Reduce -55.0% HOFT Hooker Furnishings Corp. 58,996 $760K No change DOUG Douglas Elliman Inc. 452,066 $741K Reduce -62.3% GPMT Granite Point Mortgage Trust 366,274 $531K Reduce -8.4%
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($130.1M), ISHARES INC calls ($26.9M), SELECT SECTOR SPDR TR puts ($24.5M), ISHARES TR puts ($17.0M), ENERGY TRANSFER L P calls ($9.7M), PETROLEO BRASILEIRO S A calls ($5.2M), SLB LIMITED calls ($5.1M), NEWMONT CORP calls ($4.3M).
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ CIB Grupo Cibest SA-ADR Sold out 0.00% −6.70 FAX Abrdn Asia-Pacific Income Sold out 0.00% −3.59 PFLT Pennantpark Floating Rate Ca Sold out 0.00% −3.26 MSDL Morgan Stanley Direct Lendin Sold out 0.00% −3.09 NMFC New Mountain Finance Corp. Sold out 0.00% −2.96 GIFI Gulf Island Fabrication Inc. Sold out 0.00% −2.25 BCH Banco DE Chile-ADR Sold out 0.00% −2.22 NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −1.49 AEO American Eagle Outfitters Reduce -22.2% 1.43% −1.35 DOUG Douglas Elliman Inc. Reduce -62.3% 0.45% −1.21 FONR Fonar Corp. Sold out 0.00% −0.98 DIBS 1STDIBS.COM Inc. Reduce -55.0% 0.61% −0.80 IAUX I-80 Gold Corp. Sold out 0.00% −0.77 LTRX Lantronix Inc. Sold out 0.00% −0.69 MBUU Malibu Boats Inc. Class A Sold out 0.00% −0.50 PAGS Pagseguro Digital Ltd. Class A Reduce -16.7% 4.60% −0.47 AVAL Grupo Aval Acciones Y Valore Reduce -17.6% 3.77% −0.25 GPMT Granite Point Mortgage Trust Reduce -8.4% 0.33% −0.24 SLB SLB Ltd. Reduce -32.1% 2.99% −0.15 ALTO Alto Ingredients Inc. Reduce -21.7% 0.70% +0.19
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ SM SM Energy Co. New 4.59% +4.59 EOG EOG Resources Inc. New 3.54% +3.54 TFX Teleflex Inc. New 2.35% +2.35 NCSM NCS Multistage Holdings Inc. Add +116.1% 3.03% +2.18 REI Ring Energy Inc. New 1.88% +1.88 CRGY Crescent Energy Inc. Class A New 1.65% +1.65 ICLR Icon PLC New 1.63% +1.63 LGCY Legacy Education Inc. Add +75.0% 2.69% +1.49 AXR Amrep Corp. Add +6.7% 2.76% +1.11 KSPI JSC Kaspi.kz ADR Add +29.4% 4.99% +1.11 PYPL PayPal Holdings Inc. New 0.94% +0.94 PINS Pinterest Inc. Class A New 0.90% +0.90 SND Smart Sand Inc. Add +100.0% 1.38% +0.87 ADBE Adobe Inc. Add +100.0% 2.38% +0.74 HNNA Hennessy Advisors Inc. Add +25.0% 1.19% +0.30 WHR Whirlpool Corp. Add +25.0% 1.65% −0.04
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ STATE STR SPDR S&P 500 ETF T put Reduce -4.8% 200,000 $130.1M ISHARES INC call Reduce -50.0% 700,000 $26.9M SELECT SECTOR SPDR TR put New 400,000 $24.5M ISHARES TR put New 300,000 $17.0M ENERGY TRANSFER L P call Reduce -23.1% 500,000 $9.7M PETROLEO BRASILEIRO S A call New 250,000 $5.2M SLB LIMITED call Reduce -60.0% 100,000 $5.1M NEWMONT CORP call Reduce -20.0% 40,000 $4.3M
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