Q2 2026 13F · SEC CIK 1169581

Raffles Associates LP

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $110.5M
Reported positions: 47
Top holdings a year, 3 yrs: +16.7%
Average holding period: 6.0 yrs

Raffles Associates LP is a hedge fund that reported 47 positions worth $110.5M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Southern Missouri Bancorp Inc (SMBC, 14.6%), Liberty Cap Corp (GLBKV, 11.1%), Eastern Bankshares Inc (EBC, 7.5%). A portfolio copying its top holdings returned 16.7% a year over the last 3 years, against 20.4% for the S&P 500.

Raffles Associates LP holdings all 47 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Raffles Associates LP 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
SMBCSouthern Missouri Bancorp Inc	14.6%	12.4%	211,153	-5.3%	$16.1M
GLBKVLiberty Cap Corp	11.1%	4.7%	567,763	+288.3%	$12.2M
EBCEastern Bankshares Inc	7.5%	6.7%	374,788	-5.1%	$8.3M
CBKCommercial Bancgroup Inc	6.8%	5.6%	233,110	-6.1%	$7.5M
PROVProvident Finl Hldgs Inc Com	6.1%	5.5%	391,118	+0.0%	$6.7M
OFGOfg Bancorp	4.5%	4.9%	102,067	-27.1%	$5.0M
VZLAVizsla Silver Co	4.3%	4.3%	1,454,010	-3.3%	$4.8M
VMDViemed Healthcare Inc	4.2%	3.3%	403,691	-2.4%	$4.6M
IEIvanhoe Electric Inc	4.1%	5.5%	477,077	-10.3%	$4.6M
UVXYProshares Tr II	3.1%	New	139,790	—	$3.5M
COSOCoastalsouth Bancshares Inc	2.7%	2.6%	112,138	-7.5%	$3.0M
ASLEAersale Corporation	2.6%	2.5%	460,000	+0.0%	$2.9M
ESOAEnergy Services of Amer Corp	2.5%	1.9%	144,392	-15.3%	$2.8M
PERIPerion Network, Ltd.	2.1%	1.5%	235,779	+38.5%	$2.3M
JOBGee Group Inc	1.8%	2.0%	9,399,696	-0.5%	$2.0M
CTGOContango Silver and Gold Inc	1.6%	1.2%	113,056	+58.3%	$1.8M
MAYSMays J W Inc	1.6%	1.5%	44,431	+0.0%	$1.7M
NECBNortheast Cmnty Bancorp Inc	1.5%	1.2%	59,500	+0.0%	$1.7M
MBBCMarathon Bancorp Inc	1.5%	1.3%	107,664	+0.0%	$1.6M
MSOSAdvisorshares Tr	1.4%	2.0%	295,000	-53.9%	$1.5M
FBLAFb Bancorp Inc	1.3%	1.2%	97,099	+0.0%	$1.5M
JOFJapan Smaller Capitalization	1.2%	1.0%	110,967	+0.0%	$1.3M
GLLProshares Tr II	1.0%	2.3%	40,000	-69.2%	$1.1M
TIPTTiptree Inc	0.9%	0.8%	55,801	+0.0%	$1000K
FNWDFinward Bancorp	0.9%	0.8%	26,580	+0.0%	$978K
NXENexgen Energy Limited (canada)	0.8%	0.5%	100,000	+100.0%	$939K
AFBIAffinity Bancshares Inc	0.8%	3.8%	41,230	-79.3%	$932K
NSSCNapco Sec Technologies Inc	0.8%	0.8%	24,424	+0.0%	$928K
VABKVirginia Natl Bk Chrlotsvle	0.8%	0.6%	18,792	-0.1%	$834K
NSTSNsts Bancorp Inc	0.7%	0.9%	56,589	-39.7%	$779K
NBBKNb Bancorp Inc	0.6%	0.3%	31,874	+114.3%	$673K
MSOXAdvisorshares Tr	0.6%	New	195,747	—	$656K
KELYAKelly Svcs Inc	0.6%	0.4%	50,000	+0.0%	$614K
SIRISiriusxm Holdings Inc	0.5%	0.4%	19,194	+0.0%	$567K
TCNNFTrulieve Cannabis Corp	0.4%	New	50,000	—	$492K
NWFLNorwood Financial Corp	0.3%	0.3%	10,949	-12.0%	$352K
02462A104American Bitcoin Corp.	0.3%	0.4%	480,000	-13.5%	$327K
25460E232Direxion Shares ETF Trust	0.3%	New	75,000	—	$284K
UBCPUnited Bancorp Inc Ohio	0.3%	0.2%	17,699	+0.0%	$281K
IAUXI-80 Gold Corp	0.3%	0.3%	195,000	+0.0%	$281K
ECBKEcb Bancorp Inc	0.2%	0.2%	13,255	-1.1%	$266K
FMNBFarmers National Banc Corp Com	0.2%	0.2%	15,000	+0.0%	$219K
HHSHarte-Hanks Inc(nms)	0.2%	0.2%	87,757	+0.0%	$190K
CLSTCatalyst Bancorp Inc	0.2%	0.2%	10,555	+0.0%	$174K
APAmpco-Pittsburg Corp	0.1%	0.1%	15,000	+0.0%	$130K
AWXAvalon Hldgs Corp	0.1%	0.1%	25,968	+3.0%	$65K
BRBSBlue Ridge Bankshares Inc Va	0.0%	New	11,341	—	$40K

What Raffles Associates LP bought and sold in Q2 2026, against Q1 2026.

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +25.4% /yr; S&P 500 +20.1%
3 years: +16.7% /yr; S&P 500 +20.4%
5 years: +7.6% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$110.5M	47
Q1 2026	$115.3M	49
Q4 2025	$133.3M	54
Q3 2025	$107.4M	49
Q2 2025	$96.0M	48
Q1 2025	$82.1M	43
Q4 2024	$92.8M	49
Q3 2024	$97.4M	48
Q2 2024	$88.8M	52
Q1 2024	$86.1M	51
Q4 2023	$79.1M	47
Q3 2023	$75.5M	46

Questions about Raffles Associates LP's portfolio

What stocks does Raffles Associates LP own?

Raffles Associates LP's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 47 positions worth $110.5M. The largest are Southern Missouri Bancorp Inc (SMBC) at 14.6%, Liberty Cap Corp (GLBKV) at 11.1%, Eastern Bankshares Inc (EBC) at 7.5%, Commercial Bancgroup Inc (CBK) at 6.8% and Provident Finl Hldgs Inc Com (PROV) at 6.1%.

What did Raffles Associates LP buy last quarter?

In Q2 2026, Raffles Associates LP added a new position in Proshares Tr II (UVXY), a new position in Advisorshares Tr (MSOX), a new position in Trulieve Cannabis Corp (TCNNF), a new position in Direxion Shares ETF Trust, a new position in Blue Ridge Bankshares Inc Va (BRBS), Liberty Cap Corp (GLBKV) (+288.3% shares), Nb Bancorp Inc (NBBK) (+114.3% shares) and Nexgen Energy Limited (canada) (NXE) (+100.0% shares), compared with its Q1 2026 filing.

What did Raffles Associates LP sell last quarter?

In Q2 2026, Raffles Associates LP sold all of Lineage Cell Therapeutics Inc (LCTX), sold all of ETF Ser Solutions (JETS), sold all of Direxion Shares ETF Trust (TMF), sold all of Mach Natural Resource LP (MNR), sold all of Proshares Tr II, Affinity Bancshares Inc (AFBI) (-79.3% shares), Proshares Tr II (GLL) (-69.2% shares) and Advisorshares Tr (MSOS) (-53.9% shares), compared with its Q1 2026 filing.

How has Raffles Associates LP's portfolio performed?

A portfolio copying Raffles Associates LP's 20 largest 13F holdings each quarter, from the day each filing was public, returned +16.7% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +25.4% against +20.1%. Over 5 years: +7.6% a year against +11.6%.

When is Raffles Associates LP's next 13F filing due?

13F filings are due 45 days after each quarter ends. Raffles Associates LP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.