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RA
Raffles Associates Portfolio holdings
AUM
$115M
1-Year Est. Return
35.69%
This Fund
S&P 500
This Quarter
Est. Return
+14.13%
1 Year Est. Return
+35.69%
3 Year Est. Return
+44.69%
5 Year Est. Return
+37.47%
10 Year Est. Return
+130.35%
AUM
$96M
AUM Growth
+$13.9M
(+17%)
Cap. Flow
+$5.94M
Cap. Flow
% of AUM
6.19%
Top 10 Holdings %
Top 10 Hldgs %
61.12%
Holding
49
New
6
Increased
5
Reduced
19
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Invesco DB US Dollar Index Bullish Fund
UUP
|
+$4.4M |
| 2 |
ProShares Ultra VIX Short-Term Futures ETF
UVXY
|
+$1.33M |
| 3 |
MBBC
Marathon Bancorp
MBBC
|
+$1.08M |
| 4 |
ProShares UltraShort Gold
GLL
|
+$1.08M |
| 5 |
ProShares UltraShort S&P500
SDS
|
+$517K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JOF
Japan Smaller Capitalization Fund
JOF
|
+$957K |
| 2 |
Ivanhoe Electric
IE
|
+$902K |
| 3 |
Ranger Energy Services
RNGR
|
+$486K |
| 4 |
Contango Silver & Gold Inc
CTGO
|
+$200K |
| 5 |
TURN
180 Degree Capital
TURN
|
+$169K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 47.4% |
| 2 | Materials | 15.96% |
| 3 | Industrials | 8.27% |
| 4 | Healthcare | 8% |
| 5 | Real Estate | 4.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$249M
| $938K | 0.98% |
+10,000
| New | +$1.33M |
|
|
TURN
27
DELISTED
180 Degree Capital
TURN
| $903K | 0.94% |
227,293
-43,281
| -16% | -$169K |
|
|
FBLA
28
FB Bancorp
FBLA
$251M
| $885K | 0.92% |
78,664
+5,000
| +7% | +$55.2K |
|
29
Finward Bancorp
FNWD
$193M
| $734K | 0.76% |
26,580
-741
| -3% | -$21.9K |
|
|
PBPB
30
DELISTED
Potbelly
PBPB
| $732K | 0.76% |
59,761
| – | – |
|
31
Tiptree Inc
TIPT
$668M
| $726K | 0.76% |
30,801
| – | – |
|
32
Napco Security Technologies
NSSC
$1.28B
| $725K | 0.76% |
24,424
-3,000
| -11% | -$77.2K |
|
33
Virginia National Bankshares
VABK
$243M
| $704K | 0.73% |
19,036
-2,016
| -10% | -$73.9K |
|
34
Kelly Services Class A
KELYA
$526M
| $606K | 0.63% |
51,790
| – | – |
|
|
RPT
35
Rithm Property Trust
RPT
$90.5M
| $559K | 0.58% |
34,481
| – | – |
|
36
NB Bancorp
NBBK
$983M
| $556K | 0.58% |
31,136
+20,000
| +180% | +$338K |
|
37
SiriusXM
SIRI
$10B
| $441K | 0.46% |
19,194
| – | – |
|
38
ECB Bancorp
ECBK
$174M
| $434K | 0.45% |
28,099
-4,585
| -14% | -$72K |
|
39
Norwood Financial Corp
NWFL
$355M
| $357K | 0.37% |
13,863
-6,137
| -31% | -$154K |
|
40
First Bank
FRBA
$451M
| $315K | 0.33% |
20,394
-11,000
| -35% | -$159K |
|
41
Hain Celestial
HAIN
$47.8M
| $304K | 0.32% |
+200,000
| New | +$467K |
|
42
United Bancorp
UBCP
$94.3M
| $257K | 0.27% |
17,699
| – | – |
|
43
Blue Ridge Bankshares
BRBS
$311M
| $201K | 0.21% |
55,934
-4,000
| -7% | -$13.5K |
|
|
IAUX
44
i-80 Gold Corp
IAUX
$1.17B
| $180K | 0.19% |
+300,000
| New | +$177K |
|
45
Catalyst Bancorp
CLST
$67.3M
| $131K | 0.14% |
10,555
| – | – |
|
46
Alto Ingredients
ALTO
$360M
| $115K | 0.12% |
100,000
| – | – |
|
47
Harte-Hanks
HHS
| $75.8K | 0.08% |
+19,037
| New | +$85.3K |
|
48
Avalon Holdings
AWX
$10.1M
| $57.1K | 0.06% |
22,941
| – | – |
|
|
49
Ranger Energy Services
RNGR
$373M
| – | – |
-34,239
| Closed | -$486K |
|
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B
Raffles Associates's Q2 2025 Portfolio in Review
As of Q2 2025, Raffles Associates held 49 positions worth $96M, up 17% from $82.1M the previous quarter. Its ten largest holdings account for 61% of the portfolio.
Raffles Associates deployed $5.94M of net new capital in Q2 2025, opening 6 new positions and adding to 5 existing holdings. Its largest new stake was Invesco DB US Dollar Index Bullish Fund: 160,000 shares worth $4.3M.
By sector, the portfolio is most concentrated in Financials at 47% of assets, down from 53% a quarter earlier, followed by Materials and Industrials.
On the sell side, the largest reduction was Japan Smaller Capitalization Fund, an estimated $957K trimmed.
- Raffles Associates's largest Q2 2025 buy was Invesco DB US Dollar Index Bullish Fund: 160,000 shares worth $4.3M.
- Raffles Associates added most to ProShares UltraShort Gold in Q2 2025, an estimated $1.08M increase.
- Raffles Associates's biggest Q2 2025 reduction was Japan Smaller Capitalization Fund, cutting an estimated $957K.
- Raffles Associates fully exited Ranger Energy Services in Q2 2025, selling an estimated $486K.
- Raffles Associates's ten largest holdings make up 61% of its $96M portfolio in Q2 2025.
- Raffles Associates opened 6 new positions and closed 1 in Q2 2025.
- Raffles Associates's portfolio value rose 17% quarter-over-quarter to $96M.
Based on Raffles Associates's 13F filing for Q2 2025, filed 15 Aug 2025.