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RA

Raffles Associates Portfolio holdings

AUM $117M
1-Year Est. Return 22.1%
This Fund
S&P 500
This Quarter Est. Return
-0.63%
1 Year Est. Return
+22.1%
3 Year Est. Return
+49.97%
5 Year Est. Return
+31.55%
10 Year Est. Return
+123.72%
AUM
$115M
AUM Growth
-$18.1M
Cap. Flow
-$13.3M
Cap. Flow %
-11.51%
Top 10 Hldgs %
60.73%
Holding
59
New
5
Increased
7
Reduced
18
Closed
10

Top Buys

Rank Stock Value
1
JETS icon
US Global Jets ETF
JETS
+$2.08M
2
TMF icon
Direxion Daily 20+ Year Treasury Bull 3X ETF
TMF
+$1.9M
3
SCO icon
ProShares UltraShort Bloomberg Crude Oil
SCO
+$1.4M
4
MSOS icon
AdvisorShares Pure US Cannabis ETF
MSOS
+$1M
5
OFG icon
OFG Bancorp
OFG
+$810K

Top Sells

Rank Stock Value
1
UVXY icon
ProShares Ultra VIX Short-Term Futures ETF
UVXY
+$3.95M
2
UUP icon
Invesco DB US Dollar Index Bullish Fund
UUP
+$3.38M
3
FBP icon
First Bancorp
FBP
+$2.17M
4
GLL icon
ProShares UltraShort Gold
GLL
+$1.88M
5
NXE icon
NexGen Energy
NXE
+$1.49M

Sector Composition

Rank Sector Weight
1 Financials 51.04%
2 Materials 11.18%
3 Healthcare 10.66%
4 Miscellaneous 10.58%
5 Industrials 7.93%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FBLA
26
FB Bancorp
FBLA
$229M
$1.33M 1.16%
97,099
– –
JOF
27
Japan Smaller Capitalization Fund
JOF
$356M
$1.21M 1.05%
110,967
-28,495
-20% -$325K
NSTS icon
28
NSTS Bancorp
NSTS
$69M
$1.09M 0.95%
93,774
– –
FNWD icon
29
Finward Bancorp
FNWD
$186M
$965K 0.84%
26,580
– –
NSSC icon
30
Napco Security Technologies
NSSC
$1.26B
$962K 0.83%
24,424
– –
TIPT icon
31
Tiptree Inc
TIPT
$681M
$944K 0.82%
55,801
+15,000
+37% +$257K
SCO icon
32
ProShares UltraShort Bloomberg Crude Oil
SCO
$744M
$832K 0.72%
+25,000
New +$1.4M
VABK icon
33
Virginia National Bankshares
VABK
$251M
$719K 0.62%
18,812
-24
-0.1% -$957
FBP icon
34
First Bancorp
FBP
$4.23B
$681K 0.59%
31,874
-101,000
-76% -$2.17M
NXE icon
35
NexGen Energy
NXE
$7.5B
$580K 0.5%
50,000
-125,000
-71% -$1.49M
ABTC
36
American Bitcoin Corp
ABTC
$638M
$513K 0.45%
37,000
-9,667
-21% -$186K
SIRI icon
37
SiriusXM
SIRI
$9.61B
$443K 0.38%
19,194
– –
KELYA icon
38
Kelly Services Class A
KELYA
$594M
$443K 0.38%
50,000
-36,790
-42% -$351K
NWFL icon
39
Norwood Financial Corp
NWFL
$371M
$366K 0.32%
12,449
– –
HYNE
40
Hoyne Bancorp
HYNE
$134M
$346K 0.3%
23,897
– –
NBBK icon
41
NB Bancorp
NBBK
$980M
$313K 0.27%
14,874
-13,500
-48% -$284K
IAUX
42
i-80 Gold Corp
IAUX
$1.66B
$296K 0.26%
195,000
– –
UBCP icon
43
United Bancorp
UBCP
$90.1M
$269K 0.23%
17,699
– –
ECBK icon
44
ECB Bancorp
ECBK
$181M
$224K 0.19%
13,399
-854
-6% -$14.8K
HHS icon
45
Harte-Hanks
HHS
$32.3M
$199K 0.17%
87,757
+2
+0% +$6
FMNB icon
46
Farmers National Banc Corp
FMNB
$934M
$197K 0.17%
+15,000
New +$197K
CLST icon
47
Catalyst Bancorp
CLST
$70.1M
$175K 0.15%
10,555
– –
AP icon
48
Ampco-Pittsburgh
AP
$190M
$101K 0.09%
+15,000
New +$108K
AWX icon
49
Avalon Holdings
AWX
$10.5M
$65.3K 0.06%
25,214
– –
ALTO icon
50
Alto Ingredients
ALTO
$317M
– –
-100,000
Closed -$288K
1
2
3

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Raffles Associates's Q1 2026 Portfolio in Review

As of Q1 2026, Raffles Associates held 59 positions worth $115M, down 14% from $133M the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Raffles Associates withdrew a net $13.3M in Q1 2026, closing 10 positions and reducing 18 holdings. Its most notable exit was ProShares Ultra VIX Short-Term Futures ETF, an estimated $3.95M position sold in full.

By sector, the portfolio is most concentrated in Financials at 51% of assets, up from 43% a quarter earlier, followed by Materials and Healthcare.

Against the trend, Raffles Associates opened a new position in US Global Jets ETF worth $1.85M.

  • Raffles Associates's largest Q1 2026 buy was US Global Jets ETF: 75,000 shares worth $1.85M.
  • Raffles Associates added most to AdvisorShares Pure US Cannabis ETF in Q1 2026, an estimated $1M increase.
  • Raffles Associates's biggest Q1 2026 reduction was First Bancorp, cutting an estimated $2.17M.
  • Raffles Associates fully exited ProShares Ultra VIX Short-Term Futures ETF in Q1 2026, selling an estimated $3.95M.
  • Raffles Associates's ten largest holdings make up 61% of its $115M portfolio in Q1 2026.
  • Raffles Associates opened 5 new positions and closed 10 in Q1 2026.
  • Raffles Associates's portfolio value fell 14% quarter-over-quarter to $115M.

Based on Raffles Associates's 13F filing for Q1 2026, filed 15 May 2026.