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WSL

Western Standard LLC Portfolio holdings

AUM $190M
1-Year Est. Return 40.88%
This Fund
S&P 500
This Quarter Est. Return
+11.44%
1 Year Est. Return
+40.88%
3 Year Est. Return
+68.87%
5 Year Est. Return
+221.93%
10 Year Est. Return
–
AUM
$83.4M
AUM Growth
-$25M
Cap. Flow
-$42.9M
Cap. Flow %
-51.5%
Top 10 Hldgs %
77.15%
Holding
39
New
5
Increased
8
Reduced
4
Closed
14

Top Buys

Rank Stock Value
1
LM
Legg Mason, Inc.
LM
+$14.1M
2
BMY.RT
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
+$2.23M
3
EVA
Enviva Inc.
EVA
+$1.53M
4
ECHO
EchoStar
ECHO
+$1.11M
5
TLYS icon
Tilly's
TLYS
+$1.05M

Top Sells

Rank Stock Value
1
AGN
Allergan plc
AGN
+$26M
2
WMGI
Wright Medical Group Inc
WMGI
+$7.41M
3
RLJ.PRA icon
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
+$4.11M
4
VTOL icon
Bristow Group
VTOL
+$3.07M
5
CY
Cypress Semiconductor
CY
+$2.87M

Sector Composition

Rank Sector Weight
1 Financials 32.94%
2 Communication Services 9.04%
3 Consumer Discretionary 9.02%
4 Real Estate 6.31%
5 Consumer Staples 5.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LM
1
DELISTED
Legg Mason, Inc.
LM
$16.8M 20.16%
337,784
+283,913
+527% +$14.1M
RLJ.PRA icon
2
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$323M
$6.22M 7.46%
283,987
-197,100
-41% -$4.11M
ILPT
3
Industrial Logistics Properties Trust
ILPT
$613M
$5.91M 7.08%
287,355
+16,700
+6% +$307K
ECHO
4
EchoStar
ECHO
$25.5B
$5.41M 6.49%
193,483
+36,683
+23% +$1.11M
RMR icon
5
The RMR Group
RMR
$342M
$5.26M 6.31%
178,481
– –
TPB icon
6
Turning Point Brands
TPB
$1.47B
$4.36M 5.23%
174,880
+15,904
+10% +$365K
OSG
7
Octave Specialty Group
OSG
$252M
$4.27M 5.12%
298,219
+30,598
+11% +$447K
NNI icon
8
Nelnet
NNI
$4.79B
$3.87M 4.65%
81,110
– –
SEE
9
DELISTED
Sealed Air
SEE
$3.36M 4.04%
102,411
– –
BMY.RT
10
DELISTED
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
$3.34M 4%
932,128
+619,228
+198% +$2.23M
MACK
11
DELISTED
Merrimack Pharmaceuticals, Inc.
MACK
$2.9M 3.47%
869,354
+26,441
+3% +$90.2K
DLA
12
DELISTED
Delta Apparel Inc.
DLA
$2.31M 2.78%
190,821
-2,450
-1% -$28K
GOOGL icon
13
Alphabet (Google) Class A
GOOGL
$3.91T
$2.13M 2.55%
30,000
– –
EVA
14
DELISTED
Enviva Inc.
EVA
$1.66M 1.99%
+46,000
New +$1.53M
NODK icon
15
NI Holdings
NODK
$325M
$1.56M 1.87%
105,764
– –
AT
16
DELISTED
Atlantic Power Corporation
AT
$1.32M 1.58%
659,572
+200,000
+44% +$398K
TLYS icon
17
Tilly's
TLYS
$115M
$1.16M 1.39%
+204,509
New +$1.05M
HMLP
18
DELISTED
HOEGH LNG PARTNERS LP
HMLP
$692K 0.83%
71,091
-178,991
-72% -$1.74M
WINA icon
19
Winmark
WINA
$1.19B
$685K 0.82%
+4,000
New +$585K
SFBC
20
Sound Financial Bancorp
SFBC
$107M
$426K 0.51%
17,657
– –
OCSL icon
21
Oaktree Specialty Lending
OCSL
$1.03B
$286K 0.34%
+21,316
New +$265K
MBCN
22
DELISTED
Middlefield Banc Corp
MBCN
$236K 0.28%
11,364
– –
ELGX
23
DELISTED
Endologix Inc
ELGX
$197K 0.24%
+245,210
New +$207K
AMBC.WS
24
DELISTED
Ambac Financial Group
AMBC.WS
$138K 0.17%
23,120
– –
CVM icon
25
PUT
CEL-SCI Corp
CVM
$20.6M
$14K 0.02%
1,833
-4,604
-72% -$1.89M
1
2

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Western Standard LLC's Q2 2020 Portfolio in Review

As of Q2 2020, Western Standard LLC held 39 positions worth $83.4M, down 23% from $108M the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Western Standard LLC withdrew a net $42.9M in Q2 2020, closing 14 positions and reducing 4 holdings. Its most notable exit was Allergan plc, an estimated $26M position sold in full.

By sector, the portfolio is most concentrated in Financials at 33% of assets, up from 11% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, Western Standard LLC opened a new position in Enviva Inc. worth $1.66M.

  • Western Standard LLC's largest Q2 2020 buy was Enviva Inc.: 46,000 shares worth $1.66M.
  • Western Standard LLC added most to Legg Mason, Inc. in Q2 2020, an estimated $14.1M increase.
  • Western Standard LLC's biggest Q2 2020 reduction was RLJ Lodging Trust $1.95 Series A Preferred Stock, cutting an estimated $4.11M.
  • Western Standard LLC fully exited Allergan plc in Q2 2020, selling an estimated $26M.
  • Western Standard LLC's ten largest holdings make up 77% of its $83.4M portfolio in Q2 2020.
  • Western Standard LLC opened 5 new positions and closed 14 in Q2 2020.
  • Western Standard LLC's portfolio value fell 23% quarter-over-quarter to $83.4M.

Based on Western Standard LLC's 13F filing for Q2 2020, filed 14 Aug 2020.