Raffles Associates LP
Net buyer this quarter
$228M
45
+$108M
64.4%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 SMBC | $32.2M | 14.12% | 3.83% | +89.5% | Q2 2013 |
 GLIBK | $24.5M | 10.74% | Not reported | +676.6% | Q4 2025 |
 EBC | $16.7M | 7.32% | 0.33% | +89.9% | Q4 2020 |
 CBK | $15.1M | 6.61% | 3.40% | +87.8% | Q4 2025 |
 PROV | $13.5M | 5.90% | 12.49% | +100.0% | Q2 2013 |
 OFG | $10M | 4.40% | 0.48% | +45.7% | Q4 2022 |
 VZLA | $9.6M | 4.21% | 0.83% | +93.4% | Q4 2022 |
 VMD | $9.2M | 4.04% | 2.12% | +95.2% | Q3 2019 |
 IE | $9.17M | 4.02% | 0.60% | +79.3% | Q3 2022 |
 UVXY | $6.96M | 3.05% | Not reported | Not reported | Q1 2017 |
 LCTX | $6.81M | 2.99% | 2.06% | -3.1% | Q1 2021 |
 COSO | $6.02M | 2.64% | 1.86% | +84.9% | Q3 2025 |
 ASLE | $5.81M | 2.55% | 1.93% | +100.0% | Q2 2024 |
 ESOA | $5.59M | 2.45% | 1.55% | +69.5% | Q2 2022 |
 PERI | $4.58M | 2.01% | 1.21% | +176.9% | Q3 2025 |
 JOB | $3.95M | 1.73% | 17.11% | +98.9% | Q2 2021 |
 CTGO | $3.57M | 1.57% | 0.70% | +216.7% | Q2 2024 |
| MAYS | $3.47M | 1.52% | 4.41% | +100.0% | Q2 2013 |
 NECB | $3.3M | 1.45% | 0.86% | +100.0% | Q4 2021 |
 MBBC | $3.29M | 1.44% | 7.14% | +100.0% | Q2 2025 |
 FBLA | $2.92M | 1.28% | 1.21% | +100.0% | Q1 2025 |
 JOF | $2.61M | 1.15% | Not reported | +100.0% | Q3 2023 |
| GLL | $2.16M | 0.95% | Not reported | -38.5% | Q1 2016 |
 TIPT | $2M | 0.88% | 0.30% | +100.0% | Q4 2023 |
 FNWD | $1.96M | 0.86% | 1.23% | +100.0% | Q1 2022 |
 NXE | $1.88M | 0.82% | 0.03% | +300.0% | Q4 2022 |
| AFBI | $1.86M | 0.82% | 1.35% | -58.5% | Q1 2021 |
 NSSC | $1.86M | 0.81% | 0.14% | +100.0% | Q2 2013 |
 VABK | $1.67M | 0.73% | 0.69% | +99.8% | Q2 2021 |
 NSTS | $1.56M | 0.68% | 2.15% | +20.7% | Q1 2022 |
 NBBK | $1.35M | 0.59% | 0.15% | +328.6% | Q1 2024 |
 KELYA | $1.23M | 0.54% | Not reported | +100.0% | Q1 2022 |
 SIRI | $1.13M | 0.50% | 0.01% | +100.0% | Q3 2024 |
 TRLV | $983K | 0.43% | 0.05% | New | Q2 2026 |
 NWFL | $704K | 0.31% | 0.20% | +75.9% | Q4 2020 |
 ABTC | $654K | 0.29% | 5.80% | +73.0% | Q4 2025 |
 UBCP | $562K | 0.25% | 0.62% | +100.0% | Q3 2014 |
 IAUX | $562K | 0.25% | 0.05% | +100.0% | Q2 2025 |
 ECBK | $532K | 0.23% | 0.30% | +97.9% | Q2 2023 |
 FMNB | $438K | 0.19% | 0.05% | +100.0% | Q2 2013 |
 HHS | $379K | 0.17% | 2.35% | +100.0% | Q2 2025 |
 CLST | $349K | 0.15% | 0.52% | +100.0% | Q4 2021 |
 AP | $260K | 0.11% | 0.15% | +100.0% | Q1 2026 |
 AWX | $129K | 0.06% | 1.58% | +106.0% | Q2 2013 |
 BRBS | $80.1K | 0.04% | 0.03% | Not reported | Q2 2022 |
| Q1 2026 | |||||
| SMBC | $14.3M | 12.36% | 2.01% | -1.1% | Q2 2013 |
| LCTX | $8.47M | 7.35% | 2.15% | Not reported | Q1 2021 |
| EBC | $7.72M | 6.70% | 0.17% | +9.7% | Q4 2020 |
| CBK | $6.46M | 5.60% | 1.81% | -0.7% | Q4 2025 |
| PROV | $6.3M | 5.47% | 6.19% | 0.0% | Q2 2013 |
| IE | $6.29M | 5.46% | 0.34% | -7.2% | Q3 2022 |
| OFG | $5.67M | 4.92% | 0.33% | +16.7% | Q4 2022 |
| GLIBK | $5.44M | 4.72% | Not reported | +5.8% | Q4 2025 |
| VZLA | $4.96M | 4.31% | 0.50% | -9.1% | Q4 2022 |
| AFBI | $4.43M | 3.84% | 3.26% | Not reported | Q1 2021 |
| VMD | $3.81M | 3.31% | 1.07% | -1.0% | Q3 2019 |
| COSO | $2.98M | 2.59% | 1.01% | Not reported | Q3 2025 |
| ASLE | $2.86M | 2.48% | 0.97% | -4.2% | Q2 2024 |
| GLL | $2.62M | 2.28% | Not reported | -42.2% | Q1 2016 |
| JOB | $2.27M | 1.97% | 8.60% | -0.6% | Q2 2021 |
| ESOA | $2.24M | 1.94% | 0.92% | -14.5% | Q2 2022 |
| MAYS | $1.77M | 1.53% | 2.20% | Not reported | Q2 2013 |
| PERI | $1.7M | 1.48% | 0.44% | +79.2% | Q3 2025 |
 MNR | $1.61M | 1.40% | 0.07% | Not reported | Q4 2025 |
| MBBC | $1.46M | 1.26% | 3.65% | Not reported | Q2 2025 |
| NECB | $1.42M | 1.23% | 0.43% | Not reported | Q4 2021 |
| CTGO | $1.34M | 1.16% | 0.23% | Not reported | Q2 2024 |
| FBLA | $1.33M | 1.16% | 0.57% | Not reported | Q1 2025 |
| JOF | $1.21M | 1.05% | Not reported | -20.4% | Q3 2023 |
| NSTS | $1.09M | 0.95% | 1.78% | Not reported | Q1 2022 |
| FNWD | $965K | 0.84% | 0.61% | Not reported | Q1 2022 |
| NSSC | $962K | 0.83% | 0.07% | Not reported | Q2 2013 |
| TIPT | $944K | 0.82% | 0.15% | +36.8% | Q4 2023 |
| SCON | $832K | 0.72% | 0.38% | Not reported | Q3 2023 |
| VABK | $719K | 0.62% | 0.35% | -0.1% | Q2 2021 |
 FBP | $681K | 0.59% | 0.02% | -76.0% | Q4 2017 |
| NXE | $580K | 0.50% | 0.01% | -71.4% | Q4 2022 |
| ABTC | $513K | 0.45% | 3.35% | -20.7% | Q4 2025 |
| SIRI | $443K | 0.38% | 0.01% | Not reported | Q3 2024 |
| KELYA | $443K | 0.38% | Not reported | -42.4% | Q1 2022 |
| NWFL | $366K | 0.32% | 0.11% | Not reported | Q4 2020 |
 HYNE | $346K | 0.30% | 0.30% | Not reported | Q4 2025 |
| NBBK | $313K | 0.27% | 0.03% | -47.6% | Q1 2024 |
| IAUX | $296K | 0.26% | 0.02% | Not reported | Q2 2025 |
| UBCP | $269K | 0.23% | 0.31% | Not reported | Q3 2014 |
| ECBK | $224K | 0.19% | 0.15% | -6.0% | Q2 2023 |
| HHS | $199K | 0.17% | 1.18% | 0.0% | Q2 2025 |
| FMNB | $197K | 0.17% | 0.03% | Not reported | Q2 2013 |
| CLST | $175K | 0.15% | 0.26% | Not reported | Q4 2021 |
| AP | $101K | 0.09% | 0.07% | New | Q1 2026 |
| AWX | $65.3K | 0.06% | 0.77% | Not reported | Q2 2013 |
| Q4 2025 | |||||
| SMBC | $13.3M | 9.99% | 2.01% | -1.6% | Q2 2013 |
| IE | $9.16M | 6.87% | 0.39% | -11.6% | Q3 2022 |
| VZLA | $9.05M | 6.79% | 0.55% | -2.1% | Q4 2022 |
| LCTX | $8.96M | 6.72% | 2.21% | -0.5% | Q1 2021 |
| EBC | $6.63M | 4.97% | 0.15% | Not reported | Q4 2020 |
| PROV | $6.22M | 4.67% | 6.10% | -0.1% | Q2 2013 |
| CBK | $6.14M | 4.61% | 1.83% | New | Q4 2025 |
| GLL | $5.88M | 4.41% | Not reported | Not reported | Q1 2016 |
| GLIBK | $5.14M | 3.86% | Not reported | New | Q4 2025 |
| OFG | $4.92M | 3.69% | 0.28% | Not reported | Q4 2022 |
| AFBI | $4.07M | 3.05% | 3.26% | -0.1% | Q1 2021 |
| UVXY | $3.95M | 2.96% | Not reported | +59.4% | Q1 2017 |
| ASLE | $3.41M | 2.56% | 1.02% | +11.6% | Q2 2024 |
 UUP | $3.38M | 2.53% | 2.23% | +47.1% | Q3 2024 |
| VMD | $3.1M | 2.33% | 1.10% | Not reported | Q3 2019 |
| COSO | $2.82M | 2.12% | 1.01% | -2.4% | Q3 2025 |
| FBP | $2.75M | 2.07% | 0.08% | Not reported | Q4 2017 |
| CTGO | $1.89M | 1.41% | 0.48% | Not reported | Q2 2024 |
| JOB | $1.86M | 1.39% | 8.64% | Not reported | Q2 2021 |
| MAYS | $1.77M | 1.33% | 2.20% | 0.0% | Q2 2013 |
| ESOA | $1.63M | 1.22% | 1.20% | +17.7% | Q2 2022 |
| NXE | $1.61M | 1.21% | 0.03% | -27.1% | Q4 2022 |
| JOF | $1.55M | 1.16% | Not reported | -5.3% | Q3 2023 |
| PKST | $1.39M | 1.04% | 0.26% | -9.3% | Q3 2023 |
| NECB | $1.35M | 1.01% | 0.43% | Not reported | Q4 2021 |
 VXX | $1.32M | 0.99% | Not reported | Not reported | Q3 2013 |
| MBBC | $1.31M | 0.98% | 3.66% | Not reported | Q2 2025 |
| MNR | $1.27M | 0.95% | 0.07% | New | Q4 2025 |
| FBLA | $1.25M | 0.94% | 0.54% | Not reported | Q1 2025 |
| NSTS | $1.21M | 0.91% | 1.78% | Not reported | Q1 2022 |
| ABTC | $1.19M | 0.89% | 4.23% | New | Q4 2025 |
| NSSC | $1.02M | 0.76% | 0.07% | Not reported | Q2 2013 |
| FNWD | $935K | 0.70% | 0.61% | Not reported | Q1 2022 |
| PERI | $910K | 0.68% | 0.24% | +137.5% | Q3 2025 |
| KELYA | $764K | 0.57% | Not reported | +67.6% | Q1 2022 |
| VABK | $751K | 0.56% | 0.35% | Not reported | Q2 2021 |
| TIPT | $745K | 0.56% | 0.11% | -21.2% | Q4 2023 |
 VG | $682K | 0.51% | Not reported | New | Q4 2025 |
| NBBK | $562K | 0.42% | 0.06% | -8.9% | Q1 2024 |
| SIRI | $384K | 0.29% | 0.01% | Not reported | Q3 2024 |
| NWFL | $349K | 0.26% | 0.13% | -3.2% | Q4 2020 |
| HYNE | $346K | 0.26% | 0.30% | New | Q4 2025 |
 ALTO | $288K | 0.22% | 0.13% | Not reported | Q4 2022 |
| IAUX | $285K | 0.21% | 0.02% | Not reported | Q2 2025 |
| ZSL | $267K | 0.20% | Not reported | Not reported | Q1 2024 |
| HHS | $264K | 0.20% | 1.18% | +26.5% | Q2 2025 |
| UBCP | $254K | 0.19% | 0.31% | Not reported | Q3 2014 |
| ECBK | $248K | 0.19% | 0.16% | -11.7% | Q2 2023 |
| CLST | $166K | 0.12% | 0.26% | Not reported | Q4 2021 |
| AWX | $67.8K | 0.05% | 0.77% | Not reported | Q2 2013 |
| Q3 2025 | |||||
| SMBC | $12M | 11.21% | 2.03% | -0.1% | Q2 2013 |
| LCTX | $9.11M | 8.48% | 2.34% | -0.1% | Q1 2021 |
| IE | $8.13M | 7.57% | 0.49% | -32.2% | Q3 2022 |
| VZLA | $7.3M | 6.79% | 0.57% | Not reported | Q4 2022 |
| EBC | $6.53M | 6.08% | 0.17% | Not reported | Q4 2020 |
| PROV | $6.17M | 5.74% | 6.02% | Not reported | Q2 2013 |
| OFG | $5.22M | 4.86% | 0.27% | Not reported | Q4 2022 |
| AFBI | $3.93M | 3.66% | 3.22% | Not reported | Q1 2021 |
| UVXY | $3.6M | 3.35% | Not reported | +590.0% | Q1 2017 |
| ASLE | $3.52M | 3.28% | 0.91% | -11.3% | Q2 2024 |
| FBP | $2.93M | 2.73% | 0.08% | Not reported | Q4 2017 |
| VMD | $2.84M | 2.64% | 1.10% | +3.7% | Q3 2019 |
| COSO | $2.71M | 2.52% | 1.04% | New | Q3 2025 |
| UUP | $2.34M | 2.18% | 1.52% | -46.9% | Q3 2024 |
| NXE | $2.15M | 2.00% | 0.04% | -17.2% | Q4 2022 |
| JOB | $1.97M | 1.83% | 8.69% | Not reported | Q2 2021 |
| CTGO | $1.78M | 1.66% | 0.48% | Not reported | Q2 2024 |
| ESOA | $1.75M | 1.63% | 1.01% | Not reported | Q2 2022 |
| MAYS | $1.69M | 1.57% | 2.20% | Not reported | Q2 2013 |
| JOF | $1.55M | 1.45% | Not reported | +6.1% | Q3 2023 |
| PKST | $1.4M | 1.31% | 0.29% | -13.6% | Q3 2023 |
| NECB | $1.22M | 1.14% | 0.42% | Not reported | Q4 2021 |
| FBLA | $1.17M | 1.09% | 0.49% | +23.4% | Q1 2025 |
| MBBC | $1.12M | 1.05% | 3.66% | Not reported | Q2 2025 |
| NSTS | $1.08M | 1.01% | 1.79% | Not reported | Q1 2022 |
| NSSC | $1.05M | 0.98% | 0.07% | Not reported | Q2 2013 |
| TIPT | $993K | 0.92% | 0.14% | +68.2% | Q4 2023 |
 FCX | $981K | 0.91% | 0.00% | New | Q3 2025 |
| FNWD | $853K | 0.79% | 0.61% | Not reported | Q1 2022 |
| VABK | $731K | 0.68% | 0.35% | -1.1% | Q2 2021 |
 PEP | $702K | 0.65% | 0.00% | New | Q3 2025 |
| KELYA | $679K | 0.63% | Not reported | Not reported | Q1 2022 |
| NBBK | $550K | 0.51% | 0.08% | Not reported | Q1 2024 |
| SIRI | $447K | 0.42% | 0.01% | Not reported | Q3 2024 |
 RPT | $445K | 0.41% | 0.39% | -14.7% | Q4 2023 |
| PERI | $384K | 0.36% | 0.09% | New | Q3 2025 |
| NWFL | $327K | 0.30% | 0.14% | -7.2% | Q4 2020 |
| SOC | $262K | 0.24% | 0.02% | New | Q3 2025 |
| HHS | $257K | 0.24% | 0.94% | +264.4% | Q2 2025 |
| ECBK | $256K | 0.24% | 0.18% | -42.6% | Q2 2023 |
| UBCP | $247K | 0.23% | 0.31% | Not reported | Q3 2014 |
 HAIN | $150K | 0.14% | 0.11% | -52.4% | Q2 2025 |
| CLST | $139K | 0.13% | 0.26% | Not reported | Q4 2021 |
| ALTO | $108K | 0.10% | 0.13% | Not reported | Q4 2022 |
 MLCI | $89.2K | 0.08% | 0.09% | New | Q3 2025 |
| AWX | $65.8K | 0.06% | 0.77% | +9.9% | Q2 2013 |