Cove Street Capital: 13F holdings, Q3 2025
Quality compounder · SEC EDGAR filings (CIK 0001531612) · Explore on the interactive board
Cove Street Capital disclosed 96 US equity positions worth $76.6m in its Q3 2025 13F filing (holdings as of September 30, 2025, filed November 13, 2025). Its largest position is AVD at 10.5% of the reported book, followed by RSSS, SIX FLAGS ENTERTAINMENT CORP. The top ten holdings are 47.1% of the book, and the portfolio behaves like about 28 equal-weight positions. Versus the prior filing it opened 7 new positions, added to 25, reduced 17 and exited 8. Note: this manager's most recent filing is 3 quarters behind the newest quarter on file, so these figures are history rather than current positioning.
What does Cove Street Capital own? Top holdings as of September 30, 2025
Change is measured in shares against the previous filing (Q2 2025), so price moves do not read as decisions. This quarter: 7 new, 25 added, 17 reduced, 8 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | AVD AMERICAN VANGUARD CORP | Basic Materials | 10.5% | $8.0m | 1,398,986 | 12% | added |
| 2 | RSSS RESEARCH SOLUTIONS INC | 6.5% | $5.0m | 1,335,627 | -0% | held | |
| 3 | SIX FLAGS ENTERTAINMENT CORP | 6.1% | $4.6m | 204,414 | 1711% | added | |
| 4 | VSAT VIASAT INC | Technology | 4.6% | $3.5m | 118,932 | -54% | reduced |
| 5 | ECVT ECOVYST INC | Basic Materials | 3.6% | $2.7m | 313,713 | -45% | reduced |
| 6 | SNEX STONEX GROUP INC | Financial Services | 3.4% | $2.6m | 26,084 | 1% | added |
| 7 | CCO CLEAR CHANNEL OUTDOOR HLDGS | Communication Services | 3.4% | $2.6m | 1,642,567 | 60% | added |
| 8 | CLMB CLIMB GLOBAL SOLUTIONS INC | 3.3% | $2.5m | 18,865 | 21% | added | |
| 9 | AAP ADVANCE AUTO PARTS INC | Consumer Cyclical | 3.0% | $2.3m | 36,993 | -2% | reduced |
| 10 | NEU NEWMARKET CORP | Basic Materials | 2.8% | $2.1m | 2,582 | 2% | added |
| 11 | OUT OUTFRONT MEDIA INC | Real Estate | 2.7% | $2.1m | 112,859 | 2% | added |
| 12 | WEX WEX INC | Technology | 2.6% | $2.0m | 12,851 | -0% | held |
| 13 | IIIV I3 VERTICALS INC | 2.6% | $2.0m | 60,222 | 3% | added | |
| 14 | PPLI IAC INC | Communication Services | 2.5% | $1.9m | 56,268 | 20% | added |
| 15 | WHITE MTNS INS GROUP LTD | 2.4% | $1.8m | 1,083 | 128% | added | |
| 16 | CLVT CLARIVATE PLC | Technology | 2.3% | $1.7m | 452,462 | 4075% | added |
| 17 | KMI KINDER MORGAN INC DEL | Energy | 2.1% | $1.6m | 56,120 | -6% | reduced |
| 18 | VMD VIEMED HEALTHCARE INC | Healthcare | 1.9% | $1.5m | 219,848 | 57% | added |
| 19 | SCHW SCHWAB CHARLES CORP | Financial Services | 1.9% | $1.5m | 15,424 | -2% | reduced |
| 20 | TRIPLE FLAG PRECIOUS METAL | 1.9% | $1.5m | 49,712 | -0% | held | |
| 21 | BNY BANK NEW YORK MELLON CORP | Financial Services | 1.9% | $1.4m | 13,243 | -1% | reduced |
| 22 | CMP COMPASS MINERALS INTL INC | Basic Materials | 1.8% | $1.4m | 71,417 | -0% | held |
| 23 | ENOV ENOVIS CORPORATION | Healthcare | 1.8% | $1.3m | 44,442 | 0% | held |
| 24 | WBD WARNER BROS DISCOVERY INC | Communication Services | 1.7% | $1.3m | 68,032 | -65% | reduced |
| 25 | AVANOS MED INC | 1.7% | $1.3m | 112,081 | 431% | added | |
| 26 | WFC WELLS FARGO CO NEW | Financial Services | 1.5% | $1.2m | 14,020 | 0% | held |
| 27 | BRK/B BERKSHIRE HATHAWAY INC DEL | 1.5% | $1.1m | 2,280 | 0% | held | |
| 28 | ANIK ANIKA THERAPEUTICS INC | Healthcare | 1.3% | $958.4k | 101,956 | 38% | added |
| 29 | SCRIPPS E W CO OHIO | 1.1% | $876.8k | 356,437 | -44% | reduced | |
| 30 | SIMPLIFY EXCHANGE TRADED FUN | 1.0% | $765.6k | 15,205 | 4% | added | |
| 31 | IZEA IZEA WORLDWIDE INC | 0.9% | $676.5k | 181,860 | 3% | added | |
| 32 | BTI BRITISH AMERN TOB PLC | Consumer Defensive | 0.8% | $648.7k | 12,221 | -12% | reduced |
| 33 | PIMCO ETF TR | 0.8% | $619.2k | 13,665 | 20% | added | |
| 34 | GBLI GLOBAL INDEMNITY GROUP LLC | 0.7% | $544.6k | 18,746 | 6% | added | |
| 35 | CABLE ONE INC | 0.6% | $430.8k | 500,000 | – | new | |
| 36 | NRC NATIONAL RESH CORP | Healthcare | 0.5% | $417.1k | 32,634 | 911% | added |
| 37 | ISHARES TR | 0.5% | $411.6k | 11,261 | -8% | reduced | |
| 38 | AVGO BROADCOM INC | Technology | 0.5% | $395.9k | 1,200 | 0% | held |
| 39 | RDVT RED VIOLET INC | 0.5% | $383.3k | 7,335 | -7% | reduced | |
| 40 | SIMPLIFY EXCHANGE TRADED FUN | 0.5% | $379.8k | 16,577 | – | new | |
| 41 | PKE PARK AEROSPACE CORP | Industrials | 0.5% | $376.2k | 18,495 | -14% | reduced |
| 42 | GOOGL ALPHABET INC | Communication Services | 0.5% | $364.6k | 1,500 | 0% | held |
| 43 | SPDR SERIES TRUST | 0.5% | $364.6k | 14,100 | 0% | held | |
| 44 | FLOT ISHARES TR | 0.4% | $311.6k | 6,099 | 56% | added | |
| 45 | MSFT MICROSOFT CORP | Technology | 0.4% | $310.8k | 600 | 0% | held |
| 46 | AAPL APPLE INC | Technology | 0.4% | $305.6k | 1,200 | 0% | held |
| 47 | SGU STAR GROUP L P | 0.4% | $302.8k | 25,600 | 46% | added | |
| 48 | VGIT VANGUARD SCOTTSDALE FDS | 0.4% | $300.1k | 5,000 | 0% | held | |
| 49 | AMZN AMAZON COM INC | Consumer Cyclical | 0.3% | $232.7k | 1,060 | 0% | held |
| 50 | VTS VITESSE ENERGY INC | 0.3% | $206.7k | 8,900 | 51% | added |
What did Cove Street Capital sell? Positions exited since the previous filing
| Stock | Prior weight | Prior value |
|---|---|---|
| ANGI ANGI INC | 25.2% | $1.6m |
| FMC FMC CORP | 24.1% | $1.5m |
| INFU INFUSYSTEM HLDGS INC | 23.6% | $1.4m |
| TIPT TIPTREE INC | 9.3% | $573.3k |
| OXY OCCIDENTAL PETE CORP | 9.1% | $560.6k |
| NABL N-ABLE INC | 8.5% | $520.7k |
| NVRI ENVIRI CORP | 0.1% | $6.5k |
| RESOLUTE HLDGS MGMT INC | 0.1% | $4.8k |
Sector mix
| Sector | Weight |
|---|---|
| Basic Materials | 18.7% |
| Technology | 11.1% |
| Financial Services | 9.4% |
| Communication Services | 8.1% |
| Healthcare | 6.4% |
| Consumer Cyclical | 3.4% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
| Quarter | Positions | Equity value |
|---|---|---|
| Q3 2025 | 96 | $76.6m |
| Q2 2025 | 97 | $68.2m |
| Q1 2025 | 98 | $63.7m |
| Q4 2024 | 94 | $85.7m |
| Q3 2024 | 99 | $127.7m |
| Q2 2024 | 84 | $143.5m |
| Q1 2024 | 105 | $359.2m |
| Q4 2023 | 103 | $363.2m |
| Q3 2023 | 113 | $312.1m |
| Q2 2023 | 113 | $316.4m |
| Q1 2023 | 116 | $368.8m |
| Q4 2022 | 113 | $446.3m |
| Q3 2022 | 112 | $444.3m |
| Q2 2022 | 118 | $491.0m |
| Q1 2022 | 122 | $765.5m |
| Q4 2021 | 126 | $763.8m |
Earliest filing: Q3 2011 · 56 quarters on file
How concentrated is Cove Street Capital's portfolio?
Across every quarter Cove Street Capital has filed, its median largest position is 6.8% of the book and its median top-ten weight is 44.9%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 525 completed holding spells, the median lasted 4.0 quarters; 96 positions are still open and their final length is unknown.