WhaleCreep

Cove Street Capital 13F holdings, Q3 2025

Long-only investorStopped filingSEC filingsCompare with another fundHoldings as of 2025-09-30, filed 2025-11-13

Cove Street Capital disclosed 96 US equity positions worth $76.6m in its Q3 2025 13F filing. Its largest position is AVD at 10.5% of the reported book, followed by RSSS and FUN. Versus Q2 2025 it opened 7 new positions, added to 25, reduced 17 and exited 8.

$76.6m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
96
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
10.5%
Largest position
The largest single position as a share of the reported equity book.
47.1%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
28
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
56
Quarters on file since Q3 2011
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q2 2025: 7 new, 25 added, 17 reduced, 8 exited

50 of 96
AVD AMERICAN VANGUARD CORPBasic Materials10.5%$8.0m1.40m+12%added
RSSS RESEARCH SOLUTIONS INC–6.5%$5.0m1.34m−0.1%held
FUN SIX FLAGS ENTERTAINMENT CORPConsumer Cyclical6.1%$4.6m204,414+1711%added
VSAT VIASAT INCTechnology4.6%$3.5m118,932−54%reduced
ECVT ECOVYST INCBasic Materials3.6%$2.7m313,713−45%reduced
SNEX STONEX GROUP INCFinancial Services3.4%$2.6m26,084+1.3%added
CCO CLEAR CHANNEL OUTDOOR HLDGSCommunication Services3.4%$2.6m1.64m+60%added
CLMB CLIMB GLOBAL SOLUTIONS INCTechnology3.3%$2.5m18,865+21%added
AAP ADVANCE AUTO PARTS INCConsumer Cyclical3.0%$2.3m36,993−1.6%reduced
NEU NEWMARKET CORPBasic Materials2.8%$2.1m2,582+2.4%added
OUT OUTFRONT MEDIA INCReal Estate2.7%$2.1m112,859+1.6%added
WEX WEX INCTechnology2.6%$2.0m12,851−0.1%held
IIIV I3 VERTICALS INCTechnology2.6%$2.0m60,222+3.2%added
PPLI PEOPLE INCCommunication Services2.5%$1.9m56,268+20%added
WHITE MTNS INS GROUP LTD no ticker–2.4%$1.8m1,083+128%added
CLVT CLARIVATE PLCTechnology2.3%$1.7m452,462+4075%added
KMI KINDER MORGAN INC DELEnergy2.1%$1.6m56,120−6.3%reduced
VMD VIEMED HEALTHCARE INCHealthcare1.9%$1.5m219,848+57%added
SCHW SCHWAB CHARLES CORPFinancial Services1.9%$1.5m15,424−1.6%reduced
TFPM TRIPLE FLAG PRECIOUS METALBasic Materials1.9%$1.5m49,712−0.2%held
BNY BANK OF NY MELLON CORPFinancial Services1.9%$1.4m13,243−0.7%reduced
CMP COMPASS MINERALS INTL INCBasic Materials1.8%$1.4m71,417−0.2%held
ENOV ENOVIS CORPORATIONHealthcare1.8%$1.3m44,4420.0%held
WBD WARNER BROS DISCOVERY INCCommunication Services1.7%$1.3m68,032−65%reduced
8HH AVANOS MED INC–1.7%$1.3m112,081+431%added
WFC WELLS FARGO & COFinancial Services1.5%$1.2m14,0200.0%held
BRK/B BERKSHIRE HATHAWAY INC DEL–1.5%$1.1m2,2800.0%held
ANIK ANIKA THERAPEUTICS INCHealthcare1.3%$958k101,956+38%added
SSP SCRIPPS E W CO OHIOCommunication Services1.1%$877k356,437−44%reduced
SIMPLIFY EXCHANGE TRADED FUN no ticker–1.0%$766k15,205+4.1%added
IZEA IZEA WORLDWIDE INC–0.9%$677k181,860+2.7%added
BTI BRITISH AMERN TOB PLCConsumer Defensive0.8%$649k12,221−12%reduced
PIMCO ETF TR no ticker–0.8%$619k13,665+20%added
GBLI GLOBAL INDEMNITY GROUP LLC–0.7%$545k18,746+5.6%added
CABLE ONE INC no ticker–0.6%$431k500,000–new
NRC NRC HEALTHHealthcare0.5%$417k32,634+911%added
IDV ISHARES TR–0.5%$412k11,261−8.2%reduced
AVGO BROADCOM INCTechnology0.5%$396k1,2000.0%held
RDVT RED VIOLET INC–0.5%$383k7,335−7.0%reduced
SIMPLIFY EXCHANGE TRADED FUN no ticker–0.5%$380k16,577–new
PKE PARK AEROSPACE CORPIndustrials0.5%$376k18,495−14%reduced
GOOGL ALPHABET INCCommunication Services0.5%$365k1,5000.0%held
SPAB SPDR SERIES TRUST–0.5%$365k14,1000.0%held
FLOT ISHARES TR–0.4%$312k6,099+56%added
MSFT MICROSOFT CORPTechnology0.4%$311k6000.0%held
AAPL APPLE INCTechnology0.4%$306k1,2000.0%held
SGU STAR GROUP L PEnergy0.4%$303k25,600+46%added
VGIT VANGUARD SCOTTSDALE FDS–0.4%$300k5,0000.0%held
AMZN AMAZON COM INCConsumer Cyclical0.3%$233k1,0600.0%held
VTS VITESSE ENERGY INC–0.3%$207k8,900+51%added

Exited since Q2 2025

8 rows
ANGI ANGI INC2.3%$1.6m
FMC FMC CORP2.2%$1.5m
INFU INFUSYSTEM HLDGS INC2.1%$1.4m
TIPT TIPTREE INC0.8%$573k
OXY OCCIDENTAL PETE CORP0.8%$561k
NABL N-ABLE INC0.8%$521k
NVRI ENVIRI CORP0.01%$6.5k
RHLD RESOLUTE HLDGS MGMT INC0.01%$4.8k

Sector mix

  • Basic Materials20.6%
  • Unclassified20.0%
  • Technology17.0%
  • Consumer Cyclical9.5%
  • Financial Services9.4%
  • Communication Services9.3%
  • Healthcare6.4%
  • Energy2.9%
  • Real Estate2.8%
  • Industrials1.3%
  • Consumer Defensive1.0%

Book over time

Every quarter on file (56)
QuarterPositionsEquity book
Q3 202596$76.6m
Q2 202597$68.2m
Q1 202598$63.7m
Q4 202494$85.7m
Q3 202499$128m
Q2 202478$139m
Q1 202471$316m
Q4 202370$327m
Q3 202381$296m
Q2 202380$322m
Q1 202383$335m
Q4 202281$367m
Q3 202279$358m
Q2 202282$397m
Q1 202286$565m
Q4 202189$571m
Q3 202189$674m
Q2 202187$691m
Q1 202186$698m
Q4 202080$565m
Q3 202074$528m
Q2 202074$505m
Q1 202098$488m
Q4 2019100$756m
Q3 201995$715m
Q2 201997$775m
Q1 201997$817m
Q4 2018100$773m
Q3 201898$948m
Q2 2018102$919m
Q1 2018106$907m
Q4 2017107$927m
Q3 2017108$896m
Q2 201790$825m
Q1 201786$947m
Q4 201692$957m
Q3 201695$928m
Q2 2016103$905m
Q1 2016103$766m
Q4 2015110$759m
Q3 2015112$755m
Q2 2015108$830m
Q1 2015114$763m
Q4 2014110$671m
Q3 201492$642m
Q2 201471$618m
Q1 201466$532m
Q4 201371$539m
Q3 201368$492m
Q2 201369$455m
Q1 201353$240m
Q4 201252$215m
Q3 201252$210m
Q2 201256$214m
Q4 201156$224m
Q3 201162$195m

Where Cove Street Capital was early

69 rows
STT State Street CorpQ4 20118 of 1391.4%1.9%25Exited by Q1 2019+56%
CLGX CoreLogic IncQ2 20121 of 943.1%3.3%7Exited by Q1 2014+191%
GEF/B Greif Inc CL BQ2 20121 of 260.6%1.1%10Exited by Q4 2014+10%
AIG American International Group IncQ2 20127 of 1552.0%3.9%18Exited by Q1 2018+86%
COF Capital One Financial CorpQ2 20128 of 2273.8%4.0%27Exited by Q1 2019+38%
WU Western Union CompanyQ2 201211 of 1331.0%4.4%10Exited by Q2 2022+11%
LYV Live Nation Entertainment IncQ4 20125 of 2162.7%4.4%7Exited by Q4 2020+479%
FOR Forestar Group IncQ1 20131 of 821.6%5.5%17Exited by Q2 2017−38%
GPX GP Strategies CorporationQ2 20131 of 271.3%4.7%34Exited by Q4 2021−13%
OXY OCCIDENTAL PETE CORPQ2 20134 of 1920.3%2.0%12Exited by Q3 2025−51%
GM General Motors CompanyQ2 201311 of 1691.2%1.2%9Exited by Q3 2015+0.1%
AZZ AZZ IncQ3 20131 of 801.6%3.1%15Exited by Q3 2022−2.5%
GHC Graham HoldingsQ4 20132 of 1124.3%4.5%6Exited by Q2 2015+58%
AVD AMERICAN VANGUARD CORPQ2 20141 of 590.3%10.5%32Held at last filing, Q3 2025−57%
VSAT VIASAT INCQ2 20142 of 1261.3%11.0%46Held at last filing, Q3 2025−49%
HNRG HALLADOR ENERGY COMPANYQ3 20142 of 910.1%2.1%36Exited by Q4 2024−20%
UFPT UFP Technologies IncQ3 20142 of 590.05%3.3%34Exited by Q1 2023+436%
ANIK ANIKA THERAPEUTICS INCQ4 20141 of 580.07%1.8%10Held at last filing, Q3 2025−77%
PRKS SeaWorld Entertainment IncQ4 20145 of 1521.6%1.7%7Exited by Q3 2016−20%
SSP SCRIPPS E W CO OHIOQ4 20145 of 730.6%6.7%40Held at last filing, Q3 2025−88%
RAVN Raven Industries IncQ1 20151 of 560.2%2.3%8Exited by Q1 2017+85%
TIGO MILLICOM INTL CELLULAR S AQ1 20152 of 800.2%6.5%37Exited by Q2 2024−44%
IBM International Business MachineQ1 20159 of 1681.5%1.5%9Exited by Q2 2017+8.5%
HP5A Equity CommonwealthQ2 201512 of 1111.8%2.1%19Exited by Q1 2020+28%
FELE Franklin Electric Co IncQ3 20152 of 731.3%1.9%7Exited by Q2 2017+58%
GDEN GOLDEN ENTMT INCQ3 20152 of 890.9%1.1%10Held at last filing, Q3 2025+74%
TUP Tupperware Brands CorpQ3 20152 of 701.4%3.1%16Exited by Q3 2019−62%
FMC FMC CORPQ3 20159 of 1573.8%5.4%40Exited by Q3 2025+42%
CSW CSW Industrials IncQ4 20153 of 770.1%2.4%19Exited by Q3 2020+83%
ZBRA ZEBRA TECHNOLOGIES CORPORATIQ1 20168 of 1541.6%2.6%13Held at last filing, Q3 2025+331%
NOVT Novanta IncQ2 20161 of 992.1%2.4%7Exited by Q1 2018+230%
EVC Entravision Communications CorQ2 20163 of 650.02%1.1%3Exited by Q1 2017+4.2%
JCI Johnson Controls InternationalQ3 201612 of 1730.6%1.1%9Exited by Q4 2018−25%
TGNA TEGNA IncQ4 20163 of 1473.8%5.5%23Exited by Q3 2022−35%
CMP COMPASS MINERALS INTL INCQ4 20164 of 1032.4%6.8%36Held at last filing, Q3 2025−75%
TRNS Transcat IncQ1 20172 of 540.1%1.9%17Exited by Q2 2021+286%
SBH Sally Beauty Holdings IncQ1 20178 of 1122.4%2.6%5Exited by Q2 2018−20%
NEU NEWMARKET CORPQ3 20171 of 860.05%3.2%20Held at last filing, Q3 2025+95%
DLHC DLH HLDGS CORPQ3 20172 of 240.1%3.8%29Exited by Q4 2024+44%
GE General Electric CompanyQ3 201723 of 2421.0%1.0%12Exited by Q3 2020−71%
LILAB Liberty Latin America CL AQ4 20173 of 1011.2%1.2%6Exited by Q2 2019−3.2%
QVCG Qurate Retail IncQ1 20181 of 1161.0%2.3%8Exited by Q1 2020−67%
AYI Acuity Brands IncQ1 20185 of 1370.7%2.9%14Exited by Q3 2021+34%
DNOW NOW IncQ1 20186 of 1332.0%2.5%9Exited by Q2 2020−50%
SPB Spectrum Brands Holdings IncQ1 201810 of 1470.05%3.2%18Exited by Q3 2022−19%
HSIC Henry Schein IncQ1 201811 of 1420.6%1.4%20Exited by Q1 2023+52%
JEF Jefferies Financial Group IncQ2 20183 of 1281.1%1.1%5Exited by Q3 2019−15%
TPR TAPESTRY INCQ4 201812 of 1730.1%2.7%22Exited by Q2 2024+41%
SXI STANDEX INTL CORPQ2 20191 of 591.1%2.6%20Exited by Q2 2024+149%
VMD VIEMED HEALTHCARE INCQ3 20192 of 480.09%2.8%25Held at last filing, Q3 2025−1.9%

Concentration and tenure

6.2%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
43.0%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
4
Median completed holding, quarters