WhaleCreep

Cove Street Capital 13F holdings, Q2 2023

Long-only investorSEC filingsCompare with another fundHoldings as of 2023-06-30, filed 2023-08-11

Cove Street Capital disclosed 80 US equity positions worth $322.3m in its Q2 2023 13F filing. Its largest position is VSAT at 11.0% of the reported book, followed by ECVT and PPLI. Versus Q1 2023 it opened 7 new positions, added to 17, reduced 43 and exited 10.

$322m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
80
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
11.0%
Largest position
The largest single position as a share of the reported equity book.
51.6%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
26
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 Q1 2023: 7 new, 17 added, 43 reduced, 10 exited

50 of 80
VSAT VIASAT INCTechnology11.0%$35.5m859,191−9.1%reduced
ECVT ECOVYST INCBasic Materials6.6%$21.2m1.85m−9.6%reduced
PPLI PEOPLE INCCommunication Services6.0%$19.5m310,023−11%reduced
LFCR LIFECORE BIOMEDICAL INCHealthcare4.9%$15.7m1.62m−14%reduced
WHITE MTNS INS GROUP LTD no ticker–4.4%$14.1m10,176−7.0%reduced
KBR KBR INCIndustrials4.3%$13.9m213,795−9.0%reduced
CMP COMPASS MINERALS INTL INCBasic Materials3.9%$12.5m368,343−11%reduced
SSP SCRIPPS E W CO OHIOCommunication Services3.7%$12.0m1.31m+33%added
SIXEUR SIX FLAGS ENTMT CORP NEW–3.4%$11.1m425,453−3.1%reduced
ENOV ENOVIS CORPORATIONHealthcare3.4%$10.9m169,624−8.8%reduced
HCCIUSD HERITAGE CRYSTAL CLEAN INC–2.9%$9.4m249,662−14%reduced
NEU NEWMARKET CORPBasic Materials2.4%$7.7m19,209−18%reduced
VMD VIEMED HEALTHCARE INCHealthcare2.3%$7.3m743,731−16%reduced
DLHC DLH HLDGS CORPIndustrials2.2%$7.2m701,185+36%added
CVLT COMMVAULT SYSTEMS INCTechnology2.2%$7.2m98,618−20%reduced
CLMB CLIMB GLOBAL SOLUTIONS INCTechnology2.2%$7.1m148,603−25%reduced
CNX CNX RESOURCES CORPORATIONEnergy2.1%$6.7m377,253−11%reduced
SNEX STONEX GROUP INCFinancial Services1.7%$5.5m65,988−11%reduced
LGF/BEUR LIONS GATE ENTMNT CORP–1.7%$5.4m651,185−27%reduced
DCO DUCOMMUN INC DELIndustrials1.6%$5.0m115,659−15%reduced
GLDD GREAT LAKES DREDGE & DOCK CO–1.6%$5.0m616,527−12%reduced
TIPT TIPTREE INCFinancial Services1.5%$4.9m327,639+10%added
RSSS RESEARCH SOLUTIONS INC–1.5%$4.8m2.36m−7.4%reduced
INFU INFUSYSTEM HLDGS INCHealthcare1.4%$4.5m465,801−15%reduced
SXI STANDEX INTL CORPIndustrials1.3%$4.3m30,539−45%reduced
WBD WARNER BROS DISCOVERY INCCommunication Services1.3%$4.3m342,2000.0%held
HNRG HALLADOR ENERGY COMPANYUtilities1.3%$4.2m488,126−22%reduced
07S SECUREWORKS CORP–1.3%$4.1m571,173−6.6%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–1.2%$4.0m11,6500.0%held
AXALTA COATING SYS LTD no ticker–1.2%$3.9m120,325−12%reduced
LIBERTY MEDIA CORP DEL no ticker–1.2%$3.9m118,999−4.6%reduced
GBLI GLOBAL INDEMNITY GROUP LLC–1.1%$3.4m102,565+25%added
FNV FRANCO NEVADA CORPBasic Materials0.9%$3.0m21,000−11%reduced
LTRPAUSD LIBERTY TRIPADVISOR HLDGS IN–0.8%$2.6m4.03m−1.6%reduced
CORUS ENTERTAINMT ORD no ticker–0.7%$2.4m2.39m–new
TIGO MILLICOM INTL CELLULAR S ACommunication Services0.7%$2.4m154,835−18%reduced
FMC FMC CORPBasic Materials0.7%$2.3m21,774−4.4%reduced
GEG GREAT ELM GROUP INC–0.6%$1.9m941,053+14%added
CLH CLEAN HARBORS INCIndustrials0.6%$1.8m11,224−19%reduced
RRX REGAL REXNORD CORPORATIONIndustrials0.5%$1.6m10,505−12%reduced
WFC WELLS FARGO & COFinancial Services0.5%$1.5m35,5000.0%held
HWM HOWMET AEROSPACE INCIndustrials0.5%$1.5m29,408−13%reduced
BNY BANK OF NY MELLON CORPFinancial Services0.4%$1.3m28,300+6.8%added
TPR TAPESTRY INCConsumer Cyclical0.4%$1.2m27,161−14%reduced
SCHW SCHWAB CHARLES CORPFinancial Services0.4%$1.2m20,500+86%added
DVN DEVON ENERGY CORP NEWEnergy0.3%$1.1m23,334+3.1%added
MPAA MOTORCAR PTS AMER INC–0.3%$1.1m144,463–new
SKAA SKECHERS U S A INC–0.3%$1.1m20,805−13%reduced
LFUS LITTELFUSE INCTechnology0.3%$1.0m3,485−13%reduced
TRMB TRIMBLE INCTechnology0.3%$844k15,943−12%reduced

Exited since Q1 2023

10 rows
NABL N-ABLE INC0.9%$3.0m
Lifecore Series A Convertible no ticker0.5%$1.8m
IPGP IPG PHOTONICS CORP0.3%$1.0m
FRCB FIRST REP BK SAN FRANCISCO C0.02%$83.0k
GXO GXO LOGISTICS INCORPORATED0.0%$15.0k
MAS MASCO CORP0.0%$14.0k
GNRC GENERAC HLDGS INC0.0%$13.0k
ALJ REGL HLDGS INC no ticker0.0%$7.0k
GDDY GODADDY INC0.0%$7.0k
ZWS ZURN ELKAY WATER SOLNS CORP0.0%$7.0k

Sector mix

  • Unclassified25.6%
  • Technology16.0%
  • Basic Materials14.7%
  • Healthcare12.0%
  • Communication Services11.8%
  • Industrials11.0%
  • Financial Services4.4%
  • Energy2.7%
  • Utilities1.3%
  • Consumer Cyclical0.4%
  • Real Estate0.08%
  • Consumer Defensive0.03%

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