Praetorian Capital: 13F holdings, Q1 2023
Concentrated value · SEC EDGAR filings (CIK 0001337851) · Explore on the interactive board
Praetorian Capital disclosed 17 US equity positions worth $135.2m in its Q1 2023 13F filing (holdings as of March 31, 2023, filed May 31, 2023). Its largest position is JOE at 24.9% of the reported book, followed by UNITED STS BRENT OIL FD LP, VALARIS LIMITED. The top ten holdings are 94.4% of the book, and the portfolio behaves like about 6 equal-weight positions. Versus the prior filing it opened 6 new positions, added to 5, reduced 3 and exited 2. Note: this manager's most recent filing is 13 quarters behind the newest quarter on file, so these figures are history rather than current positioning.
What does Praetorian Capital own? Top holdings as of March 31, 2023
Change is measured in shares against the previous filing (Q4 2022), so price moves do not read as decisions. This quarter: 6 new, 5 added, 3 reduced, 2 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | JOE ST JOE CO | Real Estate | 24.9% | $33.7m | 809,094 | -10% | reduced |
| 2 | UNITED STS BRENT OIL FD LP | 24.9% | $33.7m | 1,266,080 | 4% | added | |
| 3 | VALARIS LIMITED | 17.0% | $23.0m | 353,770 | 0% | held | |
| 4 | TDW TIDEWATER INC NEW | Energy | 10.6% | $14.3m | 325,000 | 2% | added |
| 5 | GOLD A-MARK PRECIOUS METALS INC | Financial Services | 5.8% | $7.9m | 228,000 | – | new |
| 6 | LEE LEE ENTERPRISES INC | 3.3% | $4.4m | 353,721 | 0% | held | |
| 7 | TSQ TOWNSQUARE MEDIA INC | 2.5% | $3.4m | 420,000 | 28% | added | |
| 8 | FC FRANKLIN COVEY CO | Consumer Defensive | 1.9% | $2.6m | 67,194 | – | new |
| 9 | POLISHED COM INC | 1.9% | $2.6m | 4,917,864 | 3% | added | |
| 10 | SURG SURGEPAYS INC | 1.6% | $2.2m | 480,000 | -19% | reduced | |
| 11 | DK DELEK US HLDGS INC NEW | Energy | 1.5% | $2.0m | 86,200 | – | new |
| 12 | UNIVERSAL STAINLESS & ALLOY | 1.4% | $1.9m | 200,000 | 47% | added | |
| 13 | ASTRONICS CORP | 1.3% | $1.7m | 128,000 | – | new | |
| 14 | TG7 TRIUMPH GROUP INC NEW | 0.6% | $811.3k | 70,000 | – | new | |
| 15 | MKTW MARKETWISE INC | 0.5% | $680.5k | 367,858 | -28% | reduced | |
| 16 | AU ANEBULO PHARMACEUTICALS INC | Basic Materials | 0.4% | $522.0k | 180,005 | – | new |
What did Praetorian Capital sell? Positions exited since the previous filing
| Stock | Prior weight | Prior value |
|---|---|---|
| ANEB ANEBULO PHARMACEUTICALS INC | 100.0% | $436.3k |
| VANECK ETF TRUST | 0.0% | $0 |
Sector mix
| Sector | Weight |
|---|---|
| Real Estate | 24.9% |
| Energy | 12.1% |
| Financial Services | 5.8% |
| Consumer Defensive | 1.9% |
| Basic Materials | 0.4% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
How concentrated is Praetorian Capital's portfolio?
Across every quarter Praetorian Capital has filed, its median largest position is 26.6% of the book and its median top-ten weight is 97.0%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 1 completed holding spells, the median lasted 1.0 quarters; 16 positions are still open and their final length is unknown.