RAFFLES ASSOCIATES LP

CIK 0001169581 · Q2 2026

13F Equity AUM

$117.3M

+1.8% QoQ

Positions

-1 QoQ

AUM Rank

#7,781

Top 89%

Skill Alpha (FF)

+2.6%/yr^ns

No Clear Edge

Rank #1,168 · Top 14%

vs S&P -3.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 43.5%Top 10: 65.4%Top 20: 85.2%

SMBC13.7%

GLIBK10.4%

EBC7.1%

CBK6.4%

LCTX5.8%

PROV5.7%

OFG4.3%

VZLA4.1%

VMD3.9%

IE3.9%

Others (38)34.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services56.8%

Communication Services13.0%

Healthcare9.7%

Industrials8.0%

Basic Materials5.6%

Technology3.9%

Other2.9%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 48Median: 0.89%Avg: 2.08%

0–0.5%

14(3.1%)

0.5–1%

11(8.0%)

1–3%

13(23.5%)

3–5%

4(16.2%)

5%+

6(49.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 48vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New5Increased6Decreased19Exited6

New Positions

UVXY3.0%

+140K

MSOX0.6%

+196K

TRUL0.4%

+50K

TZA0.2%

+75K

BRBS0.0%

+11K

Increased

GLIBK10.4%

+422K(+288%)

PERI1.9%

+66K(+38%)

NXE0.8%

+50K(+100%)

CTGO1.5%

+42K(+58%)

NBBK0.6%

+17K(+114%)

AWX0.1%

+754(+3%)

Decreased

MSOS1.3%

-345,000(-54%)

LCTX5.8%

-165,000(-3%)

AFBI0.8%

-157,612(-79%)

GLL0.9%

-90,000(-69%)

ABTC0.3%

-75,000(-14%)

IE3.9%

-55,000(-10%)

JOB1.7%

-50,000(-1%)

VZLA4.1%

-50,000(-3%)

OFG4.3%

-38,000(-27%)

NSTS0.7%

-37,185(-40%)

Exited

-75,000

-50,000

-115,000

-100,000

-31,874

-23,897

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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