RAFFLES ASSOCIATES LP

CIK 0001169581 · Q1 2026

13F Equity AUM

$115.3M

-13.5% QoQ

Positions

-5 QoQ

AUM Rank

#9,498

Top 76%

Skill Alpha (FF)

+3.5%/yr^ns

No Clear Edge

Rank #827 · Top 10%

vs S&P -5.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 37.5%Top 10: 60.7%Top 20: 82.0%

SMBC12.4%

LCTX7.3%

EBC6.7%

CBK5.6%

PROV5.5%

IE5.5%

OFG4.9%

GLIBK4.7%

VZLA4.3%

AFBI3.8%

Others (39)39.3%

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

Sector Allocation

Financial Services60.2%

Healthcare10.7%

Industrials7.8%

Communication Services6.8%

Basic Materials5.5%

Technology5.5%

Other3.7%

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

Position Sizing

Positions: 49Median: 1.16%Avg: 2.04%

0–0.5%

14(3.4%)

0.5–1%

8(5.9%)

1–3%

16(26.7%)

3–5%

5(21.1%)

5%+

6(43.0%)

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

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Portfolio Overlap

Shared: 42Unique: 7vs 20 funds

0.6%Low

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

VANGUARD CAPITAL MANAGEMENT LLC

GEODE CAPITAL MANAGEMENT, LLC

BlackRock, Inc.

0.7%

MORGAN STANLEY

0.5%

STATE STREET CORP

0.7%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.7%

BANK OF AMERICA CORP /DE/

0.4%

JPMORGAN CHASE & CO

0.4%

FMR LLC

0.2%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New5Increased7Decreased18Exited10

New Positions

JETS1.6%

+75K

TMF1.6%

+50K

SCO0.7%

+100K

FMNB0.2%

+15K

AP0.1%

+15K

Increased

MSOS2.0%

+245K(+62%)

PERI1.5%

+75K(+79%)

EBC6.7%

+35K(+10%)

OFG4.9%

+20K(+17%)

TIPT0.8%

+15K(+37%)

GLIBK4.7%

+8K(+6%)

HHS0.2%

+2(0%)

Decreased

VZLA4.3%

-150,000(-9%)

ABTC0.5%

-145,000(-21%)

NXE0.5%

-125,000(-71%)

FBP0.6%

-101,000(-76%)

GLL2.3%

-95,000(-42%)

JOB2.0%

-59,041(-1%)

IE5.5%

-41,000(-7%)

KELYA0.4%

-36,790(-42%)

ESOA1.9%

-29,000(-15%)

JOF1.1%

-28,495(-20%)

Exited

-110,000

-125,000

-200,000

-97,078

-50,000

-425,000

-100,000

ALTO

-100,000

ZSL

-50,000

GFR

-10,444

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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