Western Standard LLC

CIK 0001517666 · Q2 2026

13F Equity AUM

$295.3M

+55.3% QoQ

Positions

+4 QoQ

AUM Rank

#5,078

Top 58%

Skill Alpha (FF)

+3.6%/yr^ns

No Clear Edge

Rank #934 · Top 11%

vs S&P -1.1%/yr (unadj.)

Quarters Tracked

~9 years

Portfolio Concentration

Top 5: 52.4%Top 10: 75.8%Top 20: 95.7%

GDOT14.8%

GLAS/A/U11.9%

CODI9.6%

ABVX9.0%

AVTR7.1%

IOSP6.5%

EA6.1%

OSG4.8%

AHRT3.1%

STGW2.9%

Others (17)24.2%

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

Sector Allocation

Healthcare33.8%

Financial Services25.4%

Communication Services9.9%

Industrials9.6%

Basic Materials6.5%

Consumer Cyclical4.1%

Consumer Defensive3.3%

Unclassified2.7%

Other4.8%

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

Position Sizing

Positions: 27Median: 2.26%Avg: 3.70%

0–0.5%

2(0.3%)

0.5–1%

5(4.0%)

1–3%

11(22.9%)

3–5%

2(7.9%)

5%+

7(65.0%)

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

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Portfolio Overlap

Shared: 0Unique: 27vs 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

New18Increased4Decreased4Exited14

New Positions

GLAS/A/U11.9%

+2.7M

ABVX9.0%

+200K

AVTR7.1%

+2.1M

EA6.1%

+88K

AHRT3.1%

+1.3M

STGW2.9%

+1.2M

BOBS DISC FURNITURE …2.7%

+503K

CWCO2.5%

+252K

FWRG2.2%

+513K

COO1.8%

+73K

Increased

FRPT2.5%

+55K(+76%)

I9DN0.9%

+21K(+4%)

IOSP6.5%

+10K(+4%)

FFBC1.0%

+4K(+4%)

Decreased

CODI9.6%

-485,206(-15%)

GDOT14.8%

-306,512(-9%)

AVNW2.3%

-114,724(-28%)

EZPW1.6%

-60,700(-30%)

Exited

-184,817

-1,213,557

-1,626,624

-162,000

-23,252

-30,156

-185,453

-274,876

-228,662

-109,933

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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