Acuitas Investments, LLC

CIK 0001524828 · Q2 2026

13F Equity AUM

$1.4M

+1.2% QoQ

Positions

-2 QoQ

AUM Rank

#12,087

Top 96%

Skill Alpha (FF)

+4.1%/yr^ns

No Clear Edge

Rank #848 · Top 10%

vs S&P +3.0%/yr (unadj.)

Quarters Tracked

~7 years

Portfolio Concentration

Top 5: 91.0%Top 10: 100.0%Top 20: 100.0%

SLB26.7%

UAN26.3%

FSLR15.4%

MCHX11.7%

BBD10.8%

NFG4.7%

PPTA4.4%

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

Sector Allocation

Energy46.8%

Basic Materials30.6%

Communication Services11.7%

Financial Services10.8%

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

Position Sizing

Positions: 7Median: 11.74%Avg: 14.29%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

0(0.0%)

3–5%

2(9.1%)

5%+

5(91.0%)

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

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Portfolio Overlap

Shared: 0Unique: 7vs 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

New3Increased1Decreased2Exited5

New Positions

UAN26.3%

+3K

FSLR15.4%

+935

PPTA4.4%

+3K

Increased

BBD10.8%

+13K(+39%)

Decreased

MCHX11.7%

-30,968(-23%)

NFG4.7%

-21,000(-32%)

Exited

-8,900

-10,000

-3,000

-30,000

-400

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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