Institutional Manager · CIK 0001492162

Lesa Sroufe & Co

SEATTLE, WA · File #028-13961

Latest AUM

$134,321

Positions

Top-10 Concentration

50.7%

Filings

Portfolio Value Over Time

2023-12

2024-03

2024-06

2024-09

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	TOTALENERGIES F	TTE	+47,185	+$3,087	$0
REDUCE	PAN AMERN SILVER CORP F	697900108	-53,315	-$2,762	+$2,569
EXITED	TOTALENERGIES SE FSPONSORED AD	89151e109	-45,556	-$2,719	$0
REDUCE	ISHARES SILVER TRUST ETF	SLV	-35,920	-$2,314	+$2,936
EXITED	UNITEDHEALTH GROUP INC	91324p102	-877	-$303	$0
REDUCE	PETROLEO BRASILEIRO SA F SPONS	71654v408	-25,418	-$301	-$254
NEW	COMPASS INC CLASS CLASS A	COMP	+25,089	+$265	$0
NEW	ORMAT TECHNOLOGIES INC	ORA	+2,012	+$222	$0
EXITED	COMPASS INC	20464U100	-25,089	-$201	$0
ADD	INNOVEX INTL INC EQUITY CLASS	INVX	+6,555	+$143	+$383

Sector Allocation

10.9%$14,627

9.1%$12,245

8.8%$11,847

7.2%$9,700

4.5%$6,076

4.0%$5,404

3.7%$4,966

2.1%$2,827

Communication Services

2.0%$2,659

Consumer Discretionary

1.1%$1,508

Real Estate

0.4%$522

Filing History

Jan 22, 202613F HOLDINGS REPORTQ/E Dec 202569 pos · $134,321
Oct 23, 202513F HOLDINGS REPORTQ/E Sep 202569 pos · $123,789
Jul 29, 202513F HOLDINGS REPORTQ/E Jun 202570 pos · $108,841
Apr 18, 202513F HOLDINGS REPORTQ/E Mar 202569 pos · $99,243
Oct 16, 202413F HOLDINGS REPORTQ/E Sep 202474 pos · $107,148
Jul 9, 202413F HOLDINGS REPORTQ/E Jun 202471 pos · $102,967
May 6, 202413F HOLDINGS REPORTQ/E Mar 202474 pos · $106,878
Oct 19, 202313F HOLDINGS REPORTQ/E Dec 202372 pos · $95,837

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	MICROSOFT CORP	MSFT	20,278	$9,807	7.55%
2	HECLA MNG CO	422704106	473,169	$9,080	6.99%
3	NEWMONT CORP	NEMCL	80,665	$8,054	6.20%
4	PAN AMERN SILVER CORP F	697900108	143,075	$7,413	5.71%
5	ANGLOGOLD ASHANTI PLC F	AU	86,910	$7,412	5.71%
6	ISHARES SILVER TRUST ETF	SLV	97,230	$6,264	4.82%
7	TUTOR PERINI CORP	TPC	72,497	$4,859	3.74%
8	M&T BK CORP	55261f104	22,414	$4,516	3.48%
9	CEMEX S A B DE C V F SPONSORED	CXMSF	376,017	$4,320	3.33%
10	ALCOA CORP	AA	76,435	$4,062	3.13%
11	RANGE RESOURCES CORP	75281a109	97,498	$3,438	2.65%
12	PETROLEO BRASILEIRO SA F SPONS	71654v408	288,600	$3,420	2.63%
13	BLACK HILLS CORP	BKH	46,257	$3,211	2.47%
14	NUTRIEN LTD F	NTR	51,081	$3,153	2.43%
15	TOTALENERGIES F	TTE	47,185	$3,087	2.38%
16	INTERNATIONAL SEAWAYS INC	INSW	58,834	$2,856	2.20%
17	AMGEN INC	AMGN	8,490	$2,779	2.14%
18	TELEFONICA BRASIL SA F SPONSOR	VIV	224,233	$2,659	2.05%
19	INNOVEX INTL INC EQUITY CLASS	INVX	121,535	$2,658	2.05%
20	BUNGE GLOBAL SA F	BG	29,206	$2,602	2.00%