Institutional Manager · CIK 0001517666
Western Standard LLC
Los Angeles, CA · File #028-17964
Latest AUM
$216.8M
Positions
25
Top-10 Concentration
77.8%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
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 |
|---|---|---|---|---|---|
| EXITED | SPDR S&P 500 ETF TR | 78462F103 | -180,000 | -$119.9M | $0 |
| EXITED | KEROS THERAPEUTICS INC | 492327101 | -2,189,882 | -$34.6M | $0 |
| EXITED | ISHARES TR | 464287655 | -125,000 | -$30.2M | $0 |
| ADD | INNOSPEC INC | IOSP | +241,367 | +$18.5M | -$16,740 |
| ADD | GREEN DOT CORP | GDOT | +1,311,170 | +$16.8M | -$413,125 |
| ADD | SELECT MED HLDGS CORP | 81619Q105 | +1,008,664 | +$15.0M | +$2.1M |
| NEW | APARTMENT INVT & MGMT CO | APA | +1,679,924 | +$10.0M | $0 |
| NEW | BELITE BIO INC | BLTE | +60,026 | +$9.6M | $0 |
| NEW | INSPERITY INC | NSP | +215,600 | +$8.3M | $0 |
| EXITED | CONSOLIDATED WATER CO INC | G23773107 | -211,785 | -$7.5M | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202525 pos · $216.8M
- 13F HOLDINGS REPORTQ/E Sep 202524 pos · $337.1M
- 13F HOLDINGS REPORTQ/E Jun 202520 pos · $179.7M
- 13F HOLDINGS REPORTQ/E Mar 202529 pos · $170.1M
- 13F HOLDINGS REPORTQ/E Dec 202423 pos · $150.1M
- 13F HOLDINGS REPORTQ/E Sep 202421 pos · $106.6M
- 13F HOLDINGS REPORTQ/E Jun 202422 pos · $96.6M
- 13F HOLDINGS REPORTQ/E Mar 202424 pos · $208.8M
- 13F HOLDINGS REPORTQ/E Dec 202328 pos · $110.7M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | SELECT MED HLDGS CORP | 81619Q105 | 2,064,021 | $30.7M | 14.14% |
| 2 | ALPHATEC HLDGS INC | ATEC | 1,255,374 | $26.4M | 12.18% |
| 3 | GREEN DOT CORP | GDOT | 1,977,500 | $25.3M | 11.68% |
| 4 | INNOSPEC INC | IOSP | 268,367 | $20.5M | 9.48% |
| 5 | OCTAVE SPECIALTY GROUP INC | OSG | 2,504,627 | $19.5M | 8.99% |
| 6 | AVIAT NETWORKS INC | AVNW | 494,238 | $10.6M | 4.87% |
| 7 | APARTMENT INVT & MGMT CO | APA | 1,679,924 | $10.0M | 4.60% |
| 8 | BELITE BIO INC | BLTE | 60,026 | $9.6M | 4.43% |
| 9 | INSPERITY INC | NSP | 215,600 | $8.3M | 3.85% |
| 10 | EZCORP INC | EZPW | 400,000 | $7.8M | 3.58% |
| 11 | FIVE BELOW INC | FIVE | 40,600 | $7.6M | 3.53% |
| 12 | COMPASS DIVERSIFIED | CODI-PC | 1,165,000 | $5.6M | 2.58% |
| 13 | INVESCO DB US DLR INDEX TR | IVZ | 185,453 | $5.0M | 2.31% |
| 14 | DRIVEN BRANDS HLDGS INC | DRVN | 303,413 | $4.5M | 2.07% |
| 15 | MISTER CAR WASH INC | MCW | 797,906 | $4.4M | 2.05% |
| 16 | QUANEX BLDG PRODS CORP | 747619104 | 274,338 | $4.2M | 1.95% |
| 17 | ARBUTUS BIOPHARMA CORP | ABUS | 507,853 | $2.4M | 1.13% |
| 18 | ALPHABET INC | GOOG | 7,000 | $2.2M | 1.01% |
| 19 | FOX FACTORY HLDG CORP | FOXF | 120,000 | $2.1M | 0.95% |
| 20 | FIRST FINL BANCORP OH | 320209109 | 75,000 | $1.9M | 0.87% |