SEC 13F Intelligence

Managers / Q4 2024 · view latest →

RAFFLES ASSOCIATES LP

CIK 0001169581 · 5 PENN PLAZA, 19TH FLOOR, NEW YORK, NY, 10001 · 212-760-2322

Reported Value
$93M
Q4 2024
Positions
49
Filings on Record
30
2019–present window
Filed
Feb 14, 2025
original filing

Summary

Raffles Associates LP reported $93M in U.S.-listed holdings across 49 positions for Q4 2024.

Its largest position, SMBC, represents 14.2% of the portfolio.

Compared with Q3 2024, the fund opened 11 new positions and exited 10.

Portfolio Metrics

Turnover
+13.7%
vs prior filed quarter
Top-10 Concentration
+62.1%
share of reported value
Largest Position
+14.2%
Southern Mo Bancorp
New / Exited
11 / 10
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $88MQ4 ’18Q1 ’19: $91MQ2 ’19: $97MQ3 ’19: $105MQ4 ’19: $104MQ4 ’19Q1 ’20: $55MQ2 ’20: $61MQ3 ’20: $59MQ4 ’20: $86MQ4 ’20Q1 ’21: $98MQ2 ’21: $118MQ3 ’21: $108MQ4 ’21: $104MQ4 ’21Q1 ’22: $97MQ2 ’22: $92MQ3 ’22: $94MQ4 ’22: $85MQ4 ’22Q1 ’23: $73MQ2 ’23: $74MQ3 ’23: $75MQ4 ’23: $79MQ4 ’23Q1 ’24: $86MQ2 ’24: $89MQ3 ’24: $97MQ4 ’24: $93MQ4 ’24Q1 ’25: $82MQ2 ’25: $96MQ3 ’25: $107MQ4 ’25: $133MQ4 ’25Q1 ’26: $115Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 86.9%Other: 6.6%Closed-End Fund: 3.3%ETP: 1.6%REIT: 1.6%
  • Common Stock · 86.9% · $81M
  • Other · 6.6% · $6M
  • Closed-End Fund · 3.3% · $3M
  • ETP · 1.6% · $2M
  • REIT · 1.6% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TDWTIDEWATER INC NEWNEW+41.0K41.0K+$2M$2M
AMPLIFY ETF TRNEW+525.0K525.0K+$1M$1M
KELYAKELLY SVCS INCNEW+66.8K66.8K+$931,053$931,053
PROSHARES TRNEW+20.0K20.0K+$622,800$622,800
NWFLNORWOOD FINANCIAL CORPNEW+20.0K20.0K+$544,100$544,100
PPLTUSDABRDN PLATINUM ETF TRUSTNEW+5.0K5.0K+$415,250$415,250
TLRYEURTILRAY BRANDS INCNEW+250.0K250.0K+$332,500$332,500
DIREXION SHS ETF TRNEW+10.0K10.0K+$279,400$279,400

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2024

48 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SMBCSOUTHERN MO BANCORP INChistory →COM14.16%$13M229.1K
2IEIVANHOE ELECTRIC INChistory →COM9.04%$8M1.11M
3PROVPROVIDENT FINL HLDGS INChistory →COM6.74%$6M393.4K
4EBCEASTERN BANKSHARES INChistory →COM6.50%$6M349.8K
5OFGOFG BANCORPhistory →COM5.93%$6M130.1K
6FBPFIRST BANCORP P Rhistory →COM NEW4.86%$5M242.9K
7PROSHARES TRULTRASHRT S&P500 · ULTRAPRO SHT QQQ4.49%$4M200.0K
8AFBIAFFINITY BANCSHARES INChistory →COM3.75%$3M199.1K
9VMDVIEMED HEALTHCARE INChistory →COM3.48%$3M402.7K
10VZLAVIZSLA SILVER CORPhistory →COM NEW3.17%$3M1.72M
11ASLEAERSALE CORPORATIONhistory →COM3.09%$3M455.0K
12LCTXLINEAGE CELL THERAPEUTICS INhistory →COM2.97%$3M5.49M
13TDWTIDEWATER INC NEWhistory →COM2.42%$2M41.0K
14JOBGEE GROUP INChistory →COM2.13%$2M9.53M
15MAYSMAYS J W INChistory →COM2.11%$2M44.4K
16JOFJAPAN SMALLER CAPITALIZATIONhistory →COM2.05%$2M248.2K
17ESOAENERGY SVCS ACQUISITION CORPhistory →COM1.77%$2M130.1K
18NECBNORTHEAST CMNTY BANCORP INChistory →COM1.57%$1M59.5K
19PKSTPEAKSTONE REALTY TRUSThistory →COMMON SHARES1.55%$1M130.0K
20NXENEXGEN ENERGY LTDhistory →COM1.39%$1M195.0K
21180 DEGREE CAP CORPCOM NEW1.27%$1M321.7K
22AMPLIFY ETF TRAMPLIFY ALTERNAT1.27%$1M525.0K
23NSTSNSTS BANCORP INChistory →COM1.19%$1M93.8K
24RNGRGBPRANGER ENERGY SVCS INChistory →COM CL A1.09%$1M65.4K
25NSSCNAPCO SEC TECHNOLOGIES INChistory →COM1.05%$975,19727.4K
26KELYAKELLY SVCS INChistory →CL A1.00%$931,05366.8K
27VABKVIRGINIA NATL BANKSHARES CORCOM0.87%$803,61321.0K
28FNWDFINWARD BANCORPCOM0.83%$767,99327.3K
29RITHM PROPERTY TRUST INCCOM0.82%$763,311257.0K
30PTBPOTBELLY CORPCOM0.71%$657,14969.8K
31TIPTTIPTREE INCCOM0.69%$642,50930.8K
32ECBKECB BANCORP INCCOM0.68%$630,12142.5K
33MSOSADVISORSHARES TRPURE US CANNABIS0.65%$601,980158.0K
34NWFLNORWOOD FINANCIAL CORPCOM0.59%$544,10020.0K
35FIRST BK WILLIAMSTOWN NEW JECOM0.51%$471,64033.5K
36CTGOCONTANGO ORE INCCOM0.50%$466,47146.6K
37SIRISIRIUSXM HOLDINGS INCCOMMON STOCK0.47%$437,62319.2K
38PPLTUSDABRDN PLATINUM ETF TRUSTPHYSCL PLATM SHS0.45%$415,2505.0K
39TLRYEURTILRAY BRANDS INCCOM0.36%$332,500250.0K
40DIREXION SHS ETF TRDL FTSE BULL 3X0.30%$279,40010.0K
41BTEBAYTEX ENERGY CORPCOM0.28%$258,000100.0K
42SPROTT FDS TRJR COPPER MINERS0.23%$215,44111.7K
43NBBKNB BANCORP INCCOM0.22%$201,11611.1K
44UBCPUNITED BANCORP INC OHIOCOM0.22%$199,58915.4K
45BRBSBLUE RIDGE BANKSHARES INC VACOM0.21%$192,98759.9K
46ALTOALTO INGREDIENTS INCCOM0.17%$156,000100.0K
47CLSTCATALYST BANCORP INCCOMMON STOCK0.13%$124,23210.6K
48AWXAVALON HLDGS CORPCL A0.10%$88,78222.9K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$115M49May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$133M54Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$107M49Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$96M48Aug 15, 202513F-HRchanges · EDGAR ↗
Q1 2025$82M43May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$93M49Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$97M48Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$89M52Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$86M51May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$79M47Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$75M46Nov 15, 202313F-HRchanges · EDGAR ↗
Q2 2023$74M45Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$73M46May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$85M47Feb 15, 202313F-HRchanges · EDGAR ↗
Q3 2022$94M50Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$92M48Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$97M45May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$104M49Feb 15, 202213F-HRchanges · EDGAR ↗
Q3 2021$108M42Nov 16, 202113F-HRchanges · EDGAR ↗
Q2 2021$118M44Aug 17, 202113F-HRchanges · EDGAR ↗
Q1 2021$98M39May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$86M37Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$59M31Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$61M39Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$55M45May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$104M50Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$105M53Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$97M52Aug 15, 201913F-HRchanges · EDGAR ↗
Q1 2019$91M50May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$88M45Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.