Managers / Q4 2022 · view latest →
Praetorian Capital Management LLC
CIK 0001337851 · 3271 RIVIERA DRIVE, CORAL GABLES, FL, 33134 · 786-453-9366
Summary
Praetorian Capital Management LLC reported $124M in U.S.-listed holdings across 18 positions for Q4 2022.
The portfolio is heavily concentrated: JOE alone accounts for 28.2% of reported value.
Portfolio Metrics
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
Portfolio Composition
- Common Stock · 67.8% · $84M
- ETP · 28.0% · $35M
- Other · 4.3% · $5M
Quarter-over-Quarter Changes full breakdown →
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| JOEST JOE CO | NEW | +901.7K | 901.7K | +$35M | $35M |
| BNOUNITED STS BRENT OIL FD LP | NEW | +1.22M | 1.22M | +$35M | $35M |
| VALVALARIS LIMITED | NEW | +353.8K | 353.8K | +$24M | $24M |
| TDWTIDEWATER INC NEW | NEW | +320.0K | 320.0K | +$12M | $12M |
| LEELEE ENTERPRISES INC | NEW | +353.7K | 353.7K | +$7M | $7M |
| SURGSURGEPAYS INC | NEW | +590.0K | 590.0K | +$4M | $4M |
| POLISHED COM INC | NEW | +4.77M | 4.77M | +$3M | $3M |
| TSQTOWNSQUARE MEDIA INC | NEW | +328.2K | 328.2K | +$2M | $2M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2022
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | JOEST JOE COhistory → | COM | 28.18% | $35M | 901.7K |
| 2 | BNOUNITED STS BRENT OIL FD LPhistory → | UNIT | 27.96% | $35M | 1.22M |
| 3 | VALVALARIS LIMITEDhistory → | CL A | 19.34% | $24M | 353.8K |
| 4 | TDWTIDEWATER INC NEWhistory → | COM | 9.54% | $12M | 320.0K |
| 5 | LEELEE ENTERPRISES INChistory → | COM | 5.31% | $7M | 353.7K |
| 6 | SURGSURGEPAYS INChistory → | COM NEW | 3.13% | $4M | 590.0K |
| 7 | POLISHED COM INC | COM | 2.23% | $3M | 4.77M |
| 8 | TSQTOWNSQUARE MEDIA INChistory → | CL A | 1.92% | $2M | 328.2K |
| 9 | UNIVERSAL STAINLESS & ALLOY | COM | 0.79% | $976,389 | 136.2K |
| 10 | MARKETWISE INC | COM CL A | 0.69% | $858,204 | 510.8K |
| 11 | ANEBANEBULO PHARMACEUTICALS INC | COM | 0.35% | $436,278 | 180.0K |
| 12 | VANECK ETF TRUST | VANECK RUSSIA ETF | 0.00% | $0 | 543.3K |
Filing History
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 ↗.