Managers / Q3 2025 · view latest →

Lesa Sroufe & Co

CIK 0001492162 · 801 2ND AVENUE SUITE 304, SEATTLE, WA, 98104 · 206-838-8385

Reported Value

$124M

Q3 2025

Positions

Filings on Record

2019–present window

Filed

Oct 23, 2025

original filing

Summary

Lesa Sroufe & Co reported $124M in U.S.-listed holdings across 69 positions for Q3 2025.

Its largest position, MSFT, represents 8.5% of the portfolio.

Compared with Q2 2025, the fund opened 3 new positions and exited 4.

Portfolio Metrics

Turnover

+3.2%

vs prior filed quarter

Top-10 Concentration

+47.8%

share of reported value

Largest Position

+8.5%

Microsoft

New / Exited

3 / 4

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

Portfolio Composition

By security type

Common Stock · 52.2% · $65M
Other · 40.8% · $51M
ADR · 4.2% · $5M
Royalty Trst · 1.7% · $2M
ETP · 0.9% · $1M
REIT · 0.2% · $274,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

Issuer	Move	Share Δ	Shares now	Value Δ	Value now
TOTALENERGIES SE FSPONSORED AD	NEW	+45.6K	45.6K	+$3M	$3M
PALANTIR TECHNOLOGIES IN CLASS	NEW	+1.2K	1.2K	+$223,000	$223,000
WALGREENS BOOTS ALLI	NEW	+10.2K	10.2K	+$0	$0
INTC INTEL CORP	SOLD OUT	−70.1K	0	−$2M	$0
ANTERO RESOURCES COR	SOLD OUT	−6.8K	0	−$272,000	$0
C3 AI INC CLASS A	SOLD OUT	−9.1K	0	−$224,000	$0
WBA WALGREENS BOOTS ALLI	SOLD OUT	−10.2K	0	−$117,000	$0
SPDR GOLD SHARES ETF	ADDED	+595	2.2K	+$293,000	$787,000

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

Holdings — Q3 2025

69 positions

Export to Excel

#	Issuer	Class	% Portfolio	Value ↓	Shares
1	MSFT MICROSOFT CORP history →	COM	8.53%	$11M	20.4K
2	PAAS PAN AMERN SILVER CORP F history →	COM	6.14%	$8M	196.4K
3	NEM NEWMONT CORP history →	COM	5.49%	$7M	80.7K
4	ANGLOGOLD ASHANTI PLC F	COM	4.88%	$6M	85.9K
5	HL HECLA MINING CO history →	COM	4.62%	$6M	472.5K
6	ISHARES SILVER TRUST ETF	ISHARES	4.56%	$6M	133.2K
7	TPC TUTOR PERINI CORP history →	COM	3.77%	$5M	71.2K
8	M & T BANK CORP	COM	3.65%	$5M	22.9K
9	PETROLEO BRASILEIRO F SPONSORE	ADR	3.21%	$4M	314.0K
10	RANGE RESOURCES CORP	COM	2.98%	$4M	97.9K
11	CX CEMEX SAB DE C V F SPONSORED A history →	ADR	2.72%	$3M	374.6K
12	NUTRIEN LTD F	COM	2.40%	$3M	50.6K
13	TELEFONICA BRASIL S. F SPONSOR	ADR	2.31%	$3M	224.1K
14	BKH BLACK HILLS CORP history →	COM	2.28%	$3M	45.8K
15	LAZARD INC	COM	2.25%	$3M	52.8K
16	INTERNATIONAL SEAWAYS INC F	COM	2.20%	$3M	59.1K
17	TOTALENERGIES SE FSPONSORED AD	ADR	2.20%	$3M	45.6K
18	FLR FLUOR CORP history →	COM	2.04%	$3M	60.2K
19	AA ALCOA CORP history →	COM	2.01%	$2M	75.5K
20	AMGN AMGEN INC.history →	COM	1.94%	$2M	8.5K
21	BUNGE GLOBAL SA F	COM	1.90%	$2M	29.0K
22	NWE NORTHWESTERN ENERGY GROUP INC history →	COM	1.88%	$2M	39.7K
23	INVX INNOVEX INTERNATIONAL INC history →	COM	1.72%	$2M	115.0K
24	HE HAWAIIAN ELECTRIC INDUSTRIES history →	COM	1.70%	$2M	190.7K
25	SJT SAN JUAN BASIN ROYAL ROYALTY T history →	COM	1.66%	$2M	340.0K
26	PROSHARES SHORT QQQ ETF	COM	1.63%	$2M	65.0K
27	HTLD HEARTLAND EXPRESS history →	COM	1.54%	$2M	227.9K
28	NOK NOKIA OYJ F SPONSORED ADR 1 AD history →	ADR	1.48%	$2M	380.9K
29	ALK ALASKA AIR GROUP INC history →	COM	1.47%	$2M	36.6K
30	DOLE PLC F	COM	1.37%	$2M	126.6K
31	AAPL APPLE INC history →	COM	1.23%	$2M	6.0K
32	MCD MCDONALDS CORP	COM	0.78%	$969,000	3.2K
33	SWBI SMITH & WESSON BRANDS INC	COM	0.65%	$801,000	81.5K
34	SPDR GOLD SHARES ETF	COM	0.64%	$787,000	2.2K
35	BERKSHIRE HATHAWAY INC DCLASS	COM	0.61%	$754,000	1
36	ORACLE CORP	COM	0.55%	$686,000	2.4K
37	JNJ JOHNSON & JOHNSON	COM	0.54%	$664,000	3.6K
38	ABBVIE INC	COM	0.49%	$602,000	2.6K
39	PG PROCTER & GAMBLE	COM	0.44%	$549,000	3.6K
40	PEP PEPSICO INC	COM	0.42%	$523,000	3.7K
41	VT VANGUARD TOTAL WORLD STOCK IND	COM	0.41%	$513,000	3.7K
42	AMZN AMAZON.COM INC	COM	0.41%	$508,000	2.3K
43	BKUTK BANK OF UTICA N Y	COM	0.40%	$500,000	1.0K
44	MERCK & CO. INC.	COM	0.35%	$428,000	5.1K
45	VANGUARD INFORMATION TECHNOLOG	COM	0.34%	$416,000	557
46	SYY SYSCO CORP	COM	0.32%	$394,000	4.8K
47	CVX CHEVRON CORP	COM	0.31%	$386,000	2.5K
48	IAU ISHARES GOLD ETF	ISHARES	0.30%	$374,000	5.1K
49	ABT ABBOTT LABORATORIES	COM	0.29%	$360,000	2.7K
50	NVIDIA CORP	COM	0.29%	$358,000	1.9K
51	J P MORGAN CHASE & CO	COM	0.27%	$335,000	1.1K
52	UNITEDHEALTH GROUP INC	COM	0.24%	$303,000	877
53	CVS CVS HEALTH CORP	COM	0.24%	$299,000	4.0K
54	AMERISERV FINL	COM	0.23%	$290,000	100.0K
55	BA BOEING CO	COM	0.23%	$283,000	1.3K
56	SPDR S&P MIDCAP 400 ETF	COM	0.23%	$280,000	470
57	CISCO SYSTEMS INC	COM	0.23%	$280,000	4.1K
58	BRT BRT APARTMENTS CORP	COM	0.22%	$274,000	17.5K
59	CAMECO CORP F	COM	0.22%	$268,000	3.2K
60	CHENIERE ENERGY INC	COM	0.22%	$268,000	1.1K
61	IBM IBM CORP	COM	0.22%	$267,000	945
62	DIS WALT DISNEY CO	COM	0.21%	$255,000	2.2K
63	BRK/B BERKSHIRE HATHAWAY INC CL B	COM	0.20%	$245,000	487
64	SCHX SCHWAB US LARGE CAP ETF	COM	0.20%	$242,000	9.2K
65	PALANTIR TECHNOLOGIES IN CLASS	COM	0.18%	$223,000	1.2K
66	EXXON MOBIL CORP	COM	0.17%	$208,000	1.8K
67	COMP COMPASS INC	COM	0.16%	$201,000	25.1K
68	ENEL CHILE S A F SPONSORED ADR	ADR	0.04%	$48,000	12.2K
69	WALGREENS BOOTS ALLI	COM	0.00%	$0	10.2K

Filing History

Quarter	Reported Value	Positions	Filed	Type	Links
Q1 2026	$147M	69	Apr 27, 2026	13F-HR	changes · EDGAR ↗
Q4 2025	$134M	69	Jan 22, 2026	13F-HR	changes · EDGAR ↗
Q3 2025	$124M	69	Oct 23, 2025	13F-HR	changes · EDGAR ↗
Q2 2025	$109M	70	Jul 29, 2025	13F-HR	changes · EDGAR ↗
Q1 2025	$100M	73	Apr 18, 2025	13F-HR	changes · EDGAR ↗
Q3 2024	$107M	74	Oct 16, 2024	13F-HR	changes · EDGAR ↗
Q2 2024	$103M	71	Jul 9, 2024	13F-HR	changes · EDGAR ↗
Q1 2024	$107M	74	May 6, 2024	13F-HR	changes · EDGAR ↗
Q4 2023	$98M	65	Feb 1, 2024	13F-HR	changes · EDGAR ↗
Q3 2023	$93M	66	Oct 19, 2023	13F-HR	changes · EDGAR ↗
Q2 2023	$94M	67	Jul 20, 2023	13F-HR	changes · EDGAR ↗
Q1 2023	$99M	71	Apr 19, 2023	13F-HR	changes · EDGAR ↗
Q4 2022	$90M	68	Feb 2, 2023	13F-HR	changes · EDGAR ↗
Q3 2022	$83M	65	Oct 27, 2022	13F-HR	changes · EDGAR ↗
Q1 2022	$100M	73	Apr 21, 2022	13F-HR	changes · EDGAR ↗
Q4 2021	$100M	72	Jan 28, 2022	13F-HR	changes · EDGAR ↗
Q3 2021	$94M	71	Nov 1, 2021	13F-HR	changes · EDGAR ↗
Q2 2021	$100M	72	Jul 22, 2021	13F-HR	changes · EDGAR ↗
Q1 2021	$90M	68	May 5, 2021	13F-HR	changes · EDGAR ↗
Q4 2020	$84M	69	Jan 29, 2021	13F-HR	changes · EDGAR ↗
Q3 2020	$72M	64	Oct 26, 2020	13F-HR	changes · EDGAR ↗
Q2 2020	$75M	61	Aug 6, 2020	13F-HR	changes · EDGAR ↗
Q1 2020	$74M	58	May 8, 2020	RESTATEMENT	changes · EDGAR ↗
Q4 2019	$105M	62	Feb 14, 2020	13F-HR	changes · EDGAR ↗
Q3 2019	$105M	61	Oct 25, 2019	13F-HR	changes · EDGAR ↗
Q2 2019	$113M	62	Jul 29, 2019	13F-HR	changes · EDGAR ↗
Q1 2019	$117M	60	May 3, 2019	13F-HR	changes · 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 ↗.