Western Standard LLC

Registered adviser

CIK

1517666

Location

Los Angeles, CA

Portfolio Value

Small $295,712,733

Diversification

Diversified

Filing Date

Global Rank

#5,274 / 8,818 ▲ 957

Top Industry

Credit Services 16.5%

Period ended 4 months ago

Filed Aug 10, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 147864

Roster of Oct 1, 2026

Regulatory AUM

$574,905,356

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

2 funds · Hedge funds

Focus by fund count, roster of Oct 1, 2026

$366,193,685 gross assets

LEI

25490021H31HVN11CC78

Private funds on Schedule D 7.B.(1)

As filed Jul 14, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$388,977,679 gross assets in 2 funds Hedge funds $388,977,679 (2)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$574,905,356	Pooled investment vehicles (100%)
Apr 2025 to Mar 2026	$564,881,656	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$388,977,679	Pooled investment vehicles (100%)
May 2023 to Mar 2024	$382,991,883	Pooled investment vehicles (100%)
Apr 2023	$412,724,173	Pooled investment vehicles (100%)
Apr 2022 to Mar 2023	$422,427,078	Pooled investment vehicles (100%)

3 earlier changes not shown.

Stated strategy

Fundamental active, Long/short hedge Form ADV Part 2A, Sep 25, 2026 · original

In the firm's words

Fundamental active: Western Standard focuses on companies where it can underwrite attractive long-term fundamentals.
Long/short hedge: Short selling is a major component of the strategy as a mechanism to hedge risk and is also utilized with an aim to independently produce positive returns.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 75.8% of the book (60%+)

Turnover

High turnover

165.1% over the last four quarters (100%+)

Horizon

Short horizon

Value-weighted holding period 2.5 quarters (under 4)

Closest benchmark: the Nasdaq-100 as of 2026-06-30, active share 99.4%; sector active share 44.1% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

27 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

14.8%

−6.1 pts

Top 5

52.4%

−7.3 pts

Top 10

75.8%

−2.6 pts

HHI

751

Diversified−213

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Healthcare	33.9%	$100,338,426	7
Financial Services	22.2%	$65,661,668	4
Communication Services	9.8%	$29,119,876	3
Industrials	9.6%	$28,269,787	1
Consumer Cyclical	6.8%	$20,078,413	6
Basic Materials	6.5%	$19,275,837	1
Consumer Defensive	3.3%	$9,678,616	2
Real Estate	3.1%	$9,171,637	1
Utilities	2.5%	$7,435,652	1
Technology	2.3%	$6,682,821	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
FRPT	Freshpet, Inc.	+54,900	127,300	$7,525,976
ABUS	Arbutus Biopharma Corp	+21,200	542,787	$2,605,377
IOSP	Innospec Inc.	+10,000	236,833	$19,275,837
FFBC	First Financial Bancorp	+3,500	88,357	$2,989,117
No positions match the current search.

Trimmed

Positions the filer reduced

4 positions

Ticker	Company	Δ Shares	Shares	Value
CODI	Compass Diversified Holdings	−485,206	2,651,950	$28,269,787
GDOT	Green Dot Corp	−306,512	3,240,114	$43,773,940
AVNW	Aviat Networks, Inc.	−114,724	301,028	$6,682,821
EZPW	Ezcorp Inc	−60,700	140,979	$4,873,644
No positions match the current search.

New Positions

Positions the filer opened this quarter

18 positions

Ticker	Company	Shares	Value
GLAS	Glass House Brands Inc.	2,728,768	$35,473,984
ABVX	Abivax S.A.	200,000	$26,652,000
AVTR	Avantor, Inc.	2,109,984	$20,888,841
—		87,900	$18,023,016
AHRT	AH Realty Trust, Inc.	1,295,429	$9,171,637
STGW	Stagwell Inc	1,167,276	$8,672,860
BOBS	Bob's Discount Furniture, Inc.	502,997	$7,957,412
CWCO	Consolidated Water Co. Ltd.	252,056	$7,435,652
FWRG	First Watch Restaurant Group, Inc.	513,240	$6,615,663
COO	Cooper Companies, Inc.	72,900	$5,227,659
ANGO	Angiodynamics Inc	387,188	$5,037,315
INBX	Inhibrx Biosciences, Inc.	47,000	$4,453,250
GENI	Genius Sports Ltd	400,000	$2,424,000
MELI	Mercadolibre Inc	1,400	$2,376,346
CHWY	Chewy, Inc.	111,229	$2,185,649
OLLI	Ollie's Bargain Outlet Holdings, Inc.	28,000	$2,152,640
RRGB	Red Robin Gourmet Burgers Inc	88,418	$706,459
HLLY	Holley Inc.	92,896	$236,884
No positions match the current search.

Sold Out

Positions the filer fully exited

14 positions

Ticker	Company	Shares	Value
TFX	Teleflex Inc	184,817	$22,105,961
ANGI	Angi Inc.	1,213,557	$8,312,865
AIV	Apartment Investment & Management Co	1,626,624	$6,620,359
YETI	YETI Holdings, Inc.	162,000	$5,927,580
FIVE	Five Below, Inc	23,252	$5,312,616
DAVE	Dave Inc.	30,156	$5,249,858
UUP	Invesco DB US Dollar Index Bullish Fund	185,453	$5,151,884
WULF	Terawulf Inc.	274,876	$3,966,460
HNRG	Hallador Energy Co	228,662	$3,722,617
NSP	Insperity, Inc.	109,933	$2,972,588
WEAV	Weave Communications, Inc.	514,093	$2,375,109
CWH	Camping World Holdings, Inc.	307,500	$2,100,225
HAIN	Hain Celestial Group Inc	1,617,037	$1,131,925
ATEC	Alphatec Holdings, Inc.	22,493	$244,723
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

27 tracked positions · $295,712,733 total · filing declares 27 positions · $295,253,727 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Real Estate Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
GDOT	Green Dot Corp Financial Services	Reduced	3,240,114	-306,512	$43,773,940	+10.0%	6	$11.54	14.80%
GLAS	Glass House Brands Inc. Healthcare	NEW	2,728,768	NEW	$35,473,984	NEW	1	$10.44	12.00%
CODI	Compass Diversified Holdings Industrials	Reduced	2,651,950	-485,206	$28,269,787	+14.6%	3	$6.35	9.56%
ABVX	Abivax S.A. Healthcare	NEW	200,000	NEW	$26,652,000	NEW	1	$113.18	9.01%
AVTR	Avantor, Inc. Healthcare	NEW	2,109,984	NEW	$20,888,841	NEW	1	$8.61	7.06%
IOSP	Innospec Inc. Basic Materials	Added	236,833	+10,000	$19,275,837	+16.4%	4	$76.43	6.52%
		NEW	87,900	NEW	$18,023,016	NEW	1	$202.53	6.09%
OSG	Octave Specialty Group Inc Financial Services	Held	2,247,591	0	$14,024,967	+34.2%	4	$8.45	4.74%
AHRT	AH Realty Trust, Inc. Real Estate	NEW	1,295,429	NEW	$9,171,637	NEW	1	$6.42	3.10%
STGW	Stagwell Inc Communication Services	NEW	1,167,276	NEW	$8,672,860	NEW	1	$6.63	2.93%
BOBS	Bob's Discount Furniture, Inc. Consumer Cyclical	NEW	502,997	NEW	$7,957,412	NEW	1	$12.42	2.69%
FRPT	Freshpet, Inc. Consumer Defensive	Added	127,300	+54,900	$7,525,976	+76.3%	2	$64.64	2.55%
CWCO	Consolidated Water Co. Ltd. Utilities	NEW	252,056	NEW	$7,435,652	NEW	1	$31.35	2.51%
AVNW	Aviat Networks, Inc. Technology	Reduced	301,028	-114,724	$6,682,821	−28.9%	6	$21.16	2.26%
FWRG	First Watch Restaurant Group, Inc. Consumer Cyclical	NEW	513,240	NEW	$6,615,663	NEW	1	$11.73	2.24%
COO	Cooper Companies, Inc. Healthcare	NEW	72,900	NEW	$5,227,659	NEW	1	$65.37	1.77%
ANGO	Angiodynamics Inc Healthcare	NEW	387,188	NEW	$5,037,315	NEW	1	$11.38	1.70%
EZPW	Ezcorp Inc Financial Services	Reduced	140,979	-60,700	$4,873,644	−4.8%	5	$14.45	1.65%
INBX	Inhibrx Biosciences, Inc. Healthcare	NEW	47,000	NEW	$4,453,250	NEW	1	$100.20	1.51%
FFBC	First Financial Bancorp Financial Services	Added	88,357	+3,500	$2,989,117	+26.3%	3	$25.50	1.01%
ABUS	Arbutus Biopharma Corp Healthcare	Added	542,787	+21,200	$2,605,377	+11.0%	4	$3.72	0.88%
GENI	Genius Sports Ltd Communication Services	NEW	400,000	NEW	$2,424,000	NEW	1	$5.18	0.82%
MELI	Mercadolibre Inc Consumer Cyclical	NEW	1,400	NEW	$2,376,346	NEW	1	$1,707.75	0.80%
CHWY	Chewy, Inc. Consumer Cyclical	NEW	111,229	NEW	$2,185,649	NEW	1	$22.70	0.74%
OLLI	Ollie's Bargain Outlet Holdings, Inc. Consumer Defensive	NEW	28,000	NEW	$2,152,640	NEW	1	$83.40	0.73%
RRGB	Red Robin Gourmet Burgers Inc Consumer Cyclical	NEW	88,418	NEW	$706,459	NEW	1	$4.44	0.24%
HLLY	Holley Inc. Consumer Cyclical	NEW	92,896	NEW	$236,884	NEW	1	$2.84	0.08%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.