Nokomis Capital, L.L.C.
Nokomis Capital, L.L.C. is a Texas-based hedge fund manager headquartered in Dallas. Founded in 2008, the firm manages investment portfolios primarily for institutional clients. With a lean professional team, Nokomis focuses on public market equities and is known for its value-driven, opportunistic approach to investment management. Its filings and regulatory status are up-to-date according to SEC records as of Q2 2025. The firm is privately held and operates with a small staff, reflecting its specialized and boutique investment management approach.
Investment Strategy
Nokomis Capital, L.L.C. employs a value-oriented, opportunistic investment strategy focused on public equities. The firm often seeks long and short positions across sectors where it identifies mispricing or underappreciated assets, using in-depth fundamental analysis. The approach often emphasizes event-driven and catalyst-driven investments, targeting opportunities with asymmetric risk/reward profiles primarily within U.S. markets.
Latest 13F Filing Activity
Nokomis Capital, L.L.C. filed their most recent 13F report on Jun 30, 2025 disclosing 43 equity positions and 7 options positions with a total 13F market value of $301M. The fund increased holdings in I-80 Gold Corp., Shoe Carnival Inc., SPDR Gold TR among other positions. Nokomis Capital, L.L.C. reduced exposure to Landsea Homes Corp., Mag Silver Corp., Caleres Inc. among others.
Top Holdings
Equity Positions (43)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
M MGM | MGM RESORTS INTERNATIONAL | 7.96% | $24.0M | 697,537 | $35.64 | $34.39 | +$4.6M |
I IAUX | I-80 GOLD CORP | 5.16% | $15.6M | 26,000,000 | $0.60 | $0.60 | +$15.6M |
S SDRL | SEADRILL LTD | 4.53% | $13.7M | 520,002 | $36.74 | $26.25 | -$442.6K |
G GDX | VANECK ETF TRUST | 4.14% | $12.5M | 239,795 | $30.07 | $52.06 | +$798.4K |
B BZH | BEAZER HOMES USA INC | 3.74% | $11.3M | 503,966 | $26.47 | $22.37 | +$3.1M |
Options Positions (7)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
G GLD | SPDR GOLD TR | Bought | Call | $43.8M | 1,438 | $304.83 | $250.17 | +447 | +$15.3M |
S SLV | ISHARES SILVER TR | Bought | Call | $9.5M | 2,887 | $32.81 | $29.27 | +1,388 | +$4.8M |
A ASTS | AST SPACEMOBILE INC | Bought | Put | $4.4M | 944 | $46.73 | $27.67 | +194 | +$2.7M |
E EOSE | EOS ENERGY ENTERPRISES INC | Bought | Put | $2.1M | 4,053 | $5.12 | $4.82 | +216 | +$624.8K |
G GDX | VANECK ETF TRUST | Sold | Call | $1.7M | 328 | $52.06 | $31.86 | -20 | +$107.8K |
Industry Allocation
Investment Team (1)
| Name | Role | Location | |
|---|---|---|---|
S Steven Chang | Analyst | Larkspur, CA , United States |