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Raffles Associates LP
Raffles Associates LP is managed by Raffles Capital Management, a hedge fund firm headquartered in New York, NY. Established in 1996, it specializes in eclectic value investing for qualified clients, focusing on long-term capital appreciation and minimizing permanent capital loss. The firm operates one private investment fund, Raffles Associates LP, and is controlled by Paul H. O’Leary. As a relatively small and focused firm, it employs approximately 2 staff, providing tailored investment advice for high-net-worth and institutional clients.
Investment Strategy
Raffles Associates LP utilizes a discretionary, value-based investment strategy backed by fundamental research. The firm seeks undervalued securities across various asset classes—including equities, debt instruments, options, and foreign securities—with an emphasis on long-term capital appreciation and risk mitigation. Their approach is highly selective, focusing on security-specific opportunities and using an eclectic value investing philosophy to identify mispriced assets.
Latest 13F Filing Activity
Raffles Associates LP filed their most recent 13F report on Jun 30, 2025 disclosing 45 equity positions with a total 13F market value of $96M. The fund increased holdings in Invesco DB Us DLR Index TR, Ivanhoe Electric Inc., Lineage Cell Therapeutics in among other positions. Raffles Associates LP reduced exposure to Proshares TR II, Japan Smaller Capitalization, Aersale Corporation among others.
Top Holdings
Equity Positions (45)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
S SMBC | SOUTHERN MO BANCORP INC | 13.08% | $12.6M | 229,249 | $12.54 | $54.78 | +$632.7K |
I IE | IVANHOE ELECTRIC INC | 9.03% | $8.7M | 956,077 | $9.29 | $9.07 | +$2.4M |
P PROV | PROVIDENT FINL HLDGS INC | 6.33% | $6.1M | 391,791 | $8.20 | $15.50 | +$332.8K |
E EBC | EASTERN BANKSHARES INC | 5.72% | $5.5M | 359,788 | $15.96 | $15.27 | -$406.6K |
O OFG | OFG BANCORP | 5.35% | $5.1M | 120,067 | $30.12 | $42.80 | +$333.8K |
Industry Allocation
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