RAFFLES ASSOCIATES LP

Hedge Fund • Value

RAFFLES ASSOCIATES LP is a Value-focused Hedge Fund based in New York, NY led by Paul H. O'Leary, reporting $179.6M in AUM as of Q3 2025 with 42% Financial Services concentration and 62% concentrated in top 10 holdings.

Managing PartnerPaul H. O'Leary

Portfolio Value: $103.8M
Positions: 48
Top Holding: SMBC at 11.6%
Last Reported: Q3 2025

Address5 Penn Plaza, 19th Floor, New York, NY, 10001, United States

Top Holdings

Largest long holdings in RAFFLES ASSOCIATES LP's portfolio (62.5% of total portfolio)

See all holdings

GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Southern Missouri Bancorp SMBC	Banks - Regional Financial Services	$12.0M	11.60%	-$8.6K Sold	2.03% 229.1K shares	≤ Q2 2013 Held for 12y 5m+
2 Lineage Cell Therapeutics LCTX	Biotechnology Healthcare	$9.1M	8.77%	-$7.3K Sold	2.36% 5.4M shares	Q1 2021 Held for 4y 8m
3 Ivanhoe Electric IE	Software - Application Technology	$8.1M	7.83%	-$3.9M Sold	0.49% 648.1K shares	Q4 2023 Held for 1y 11m
4 VZLA Vizsla Silver VZLA	Industrial Materials Basic Materials	$7.3M	7.03%	—	0.49% 1.7M shares	Q4 2022 Held for 2y 11m
5 Eastern Bankshares, Inc. EBC	Banks - Regional Financial Services	$6.5M	6.29%	—	0.18% 359.8K shares	Q4 2020 Held for 4y 11m
6 Provident Financial Holdings PROV	Banks - Regional Financial Services	$6.2M	5.94%	—	5.96% 391.8K shares	≤ Q2 2013 Held for 12y 5m+
7 OFG Bancorp OFG	Banks - Regional Financial Services	$5.2M	5.03%	—	0.27% 120.1K shares	Q4 2022 Held for 2y 11m
8 Affinity Bancshares, Inc. AFBI	Banks - Regional Financial Services	$3.9M	3.78%	—	3.16% 199.1K shares	Q1 2021 Held for 4y 8m
9 AerSale Corporation ASLE	Airlines, Airports & Air Services Industrials	$3.5M	3.39%	-$450.5K Sold	0.91% 430.0K shares	Q2 2024 Held for 1y 5m
10 First BanCorp FBP	Banks - Regional Financial Services	$2.9M	2.82%	—	0.08% 132.9K shares	Q4 2017 Held for 7y 11m

See all holdings

GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in RAFFLES ASSOCIATES LP's latest filing

See all changes

GthenC

Market Value

$103.8M

Prior: $95.1M

Q/Q Change

+9.21%

+$8.8M

Net Flows % of MV

-6.87%

Turnover Ratio

10.31%

New Purchases

6 stocks

$5.1M

Added To

7 stocks

+$1.2M

Sold Out Of

6 stocks

$4.9M

Reduced Holdings

13 stocks

-$8.6M

Increased Positions

Position	Shares Δ	Change
1 CoastalSouth Bancshares COSO	New	0 → 124.3K +$2.7M
2 Freeport-McMoRan Inc. FCX	New	0 → 25.0K +$980.5K
3 PepsiCo PEP	New	0 → 5.0K +$702.2K
4 Perion Network PERI	New	0 → 40.0K +$384.0K
5 Sable Offshore Corp. SOC	New	0 → 15.0K +$261.9K

Decreased Positions

Position	Shares Δ	Change
1 GLL ProShares UltraShort Gold GLL	Sold	115.0K → 0 −$2.6M
2 180 Degree Capital TURN	Sold	227.3K → 0 −$903.2K
3 Potbelly Corporation PBPB	Sold	59.8K → 0 −$732.1K
4 First Bank FRBA	Sold	20.4K → 0 −$315.5K
5 Blue Ridge Bankshares BRBS	Sold	55.9K → 0 −$200.8K

See all changes

GthenC

Analytics

Portfolio insights and performance metrics for RAFFLES ASSOCIATES LP

View analytics

GthenA

Sector Allocation

Financial Services

41.60%

Healthcare

11.50%

Basic Materials

9.80%

Industrials

8.70%

Technology

7.80%

ETF

3.60%

Real Estate

3.00%

Energy

2.30%

Communication Services

1.00%

Consumer Defensive

0.80%

Market Cap Distribution

Large Cap ($10B - $200B)

1.62%

Mid Cap ($2B - $10B)

11.61%

Small Cap ($300M - $2B)

50.49%

Micro Cap ($50M - $300M)

22.34%

Nano Cap (< $50M)

5.90%

N/A (ETF or Unknown)

8.03%

Portfolio Concentration

Top 10 Holdings %

62.49%

Top 20 Holdings %

82.7%

Top 50 Holdings %

100.0%

Top 100 Holdings %