Western Standard LLC Top Holdings and 13F Report (2021)

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About Western Standard LLC

Investment Activity

Western Standard LLC has $208.76 million in total holdings as of September 30, 2021.
Western Standard LLC owns shares of 24 different stocks, but just 7 companies or ETFs make up 80% of its holdings.
Approximately 45.54% of the portfolio was purchased this quarter.
About 22.11% of the portfolio was sold this quarter.
This quarter, Western Standard LLC has purchased 31 new stocks and bought additional shares in 6 stocks.
Western Standard LLC sold shares of 10 stocks and completely divested from 13 stocks this quarter.

Largest Holdings

SPDR S&P 500 ETF Trust: $73,229,800
Merrimack Pharmaceuticals: $32,088,017
iShares Russell 2000 ETF: $29,442,000
Bristow Group: $11,885,394
Abeona Therapeutics: $9,870,795

Largest New Holdings this Quarter

SPDR S&P 500 ETF Trust: $73,229,800 Holding
Genesis Healthcare: $2,266,880 Holding
Potbelly: $2,208,077 Holding
Red Robin Gourmet Burgers: $2,156,030 Holding
Neogen: $1,147,395 Holding

Largest Purchases this Quarter

SPDR S&P 500 ETF Trust: 140,000 shares (about $73.23M)
Abeona Therapeutics: 553,377 shares (about $4.01M)
Equity Commonwealth: 191,359 shares (about $3.61M)
AngioDynamics: 469,906 shares (about $2.76M)
Genesis Healthcare: 101,200 shares (about $2.27M)

Largest Sales this Quarter

iShares Russell 2000 ETF: 80,000 shares (about $16.82M)
Atmus Filtration Technologies: 162,543 shares (about $5.24M)
Turning Point Brands: 65,012 shares (about $1.90M)
HealthStream: 63,982 shares (about $1.71M)
Bristow Group: 38,500 shares (about $1.05M)

Sector Allocation Over Time

Selling

Neutral

Buying

Latest 13F Holdings and Changes Since Previous Quarterly Filing

Issuer Name	Holdings Value	Approximate Purchase/Sale	Change in Shares	Shares Held	% of Portfolio	Sector
SPY SPDR S&P 500 ETF Trust	$73,229,800	$73,229,800 ▲	New Holding	140,000	35.1%	Finance
MACK Merrimack Pharmaceuticals	$32,088,017		0.0%	2,172,513	15.4%	Medical
IWM iShares Russell 2000 ETF	$29,442,000	$16,824,000 ▼	-36.4%	140,000	14.1%	Finance
VTOL Bristow Group	$11,885,394	$1,047,200 ▼	-8.1%	436,963	5.7%	Transportation
ABEO Abeona Therapeutics	$9,870,795	$4,011,983 ▲	68.5%	1,361,489	4.7%	Medical
EQC Equity Commonwealth	$8,360,838	$3,612,858 ▲	76.1%	442,841	4.0%	Finance
FIS Fidelity National Information Services	$5,324,937	$1,615,937 ▲	43.6%	71,784	2.6%	Business Services
HSTM HealthStream	$5,270,415	$1,705,760 ▼	-24.5%	197,690	2.5%	Computer and Technology
CASH Pathward Financial	$4,064,599	$396,016 ▼	-8.9%	80,519	1.9%	Finance
ANGO AngioDynamics	$3,072,317	$2,758,348 ▲	878.5%	523,393	1.5%	Medical
CMPO CompoSecure	$2,903,315	$256,665 ▼	-8.1%	401,565	1.4%	Business Services
FAF First American Financial	$2,847,616	$788,339 ▲	38.3%	46,644	1.4%	Finance
NBN Northeast Bank	$2,553,941	$932,479 ▲	57.5%	46,150	1.2%	Finance
ABIO ARCA biopharma	$2,481,852		0.0%	1,410,143	1.2%	Medical
TPB Turning Point Brands	$2,431,255	$1,904,851 ▼	-43.9%	82,978	1.2%	Consumer Staples
GEN Genesis Healthcare	$2,266,880	$2,266,880 ▲	New Holding	101,200	1.1%	Business Services
PBPB Potbelly	$2,208,077	$2,208,077 ▲	New Holding	182,335	1.1%	Retail/Wholesale
RRGB Red Robin Gourmet Burgers	$2,156,030	$2,156,030 ▲	New Holding	281,466	1.0%	Retail/Wholesale
AIV Apartment Investment and Management	$2,041,161	$198,804 ▼	-8.9%	249,226	1.0%	Finance
OFG OFG Bancorp	$1,223,012	$119,117 ▼	-8.9%	33,225	0.6%	Finance
NEOG Neogen	$1,147,395	$1,147,395 ▲	New Holding	72,712	0.5%	Medical
ATMU Atmus Filtration Technologies	$1,021,228	$5,242,009 ▼	-83.7%	31,666	0.5%	Industrial Products
NODK NI	$521,690	$18,180 ▼	-3.4%	34,435	0.2%	Finance
VSCO Victoria's Secret & Co.	$343,026	$343,026 ▲	New Holding	17,700	0.2%	Consumer Discretionary
ECVT Ecovyst	$0	$4,690,665 ▼	-100.0%	0	0.0%	Business Services
TGLS Tecnoglass	$0	$2,594,408 ▼	-100.0%	0	0.0%	Retail/Wholesale
OFIX Orthofix Medical	$0	$2,295,900 ▼	-100.0%	0	0.0%	Medical
RLJ.PA RLJ Lodging Trust	$0	$1,468,631 ▼	-100.0%	0	0.0%
PLOW Douglas Dynamics	$0	$1,322,036 ▼	-100.0%	0	0.0%	Auto/Tires/Trucks
TROX Tronox	$0	$1,045,773 ▼	-100.0%	0	0.0%	Basic Materials
BOOM DMC Global	$0	$1,035,401 ▼	-100.0%	0	0.0%	Industrial Products
TLYS Tilly's	$0	$1,006,914 ▼	-100.0%	0	0.0%	Retail/Wholesale
ACIC Atlas Crest Investment	$0	$944,799 ▼	-100.0%	0	0.0%	Finance
IRTC iRhythm Technologies	$0	$634,105 ▼	-100.0%	0	0.0%	Medical
FBP First BanCorp.	$0	$616,875 ▼	-100.0%	0	0.0%	Finance
AVRO AVROBIO	$0	$425,560 ▼	-100.0%	0	0.0%	Medical
JILL J.Jill	$0	$359,502 ▼	-100.0%	0	0.0%	Retail/Wholesale