Stocks/Funds/CIK 1180391

SMH CAPITAL ADVISORS INC

microcap filerlong-term holderconcentrated
Quarterly 13F filings · Latest period 2026-03-31 · CIK 1180391
Assets
$1M
-96.0% YoY
Holdings
2
Lifetime alpha vs market
+0.85% annual
Average hold time
3.3 yr
median 3.3 yr

Quarterly history

Cum return +132% vs S&P +118% · α +15% lifetimeAUM $1M · peak $27MFlow $-22M (-94%)2017-122019-032020-062021-092022-122024-032025-062026-03
AUM ($B)fundS&P 500(gap = α)/ Flow in/out

Behavior signals (lifetime)

Dip response
+2.11%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.16%
baseline attrition
Rally response
-3.03%
trims into rallies
when a holding rises +10%+

Top positions · 2

Ticker$ value% portYoYHold time
SPYState Street SPDR S&P 50$1M72.6%+17.6%5.0 yr
QQQInvesco QQQ Trust, Serie$0M27.4%1.5 yr

Portfolio composition (YoY)

Industry mix
Asset Management100.0%+54.1pp$1M
Country
US100.0%+4.8pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%

Winners

TickerPrev $PnLYoY %

Losers

TickerPrev $PnLYoY %

Top buys this quarter · 0

No buys this quarter

Top sells this quarter · 15

TRIN Trinity Capital Inc.exit$3M
CSWC Capital Southwest Corporationexit$2M
VICI VICI Properties Inc.exit$1M
PSEC Prospect Capital Corporationexit$1M
MAIN Main Street Capital Corporatioexit$1M
CG The Carlyle Group Inc.exit$1M
OWL Blue Owl Capital Inc.exit$1M
HTGC Hercules Capital, Inc.exit$1M
HPK HighPeak Energy, Inc.exit$0M
O Realty Income Corporationexit$0M

Quarterly history (TTM returns)

PeriodAUM# PosReturn (1yr)SPY (1yr)Alpha (1yr)Flow
2026-03-31$1M2-8.32%+17.59%-25.91%-0.02B
2025-12-31$23M46-5.62%+17.72%-23.33%-0.00B
2025-09-30$25M45+1.36%+17.52%-16.16%+0.01B
2025-06-30$19M42+5.05%+14.94%-9.89%+0.00B
2025-03-31$18M40+14.55%+8.30%+6.25%-0.00B
2024-12-31$19M40+23.03%+24.89%-1.86%+0.00B
2024-09-30$16M43+34.15%+36.04%-1.89%-0.00B
2024-06-30$17M43+23.79%+24.49%-0.70%+0.00B
2024-03-31$16M43+26.92%+29.62%-2.70%+0.00B
2023-12-31$14M40+16.49%+26.18%-9.68%+0.00B
2023-09-30$12M38+21.29%+21.57%-0.28%-0.00B
2023-06-30$17M50+10.86%+19.42%-8.56%-0.00B
2023-03-31$17M51-4.05%-7.82%+3.77%-0.00B
2022-12-31$21M57-5.30%-18.17%+12.88%-0.00B
2022-09-30$19M54-9.37%-15.51%+6.14%-0.01B
2022-06-30$27M67-0.13%-10.62%+10.49%+0.01B