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Truffle Hound Capital, LLC — 13F Holdings & Portfolio

CIK 1595862 · latest 13F-HR filed 2026-08-06

Backtest portfolio

Truffle Hound Capital, LLC manages $467.7M in 13F-reported U.S. long-equity assets across 52 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are SPYM (55.88%), EZU (5.16%), AMLP (2.66%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 13 new positions and exited 10; 6 existing positions rose in reported value and 21 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$467.7M

Long-equity book

Holdings
52

Distinct positions

Period
2026-06-30

Filed 2026-08-06

Q/Q Activity
+13 / −10 / ↑6 / ↓21

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
AMLP7.8% · 0%KSPI6.0% · 0%EOG5.5% · +69%PAGS4.3% · 0%CF4.1% · newSM3.9% · 0%EC3.9% · -22%BBD3.3% · -12%AVAL3.2% · -29%SLB2.8% · 0%STNE2.7% · 0%POOL2.7% · newLGCY2.6% · 0%AXR2.5% · 0%INTU2.5% · newCHCI2.5% · -30%OPBK2.5% · -35%FRD2.4% · -22%GOOGL2.3% · -33%NCSM2.2% · 0%MGYR2.2% · 0%TFX2.0% · -22%ADBE1.8% · -12%TZOO1.8% · newCDW1.8% · newBSET1.7% · 0%VIST1.6% · 0%AEO1.5% · 0%CRM1.5% · newFDS1.5% · newSBFG1.4% · newHNNA1.3% · 0%UNB1.2% · newBOOM1.1% · newULBI1.0% · 0%PYPL0.9% · 0%AUBN0.9% · 0%HGBL0.8% · 0%GETY0.8% · newINFU0.8% · -44%ARQ0.7% · newHOFT0.7% · 0%ICLR0.7% · -75%SLQT0.5% · newLCUT0.2% · -79%DIBS0.1% · -88%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 44.8%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 23, 2026.

Assets Under Management
$680.0M
Discretionary
$680.0M
Employees
7
Accounts
1
Address
4905 DEL RAY AVENUE
SUITE 400
BETHESDA, MD 20814
Phone
(301) 789-2498
Website
Name Title / Status Ownership Type
BAUER, STEPHEN, RAYMOND ControlCEO & MANAGING MEMBER
since Mar 2002
75% or moreIndividual
FROEHLICH, PAUL, EUGENE ControlCO-CHIEF OPERATING OFFICER & CHIEF COMPLIANCE OFFICER
since Apr 2005
Less than 5%Individual
STEWART, TIMOTHY, JAMES ControlCHIEF FINANCIAL OFFICER & CO-CHIEF OPERATING OFFICER
since May 2024
Less than 5%Individual
Ownership & leadership changes · 3 filings with changes since Feb 10, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 26, 2025 filing
  • No longer listedWEBER, CHRISTOPHER, HOEHL · CO-CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Jan 2019
  • ChangedSTEWART, TIMOTHY, JAMES · title CHIEF FINANCIAL OFFICER & CO-CHIEF OPERATING OFFICER (STARTING 05/01/24) → CHIEF FINANCIAL OFFICER & CO-CHIEF OPERATING OFFICER
Mar 28, 2024 filing
  • AddedSTEWART, TIMOTHY, JAMES · CHIEF FINANCIAL OFFICER & CO-CHIEF OPERATING OFFICER (STARTING 05/01/24) · Less than 5% · control person
Mar 21, 2019 filing
  • AddedWEBER, CHRISTOPHER, HOEHL · CO-CHIEF OPERATING OFFICER · Less than 5% · control person
  • ChangedFROEHLICH, PAUL, EUGENE · title CHIEF OPERATING OFFICER & CHIEF COMPLIANCE OFFICER → CO-CHIEF OPERATING OFFICER & CHIEF COMPLIANCE OFFICER
Feb 10, 2012 filing (earliest on record)
  • ListedBAUER, STEPHEN, RAYMOND · CEO & MANAGING MEMBER · 75% or more · control person
  • ListedFROEHLICH, PAUL, EUGENE · CHIEF OPERATING OFFICER & CHIEF COMPLIANCE OFFICER · Less than 5% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 6 →

Top Trims

Show all 21 →

New Positions

Show all 13 →

Exited Positions

Show all 10 →

Truffle Hound Capital, LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 STATE STR SPDR S&P 500 ETF T Put SPYM 78462F953 $261.4M 55.88% 350,000 SH
2 ISHARES INC Call EZU 464286900 $24.1M 5.16% 700,000 SH
3 ALPS ETF TR AMLP 00162Q452 $12.4M 2.66% 240,000 SH
4 ENERGY TRANSFER L P Call ET 29273V900 $9.6M 2.04% 500,000 SH
5 KASPI KZ JSC KSPI 48581R205 $9.5M 2.04% 110,000 SH
6 EOG RES INC EOG 26875P101 $8.8M 1.87% 67,500 SH
7 PAGSEGURO DIGITAL LTD PAGS G68707101 $6.8M 1.45% 750,000 SH
8 CF INDUSTRIES HOLD CF 125269100 $6.5M 1.39% 60,000 SH
9 SM ENERGY COMPANY SM 78454L100 $6.3M 1.34% 240,000 SH
10 ECOPETROL S A EC 279158109 $6.1M 1.31% 430,000 SH
11 PETROLEO BRASILEIRO S A Call PBR.A 71654V908 $5.7M 1.21% 350,000 SH
12 BANCO BRADESCO S A BBD 059460303 $5.2M 1.11% 1,500,000 SH
13 GRUPO AVAL ACCIONES Y VALORE AVAL 40053W101 $5.0M 1.08% 1,000,000 SH
14 SLB LIMITED Call SLB 806857908 $4.6M 0.99% 100,000 SH
15 SLB LIMITED SLB 806857108 $4.4M 0.94% 95,000 SH
16 STONECO LTD STNE G85158106 $4.3M 0.93% 400,000 SH
17 POOL CORP POOL 73278L105 $4.3M 0.92% 20,000 SH
18 LEGACY ED INC LGCY 52474R207 $4.1M 0.88% 350,000 SH
19 AMREP CORP AXR 032159105 $4.0M 0.86% 160,000 SH
20 INTUIT INTU 461202103 $3.9M 0.84% 15,000 SH
21 COMSTOCK HLDG COS INC CHCI 205684202 $3.9M 0.84% 244,461 SH
22 OP BANCORP OPBK 67109R109 $3.9M 0.83% 260,000 SH
23 FRIEDMAN INDS INC FRD 358435105 $3.8M 0.80% 116,551 SH
24 NEWMONT CORP Call NEMCL 651639906 $3.7M 0.80% 40,000 SH
25 ALPHABET INC GOOGL 02079K305 $3.6M 0.76% 10,000 SH
26 NCS MULTISTAGE HLDGS INC NCSM 628877201 $3.5M 0.75% 80,000 SH
27 MAGYAR BANCORP INC MGYR 55977T208 $3.5M 0.75% 200,000 SH
28 TELEFLEX INCORPORATED TFX 879369106 $3.2M 0.68% 25,000 SH
29 ADOBE INC ADBE 00724F101 $2.9M 0.61% 14,000 SH
30 TRAVELZOO TZOO 89421Q205 $2.9M 0.61% 244,305 SH
31 CDW CORP CDW 12514G108 $2.8M 0.60% 20,000 SH
32 BASSETT FURNITURE INDS INC BSET 070203104 $2.7M 0.57% 150,000 SH
33 VISTA ENERGY S.A.B. DE C.V. VIST 92837L109 $2.6M 0.55% 40,000 SH
34 AMERICAN EAGLE OUTFITTERS IN AEO 02553E106 $2.4M 0.51% 140,000 SH
35 SALESFORCE INC CRM 79466L302 $2.3M 0.50% 15,000 SH
36 FACTSET RESH SYS INC FDS 303075105 $2.3M 0.49% 10,000 SH
37 SB FINL GROUP INC SBFG 78408D105 $2.3M 0.49% 90,373 SH
38 HENNESSY ADVISORS INC HNNA 425885100 $2.0M 0.43% 200,000 SH
39 UNION BANKSHARES INC UNB 905400107 $1.9M 0.41% 80,000 SH
40 DMC GLOBAL INC BOOM 23291C103 $1.7M 0.37% 300,000 SH
41 ULTRALIFE CORP ULBI 903899102 $1.6M 0.34% 250,000 SH
42 PAYPAL HLDGS INC PYPL 70450Y103 $1.5M 0.31% 34,000 SH
43 AUBURN NATL BANCORP AUBN 050473107 $1.4M 0.29% 50,000 SH
44 HERITAGE GLOBAL INC HGBL 42727E103 $1.3M 0.28% 1,100,000 SH
45 GETTY IMAGES HOLDINGS INC GETY 374275105 $1.3M 0.28% 1,500,000 SH
46 INFUSYSTEM HLDGS INC INFU 45685K102 $1.2M 0.27% 128,629 SH
47 ARQ INC ARQ 00770C101 $1.1M 0.23% 420,000 SH
48 HOOKER FURNISHINGS CORPORATI HOFT 439038100 $1.1M 0.22% 58,996 SH
49 ICON PUB LTD CO ICLR G4705A100 $1.0M 0.22% 6,000 SH
50 SELECTQUOTE INC SLQT 816307300 $841.1K 0.18% 1,000,000 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-06 $467.7M 52 0001595862-26-000003
2026-03-31 2026-05-07 $386.0M 51 0001595862-26-000002
2025-12-31 2026-02-13 $383.9M 52 0001595862-26-000001
Filer Information
Address
4905 DEL RAY AVE. STE 400
BETHESDA, MD 20814
Phone
(301) 718-1754
Filing Manager
Truffle Hound Capital, LLC
BETHESDA, MD
Signatory
Paul E. Froehlich
Chief Compliance Officer and Co-COO