Pillsbury Lake Capital LLC — 13F Holdings & Portfolio
CIK 2111915 · latest 13F-HR filed 2026-08-14
Pillsbury Lake Capital LLC manages $366.3M in 13F-reported U.S. long-equity assets across 44 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are BLZE (5.80%), COMP (4.91%), LINC (4.85%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 15 new positions and exited 8; 16 existing positions rose in reported value and 7 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.
Long-equity book
Distinct positions
Filed 2026-08-14
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box 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 valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated 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 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 42.7%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Apr 29, 2026.
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| KAZMIEROWSKI, AILEEN, HENRY Control | CHIEF COMPLIANCE OFFICER, CHIEF FINANCIAL OFFICER since Jun 2025 | Less than 5% | Individual |
| Karmanov, Oleg Control | MANAGING MEMBER, FOUNER, PORFOLIO MANAGER since Aug 2023 | 75% or more | Individual |
Ownership & leadership changes · 2 filings with changes since Mar 24, 2025
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.
- No longer listedCANNELL, JAMES, CARLO · NON-EXECUTIVE CHAIRMAN · Less than 5% · listed since Jun 2025
- AddedCANNELL, JAMES, CARLO · NON-EXECUTIVE CHAIRMAN · Less than 5%
- AddedKAZMIEROWSKI, AILEEN, HENRY · CHIEF COMPLIANCE OFFICER, CHIEF FINANCIAL OFFICER · Less than 5% · control person
- ChangedKarmanov, Oleg · title MANAGING MEMBER, CHIEF COMPLIANCE OFFICER → MANAGING MEMBER, FOUNER, PORFOLIO MANAGER
- ListedKarmanov, Oleg · MANAGING MEMBER, CHIEF COMPLIANCE OFFICER · 75% or more · 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)
- BACKBLAZE INC$14.5M +214.0%
- HNI CORP$9.3M +125.9%
- GPGI INC$8.9M +480.4%
- CLEAN HARBORS INC$8.2M +125.5%
- COMPASS INC$6.3M +53.6%
Top Trims
- CRONOS GROUP INC-$8.3M -78.8%
- TURNING PT BRANDS INC-$4.1M -27.7%
- MAMAS CREATIONS INC-$3.7M -69.9%
- BOYD GROUP SERVICES INC-$2.1M -16.3%
- BUILD-A-BEAR WORKSHOP INC-$2.0M -16.0%
New Positions
- MSA SAFETY INC$13.4M
- SLB LIMITED$13.1M
- MASTERCRAFT BOAT HLDGS INC$12.9M
- KNIGHT-SWIFT TRANSN HLDGS IN$10.8M
- CARGURUS INC$10.1M
Exited Positions
- LUMEXA IMAGING HOLDINGS INC$7.0M
- LIMBACH HLDGS INC$4.4M
- CRITEO S A$3.8M
- IDENTIV INC$1.8M
- SPDR SERIES TRUST$1.5M
Pillsbury Lake 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 | BACKBLAZE INC | BLZE | 05637B105 | $21.2M | 5.80% | 1,339,837 | SH |
| 2 | COMPASS INC | COMP | 20464U100 | $18.0M | 4.91% | 1,459,233 | SH |
| 3 | LINCOLN EDL SVCS CORP | LINC | 533535100 | $17.8M | 4.85% | 356,187 | SH |
| 4 | HNI CORP | HNI | 404251100 | $16.7M | 4.55% | 412,808 | SH |
| 5 | CLEAN HARBORS INC | CLH | 184496107 | $14.8M | 4.05% | 49,604 | SH |
| 6 | ETON PHARMACEUTICALS INC | ETON | 29772L108 | $14.0M | 3.83% | 387,157 | SH |
| 7 | UNIVERSAL TECHNICAL INST INC | UTI | 913915104 | $13.8M | 3.75% | 321,556 | SH |
| 8 | MSA SAFETY INC | MSA | 553498106 | $13.4M | 3.67% | 76,963 | SH |
| 9 | SLB LIMITED | SLB | 806857108 | $13.1M | 3.56% | 280,748 | SH |
| 10 | MASTERCRAFT BOAT HLDGS INC | MCFT | 57637H103 | $12.9M | 3.52% | 499,107 | SH |
| 11 | CAVCO INDS INC DEL | CVCO | 149568107 | $11.5M | 3.15% | 18,772 | SH |
| 12 | STRATA CRITICAL MEDICAL INC | SRTA | 092667104 | $11.4M | 3.12% | 2,171,006 | SH |
| 13 | LUXEXPERIENCE BV | LUXE | 55406W103 | $10.9M | 2.97% | 1,462,815 | SH |
| 14 | GPGI INC | GPGI | 20459V105 | $10.8M | 2.95% | 681,032 | SH |
| 15 | KNIGHT-SWIFT TRANSN HLDGS IN | KNX | 499049104 | $10.8M | 2.94% | 138,435 | SH |
| 16 | TURNING PT BRANDS INC | TPB | 90041L105 | $10.7M | 2.91% | 125,854 | SH |
| 17 | BUILD-A-BEAR WORKSHOP INC | BBW | 120076104 | $10.4M | 2.83% | 339,225 | SH |
| 18 | KURA SUSHI USA INC | KRUS | 501270102 | $10.2M | 2.78% | 176,989 | SH |
| 19 | CARGURUS INC | CARG | 141788109 | $10.1M | 2.76% | 296,864 | SH |
| 20 | WEALTHFRONT CORP | WLTH | 947002101 | $9.2M | 2.50% | 1,025,030 | SH |
| 21 | CROCS INC | CROX | 227046109 | $9.1M | 2.49% | 75,562 | SH |
| 22 | LIFEWAY FOODS INC | LWAY | 531914109 | $8.7M | 2.38% | 291,709 | SH |
| 23 | GLOBAL X FDS | AIQ | 37954Y632 | $8.4M | 2.29% | 127,765 | SH |
| 24 | PDF SOLUTIONS INC | PDFS | 693282105 | $8.3M | 2.28% | 117,854 | SH |
| 25 | FLYWIRE CORPORATION | FLYW | 302492103 | $8.3M | 2.27% | 473,706 | SH |
| 26 | BOYD GROUP SERVICES INC | BGSI | 103310108 | $7.9M | 2.17% | 83,875 | SH |
| 27 | CORPORACION AMER ARPTS S A | CAAP | L1995B107 | $7.4M | 2.03% | 295,075 | SH |
| 28 | BRIGHTVIEW HLDGS INC | BV | 10948C107 | $7.1M | 1.95% | 502,957 | SH |
| 29 | RESOLUTE HLDGS MGMT INC | RHLD | 76134H101 | $7.0M | 1.90% | 48,165 | SH |
| 30 | LISTED FDS TR | INFL | 53656F623 | $5.8M | 1.59% | 176,270 | SH |
| 31 | SOLARIS ENERGY INFRAS INC | SEI | 83418M103 | $5.2M | 1.42% | 64,796 | SH |
| 32 | MAYVILLE ENGR CO INC | MEC | 578605107 | $5.1M | 1.40% | 136,746 | SH |
| 33 | MAGNITE INC | MGNI | 55955D100 | $4.1M | 1.13% | 217,753 | SH |
| 34 | BOYD GROUP SERVICES INC | BGSI | 103310108 | $2.6M | 0.70% | 27,053 | SH |
| 35 | SHARONAI HOLDINGS INC | SHAZ | 778920306 | $2.4M | 0.66% | 28,685 | SH |
| 36 | CRONOS GROUP INC | CRON | 22717L101 | $2.3M | 0.61% | 810,163 | SH |
| 37 | MAMAS CREATIONS INC | MAMA | 56146T103 | $1.6M | 0.44% | 90,110 | SH |
| 38 | MIMEDX GROUP INC | MDXG | 602496101 | $828.7K | 0.23% | 215,239 | SH |
| 39 | ISHARES TR Put | IWM | 464287655 | $653.9K | 0.18% | 900 | SH |
| 40 | TOYO CO LTD Put | TOYO | G8976D107 | $563.5K | 0.15% | 683 | SH |
| 41 | GLOBAL X FDS Put | AIQ | 37954Y632 | $429.5K | 0.12% | 1,494 | SH |
| 42 | WESTROCK COFFEE CO Put | WEST | 96145W103 | $361.6K | 0.10% | 5,166 | SH |
| 43 | GALAXY DIGITAL INC. | GLXY | 36317J209 | $283.3K | 0.08% | 167,836 | SH |
| 44 | TURNING PT BRANDS INC Put | TPB | 90041L105 | $137.0K | 0.04% | 315 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $366.3M | 44 | 0001420506-26-001780 |
| 2026-03-31 | 2026-05-14 | $221.2M | 32 | 0001420506-26-001006 |
| 2025-12-31 | 2026-02-18 | $286.2M | 30 | 0001941040-26-000191 |
SAN FRANCISCO, CA 94118