Solas Capital Management
DARIEN, CTfiles as Solas Capital Management, LLC
$187m in 21 US stocks at the end of 30 June 2026. The top 10 are 72.7% of the money. It changed about 13.4% of the portfolio this quarter.
Value
$187m
Stocks
21
Top 10 share
72.7%
Turnover
13.4%
What changed this quarter
New
Bought for the first time this quarter.
- EnviriNVRI2.2% of the fund
- Luxexperience BVLUXE1.4% of the fund
Added
Bought more of a stock they already held.
- InsperityNSP6.2% of the fund+12%
- AdvanSixASIX6.1% of the fund+11%
- Euronet WorldwideEEFT4.9% of the fund+74%
- SANUWAVE HealthSNWV3.3% of the fund+113%
- Burford CapitalBUR2.7% of the fund+23%
- Modular MedicalMODD1.1% of the fund+52%
Cut
Sold some of their stake.
- Fennec PharmaceuticalsFENC10.9% of the fund-24%
- Sonida Senior LivingSNDA7.4% of the fund-24%
- LEE EnterprisesLEE7.4% of the fund-8%
- Grocery Outlet HoldingGO6.1% of the fund-18%
- Molina HealthcareMOH4.9% of the fund-41%
- Seaport Entertainment GroupSEG3.0% of the fund-5%
- MAIA BiotechnologyMAIA2.3% of the fund-29%
Sold out
Sold their entire stake.
- Algoma Steel GroupASTL-100%
- EnviriNVRI-100%
- Mercer InternationalMERC-100%
Holdings
- EnviriNVRI
- Share
- 2.2%
- Value
- $4m
- Shares
- 183,333
New
- Luxexperience BVLUXE
- Share
- 1.4%
- Value
- $3m
- Shares
- 344,529
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Fennec PharmaceuticalsFENC | 10.9% | $20m | 1,889,366 | -24% |
| Epsilon EnergyEPSN | 10.1% | $19m | 3,470,761 | Held |
| Alpha CognitionACOG | 7.4% | $14m | 1,924,617 | Held |
| Sonida Senior LivingSNDA | 7.4% | $14m | 337,679 | -24% |
| LEE EnterprisesLEE | 7.4% | $14m | 1,549,944 | -8% |
| InsperityNSP | 6.2% | $12m | 281,852 | +12% |
| Grocery Outlet HoldingGO | 6.1% | $11m | 1,139,058 | -18% |
| AdvanSixASIX | 6.1% | $11m | 571,324 | +11% |
| Advance Auto PartsAAP | 5.6% | $11m | 169,163 | Held |
| Kyndryl HoldingsKD | 5.5% | $10m | 915,443 | Held |
| Molina HealthcareMOH | 4.9% | $9m | 40,219 | -41% |
| Euronet WorldwideEEFT | 4.9% | $9m | 124,988 | +74% |
| SANUWAVE HealthSNWV | 3.3% | $6m | 610,968 | +113% |
| Seaport Entertainment GroupSEG | 3.0% | $6m | 212,892 | -5% |
| Burford CapitalBUR | 2.7% | $5m | 1,210,944 | +23% |
| MAIA BiotechnologyMAIA | 2.3% | $4m | 3,030,845 | -29% |
| EnviriNVRI | 2.2% | $4m | 183,333 | New |
| Luxexperience BVLUXE | 1.4% | $3m | 344,529 | New |
| Alight, Inc. / DelawareALIT | 1.3% | $2m | 4,253,822 | Held |
| Modular MedicalMODD | 1.1% | $2m | 438,095 | +52% |
| Hain Celestial GroupHAIN | 0.3% | $479,567 | 856,064 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 4.4% since 30 June 2025.
Where the money is
Health care37.3%
Technology13.1%
Energy10.1%
Retail & consumer8.7%
Financial services7.6%
Media & telecom7.4%
Everyday goods6.3%
Materials6.1%
Utilities2.2%
Other1.4%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.