WHITE PINE CAPITAL LLC

CIK 0001137429 · Q1 2026

13F Equity AUM

$355.2M

-2.3% QoQ

Positions

228

+9 QoQ

AUM Rank

#5,332

Top 43%

Skill Alpha (FF)

+0.8%/yr^ns

No Clear Edge

Rank #1,737 · Top 21%

vs S&P -5.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 15.8%Top 10: 24.4%Top 20: 37.4%

MMM4.0%

AAPL3.7%

MSFT3.2%

IVV2.8%

GOOGL2.1%

JNJ1.8%

AMZN1.7%

GQ91.7%

SPY1.7%

JPM1.6%

Others (218)75.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services31.2%

Technology18.3%

Industrials14.7%

Healthcare9.0%

Communication Services6.6%

Consumer Defensive5.2%

Consumer Cyclical4.2%

Energy3.7%

Other6.9%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 228Median: 0.25%Avg: 0.44%

0–0.5%

171(36.0%)

0.5–1%

35(24.6%)

1–3%

19(28.5%)

3–5%

3(10.9%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 226Unique: 2vs 20 funds

3.1%Low

228

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

4.2%

BlackRock, Inc.

5.4%

BANK OF AMERICA CORP /DE/

4.4%

JPMORGAN CHASE & CO

4.2%

FMR LLC

6.4%

VANGUARD CAPITAL MANAGEMENT LLC

5.3%

STATE STREET CORP

5.3%

GEODE CAPITAL MANAGEMENT, LLC

5.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New10Increased70Decreased98Exited1

New Positions

BBY0.2%

+9K

BCHT0.1%

+289K

APA0.1%

+7K

MTZ0.1%

+900

DAR0.1%

+5K

TFC0.1%

+6K

DUOT0.1%

+36K

CSX0.1%

+5K

SOLS0.1%

+3K

HAIN0.0%

+32K

Increased

XEFRX0.6%

+133K(+189%)

TLSI0.2%

+105K(+180%)

AVBC0.4%

+42K(+130%)

ELMD0.4%

+27K(+74%)

STRW0.4%

+23K(+25%)

LMNR0.4%

+15K(+19%)

INFU0.3%

+14K(+14%)

TN10.3%

+13K(+351%)

NFLX0.6%

+13K(+128%)

ARLO0.5%

+12K(+10%)

Decreased

AXTI1.6%

-316,772(-76%)

FLL0.3%

-92,188(-16%)

VELO0.1%

-87,396(-67%)

ADTN1.0%

-46,132(-14%)

TLS0.2%

-44,600(-22%)

PGX0.5%

-43,197(-22%)

KRMD0.2%

-38,654(-17%)

VIAV0.4%

-36,766(-49%)

WNEB0.5%

-30,067(-18%)

NEO0.3%

-26,321(-17%)

Exited

CVS

-2,787

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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