Old West Investment Management, LLC

CIK 0001549358 · Q1 2026

13F Equity AUM

$922.6M

+64.7% QoQ

Positions

123

+21 QoQ

AUM Rank

#2,942

Top 24%

Skill Alpha (FF)

+3.9%/yr^ns

No Clear Edge

Rank #760 · Top 9%

vs S&P -3.7%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 16.5%Top 10: 30.4%Top 20: 52.0%

TDW3.7%

CNR3.3%

LMT3.2%

NTR3.2%

CRC3.0%

Antero Resources Corporation3.0%

SU3.0%

SLB2.7%

OII2.7%

RRC2.6%

Others (113)69.6%

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

Sector Allocation

Energy35.9%

Basic Materials28.4%

Industrials12.9%

Technology9.0%

Financial Services4.8%

Healthcare4.6%

Other4.4%

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

Position Sizing

Positions: 123Median: 0.45%Avg: 0.81%

0–0.5%

68(14.3%)

0.5–1%

21(15.7%)

1–3%

29(53.6%)

3–5%

5(16.5%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 114Unique: 9vs 20 funds

1.6%Low

123

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

2.2%

BANK OF AMERICA CORP /DE/

2.3%

JPMORGAN CHASE & CO

2.2%

BlackRock, Inc.

2.7%

GEODE CAPITAL MANAGEMENT, LLC

VANGUARD CAPITAL MANAGEMENT LLC

STATE STREET CORP

2.9%

FMR LLC

3.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

3.2%

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

New32Increased36Decreased28Exited11

New Positions

NTR3.2%

+390K

Antero Resources Cor…3.0%

+648K

RRC2.6%

+527K

APD2.6%

+82K

CF2.4%

+169K

VNOM1.2%

+232K

DOW1.1%

+247K

LYB1.1%

+127K

GEV1.0%

+11K

FMC1.0%

+523K

Increased

SLB2.7%

+439K(+831%)

TDW3.7%

+331K(+420%)

SU3.0%

+280K(+211%)

PBR0.8%

+264K(+338%)

CC0.8%

+241K(+314%)

CNR3.3%

+180K(+160%)

OII2.7%

+154K(+28%)

NE-WTA1.1%

+131K(+163%)

GSM1.8%

+128K(+3%)

RIO1.2%

+105K(+736%)

Decreased

NXE2.4%

-776,199(-29%)

OMEX0.4%

-723,252(-13%)

ELAN0.8%

-209,192(-42%)

CRC3.0%

-199,048(-26%)

AGI1.6%

-161,318(-33%)

DML0.2%

-106,544(-15%)

BLDR0.4%

-80,796(-66%)

UHAL0.4%

-74,030(-48%)

NOK1.3%

-52,840(-3%)

BG1.8%

-51,790(-28%)

Exited

TMC

-1,862,348

HCC

-79,862

-203,985

-500,000

-219,080

-6,510

-55,710

ERO

-29,144

ERII

-49,944

LEU

-1,209

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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