Sippican Capital Advisors
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| BANCORP INC DEL | TBBK | $7.0M | 145,186 | -0.93pp | 32q | -0.6%-$40.2K | |
| GE AEROSPACE | GE | $4.6M | 14,728 | -0.31pp | 21q | HELD | |
| TRIUMPH FINANCIAL INC | TFIN | $3.9M | 65,783 | -0.64pp | 21q | -6.3%-$264.9K | |
| ALPHABET INC | GOOG | $3.6M | 10,703 | +0.17pp | 31q | +2.2%+$77.7K | |
| ORACLE CORP | ORCL | $3.6M | 26,017 | +0.69pp | 23q | +38.1%+$985.1K | |
| BRISTOL-MYERS SQUIBB CO | BMY | $3.6M | 56,982 | +0.23pp | 32q | -6.1%-$231.3K | |
| EXXONMOBIL HOLDINGS CORP | XOM | $3.4M | 20,930 | - | new | NEW | |
| ABBVIE INC | ABBV | $3.3M | 12,525 | +0.19pp | 32q | -3.3%-$110.4K | |
| ALERUS FINL CORP | ALRS | $3.3M | 103,489 | +0.05pp | 13q | -7.5%-$265.3K | |
| MERCK & CO INC | MRK | $3.2M | 21,764 | +0.38pp | 32q | -1.2%-$38.7K | |
| PFIZER INC | PFE | $3.1M | 110,167 | +0.59pp | 32q | +7.8%+$227.9K | |
| CHEVRON CORPORATION | CVX | $3.1M | 15,127 | +0.34pp | 32q | -11.0%-$380.0K | |
| ELI LILLY & CO | LLY | $3.1M | 2,654 | +0.02pp | 32q | -4.2%-$133.1K | |
| EAGLE BANCORP INC MD | EGBN | $3.1M | 110,365 | +0.13pp | 6q | HELD | |
| 3M CO | MMM | $3.0M | 18,455 | +0.17pp | 20q | -1.1%-$32.3K | |
| AMAZON COM INC | AMZN | $3.0M | 12,053 | +0.28pp | 12q | +1.9%+$56.6K | |
| NVR INC | NVR | $3.0M | 485 | -0.04pp | 32q | -0.6%-$18.5K | |
| CUSTOMERS BANCORP INC | CUBI | $2.9M | 39,735 | +0.04pp | 10q | HELD | |
| INTERNATIONAL BUSINESS MACHS | IBM | $2.9M | 13,045 | +0.36pp | 6q | +44.6%+$884.6K | |
| IREN LIMITED | IREN | $2.7M | 64,975 | +0.40pp | 9q | +32.8%+$655.3K | |
| COLUMBIA BKG SYS INC | COLB | $2.5M | 85,694 | -0.39pp | 12q | -17.2%-$510.0K | |
| METROPOLITAN BK HLDG CORP | MCB | $2.4M | 27,205 | -0.09pp | 10q | -1.7%-$41.0K | |
| RTX CORPORATION | RTX | $2.3M | 12,215 | +0.09pp | 23q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $2.2M | 4,410 | +0.11pp | 32q | HELD | |
| NETFLIX INC. | NFLX | $2.2M | 31,238 | +0.88pp | 2q | +141.6%+$1.3M | |
| FLAGSTAR BANK NATIONAL ASSOC | FLG | $2.1M | 180,260 | -0.18pp | 5q | +3.9%+$78.1K | |
| BANC OF CALIFORNIA INC | BANC | $2.1M | 120,868 | -0.13pp | 31q | HELD | |
| IRON MTN INC DEL | IRM | $2.1M | 18,526 | -0.22pp | 25q | -10.1%-$230.3K | |
| JPMORGAN CHASE & CO | JPM | $2.0M | 6,130 | +0.10pp | 32q | -1.6%-$33.1K | |
| APPLE INC | AAPL | $2.0M | 6,074 | +0.28pp | 32q | +1.1%+$22.0K | |
| BRIDGEWATER BANCSHARES INC | BWB | $1.9M | 96,645 | +0.06pp | 12q | HELD | |
| ONEMAIN HLDGS INC | OMF | $1.8M | 32,854 | -0.01pp | 32q | HELD | |
| V F CORP | VFC | $1.8M | 128,915 | +0.10pp | 15q | +18.6%+$284.6K | |
| Fidelity Tr 500 Index Ins Prem | $1.8M | 6,697 | -0.56pp | 25q | -38.9%-$1.1M | ||
| CATERPILLAR INC | CAT | $1.8M | 2,200 | -0.24pp | 32q | HELD | |
| LENNAR CORP | LEN | $1.7M | 20,724 | +0.09pp | 32q | +10.2%+$156.8K | |
| GOODYEAR TIRE & RUBR CO | GT | $1.7M | 339,780 | -0.58pp | 8q | -19.4%-$407.4K | |
| BUILDERS FIRSTSOURCE INC | BLDR | $1.6M | 28,673 | +0.60pp | 2q | +219.8%+$1.1M | |
| GE VERNOVA INC | GEV | $1.5M | 1,595 | -0.18pp | 10q | -3.6%-$56.1K | |
| DEERE CO | DE | $1.5M | 2,230 | +0.13pp | 32q | HELD | |
| QCR HOLDINGS INC | QCRH | $1.5M | 14,930 | +0.08pp | 13q | HELD | |
| LOCKHEED MARTIN CORP | LMT | $1.4M | 2,836 | +0.08pp | 22q | HELD | |
| PATHWARD FINANCIAL INC | CASH | $1.4M | 20,134 | -0.12pp | 32q | HELD | |
| DIAMONDBACK ENERGY INC | FANG | $1.4M | 7,716 | +0.04pp | 31q | -8.7%-$135.5K | |
| FIRST WESTN FINL INC | MYFW | $1.4M | 46,475 | +0.02pp | 9q | HELD | |
| DEVON ENERGY CORP NEW | DVN | $1.4M | 29,791 | +0.04pp | 2q | -14.2%-$226.1K | |
| KINDER MORGAN INC DEL | KMI | $1.3M | 44,469 | -0.01pp | 25q | -3.9%-$54.3K | |
| T ROWE PRICE | $1.3M | 11,715 | +0.09pp | 6q | HELD | ||
| EOG RES INC | EOG | $1.3M | 9,487 | -0.01pp | 32q | -14.4%-$219.5K | |
| MERITAGE HOMES CORP | MTH | $1.3M | 20,623 | -0.13pp | 3q | +6.6%+$80.4K | |
| CIPHER DIGITAL INC | CIFR | $1.2M | 76,200 | -0.23pp | 9q | +10.1%+$110.8K | |
| TERAWULF INC | WULF | $1.2M | 81,345 | -0.33pp | 10q | +8.0%+$88.8K | |
| MVB FINL CORP | MVBF | $1.1M | 38,964 | +0.05pp | 11q | -2.4%-$27.7K | |
| CHUBB LIMITED | CB | $1.1M | 3,450 | +0.03pp | 32q | HELD | |
| MORGAN STANLEY | MS | $1.0M | 5,565 | -0.02pp | 23q | -0.5%-$5.3K | |
| GENERAL DYNAMICS CORP | GD | $984.5K | 2,967 | +0.01pp | 23q | HELD | |
| PEPSICO INC | PEP | $870.8K | 6,872 | +0.21pp | 32q | +52.9%+$301.3K | |
| WSFS FINL CORP | WSFS | $838.0K | 11,089 | +0.04pp | 5q | HELD | |
| CITIGROUP INC | C | $831.8K | 6,424 | -0.23pp | 25q | -30.3%-$361.4K | |
| ENBRIDGE INC | ENB | $821.8K | 17,676 | -0.04pp | 32q | HELD | |
| BLACKSTONE INC | BX | $810.0K | 7,226 | +0.02pp | 30q | HELD | |
| PLAINS ALL AMERN PIPELINE L | PAA | $776.8K | 32,750 | +0.07pp | 32q | HELD | |
| DISNEY WALT CO | DIS | $744.3K | 7,095 | +0.08pp | 32q | HELD | |
| ENTERPRISE PRODS PARTNERS L | EPD | $742.8K | 20,860 | +0.03pp | 32q | HELD | |
| BANK OF AMER CORP | BAC | $691.6K | 12,707 | -0.05pp | 32q | -12.7%-$100.9K | |
| JOHNSON & JOHNSON | JNJ | $689.4K | 2,604 | +0.06pp | 32q | HELD | |
| EASTERN BANKSHARES INC | EBC | $687.3K | 32,839 | -0.11pp | 9q | -21.4%-$187.7K | |
| STOCK YDS BANCORP INC | SYBT | $667.1K | 8,654 | -0.29pp | 10q | -44.7%-$538.5K | |
| MICROSOFT CORP | MSFT | $637.0K | 1,242 | +0.15pp | 14q | +2.2%+$13.8K | |
| AMERICAN EXPRESS CO | AXP | $612.5K | 2,014 | -0.01pp | 32q | HELD | |
| STAR BULK CARRIERS CORP. | SBLK | $596.2K | 20,305 | +0.07pp | 32q | -6.1%-$38.8K | |
| BANNER CORP | BANR | $574.7K | 8,578 | -0.05pp | 32q | -19.4%-$138.2K | |
| DRAFTKINGS INC NEW | DKNG | $572.8K | 30,145 | -0.08pp | 18q | HELD | |
| VISA INC | V | $567.7K | 1,580 | +0.05pp | 32q | HELD | |
| COLGATE PALMOLIVE CO | CL | $554.3K | 6,497 | -0.01pp | 32q | -3.0%-$17.1K | |
| NICOLET BANKSHARES INC | NIC | $541.8K | 3,324 | +0.01pp | 3q | -5.1%-$29.0K | |
| BOEING CO | BA | $529.3K | 2,845 | -0.04pp | 32q | -3.2%-$17.5K | |
| SM ENERGY COMPANY | SM | $504.7K | 14,942 | +0.04pp | 32q | -20.2%-$128.1K | |
| WELLS FARGO & CO | WFC | $488.3K | 6,100 | -0.03pp | 32q | -13.1%-$73.6K | |
| COCA COLA CO | KO | $462.5K | 5,373 | +0.04pp | 32q | HELD | |
| HOME DEPOT INC | HD | $416.2K | 1,463 | -0.04pp | 32q | +0.9%+$3.7K | |
| ONEOK INC NEW | OKE | $396.8K | 4,653 | - | new | NEW | |
| Vanguard 500 Index Admir | $394.4K | 559 | +0.03pp | 6q | HELD | ||
| TRAVELERS COMPANIES INC | TRV | $392.2K | 1,100 | +0.04pp | 12q | HELD | |
| ALPHABET INC | GOOGL | $381.9K | 1,110 | +0.01pp | 5q | HELD | |
| BROWN FORMAN CORP | BFB | $372.0K | 14,200 | -0.03pp | 32q | -16.0%-$70.6K | |
| ABBOTT LABORATORIES | ABT | $338.5K | 3,425 | +0.04pp | 32q | HELD | |
| UNION PAC CORP | UNP | $319.5K | 1,174 | +0.02pp | 26q | HELD | |
| TOTALENERGIES SE | TTE | $309.4K | 3,619 | +0.03pp | 4q | -0.8%-$2.5K | |
| CINCINNATI FINL CORP | CINF | $302.8K | 1,900 | -0.01pp | 32q | HELD | |
| MGM RESORTS INTERNATIONAL | MGM | $297.7K | 9,588 | -0.13pp | 24q | -14.7%-$51.1K | |
| HERSHEY CO | HSY | $291.6K | 1,850 | flat | 32q | HELD | |
| ZIONS BANCORPORATION NATL AS | ZION | $288.2K | 4,600 | -0.02pp | 12q | -8.9%-$28.2K | |
| US BANCORP | USB | $280.5K | 4,857 | +0.01pp | 9q | HELD | |
| BROWN FORMAN CORP | BFA | $272.1K | 10,142 | -0.01pp | 32q | -10.2%-$30.9K | |
| ILLINOIS TOOL WKS INC | ITW | $238.0K | 925 | +0.01pp | 16q | HELD | |
| CSX CORP | CSX | $208.1K | 4,475 | +0.01pp | 2q | HELD | |
| ARCOSA INC | ACA | $204.5K | 1,399 | +0.01pp | 2q | HELD | |
| CLEANSPARK INC | CLSK | $145.5K | 11,300 | flat | 3q | +6.1%+$8.4K |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Banks & Lending | $52.2M | 34.7% |
| Biotech & Pharma | $17.2M | 11.5% |
| Energy | $13.9M | 9.2% |
| Software & IT Services | $8.2M | 5.5% |
| Retail & Consumer | $6.9M | 4.6% |
| Semiconductors & Electronics | $6.1M | 4.1% |
| Construction & Building | $6.0M | 4.0% |
| Autos & Aerospace | $5.2M | 3.5% |
| Computer Hardware | $4.9M | 3.3% |
| Insurance | $4.0M | 2.7% |
| Industrials | $3.7M | 2.5% |
| Telecom & Media | $3.5M | 2.3% |
| Other sectors | $15.0M | 10.0% |
| Not classified | $3.5M | 2.3% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | -6.4% | +2.1% | -8.5% | 99% |
| Q2 2026 | +10.7% | +14.8% | -4.1% | 99% |
| Q1 2026 | +0.9% | -4.6% | +5.6% | 98% |
| Q4 2025 | +3.2% | +2.4% | +0.9% | 98% |
| Q3 2025 | +8.5% | +7.8% | +0.7% | 99% |
| Q2 2025 | +3.1% | +10.5% | -7.4% | 100% |
| Q1 2025 | -2.9% | -4.6% | +1.6% | 100% |
| Q4 2024 | -1.6% | +2.1% | -3.7% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $150.4M | 99 | 2 | 19 | 39 | 14 | 26.2% | 23 |
| Q2 2026 | $163.9M | 111 | 7 | 17 | 33 | 3 | 26.8% | 22 |
| Q1 2026 | $146.1M | 107 | 3 | 20 | 58 | 9 | 27.3% | 23 |
| Q4 2025 | $155.6M | 113 | 4 | 29 | 46 | 5 | 28.4% | 23 |
| Q3 2025 | $151.3M | 114 | 3 | 24 | 33 | 1 | 27.7% | 27 |
| Q2 2025 | $137.7M | 112 | 6 | 26 | 17 | 3 | 26.5% | 25 |
| Q1 2025 | $132.7M | 109 | 1 | 28 | 32 | 4 | 27.6% | 28 |
| Q4 2024 | $137.3M | 112 | 4 | 20 | 33 | 5 | 26.8% | 23 |
| Q3 2024 | $143.3M | 113 | 8 | 26 | 26 | 8 | 27.5% | 28 |
| Q2 2024 | $126.4M | 113 | 8 | 24 | 24 | 9 | 26.3% | 37 |
| Q1 2024 | $128.6M | 114 | 5 | 20 | 62 | 8 | 25.8% | 32 |
| Q4 2023 | $127.5M | 117 | 15 | 47 | 23 | 7 | 25.2% | 30 |
| Q3 2023 | $110.7M | 109 | 8 | 38 | 27 | 1 | 25.4% | 24 |
| Q2 2023 | $108.4M | 102 | 6 | 22 | 40 | 4 | 25.9% | 46 |
| Q1 2023 | $104.6M | 100 | 5 | 24 | 30 | 4 | 25.7% | 105 |
| Q4 2022 | $104.5M | 99 | 5 | 15 | 44 | 5 | 26.5% | 26 |
| Q3 2022 | $95.9M | 99 | 2 | 24 | 31 | 4 | 24.6% | 17 |
| Q2 2022 | $100.8M | 101 | 1 | 22 | 44 | 10 | 24.1% | 19 |
| Q1 2022 | $120.5M | 110 | 6 | 22 | 55 | 4 | 23.6% | 20 |
| Q4 2021 | $117.7M | 108 | 4 | 22 | 49 | 8 | 24.3% | 19 |
| Q3 2021 | $115.4M | 112 | 5 | 25 | 51 | 7 | 23.2% | 20 |
| Q2 2021 | $115.0M | 114 | 3 | 18 | 40 | 1 | 23.0% | 22 |
| Q1 2021 | $108.2M | 112 | 10 | 22 | 50 | 4 | 23.9% | 15 |
| Q4 2020 | $92.2M | 106 | 7 | 24 | 57 | 6 | 24.2% | 21 |
| Q3 2020 | $80.4M | 105 | 13 | 47 | 33 | 6 | 24.3% | 23 |
| Q2 2020 | $74.2M | 98 | 7 | 40 | 39 | 3 | 25.2% | 15 |
| Q1 2020 | $61.4M | 94 | 2 | 39 | 37 | 14 | 26.7% | 16 |
| Q4 2019 | $89.9M | 106 | 3 | 31 | 39 | 1 | 25.5% | 21 |
| Q3 2019 | $82.7M | 104 | 2 | 32 | 49 | 4 | 25.5% | 17 |
| Q2 2019 | $84.9M | 106 | 3 | 28 | 51 | 7 | 25.4% | 17 |
| Q1 2019 | $84.1M | 110 | 10 | 43 | 39 | 3 | 25.9% | 17 |
| Q4 2018 | $74.0M | 103 | 0 | 0 | 0 | 0 | 28.4% | 16 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.