CALDWELL SUTTER CAPITAL, INC.

Caldwell Sutter Capital's $246M Q1 2026 filing is one of the most idiosyncratic portfolios in the dataset — 894 holdings concentrated heavily in micro-cap and small-cap names, with Apple ($11.8M, 4.8%) as the only large-cap anchor and a roster of sub-$2M positions that read like a community-bank and specialty-industrials survey. The defining characteristic is Kinetik Holdings (KNTK, $5.7M, 2.3%), a midstream energy infrastructure company that the manager nearly doubled in Q1 — share count rose 62% to 118,570, adding $3.1M in value and making it the portfolio's largest single-name energy bet. That Kinetik increase was the single largest dollar addition in the filing and signals the manager's conviction in natural-gas infrastructure and NGL processing at a moment when midstream valuations have underperformed the broader energy complex. Perma-Pipe International (PPIH, $7.0M, 2.8%) is the other defining position: a specialty-piping-and-insulation company whose share count was essentially flat but whose position represents a deliberate infrastructure-and-energy-services thematic alongside Kinetik. The Q1 additions were heavily tilted toward financials — five community banks and specialty financials opened from scratch including Parke Bancorp (PKBK, $2.6M), Baycom (BCML, $2.4M), FirstSun Capital (FSUN, $2.1M), Community West Bancshares (CWBC, $1.7M), and Mechanics Bancorp (MCHB, $1.5M) — a coordinated regional-bank sleeve that suggests the manager believes valuation multiples on small-depository institutions are compelling after the 2023 stress and that net-interest margin compression has already been priced in. The reductions were broad-based: Apple shed $1.4M (-4% shares), Microsoft, Visa, and JPMorgan all gave back 5-21% of their share counts, and Caterpillar was reduced by $870K despite rising in value — a signal that the manager is lightening large-cap industrial exposure into strength. The portfolio's sector footprint is unusual: 50.5% of holdings sit in the 'Unknown' bucket (names without standard sector assignments at this AUM level), with the rest distributed across technology ($25.8M), financial services ($14.9M), energy ($5.8M), and healthcare ($8.2M) — meaning the manager is operating primarily in the small-cap and micro-cap universe where sector conventions break down and company-specific due diligence matters more than thematic tilts.