Solas Capital Management, LLC

Key Holdings

The portfolio is anchored by Fennec Pharmaceuticals, which remains the single largest holding at $20.48 million, representing 18.46% of the portfolio. Despite a 2.0% reduction in stake size during the quarter, the manager maintains a dominant position in this name. The new top entry, Molina Healthcare (MOH), was initiated with a substantial capital allocation of $10.86 million (9.79%), immediately becoming the second-largest holding. This suggests a high-conviction bet on the healthcare payer space.

Other significant positions include Grocery Outlet (GO) and Regeneron (REGN), both hovering around the 9% allocation mark. Notably, the portfolio includes several smaller-cap or micro-cap names such as Alpha Cognition, Sanuwave Health, and Modular Medical. While individual positions like Advansix (ASIX) and Zimvie (ZIMV) hold weightings around 9%, the presence of these smaller pharmaceutical and industrial stocks indicates a willingness to invest in niche, potentially higher-growth or turnaround scenarios outside of the major market indices.