Western Standard LLC

1. Portfolio Overview

Western Standard LLC’s 13F filing for the period ending September 30, 2025, reveals a portfolio undergoing significant structural transformation. The total portfolio value increased by 23.0%, rising from $179.71 million to $220.99 million. This growth was driven not merely by market appreciation but by a substantial overhaul of the fund's holdings. The manager executed a high-turnover strategy, reducing the number of holdings and exiting 12 positions while initiating 8...