WHITE PINE CAPITAL LLC

White Pine Capital's Q1 2026 book is full of opposite-signed signals: Microsoft, Amazon, and Meta each picked up a few hundred shares, yet every one of those positions lost market value—share-flow buying did not stop mark-to-market declines. Meanwhile AXT was cut by about 76% of prior shares (roughly $18 million of share-flow selling), the quarter's largest real disposal, while Adtran shares fell but position dollars rose. Across 228 lines and $355 million of AUM (slightly below the prior $363 million), this is a diversified advisory book pruning a speculative satellite, not rotating with conviction into the mega-caps that still top the roster.