Solas Capital Management, LLC
Solas Capital Management, LLC reported 21 US-listed holdings worth $186.6 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Fennec Pharmaceuticals Inc. (10.9%), Epsilon Energy Ltd (10.1%) and Alpha Cognition Inc. (7.4%). Against the quarter before, it opened 2 positions, added to 6, trimmed 7 and sold out of 3.
The 14 largest of its 21 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +13.4% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 2
- Enviri Corp. NVRI$4.0 million
- Myt Netherlands Parent B V LUXE$2.6 million
Added to 6
- Euronet Worldwide, Inc. EEFT+53,000 shares · +74%
- Sanuwave Health Inc. SNWV+323,454 shares · +113%
- Insperity, Inc. NSP+30,000 shares · +12%
- Advansix Inc. ASIX+54,295 shares · +11%
- Burford Cap Ltd BUR+230,000 shares · +23%
- Modular Med Inc. MODD+150,000 shares · +52%
Trimmed 7
- Molina Healthcare, Inc. MOH-28,500 shares · -41%
- Fennec Pharmaceuticals Inc. FENC-592,832 shares · -24%
- Sonida Senior Living Inc. SNDA-108,200 shares · -24%
- Grocery Outlet Holding Corp. GO-256,127 shares · -18%
- Maia Biotechnology Inc. Com MAIA-1.3 million shares · -29%
- Lee Enterprises Inc. LEE-134,542 shares · -8%
- Seaport Entertainment Group In SEG-10,026 shares · -4%
Sold out of 3
- Algoma STL Group Inc. ASTL$4.3 million last quarter
- Enviri Corp. NVRI$3.9 million last quarter
- Mercer Intl Inc. MERC$1.1 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Fennec Pharmaceuticals Inc. FENC | 1.9M | $20.3 million | 10.88% | -592.8K |
| Epsilon Energy Ltd EPSN | 3.5M | $18.8 million | 10.06% | no change |
| Alpha Cognition Inc. ACOG | 1.9M | $13.9 million | 7.45% | no change |
| Sonida Senior Living Inc. SNDA | 337.7K | $13.8 million | 7.38% | -108.2K |
| Lee Enterprises Inc. LEE | 1.5M | $13.7 million | 7.36% | -134.5K |
| Insperity, Inc. NSP | 281.9K | $11.6 million | 6.24% | +30.0K |
| Grocery Outlet Holding Corp. GO | 1.1M | $11.4 million | 6.09% | -256.1K |
| Advansix Inc. ASIX | 571.3K | $11.4 million | 6.09% | +54.3K |
| Advance Auto Parts Inc. AAP | 169.2K | $10.5 million | 5.64% | no change |
| Kyndryl Holdings, Inc. KD | 915.4K | $10.4 million | 5.55% | no change |
| Molina Healthcare, Inc. MOH | 40.2K | $9.2 million | 4.93% | -28.5K |
| Euronet Worldwide, Inc. EEFT | 125.0K | $9.1 million | 4.90% | +53.0K |
| Sanuwave Health Inc. SNWV | 611.0K | $6.1 million | 3.27% | +323.5K |
| Seaport Entertainment Group In SEG | 212.9K | $5.7 million | 3.03% | -10.0K |
| Burford Cap Ltd BUR | 1.2M | $5.0 million | 2.66% | +230.0K |
| Maia Biotechnology Inc. Com MAIA | 3.0M | $4.4 million | 2.34% | -1.3M |
| Enviri Corp. NVRI | 183.3K | $4.0 million | 2.16% | new |
| Myt Netherlands Parent B V LUXE | 344.5K | $2.6 million | 1.37% | new |
| Alight Inc. ALIT | 4.3M | $2.4 million | 1.28% | no change |
| Modular Med Inc. MODD | 438.1K | $2.0 million | 1.06% | +150.0K |
| Hain Celestial Group Inc. HAIN | 856.1K | $479,567 | 0.26% | no change |