WHITE PINE CAPITAL LLC
Q3 2023 Form 13-F
GOLDEN VALLEY, MINNESOTA
CIK 0001137429
· CRD 108417
· SEC-registered investment adviser
$249.2M Reported Value Total
WHITE PINE CAPITAL LLC reports 343 total accounts under management (AUM). There are 341 discretionary accounts valued at $324,720,387, and 2 non-discretionary accounts valued at $121,634.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
1 fund
· $11.9M gross asset value
Hedge Fund: $11.9M
Source: Form ADV filed 2026-03-31
Reported value
$249.2M
Quarter over quarter
-5.7%
Holdings
206
Top-10 concentration
26.1%
Filing Structure
Reports holdings for
- Charles Bellows (not a 13F filer in our records) · Q1 2022 – Q4 2022 · declared by one filing
- Dennis Senneseth (not a 13F filer in our records) · Q1 2022 – Q4 2022 · declared by one filing
- Timothy Madey (not a 13F filer in our records) · Q1 2022 – Q4 2022 · declared by one filing
Key People
Form ADV owners & control persons
Timothy Francis Madey
MANAGING MEMBER, CHIEF INVESTMENT OFFICER
Michael Scott Wallace
MANAGING MEMBER, PRESIDENT
Barbara Jean Hardy
CHIEF COMPLIANCE OFFICER
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
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Q3 2023 13F record
Q3 2023 13F filing summary
| Period of report | September 30, 2023 |
|---|---|
| Filed | November 09, 2023 |
| Form | 13F-HR |
| Reported value | $249.2M |
| Positions | 206 |
| Change in reported value | -7.0% |
| New positions | 10 |
| Exited positions | 7 |
| Position turnover | 8.0% |
| Top-10 concentration | 26.1% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q3 2026 13F
Filed Nov 9, 2026
|
240 | $418.9M |
|
Q2 2026 13F
Filed Aug 5, 2026
|
240 | $423.2M |
|
Q1 2026 13F
Filed May 11, 2026
|
230 | $367.7M |
|
Q4 2025 13F
Filed Feb 9, 2026
|
219 | $363.4M |
|
Q3 2025 13F
Filed Nov 10, 2025
|
225 | $349.2M |
|
Q2 2025 13F
Filed Aug 12, 2025
|
221 | $315.1M |
|
Q1 2025 13F
Filed May 13, 2025
|
225 | $288.7M |
|
Q4 2024 13F
Filed Jan 30, 2025
|
218 | $296.8M |
|
Q3 2024 13F
Filed Nov 12, 2024
|
215 | $292.7M |
|
Q2 2024 13F
Filed Aug 13, 2024
|
210 | $263.9M |
|
Q1 2024 13F
Filed May 13, 2024
|
211 | $262.9M |
|
Q4 2023 13F
Filed Feb 5, 2024
|
202 | $259.5M |
|
Q3 2023 13F
Filed Nov 9, 2023
|
206 | $249.2M |
|
Q2 2023 13F
Filed Aug 8, 2023
|
203 | $268.0M |
|
Q1 2023 13F
Filed May 9, 2023
|
201 | $257.4M |
|
Q4 2022 13F
Filed Feb 10, 2023
|
200 | $256.2M |
|
Q3 2022 13F
Filed Nov 8, 2022
|
197 | $240.3M |
|
Q2 2022 13F
Filed Aug 16, 2022
|
214 | $255.2M |
|
Q1 2022 13F
Filed May 12, 2022
|
223 | $322.8M |
|
Q4 2021 13F
Filed Feb 11, 2022
|
231 | $338.5M |
34 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q3 2023
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | MSFT MICROSOFT CORP COM | $10.2M | 4.11% |
| 2 | AAPL APPLE INC | $9.5M | 3.83% |
| 3 | MMM 3M CO | $9.2M | 3.7% |
| 4 | FLOT ISHARES FLOATING RATE BOND ETF | $7.0M | 2.8% |
| 5 | IGSB ISHARES SHORT TERM CORPORATE B | $5.4M | 2.19% |
| 6 | EFR EATON VANCE SENIOR FLOATING-RA | $5.4M | 2.16% |
| 7 | IVV ISHARES CORE S&P 500 INDEX FUN | $5.1M | 2.07% |
| 8 | JNJ JOHNSON & JOHNSON COM | $4.5M | 1.83% |
| 9 | SPY SPDR S&P 500 ETF TRUST | $4.5M | 1.82% |
| 10 | MRK MERCK & CO INC (NEW) | $4.0M | 1.62% |
| 11 | V VISA INC CLASS A | $3.8M | 1.52% |
| 12 | GOOGL ALPHABET INC CL A | $3.7M | 1.49% |
| 13 | CVX CHEVRON CORPORATION | $3.6M | 1.43% |
| 14 | AMZN AMAZON.COM INC | $3.3M | 1.32% |
| 15 | PEP PEPSICO INC COM | $3.1M | 1.23% |
| 16 | JPM JPMORGAN CHASE & CO | $2.9M | 1.16% |
| 17 | EQIX EQUINIX INC COM NEW | $2.5M | 1.02% |
| 18 | SPYD SPDR S&P 500 ETF HIGH DIVIDEND | $2.5M | 0.99% |
| 19 | EMR EMERSON ELEC CO COM | $2.4M | 0.96% |
| 20 | TGT TARGET CORP | $2.4M | 0.96% |
Values as reported on the Q3 2023 Form 13F. Every position is in the holdings table below.