WHITE PINE CAPITAL LLC
Q1 2026 Form 13-F
GOLDEN VALLEY, MINNESOTA
CIK 0001137429
· CRD 108417
· SEC-registered investment adviser
$367.7M Reported Value Total
WHITE PINE CAPITAL LLC reports 353 total accounts under management (AUM). There are 352 discretionary accounts valued at $430,573,304, and 1 non-discretionary accounts valued at $39,730.
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
$367.7M
Quarter over quarter
+3.3%
Holdings
230
Top-10 concentration
23.8%
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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Q1 2026 13F record
Q1 2026 13F filing summary
| Period of report | March 31, 2026 |
|---|---|
| Filed | May 11, 2026 |
| Form | 13F-HR |
| Reported value | $367.7M |
| Positions | 230 |
| Change in reported value | +1.2% |
| New positions | 13 |
| Exited positions | 2 |
| Position turnover | 6.5% |
| Top-10 concentration | 23.8% |
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 · Q1 2026
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | MMM 3M CO | $14.2M | 3.86% |
| 2 | AAPL APPLE INC | $13.2M | 3.58% |
| 3 | MSFT MICROSOFT CORP COM | $11.4M | 3.11% |
| 4 | IVV ISHARES CORE S&P 500 INDEX FUN | $9.9M | 2.69% |
| 5 | GOOGL ALPHABET INC CL A | $7.6M | 2.07% |
| 6 | AXTI AXT INC | $6.5M | 1.76% |
| 7 | JNJ JOHNSON & JOHNSON COM | $6.3M | 1.71% |
| 8 | AMZN AMAZON.COM INC | $6.1M | 1.67% |
| 9 | GLD SPDR GOLD TRUST FUND | $6.1M | 1.67% |
| 10 | SPY SPDR S&P 500 ETF TRUST | $6.1M | 1.65% |
| 11 | JPM JPMORGAN CHASE & CO | $5.7M | 1.54% |
| 12 | GE GE AEROSPACE | $5.6M | 1.51% |
| 13 | WMT WALMART INC | $5.4M | 1.46% |
| 14 | FLOT ISHARES FLOATING RATE BOND ETF | $4.8M | 1.31% |
| 15 | ADTN ADTRAN HOLDINGS INC COM | $4.5M | 1.24% |
| 16 | V VISA INC CLASS A | $4.5M | 1.23% |
| 17 | MRK MERCK & CO INC COM | $4.2M | 1.14% |
| 18 | NVDA NVIDIA CORP | $4.2M | 1.14% |
| 19 | PFF ISHARES TR PFD AND INCOME SEC | $4.1M | 1.12% |
| 20 | CVX CHEVRON CORPORATION | $4.0M | 1.08% |
Values as reported on the Q1 2026 Form 13F. Every position is in the holdings table below.