FLAX POND CAPITAL, LLC

MERION STATION, PA · CIK 2106996 · 13F filing filed 2026-05-19

SEC-registered investment adviser since 2023 · limited liability company

Assets managed$222.3m
Staff2 · 1 in investment roles
Main clients (by assets)High net worth individuals 75%, Individuals 25%
Websiteflaxpondcapital.com
Form ADV · 2026-01-30SEC adviser record

$124.3m reported value -7.6% vs Q4 2025

62positions

50.1%in top 10

15 new 21 added 19 reduced 4 sold out vs Q4 2025

Holdings, Q1 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SPDR GOLD TR GOLD SHS GLD	GLD	31,357	$13.5m10.86%	10.86%	Reduced -1.6k	-1,650 -5.0%
2	MURPHY OIL CORP COM MUR	MUR	187,256	$7.7m6.21%	6.21%	Reduced -35.7k	-35,700 -16.0%
3	NEXTERA ENERGY PARTNERS LP COM UNIT PART IN XIFR	XIFR	583,084	$6.2m4.98%	4.98%	Unchanged
4	EAGLE POINT INCOME COMPANY I COM EIC	EIC	603,019	$5.7m4.58%	4.58%	Added +150.8k	+150,815 33.4%
5	DRIVEN BRANDS HLDGS INC COM DRVN	DRVN	430,020	$5.4m4.36%	4.36%	Added +239.4k	+239,420 125.6%
6	ISHARES INC MSCI BRAZIL ETF EWZ	EWZ	135,793	$5.2m4.19%	4.19%	Added +1.2k	+1,200 0.9%
7	BCE INC COM NEW BCE	BCE	196,569	$5.0m3.99%	3.99%	Reduced -4.6k	-4,600 -2.3%
8	ROYAL GOLD INC COM RGLD	RGLD	18,340	$4.7m3.76%	3.76%	Added +1.1k	+1,100 6.4%
9	NEWMONT CORP COM NEM	NEM	41,630	$4.5m3.63%	3.63%	Added +5.0k	+5,000 13.7%
10	BARRICK MNG CORP COM SHS B	B	107,943	$4.4m3.54%	3.54%	Added +27.6k	+27,600 34.4%
11	AMERICOLD REALTY TRUST INC COM COLD	COLD	355,413	$4.1m3.28%	3.28%	Added +250	+250 0.1%
12	NEXPOINT RESIDENTIAL TR INC COM NXRT	NXRT	161,893	$4.0m3.26%	3.26%	New
13	GEOPARK LTD USD SHS GPRK	GPRK	352,833	$3.4m2.70%	2.70%	New
14	ANGI INC CL A NEW ANGI	ANGI	485,290	$3.3m2.67%	2.67%	Added +203.2k	+203,165 72.0%
15	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	40,824	$3.0m2.43%	2.43%	Added +200	+200 0.5%
16	EDAP TMS S A SPONSORED ADR FOCL	FOCL	783,446	$2.9m2.34%	2.34%	Reduced -13.8k	-13,800 -1.7%
17	SABA CAPITAL INCOME & OPRNT SHS NEW BRW	BRW	405,786	$2.7m2.20%	2.20%	Added +10.0k	+10,000 2.5%
18	ALEXANDRIA REAL ESTATE EQ IN COM ARE	ARE	57,460	$2.7m2.15%	2.15%	Added +60	+60 0.1%
19	COMSTOCK INC COM SHS LODE	LODE	849,788	$2.6m2.09%	2.09%	Added +155.8k	+155,763 22.4%
20	SABA CAPITAL INCOME & OPPORT COM NEW SABA	SABA	299,313	$2.5m2.00%	2.00%	Added +16.8k	+16,780 5.9%
21	UNIQURE NV SHS QURE	QURE	152,031	$2.5m2.00%	2.00%	Added +5.5k	+5,533 3.8%
22	DIMENSIONAL ETF TRUST WORLD EX US CORE DFAX	DFAX	68,464	$2.3m1.87%	1.87%	Added +1.3k	+1,300 1.9%
23	LIMONEIRA CO COM LMNR	LMNR	171,132	$2.3m1.85%	1.85%	Added +1.2k	+1,224 0.7%
24	IAC INC COM NEW PPLI	PPLI	51,105	$2.0m1.65%	1.65%	Reduced -48.6k	-48,600 -48.7%
25	VERMILION ENERGY INC COM VET	VET	137,700	$1.9m1.53%	1.53%	Reduced -151.0k	-151,000 -52.3%
26	STRUCTURE THERAPEUTICS INC SPONSORED ADS GPCR	GPCR	36,000	$1.7m1.40%	1.40%	Reduced -12.7k	-12,721 -26.1%
27	WEYERHAEUSER CO MTN BE COM NEW WY	WY	70,450	$1.7m1.38%	1.38%	Reduced -210	-210 -0.3%
28	GENESIS ENERGY L P UNIT LTD PARTN GEL	GEL	85,232	$1.5m1.22%	1.22%	Reduced -8.1k	-8,139 -8.7%
29	IDEAYA BIOSCIENCES INC COM IDYA	IDYA	39,242	$1.3m1.05%	1.05%	Added +100	+100 0.3%
30	JD.COM INC SPON ADS CL A JD	JD	42,392	$1.3m1.01%	1.01%	Reduced -41.5k	-41,550 -49.5%
31	NURIX THERAPEUTICS INC COM NRIX	NRIX	80,200	$1.2m1.00%	1.00%	Unchanged
32	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	56,638	$1.2m0.95%	0.95%	Added +400	+400 0.7%
33	GLOBAL PMTS INC COM GPN	GPN	15,270	$1.0m0.83%	0.83%	Reduced -45.8k	-45,840 -75.0%
34	ORGANOGENESIS HLDGS INC COM ORGO	ORGO	420,091	$995.6k0.80%	0.80%	Reduced -4.1k	-4,100 -1.0%
35	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	10,442	$841.2k0.68%	0.68%	Reduced -70.2k	-70,244 -87.1%
36	BICYCLE THERAPEUTICS PLC SPONSORED ADS BCYC	BCYC	176,136	$817.3k0.66%	0.66%	Added +2.5k	+2,503 1.4%
37	EXXON MOBIL CORP COM XOM	XOM	4,634	$786.2k0.63%	0.63%	Added +2.9k	+2,934 172.6%
38	NOMAD FOODS LTD USD ORD SHS NOMD	NOMD	80,300	$771.7k0.62%	0.62%	New
39	REVOLUTION MEDICINES INC COM RVMD	RVMD	7,933	$771.5k0.62%	0.62%	Unchanged
40	FIVE POINT HOLDINGS LLC COM CL A FPH	FPH	141,707	$685.9k0.55%	0.55%	Added +16.6k	+16,600 13.3%
41	ASA GOLD AND PRECIOUS MTLS L SHS ASA	ASA	9,504	$589.5k0.47%	0.47%	Unchanged
42	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	27,000	$521.1k0.42%	0.42%	Unchanged
43	PTC THERAPEUTICS INC COM PTCT	PTCT	6,000	$408.8k0.33%	0.33%	Unchanged
44	COMPASS PATHWAYS PLC SPONSORED ADS CMPS	CMPS	52,566	$290.7k0.23%	0.23%	Reduced -250	-250 -0.5%
45	CADIZ INC COM NEW CDZI	CDZI	53,815	$264.2k0.21%	0.21%	Unchanged
46	JOHNSON & JOHNSON COM JNJ	JNJ	872	$213.2k0.17%	0.17%	Reduced -100	-100 -10.3%
47	ISHARES TR MSCI INDONIA ETF EIDO	EIDO	10,000	$157.9k0.13%	0.13%	Reduced -65.3k	-65,323 -86.7%
48	BRANDYWINEGBL GBL INCM OPP F COM BWG	BWG	15,000	$115.0k0.09%	0.09%	Reduced -3.0k	-3,000 -16.7%
49	TERRESTRIAL ENERGY INC COM SHS IMSR	IMSR	16,000	$96.1k0.08%	0.08%	New
50	ENCORE ENERGY CORP COM NEW EU	EU	52,292	$94.1k0.08%	0.08%	Reduced -100.0k	-100,000 -65.7%
51	JAMES RIV GROUP HOLDINGS INC COM SHS JRVR	JRVR	14,200	$89.5k0.07%	0.07%	Reduced -524.6k	-524,567 -97.4%
52	TWIST BIOSCIENCE CORP COM TWST	TWST	1,600	$76.0k0.06%	0.06%	New
53	FORWARD AIR CORP COM FWRD	FWRD	3,000	$50.1k0.04%	0.04%	New
54	PINTEREST INC COM COM		1,800	$33.0k0.03%	0.03%	New
55	UR-ENERGY INC COM URG	URG	15,000	$22.4k0.02%	0.02%	New
56	KYNDRYL HLDGS INC COMMON STOCK KD	KD	1,000	$13.1k0.01%	0.01%	New
57	NEXGEL INC COM COM		20,000	$12.7k0.01%	0.01%	New
58	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	100	$12.5k0.01%	0.01%	New
59	HUDSON PAC PPTYS INC COM COM		1,429	$8.4k0.01%	0.01%	New
60	PURECYCLE TECHNOLOGIES INC COM PCT	PCT	1,000	$5.2k0.00%	0.00%	New
61	SIGMA LITHIUM CORPORATION COM SGML	SGML	100	$1.2k0.00%	0.00%	New
62	ARVINAS INC COM ARVN	ARVN	100	$1.1k0.00%	0.00%	New

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
UNITEDHEALTH GROUP INC UNH	UNH	11,630	$3.8m11.6k shares
UNITED PARCEL SERVICE INC UPS	UPS	34,531	$3.4m34.5k shares
WORLD KINECT CORPORATION WKC	WKC	27,544	$645.4k27.5k shares
CLEARSIGN TECHNOLOGIES CORP		13,549	$7.5k13.5k shares