Vault-13

HERITAGE GLOBAL INC HGBL

COM · Common Stock · CUSIP 42727E103

39 institutional holders -4 vs Q1 2025
13,533,45813.5m shares reported held*
39.0% of all shares outstanding*
$30.0mreported value*
5 new 8 added 10 reduced 9 sold out net sold ≈ $1.8m (-798.6k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 34.7m as of 2025-08-01, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $2.22.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 26Q4 22: 29Q1 23: 29Q2 23: 52Q3 23: 58Q4 23: 55Q1 24: 58Q2 24: 50Q3 24: 44Q4 24: 40Q1 25: 43Q2 25: 3939Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202226
Q4 202229
Q1 202329
Q2 202352
Q3 202358
Q4 202355
Q1 202458
Q2 202450
Q3 202444
Q4 202440
Q1 202543
Q2 202539

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 23: 22 bought or addedQ3 23: 25 cut or sold outQ4 23: 30 bought or addedQ4 23: 27 cut or sold outQ4 23Q1 24: 26 bought or addedQ1 24: 24 cut or sold outQ2 24: 15 bought or addedQ2 24: 27 cut or sold outQ2 24Q3 24: 14 bought or addedQ3 24: 23 cut or sold outQ4 24: 10 bought or addedQ4 24: 26 cut or sold outQ4 24Q1 25: 17 bought or addedQ1 25: 23 cut or sold outQ2 25: 13 bought or addedQ2 25: 19 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232225
Q4 20233027
Q1 20242624
Q2 20241527
Q3 20241423
Q4 20241026
Q1 20251723
Q2 20251319

Biggest buyers

Truffle Hound Capital, LLC Added +270,157+270.2k
RENAISSANCE TECHNOLOGIES LLC Added +97,715+97.7k
CITADEL ADVISORS LLC New +62,793+62.8k
DIMENSIONAL FUND ADVISORS LP Added +53,441+53.4k
GOLDMAN SACHS GROUP INC New +40,814+40.8k
VANGUARD GROUP INC Added +24,876+24.9k
EVERGREEN CAPITAL MANAGEMENT LLC New +11,878+11.9k
GSA CAPITAL PARTNERS LLP New +10,802+10.8k
RAYMOND JAMES FINANCIAL INC New +6,940+6.9k
ROYAL BANK OF CANADA Added +5,378+5.4k

Biggest sellers

Journey Advisory Group, LLC Sold out -720,667-720.7k
Ancora Advisors LLC Sold out -514,269-514.3k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -40,243-40.2k
UBS Group AG Reduced -17,640-17.6k
Topline Capital Management, LLC Reduced -16,237-16.2k
Man Group plc Reduced -13,623-13.6k
Massar Capital Management, LP Sold out -13,000-13.0k
FMR LLC Reduced -10,949-10.9k
JANE STREET GROUP, LLC Sold out -10,875-10.9k
WEDBUSH SECURITIES INC Sold out -10,002-10.0k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 13G · institution filed 2026-05-15 6.5% 2.2m≈ $2.7m 2026-05-15
Mink Brook Asset Management LLC 13G · passive investor +1.1 pts · filed 2026-04-06 6.4% +1.1 pts 2.2m≈ $2.7m 2026-04-06
DOVE ROSS 13D · may seek influence filed 2026-09-29
Stated purposeMr. Ross Dove currently intends to hold all of the shares of Common Stock described herein for investment purposes. Mr. Ross Dove may make additional purchases for investment purposes from time to time. In addition, Mr. Ross Dove is an officer of the Company and will continue to participate in incentive programs available to executive officers. As CEO and a director, Mr. Ross Dove has a continuing role in the management and governance of the Company, and in this role he may in the future make proposals or offer input on proposals with respect to the matters set forth in (a) through (j) of Item 4 of Schedule 13D. Full filing
 5.8% 2.0m≈ $2.4m 2026-09-29
Topline Capital Management, LLC 13G · institution filed 2025-02-10 5.1% 1.9m≈ $2.3m 2025-02-10

Fell to 5% or below in the last year: VANGUARD CAPITAL MANAGEMENT LLC (4.5%, 2026-07-31), VANGUARD GROUP INC (0.0%, 2026-03-27)

Insider purchases and sales in Q2 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
505Q3 23: 5 buyingQ3 23: 0 sellingQ4 23: 1 buyingQ4 23: 0 sellingQ4 23Q1 24: 2 buyingQ1 24: 0 sellingQ2 24: 0 buyingQ2 24: 0 sellingQ2 24Q3 24: 0 buyingQ3 24: 0 sellingQ4 24: 0 buyingQ4 24: 1 sellingQ4 24Q1 25: 0 buyingQ1 25: 1 sellingQ2 25: 0 buyingQ2 25: 0 sellingQ2 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q3 20235$141.3k0——
Q4 20231$14.2k0——
Q1 20242$34.5k0——
Q2 20240—0——
Q3 20240—0——
Q4 20240—1$85.2k$85.2k
Q1 20250—1$181.9k$181.9k
Q2 20250—0——

None reported in Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 0.34% of their portfolio EDINA, MN 2,454,0532.5m $5.4m $5.4m 0.34% Reduced -414 -414
2 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,873,2271.9m $4.2m $4.2m 0.00% Added +24.9k +24,876
3 Mink Brook Asset Management LLC 3.60% of their portfolio West Palm Beach, FL 1,867,0211.9m $4.1m $4.1m 3.60% Unchanged
4 Topline Capital Management, LLC 0.64% of their portfolio SANTA MONICA, CA 1,678,5071.7m $3.7m $3.7m 0.64% Reduced -16.2k -16,237
5 Militia Capital Partners, LP 0.61% of their portfolio AUSTIN, TX 1,168,9561.2m $2.6m $2.6m 0.61% Unchanged
6 Truffle Hound Capital, LLC 1.35% of their portfolio BETHESDA, MD 920,157920.2k $2.0m $2.0m 1.35% Added +270.2k +270,157
7 Koshinski Asset Management, Inc. 0.15% of their portfolio DECATUR, IL 917,304917.3k $2.0m $2.0m 0.15% Reduced -5.0k -5,000
8 WYNNEFIELD CAPITAL INC 0.53% of their portfolio NEW YORK, NY 401,030401.0k $890.3k $890.3k 0.53% Unchanged
9 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 373,047373.0k $828.3k $828.3k 0.00% Reduced -2.4k -2,434
10 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 346,506346.5k $769.2k $769.2k 0.00% Added +97.7k +97,715
11 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 293,682293.7k $652.2k $652.2k 0.00% Added +53.4k +53,441
12 Perritt Capital Management Inc 0.31% of their portfolio Chicago, IL 272,466272.5k $604.9k $604.9k 0.31% Reduced -3.0k -3,000
13 Ridgewood Investments LLC 0.23% of their portfolio SPRINGFIELD, NJ 241,165241.2k $535.4k $535.4k 0.23% Unchanged
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 132,533132.5k $294.2k $294.2k 0.00% Reduced -5.6k -5,632
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 116,566116.6k $258.8k $258.8k 0.00% Unchanged
16 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 62,79362.8k $139.4k $139.4k 0.00% New
17 Man Group plc 0.00% of their portfolio LONDON, X0 59,87459.9k $132.9k $132.9k 0.00% Reduced -13.6k -13,623
18 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 57,69857.7k $128.1k $128.1k 0.00% Unchanged
19 RBF Capital, LLC 0.01% of their portfolio RENO, NV 54,28354.3k $120.5k $120.5k 0.01% Unchanged
20 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 40,81440.8k $90.6k $90.6k 0.00% New
21 Heron Bay Capital Management 0.02% of their portfolio BLOOMFIELD HILLS, MI 35,52235.5k $78.9k $78.9k 0.02% Added +352 +352
22 Parkside Advisors LLC 0.02% of their portfolio BERKELEY, CA 34,13934.1k $75.8k $75.8k 0.02% Unchanged
23 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 25,75825.8k $58.2k $58.2k 0.00% Unchanged
24 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 18,66818.7k $41.4k $41.4k 0.00% Unchanged
25 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 16,79116.8k $37.3k $37.3k 0.00% Unchanged
26 UBS Group AG 0.00% of their portfolio ZURICH, V8 13,65913.7k $30.3k $30.3k 0.00% Reduced -17.6k -17,640
27 EVERGREEN CAPITAL MANAGEMENT LLC 0.00% of their portfolio Bellevue, WA 11,87811.9k $26.4k $26.4k 0.00% New
28 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 11,56411.6k $26.0k $26.0k 0.00% Added +5.4k +5,378
29 GSA CAPITAL PARTNERS LLP 0.00% of their portfolio LONDON, X0 10,80210.8k $24.0k $24.0k 0.00% New
30 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 6,9406.9k $15.4k $15.4k 0.00% New
31 FMR LLC 0.00% of their portfolio BOSTON, MA 4,0414.0k $9.0k $9.0k 0.00% Reduced -10.9k -10,949
32 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 4,0004.0k $8.9k $8.9k 0.00% Unchanged
33 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 2,7502.8k $6.1k $6.1k 0.00% Added +1.8k +1,750
34 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,5002.5k $5.5k $5.5k 0.00% Unchanged
35 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 1,5141.5k $3.4k $3.4k 0.00% Reduced -339 -339
36 TD Waterhouse Canada Inc. 0.00% of their portfolio TORONTO, A6 678678 $1.5k $1.5k 0.00% Unchanged
37 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 537537 $1.2k $1.2k 0.00% Added +272 +272
38 Archer Investment Corp 0.00% of their portfolio Carmel, IN 3535 $78 $78 0.00% Unchanged
39 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged