Old West Investment Management, LLC — 13F Portfolio

Old West Investment Management, LLC is an independent investment management firm based in Los Angeles, California. The firm is founder-led and oriented around a traditional value-investing philosophy, applying concentrated, research-intensive strategies across long-only and long/short equity mandates. Old West manages capital for private funds, family offices, and other institutional and high-net-worth investors, typically through limited partnerships and separately managed accounts. The investment organization is led by Founder and Chief Investment Officer Joseph Boskovich, Sr., with investment leadership shared by Partner and Portfolio Manager Joseph Boskovich, Jr. The culture is that of a focused partnership pursuing high-conviction, contrarian ideas, particularly in out-of-favor industries and cyclical businesses where the team believes intrinsic value is materially higher than prevailing market prices. Old West Investment Management, LLC files Form 13F with the U.S. Securities and Exchange Commission under CIK #0001549358. These filings provide visibility into the firm’s U.S.-listed long equity exposures across all accounts where it exercises investment discretion. The 13F reports cover only the long side of the U.S. equity book and exclude short positions, derivatives, non-U.S. securities, private investments, and cash balances, so they represent a partial but informative window into the firm’s overall activity. Within a 13F analytics platform, Old West’s 13F History can be assembled into a continuous record of disclosed holdings, enabling allocators to observe how the firm’s concentrated value positions and sector tilts have evolved over time.

Old West Investment Management pursues a fundamental, intrinsic-value strategy with a willingness to be meaningfully different from broad equity benchmarks. The firm’s process is bottom-up and research-driven, seeking situations where a business’s normalized earnings power and asset value are, in the team’s view, underappreciated by the market. Key features of the approach, as reflected in the 13F disclosures, include: - Concentrated portfolios: The U.S. equity book often holds a relatively limited number of core positions, with the top holdings accounting for a substantial share of disclosed capital. This reflects Old West’s preference for deep conviction in a smaller set of ideas rather than wide diversification. - Value and contrarian orientation: The firm frequently targets companies trading at discounts to estimated intrinsic value, including cyclical and asset-heavy businesses, special situations, and out-of-favor sectors. Emphasis is placed on downside protection via balance-sheet strength, asset coverage, and conservative underwriting of normalized earnings. - Cyclical and resource exposure: Over time, 13F reports have shown meaningful allocations to sectors such as energy, materials, industrials, and related areas, consistent with a willingness to invest in commodities, resource producers, and other cyclicals when valuations are depressed and sentiment is poor. - Long-horizon holding periods: While the firm is active in managing risk and position sizing, holdings commonly extend over multiple years, with trading focused on adding opportunistically when prices dislocate and trimming as positions approach estimated fair value. The resulting 13F portfolio tends to be long-biased and benchmark-agnostic, with weights determined by conviction and perceived margin of safety rather than index membership. Other sectors—such as financials, consumer, or select technology and communications names—appear in the portfolio when valuations become attractive and the team sees a clear path to value realization. Analyzing Old West’s 13F Portfolio Composition through time allows allocators to identify persistent style signatures: the degree of cyclicality in the book, the prevalence of small- and mid-cap names, and the balance between asset plays and more traditional cash-flow compounders. Applying a Portfolio Simulator or Backtesting Service to this holdings history can produce an approximate Historical Track Record for the long U.S. equity sleeve, under the assumption that quarter-end filings reasonably proxy interim exposures.

Old West Investment Management, LLC stands out among 13F filers as a concentrated, value-oriented manager with a clear willingness to take contrarian positions, particularly in cyclical and resource-intensive sectors. The firm’s filings under CIK #0001549358 reveal a long-biased portfolio constructed from a relatively focused list of high-conviction holdings, managed with an explicit emphasis on intrinsic value and margin of safety. By transforming Old West’s 13F History into a holdings-based replica of its U.S. equity book, allocators can study the evolution of sector tilts, position concentrations, and security selection across multiple cycles. Detailed examination of 13F Portfolio Composition, in combination with risk statistics such as Max Drawdown Depth and Sharpe Ratio, provides a data-driven framework for understanding how the firm’s contrarian value philosophy has influenced its compounding behavior over time. The principal limitation of this lens is its scope: Form 13F disclosures do not capture short exposure, derivatives, non-U.S. holdings, or private investments, all of which can be relevant to the overall strategy. Nevertheless, the long U.S. equity sleeve is often a central expression of Old West’s investment views, making the 13F record a valuable, behavior-based input to institutional due diligence. For allocators assessing the role of Old West Investment Management within a broader portfolio, a central open question is how sensitive this reconstructed long equity component is to shifts in macro regimes—such as prolonged growth-stock dominance, sharp commodity price reversals, or changes in interest-rate and inflation dynamics—and whether that regime sensitivity would diversify or amplify the existing exposures in their own capital pools.

The risk profile of Old West Investment Management’s U.S. equity holdings is shaped by three primary elements: concentration, sector/cycle exposure, and a strict value discipline. 1. Concentration and idiosyncratic risk
Old West’s concentrated style means that individual positions can have a material impact on the capital trajectory. When a handful of high-conviction ideas represent a large portion of disclosed holdings, both upside and downside linked to company-specific developments are amplified. This is particularly pronounced in smaller-cap or less-liquid names often targeted by value specialists. 2. Cyclical and sector tilts
The firm’s willingness to invest heavily in cyclical and resource-related sectors—energy, materials, industrials, and select financials—creates sensitivity to macro variables such as commodity prices, interest rates, and economic growth expectations. During strong commodity and reflationary cycles, such exposures can significantly enhance results; conversely, they can deepen drawdowns in adverse macro environments or when value styles lag growth. 3. Value discipline and margin of safety
On the mitigating side, Old West’s focus on purchasing assets at discounts to conservatively estimated intrinsic value, often with tangible asset backing or strong balance sheets, is intended to limit permanent impairment of capital. The margin-of-safety framework seeks to distinguish between volatility and genuine loss, accepting mark-to-market fluctuations in exchange for favorable long-term payoff profiles. From a quantitative standpoint, reconstructed holdings derived from the firm’s 13F History can be used to estimate realized volatility and worst historical Max Drawdown Depth for the U.S. long equity sleeve. Coupled with a Sharpe Ratio calculated from these Performance Backtests Online, allocators can gauge how Old West’s concentrated, contrarian style has translated into risk-adjusted outcomes across different market regimes—growth-led rallies, value comebacks, commodity cycles, and broad equity selloffs. It is important to note that this analysis isolates only the visible long U.S. equity component. Any short positions, options, credit instruments, non-U.S. equities, or private investments that may be part of Old West’s broader strategies are not captured by 13F data, and thus the total strategy-level risk profile may differ from the long-only snapshot.