Militia Capital Expands Portfolio
Militia Capital Management Diversifies Portfolio with New Stakes in Five Companies
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Key Points
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Militia Capital Management LLC disclosed a Lindblad Expeditions stake of 94,968 shares, about $1.643 million, representing roughly 0.14% of Lindblad Expeditions' outstanding shares.
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Insider activity at Lindblad: Trey Byus sold 10,000 Lindblad Expeditions shares on May 21 at an average price of $20.05; after the sale, he directly owned 101,530 shares valued at approximately $2,035,676.50.
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Militia opened a new Macro Bank position: 37,900 shares valued at about $2.932 million, representing roughly 0.06% ownership of Macro Bank.
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Floor & Decor Holdings: Militia purchased 26,900 shares for approximately $1.367 million.
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Roblox Corporation: Militia acquired 45,800 Roblox shares for about $2.59 million; Roblox is highly institutional-owned (about 94.46% of stock held by institutions and hedge funds), and several brokerages issued ratings updates (e.g., Barclays negative, Benchmark sell, Jefferies hold, Goldman Sachs price target cut to $65).
Militia Capital Management LLC has revealed a string of new equity positions across five companies during the first quarter, according to its latest 13F filing with the Securities and Exchange Commission. The fund deployed capital into Lindblad Expeditions, Macro Bank, Huntington Ingalls Industries, Floor & Decor Holdings, and Roblox Corporation — spanning leisure, finance, defense, home improvement, and gaming.
The moves signal a broad, diversified strategy. Militia spread millions of dollars across very different industries. No single sector dominated the new buys. Watchlist News covered several of the fund's parallel positions filed in the same quarter, including stakes in Mastercard, Align Technology, and Kinder Morgan.
Militia Bets Big on Expeditions and Banking
The fund's largest new position by share count was in Lindblad Expeditions. Militia bought 94,968 shares worth roughly $1.64 million, according to Watchlist News. That stake equals about 0.14% of Lindblad's total outstanding shares. Lindblad runs small-ship expedition cruises to remote destinations like Antarctica and the Galápagos.
Militia also opened a new position in Macro Bank, purchasing 37,900 shares for about $2.93 million. That represents roughly 0.06% ownership of the bank. The Macro Bank stake was the fund's highest-dollar new position among the five disclosed buys this quarter.
Defense and Home Decor Round Out the Portfolio
Militia added 4,000 shares of Huntington Ingalls Industries, valued at about $1.52 million. Huntington Ingalls is the largest military shipbuilder in the United States. It builds aircraft carriers and submarines for the U.S. Navy. The position is small but puts Militia inside a key defense contractor.
The fund also bought 26,900 shares of Floor & Decor Holdings for roughly $1.37 million. Floor & Decor sells hard-surface flooring — tile, wood, and stone — through large warehouse-style stores. The buy suggests Militia sees value in home improvement retail despite a tough housing market.
Roblox Buy Comes Amid Analyst Downgrades and Heavy Institutional Ownership
Militia acquired 45,800 shares of Roblox Corporation for about $2.59 million. The gaming platform is already heavily owned by big investors — about 94.46% of Roblox stock is held by institutions and hedge funds, according to Ticker Report. Militia is entering a crowded field.
The timing is notable. Several brokerages have recently turned cautious on Roblox. Barclays issued a negative rating. Benchmark put a sell rating on the stock. Jefferies rated it a hold. Goldman Sachs cut its price target to $65. Militia's buy runs against the grain of Wall Street's recent pessimism on the stock.
Lindblad Insider Sells Shares as Militia Buys In
While Militia was building its Lindblad position, a company insider was heading for the exit. Trey Byus sold 10,000 Lindblad shares on May 21 at an average price of $20.05 per share. After the sale, Byus directly owned 101,530 shares worth about $2.04 million. Insider sales do not always signal bad news, but the timing stands out.
Militia's new Lindblad stake sits at roughly $1.64 million — about 80% of the value Byus still holds after his sale. The fund's entry comes as Lindblad navigates a post-pandemic recovery in expedition travel. The broader quarter also saw Militia buy into Greenfire Resources and IQVIA Holdings, according to Watchlist News and Ticker Report, reinforcing the fund's pattern of wide-ranging, active stock picking.
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