# EDGAR Filing Document

**Accession Number:** 0001557406
**File Stem:** 0001398344-23-001040
**Filing Date:** 2023-1
**Character Count:** 13050
**Document Hash:** 4fc0e58207f6fc03c8c5b9909469ff3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-001040.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001398344-23-001040

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**EFFECTIVENESS DATE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sippican Capital Advisors
- **CENTRAL INDEX KEY:** 0001557406
- **IRS NUMBER:** 273399146
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16310
- **FILM NUMBER:** 23555328

**BUSINESS ADDRESS:**
- **STREET 1:** 125 HIGH STREET
- **STREET 2:** SUITE 1802
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 8572638119

**MAIL ADDRESS:**
- **STREET 1:** 125 HIGH STREET
- **STREET 2:** SUITE 1802
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sippican Capital Adivsors
- **DATE OF NAME CHANGE:** 20120904

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Sippican Capital Advisors<br>**Address:** 125 HIGH STREET<br>SUITE 1802<br>BOSTON, MA 02110

**Form 13F File Number:** 028-16310

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Gordon C. Barrett<br>**Title:** President<br>**Phone:** 857-263-8101

**Signature, Place, and Date of Signing:**

Gordon C. Barrett  Boston, MA  01-25-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 99

**Form 13F Information Table Value Total:** $104538000

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M Co | cs | 88579y101 |  | 1438000 | 11995 | SH |  | SOLE |  | 11995 | 0 | 0 |
| Abbott Laboratories | cs | 002824100 |  | 630000 | 5740 | SH |  | SOLE |  | 5740 | 0 | 0 |
| AbbVie Inc | cs | 00287y109 |  | 2672000 | 16533 | SH |  | SOLE |  | 16533 | 0 | 0 |
| Alphabet Inc Cap Stock Cl C | cs | 02079k107 |  | 991000 | 11170 | SH |  | SOLE |  | 11170 | 0 | 0 |
| American Express Co | cs | 025816109 |  | 366000 | 2478 | SH |  | SOLE |  | 2478 | 0 | 0 |
| Apple Inc | cs | 037833100 |  | 932000 | 7174 | SH |  | SOLE |  | 7174 | 0 | 0 |
| Banc Of California Inc | cs | 05990k106 |  | 1371000 | 86050 | SH |  | SOLE |  | 86050 | 0 | 0 |
| Bancorp Inc | cs | 05969a105 |  | 4845000 | 170705 | SH |  | SOLE |  | 170705 | 0 | 0 |
| Bank America Corp | cs | 060505104 |  | 811000 | 24488 | SH |  | SOLE |  | 24488 | 0 | 0 |
| Banner Corp | cs | 06652v208 |  | 802000 | 12697 | SH |  | SOLE |  | 12697 | 0 | 0 |
| Berkshire Hathaway Inc Cl B | cs | 084670702 |  | 1489000 | 4819 | SH |  | SOLE |  | 4819 | 0 | 0 |
| Blackstone Group Inc Cl A | cs | 09260d107 |  | 553000 | 7454 | SH |  | SOLE |  | 7454 | 0 | 0 |
| Boeing Co | cs | 097023105 |  | 1313000 | 6895 | SH |  | SOLE |  | 6895 | 0 | 0 |
| Bristol-Myers Squibb Co | cs | 110122108 |  | 2206000 | 30659 | SH |  | SOLE |  | 30659 | 0 | 0 |
| Brown Forman Corp Cl A | cs | 115637100 |  | 704000 | 10704 | SH |  | SOLE |  | 10704 | 0 | 0 |
| Brown Forman Corp Cl B | cs | 115637209 |  | 980000 | 14920 | SH |  | SOLE |  | 14920 | 0 | 0 |
| Cambridge Bancorp | cs | 132152109 |  | 1352000 | 16279 | SH |  | SOLE |  | 16279 | 0 | 0 |
| Caterpillar Inc | cs | 149123101 |  | 599000 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| Central Securities Corp | cs | 155123102 |  | 200000 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| CF Industries Holdings Inc | cs | 125269100 |  | 1118000 | 13127 | SH |  | SOLE |  | 13127 | 0 | 0 |
| Chevron Corp | cs | 166764100 |  | 3634000 | 20246 | SH |  | SOLE |  | 20246 | 0 | 0 |
| Chubb Limited | cs | h1467j104 |  | 835000 | 3784 | SH |  | SOLE |  | 3784 | 0 | 0 |
| Cincinnati Financial Corp | cs | 172062101 |  | 261000 | 2545 | SH |  | SOLE |  | 2545 | 0 | 0 |
| Cisco Systems Inc | cs | 17275r102 |  | 891000 | 18712 | SH |  | SOLE |  | 18712 | 0 | 0 |
| Citigroup Inc | cs | 172967424 |  | 1154000 | 25522 | SH |  | SOLE |  | 25522 | 0 | 0 |
| Coca-Cola Co | cs | 191216100 |  | 340000 | 5347 | SH |  | SOLE |  | 5347 | 0 | 0 |
| Colgate Palmolive Co | cs | 194162103 |  | 587000 | 7450 | SH |  | SOLE |  | 7450 | 0 | 0 |
| ConocoPhillips | cs | 20825c104 |  | 2381000 | 20175 | SH |  | SOLE |  | 20175 | 0 | 0 |
| Coterra Energy Inc | cs | 127097103 |  | 1635000 | 66533 | SH |  | SOLE |  | 66533 | 0 | 0 |
| Curo Group Holdings Corp | cs | 23131l107 |  | 87000 | 24490 | SH |  | SOLE |  | 24490 | 0 | 0 |
| CVS Health Corp | cs | 126650100 |  | 1547000 | 16605 | SH |  | SOLE |  | 16605 | 0 | 0 |
| Danaher Corp | cs | 235851102 |  | 265000 | 998 | SH |  | SOLE |  | 998 | 0 | 0 |
| Davita Inc | cs | 23918k108 |  | 727000 | 9732 | SH |  | SOLE |  | 9732 | 0 | 0 |
| Deere  Co | cs | 244199105 |  | 1089000 | 2540 | SH |  | SOLE |  | 2540 | 0 | 0 |
| Diamondback Energy Inc | cs | 25278x109 |  | 1973000 | 14425 | SH |  | SOLE |  | 14425 | 0 | 0 |
| Disney Walt Co Disney | cs | 254687106 |  | 1396000 | 16069 | SH |  | SOLE |  | 16069 | 0 | 0 |
| Draftkings Inc Cl A | cs | 26142v105 |  | 485000 | 42579 | SH |  | SOLE |  | 42579 | 0 | 0 |
| Eagle Bulk Shipping Inc Com | cs | y2187a150 |  | 321000 | 6420 | SH |  | SOLE |  | 6420 | 0 | 0 |
| Enbridge Inc | cs | 29250n105 |  | 579000 | 14811 | SH |  | SOLE |  | 14811 | 0 | 0 |
| EOG Resources Inc | cs | 26875p101 |  | 1891000 | 14600 | SH |  | SOLE |  | 14600 | 0 | 0 |
| Exxon Mobil Corp | cs | 30231g102 |  | 1466000 | 13295 | SH |  | SOLE |  | 13295 | 0 | 0 |
| First Acceptance Corp | cs | 318457108 |  | 20000 | 26200 | SH |  | SOLE |  | 26200 | 0 | 0 |
| General Dynamics Corp | cs | 369550108 |  | 673000 | 2713 | SH |  | SOLE |  | 2713 | 0 | 0 |
| General Electric Co Com New | cs | 369604301 |  | 1871000 | 22325 | SH |  | SOLE |  | 22325 | 0 | 0 |
| General Mills Inc | cs | 370334104 |  | 1209000 | 14423 | SH |  | SOLE |  | 14423 | 0 | 0 |
| General Motors Co | cs | 37045v100 |  | 529000 | 15726 | SH |  | SOLE |  | 15726 | 0 | 0 |
| Gilead Sciences Inc | cs | 375558103 |  | 2268000 | 26419 | SH |  | SOLE |  | 26419 | 0 | 0 |
| Goodyear Tire  Rubber Co | cs | 382550101 |  | 1102000 | 108530 | SH |  | SOLE |  | 108530 | 0 | 0 |
| Hershey Co | cs | 427866108 |  | 428000 | 1850 | SH |  | SOLE |  | 1850 | 0 | 0 |
| Home Depot Inc | cs | 437076102 |  | 530000 | 1678 | SH |  | SOLE |  | 1678 | 0 | 0 |
| Honeywell Intl Inc | cs | 438516106 |  | 776000 | 3619 | SH |  | SOLE |  | 3619 | 0 | 0 |
| Illinois Tool Works Inc | cs | 452308109 |  | 215000 | 975 | SH |  | SOLE |  | 975 | 0 | 0 |
| Johnson  Johnson | cs | 478160104 |  | 984000 | 5573 | SH |  | SOLE |  | 5573 | 0 | 0 |
| JPMorgan Chase  Co | cs | 46625h100 |  | 941000 | 7014 | SH |  | SOLE |  | 7014 | 0 | 0 |
| Kinder Morgan Inc | cs | 49456b101 |  | 1000000 | 55315 | SH |  | SOLE |  | 55315 | 0 | 0 |
| Lennar Corp Cl A | cs | 526057104 |  | 1744000 | 19275 | SH |  | SOLE |  | 19275 | 0 | 0 |
| Lilly Eli  Co | cs | 532457108 |  | 1630000 | 4455 | SH |  | SOLE |  | 4455 | 0 | 0 |
| Lockheed Martin Corp | cs | 539830109 |  | 1252000 | 2573 | SH |  | SOLE |  | 2573 | 0 | 0 |
| Merck  Co Inc | cs | 58933y105 |  | 2600000 | 23438 | SH |  | SOLE |  | 23438 | 0 | 0 |
| MGM Resorts International | cs | 552953101 |  | 1776000 | 52966 | SH |  | SOLE |  | 52966 | 0 | 0 |
| Morgan Stanley | cs | 617446448 |  | 533000 | 6273 | SH |  | SOLE |  | 6273 | 0 | 0 |
| Nabors Industries Ltd Shs | cs | g6359f137 |  | 309000 | 1996 | SH |  | SOLE |  | 1996 | 0 | 0 |
| NVR Inc | cs | 62944t105 |  | 2620000 | 568 | SH |  | SOLE |  | 568 | 0 | 0 |
| Onemain Holdings Inc | cs | 68268w103 |  | 996000 | 29899 | SH |  | SOLE |  | 29899 | 0 | 0 |
| Oracle Corp | cs | 68389x105 |  | 494000 | 6040 | SH |  | SOLE |  | 6040 | 0 | 0 |
| Organon  Co Common Stock | cs | 68622v106 |  | 1483000 | 53090 | SH |  | SOLE |  | 53090 | 0 | 0 |
| PacWest Bancorp Del | cs | 695263103 |  | 1102000 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| Pathward Financial Inc | cs | 59100u108 |  | 1029000 | 23903 | SH |  | SOLE |  | 23903 | 0 | 0 |
| PepsiCo Inc | cs | 713448108 |  | 713000 | 3945 | SH |  | SOLE |  | 3945 | 0 | 0 |
| Pfizer Inc | cs | 717081103 |  | 2270000 | 44307 | SH |  | SOLE |  | 44307 | 0 | 0 |
| Pioneer Natural Resources Co | cs | 723787107 |  | 1899000 | 8314 | SH |  | SOLE |  | 8314 | 0 | 0 |
| Price T Rowe Group Inc | cs | 74144t108 |  | 584000 | 5359 | SH |  | SOLE |  | 5359 | 0 | 0 |
| Procter And Gamble Co | cs | 742718109 |  | 277000 | 1830 | SH |  | SOLE |  | 1830 | 0 | 0 |
| Raytheon Technologies Corp | cs | 75513e101 |  | 1391000 | 13787 | SH |  | SOLE |  | 13787 | 0 | 0 |
| SM Energy Co | cs | 78454l100 |  | 615000 | 17670 | SH |  | SOLE |  | 17670 | 0 | 0 |
| Star Bulk Carriers Corp Par | cs | y8162k204 |  | 283000 | 14695 | SH |  | SOLE |  | 14695 | 0 | 0 |
| Synovus Financial Corp | cs | 87161c501 |  | 218000 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| Textron Inc | cs | 883203101 |  | 227000 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| Travelers Companies Inc | cs | 89417e109 |  | 244000 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| Triton Intl Ltd Cl A | cs | g9078f107 |  | 2038000 | 29634 | SH |  | SOLE |  | 29634 | 0 | 0 |
| Triumph Financial Inc | cs | 89679e300 |  | 693000 | 14174 | SH |  | SOLE |  | 14174 | 0 | 0 |
| Union Pacific Corp | cs | 907818108 |  | 243000 | 1175 | SH |  | SOLE |  | 1175 | 0 | 0 |
| Viatris Inc | cs | 92556v106 |  | 1321000 | 118723 | SH |  | SOLE |  | 118723 | 0 | 0 |
| Visa Inc Cl A | cs | 92826c839 |  | 327000 | 1575 | SH |  | SOLE |  | 1575 | 0 | 0 |
| Vulcan Materials Co | cs | 929160109 |  | 240000 | 1370 | SH |  | SOLE |  | 1370 | 0 | 0 |
| W Offshore Inc | cs | 92922p106 |  | 72000 | 12950 | SH |  | SOLE |  | 12950 | 0 | 0 |
| Wells Fargo  Co | cs | 949746101 |  | 376000 | 9111 | SH |  | SOLE |  | 9111 | 0 | 0 |
| Western Alliance Bancorp | cs | 957638109 |  | 1395000 | 23425 | SH |  | SOLE |  | 23425 | 0 | 0 |
| Westrock Co | cs | 96145d105 |  | 1352000 | 38466 | SH |  | SOLE |  | 38466 | 0 | 0 |
| Zions Bancorporation | cs | 989701107 |  | 270000 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| Takeda Pharmaceutical Co Ltd S | ad | 874060205 |  | 1283000 | 82235 | SH |  | SOLE |  | 82235 | 0 | 0 |
| Total SA Sp ADS | ad | 89151e109 |  | 228000 | 3670 | SH |  | SOLE |  | 3670 | 0 | 0 |
| Fidelity Tr 500 Index Ins Prem | mf | 315911750 |  | 2211000 | 16612 | SH |  | SOLE |  | 16612 | 0 | 0 |
| Enterprise Products Partners L | ml | 293792107 |  | 440000 | 18230 | SH |  | SOLE |  | 18230 | 0 | 0 |
| Magellan Midstream Partners LP | ml | 559080106 |  | 230000 | 4575 | SH |  | SOLE |  | 4575 | 0 | 0 |
| Plains All American Pipeline L | ml | 726503105 |  | 385000 | 32735 | SH |  | SOLE |  | 32735 | 0 | 0 |
| Iron Mountain Inc | re | 46284v101 |  | 1340000 | 26877 | SH |  | SOLE |  | 26877 | 0 | 0 |
| Physicians Realty Trust | re | 71943u104 |  | 1538000 | 106320 | SH |  | SOLE |  | 106320 | 0 | 0 |
| Weyerhaeuser Co | re | 962166104 |  | 805000 | 25982 | SH |  | SOLE |  | 25982 | 0 | 0 |

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