Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (31 quarters reported)
$272M in Q4 2018 → $496M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| IE Invesco Exchange Traded Fd T Put | 43.8% | Added 258% | 1,021,500 | $217M |
| F Forbright Inc | 4.7% | New | 1,284,999 | $23.5M |
| SS SPDR Series Trust Put | 3.0% | Trimmed 45% | 200,000 | $15M |
| Beacon Financial Corp. | 2.2% | Trimmed 7.6% | 364,828 | $11.1M |
| SS Select Sector SPDR Tr Call | 2.2% | New | 200,000 | $10.7M |
| CF Cincinnati Finl Corp Put | 1.9% | New | 50,000 | $9.26M |
| BO Bank Of Amer Corp Put | 1.8% | Added 138% | 155,000 | $8.83M |
| SS SPDR Series Trust Put | 1.7% | Added 1250% | 135,000 | $8.23M |
| Jpmorgan Chase & Co Put | 1.6% | Added 25% | 25,000 | $8.18M |
| IT Ishares Tr Call | 1.6% | New | 80,000 | $8.18M |
| Cbre Group Inc Put | 1.6% | Added 190% | 58,000 | $7.81M |
| IQ Invesco Qqq Tr Put | 1.5% | Unchanged | 10,000 | $7.36M |
| Rithm Capital Corp Put | 1.2% | Added 44% | 650,000 | $6.1M |
| Allstate Corp Put | 1.2% | New | 25,000 | $5.95M |
| FN Fidelity Natl Finl Inc Put | 1.1% | Trimmed 37% | 119,000 | $5.61M |
| Rithm Capital Corp | 1.1% | Added 46% | 590,459 | $5.54M |
| SB Southstate Bk Corp | 1.1% | New | 55,000 | $5.49M |
| Cbre Group Inc | 1.1% | Added 130% | 39,820 | $5.36M |
| Banner Corp | 1.0% | Added 29% | 77,500 | $5.15M |
| Essent Group Ltd Put | 1.0% | New | 80,000 | $5.14M |
| SS SPDR Series Trust | 1.0% | New | 81,600 | $4.98M |
| FN Fidelity Natl Finl Inc | 1.0% | Trimmed 43% | 103,700 | $4.89M |
| IQ Invesco Qqq Tr | 1.0% | Trimmed 9.8% | 6,441 | $4.74M |
| UB Us Bancorp Put | 0.9% | New | 75,000 | $4.53M |
| MI Mgic Invt Corp Wis Put | 0.9% | New | 150,000 | $4.23M |
| ON Old Natl Bancorp Ind | 0.8% | Trimmed 16% | 160,000 | $4.14M |
| IE Intercontinental Exchange In Put | 0.8% | New | 32,500 | $4M |
| Hartford Insurance Group Inc Put | 0.8% | New | 30,000 | $3.98M |
| Jpmorgan Chase & Co | 0.8% | Trimmed 11% | 12,000 | $3.93M |
| UF Umb Finl Corp | 0.7% | Added 19% | 25,000 | $3.57M |
| Jones Lang Lasalle Inc Put | 0.7% | New | 11,500 | $3.56M |
| IE Intercontinental Exchange In | 0.7% | New | 28,624 | $3.52M |
| Associated Banc-corp | 0.7% | Trimmed 24% | 114,210 | $3.51M |
| Visa Inc Put | 0.7% | New | 10,000 | $3.43M |
| BO Bank Of Amer Corp | 0.7% | Added 33% | 60,000 | $3.42M |
| Metlife Inc Call | 0.7% | New | 40,000 | $3.38M |
| CB Columbia Bkg Sys Inc | 0.7% | Trimmed 5.9% | 105,000 | $3.37M |
| S&P Global Inc Put | 0.7% | Added 6.7% | 8,000 | $3.26M |
| PF Principal Financial Group In Put | 0.7% | New | 30,000 | $3.23M |
| S&P Global Inc | 0.6% | Added 11% | 7,360 | $3M |
| SC Schwab Charles Corp Put | 0.6% | Trimmed 7.7% | 30,000 | $2.77M |
| FB Flagstar Bank National Assoc | 0.5% | Unchanged | 166,666 | $2.49M |
| Ofg Bancorp | 0.5% | Trimmed 19% | 50,000 | $2.45M |
| AC Arch Cap Group Ltd Put | 0.5% | New | 25,000 | $2.43M |
| Hartford Insurance Group Inc | 0.5% | New | 18,300 | $2.43M |
| HB Horizon Bancorp Ind | 0.5% | Trimmed 4.1% | 113,500 | $2.27M |
| Allstate Corp | 0.4% | New | 8,500 | $2.02M |
| Financial Institutions Inc | 0.4% | Unchanged | 50,000 | $1.95M |
| Jones Lang Lasalle Inc | 0.4% | Added 261% | 6,250 | $1.94M |
| FF Fulton Finl Corp Pa | 0.4% | Added 60% | 75,000 | $1.81M |
| TP Townebank Portsmouth Va | 0.4% | Trimmed 21% | 50,000 | $1.81M |
| SC Schwab Charles Corp | 0.4% | Trimmed 33% | 19,407 | $1.79M |
| PF Principal Financial Group In | 0.3% | New | 13,799 | $1.49M |
| Northwest Bancshares Inc | 0.3% | Trimmed 39% | 92,500 | $1.4M |
| 1F 1st Finl Bancorp | 0.3% | Trimmed 48% | 40,000 | $1.35M |
| FN F N B Corp | 0.3% | Trimmed 52% | 70,000 | $1.34M |
| CF Cincinnati Finl Corp | 0.2% | New | 6,000 | $1.11M |
| Northrim Bancorp Inc | 0.2% | Trimmed 35% | 32,663 | $906K |
| AC Arch Cap Group Ltd | 0.2% | New | 8,787 | $853K |
| GC Greene Cnty Bancorp Inc | 0.2% | New | 25,000 | $840K |
Showing top 60 of 69 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exchange Traded Fd T | Added | +736,500 | +$157M | 43.8% |
| F Forbright Inc | New | +1,284,999 | +$23.5M | 4.7% |
| Banc Of California Inc | Exited | −725,000 | −$12.7M | — |
| SS SPDR Series Trust | Trimmed | −165,000 | −$12.4M | 3.0% |
| SS Select Sector SPDR Tr | Exited | −250,000 | −$12.3M | — |
| SS Select Sector SPDR Tr | New | +200,000 | +$10.7M | 2.2% |
| CF Cincinnati Finl Corp | New | +50,000 | +$9.26M | 1.9% |
| SS Select Sector SPDR Tr | Exited | −187,000 | −$9.23M | — |
| IT Ishares Tr | New | +80,000 | +$8.18M | 1.6% |
| SS SPDR Series Trust | Added | +125,000 | +$7.62M | 1.7% |
Showing the 10 largest of 79 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exchange Traded Fd T | Trimmed | −819,500 | −$157M | 21.0% |
| SS Select Sector SPDR Tr | Added | +190,000 | +$9.38M | 4.7% |
| FN Fidelity Natl Finl Inc | New | +190,000 | +$8.81M | 3.4% |
| FN Fidelity Natl Finl Inc | New | +183,100 | +$8.49M | 3.3% |
| SS Select Sector SPDR Tr | Added | +152,800 | +$7.54M | 3.6% |
| UB Us Bancorp Del | Exited | −130,000 | −$6.94M | — |
| SS SPDR Series Trust | Added | +90,000 | +$5.86M | 9.2% |
| IQ Invesco Qqq Tr | New | +10,000 | +$5.77M | 2.2% |
| VE Vaneck ETF Trust | Exited | −400,000 | −$5.67M | — |
| Beacon Financial Corp. | Trimmed | −150,000 | −$4.5M | 4.6% |
Showing the 10 largest of 91 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exchange Traded Fd T | New | +1,104,500 | +$212M | 48.9% |
| SS SPDR S&P 500 ETF Tr | Exited | −280,200 | −$187M | — |
| GH Guild Hldgs Co | Exited | −1,595,844 | −$31.8M | — |
| Ares Capital Corp | New | +300,000 | +$6.07M | 1.4% |
| VE Vaneck ETF Trust | New | +400,000 | +$5.67M | 1.3% |
| Ares Capital Corp | New | +270,032 | +$5.46M | 1.3% |
| Banc Of California Inc | Trimmed | −268,130 | −$5.17M | 3.2% |
| VE Vaneck ETF Trust | New | +274,000 | +$3.89M | 0.9% |
| RF Regions Financial Corp New | New | +125,000 | +$3.39M | 0.8% |
| BS Blackstone Secd Lending Fd | New | +125,000 | +$3.29M | 0.8% |
Showing the 10 largest of 90 changes.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Added | +118,000 | +$78.6M | 45.6% |
| SS SPDR Series Trust | Added | +175,000 | +$11.1M | 4.6% |
| SS SPDR Series Trust | Exited | −75,000 | −$4.45M | — |
| BN Bank New York Mellon Corp | Exited | −45,000 | −$4.1M | — |
| Hartford Insurance Group Inc | New | +30,000 | +$4M | 1.0% |
| Chubb Limited | New | +12,500 | +$3.53M | 0.9% |
| BN Bank New York Mellon Corp | Exited | −35,500 | −$3.23M | — |
| MI Mgic Invt Corp Wis | New | +113,000 | +$3.21M | 0.8% |
| Essent Group Ltd | New | +50,000 | +$3.18M | 0.8% |
| Hartford Insurance Group Inc | New | +23,500 | +$3.13M | 0.8% |
Showing the 10 largest of 87 changes.
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −10,800 | −$6.67M | 38.4% |
| BN Bank New York Mellon Corp | New | +45,000 | +$4.1M | 1.6% |
| BN Bank New York Mellon Corp | New | +35,500 | +$3.23M | 1.2% |
| IT Ishares Tr | Trimmed | −32,400 | −$3.02M | 0.7% |
| SS SPDR Series Trust | Trimmed | −50,000 | −$2.97M | 2.8% |
| Jpmorgan Chase & Co. | Added | +10,000 | +$2.9M | 2.2% |
| Travelers Companies Inc | New | +10,000 | +$2.68M | 1.0% |
| Hartford Insurance Group Inc | New | +20,000 | +$2.54M | 1.0% |
| AC Annaly Capital Management In | New | +125,000 | +$2.35M | 0.9% |
| UB Us Bancorp Del | New | +50,000 | +$2.26M | 0.9% |
Showing the 10 largest of 59 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +173,000 | +$96.8M | 40.7% |
| SS SPDR Ser Tr | Trimmed | −125,000 | −$7.11M | 4.2% |
| IT Ishares Tr | New | +51,900 | +$4.94M | 2.1% |
| IT Ishares Tr | Exited | −39,000 | −$4.03M | — |
| NT Northern Tr Corp | New | +30,000 | +$2.96M | 1.2% |
| Globe Life Inc | Trimmed | −20,200 | −$2.66M | 0.3% |
| PF Pnc Finl Svcs Group Inc | New | +15,000 | +$2.64M | 1.1% |
| PF Pnc Finl Svcs Group Inc | New | +15,000 | +$2.64M | 1.1% |
| Jpmorgan Chase & Co. | New | +10,000 | +$2.45M | 1.0% |
| UB Us Bancorp Del | Exited | −51,150 | −$2.45M | — |
Showing the 10 largest of 60 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EH Enact Hldgs Inc | Exited | −2,653,503 | −$96.4M | — |
| IT Ishares Tr | Trimmed | −425,000 | −$39.6M | 1.1% |
| SS SPDR S&P 500 ETF Tr | Exited | −59,500 | −$34.1M | — |
| SS Select Sector SPDR Tr | Trimmed | −509,400 | −$24.6M | 2.0% |
| Wesbanco Inc | Exited | −363,639 | −$10.3M | — |
| BH Berkshire Hills Bancorp Inc | New | +344,828 | +$9.33M | 7.5% |
| FF Flagstar Financial Inc | Trimmed | −833,333 | −$7.77M | 1.3% |
| FI Financial Instns Inc | Added | +160,000 | +$4.37M | 3.8% |
| IT Ishares Tr | New | +39,000 | +$4.03M | 3.3% |
| SS SPDR Ser Tr | Added | +61,000 | +$3.68M | 14.7% |
Showing the 10 largest of 55 changes.
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | New | +559,400 | +$25.4M | 7.8% |
| NY New York Cmnty Bancorp Inc | Exited | −7,500,000 | −$24.2M | — |
| SS Select Sector SPDR Tr | Exited | −529,400 | −$21.8M | — |
| IT Ishares Tr | Added | +150,000 | +$15.3M | 13.9% |
| NY New York Cmnty Bancorp Inc | New | +999,999 | +$11.2M | 3.5% |
| Wesbanco Inc | New | +363,639 | +$10.3M | 3.2% |
| SS SPDR Ser Tr | Added | +114,000 | +$6.45M | 4.2% |
| Banc Of California Inc | Trimmed | −355,000 | −$5.23M | 4.5% |
| SS SPDR Ser Tr | Trimmed | −85,000 | −$4.81M | 1.5% |
| GH Guild Hldgs Co | Added | +229,237 | +$3.81M | 7.7% |
Showing the 10 largest of 54 changes.
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