Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (8 quarters reported)
$144M in Q4 2023 → $55.9M now. Hover for any quarter.
As reported for the quarter ended September 30, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| California Bancorp | 69.9% | Unchanged | 2,340,719 | $39M |
| Middlefield Banc Corp. | 30.1% | Unchanged | 560,500 | $16.8M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 7 quarters.
quarter ended September 30, 2025 · filed November 05, 2025
No position changes this quarter.
quarter ended June 30, 2025 · filed August 12, 2025
No position changes this quarter.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| The Bancorp, Inc. | Exited | −504,176 | −$26.5M | — |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| The Bancorp, Inc. | Trimmed | −1,160,000 | −$61.1M | 32.8% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Prosperity Bancshares, Inc. | Exited | −211,800 | −$12.9M | — |
quarter ended June 30, 2024 · filed August 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mid Penn Bancorp, Inc. | Exited | −240,486 | −$4.81M | — |
quarter ended March 31, 2024 · filed May 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mid Penn Bancorp, Inc. | Trimmed | −35,961 | −$720K | 3.9% |
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