Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (26 quarters reported)
$127M in Q2 2013 → $43.1M now. Hover for any quarter.
As reported for the quarter ended September 30, 2019. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| BN Bancorp New Jersey Inc New | 8.8% | Trimmed 51% | 224,050 | $3.78M |
| MB Malvern Bancorp Inc | 6.8% | Trimmed 5.2% | 134,398 | $2.93M |
| RB Randolph Bancorp Inc | 5.4% | Trimmed 4.4% | 161,362 | $2.34M |
| Tfs Financial Corp | 5.2% | Unchanged | 125,000 | $2.25M |
| UC United Cmnty Finl Corp Ohio | 5.2% | Trimmed 15% | 207,628 | $2.24M |
| Popular Inc | 5.0% | Unchanged | 39,500 | $2.14M |
| FB First Bancorp P R | 4.7% | Added 72% | 204,700 | $2.04M |
| MF Mackinac Finl Corp | 4.6% | Trimmed 1.6% | 128,930 | $1.99M |
| SO Spirit Of Tex Bancshares Inc | 4.6% | Unchanged | 91,511 | $1.97M |
| SO Sb One Bancorp | 4.5% | Trimmed 13% | 85,595 | $1.93M |
| 1C 1st Constitution Bancorp | 4.2% | Added 3.7% | 95,632 | $1.79M |
| IB Investors Bancorp Inc | 4.1% | Added 31% | 156,600 | $1.78M |
| First United Corp | 4.1% | New | 80,136 | $1.76M |
| MB Meridian Bancorp Inc | 3.8% | New | 87,913 | $1.65M |
| BF Bankwell Finl Group Inc | 3.8% | Trimmed 1.3% | 59,792 | $1.64M |
| Harborone Bancorp Inc | 3.6% | Added 80% | 153,126 | $1.54M |
| SB Signature Bk New York N Y | 3.6% | Trimmed 37% | 12,913 | $1.54M |
| SB Select Bancorp Inc New | 3.6% | Trimmed 25% | 132,237 | $1.53M |
| IB Independent Bank Corp Mich | 2.5% | Trimmed 54% | 50,883 | $1.09M |
| Synovus Financial Corp | 2.1% | Trimmed 58% | 25,396 | $908K |
| Flushing Financial Corp | 2.1% | New | 44,759 | $904K |
| Connectone Bancorp Inc | 2.0% | Trimmed 67% | 38,968 | $865K |
| SB Sterling Bancorp Del | 1.8% | Trimmed 68% | 38,000 | $762K |
| BH Berkshire Hills Bancorp | 1.7% | New | 25,000 | $732K |
| MF Msb Financial Corp/md | 1.6% | New | 43,010 | $692K |
| AR American River Bankshrs (ca) | 0.5% | New | 16,000 | $218K |
| PB Pioneer Bancorp Inc/ny | 0.2% | New | 7,682 | $96K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2019 · filed November 12, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BN Bancorp New Jersey Inc New | Trimmed | −231,103 | −$3.9M | 8.8% |
| UF United Financial Bancorp Inc | Exited | −160,000 | −$2.27M | — |
| TF Tcf Financial Corp | Exited | −97,000 | −$2.02M | — |
| Connectone Bancorp Inc | Trimmed | −80,332 | −$1.78M | 2.0% |
| First United Corp | New | +80,136 | +$1.76M | 4.1% |
| OF Oceanfirst Finl Corp | Exited | −70,767 | −$1.76M | — |
| MB Meridian Bancorp Inc | New | +87,913 | +$1.65M | 3.8% |
| SB Sterling Bancorp Del | Trimmed | −80,000 | −$1.6M | 1.8% |
| IB Independent Bank Corp Mich | Trimmed | −59,369 | −$1.27M | 2.5% |
| Synovus Financial Corp | Trimmed | −34,604 | −$1.24M | 2.1% |
Showing the 10 largest of 29 changes.
quarter ended June 30, 2019 · filed August 13, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PC Pdl Cmnty Bancorp | Exited | −210,000 | −$2.93M | — |
| UF United Financial Bancorp Inc | New | +160,000 | +$2.27M | 4.1% |
| Sandy Spring Bancorp Inc | Exited | −46,697 | −$1.46M | — |
| IB Investors Bancorp Inc | New | +120,000 | +$1.34M | 2.4% |
| Luther Burbank Corp | Exited | −128,900 | −$1.3M | — |
| OF Oceanfirst Finl Corp | Trimmed | −39,633 | −$985K | 3.2% |
| Popular Inc | Added | +17,500 | +$949K | 3.9% |
| SB Sterling Bancorp Del | Trimmed | −22,000 | −$468K | 4.6% |
| BF Bankwell Finl Group Inc | Trimmed | −10,000 | −$287K | 3.2% |
| Harborone Bancorp Inc | Trimmed | −9,510 | −$178K | 2.9% |
Showing the 10 largest of 15 changes.
quarter ended March 31, 2019 · filed April 29, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bankfinancial Corp | Exited | −191,008 | −$2.86M | — |
| Territorial Bancorp Inc | Exited | −89,040 | −$2.31M | — |
| Tfs Financial Corp | New | +125,000 | +$2.06M | 3.7% |
| FF Fulton Finl Corp Pa | Exited | −117,662 | −$1.82M | — |
| Harborone Bancorp Inc | New | +94,682 | +$1.63M | 2.9% |
| OF Oritani Financial Corp | Exited | −90,491 | −$1.34M | — |
| Banc Of California Inc | Exited | −100,000 | −$1.33M | — |
| Luther Burbank Corp | New | +128,900 | +$1.3M | 2.3% |
| Popular Inc | New | +22,000 | +$1.15M | 2.0% |
| ZB Zions Bancorporation | New | +25,000 | +$1.14M | 2.0% |
Showing the 10 largest of 20 changes.
quarter ended December 31, 2018 · filed February 11, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PM Pacific Mercantile Bancorp | Exited | −528,232 | −$4.94M | — |
| KN Keycorp New | Exited | −125,955 | −$2.51M | — |
| SF Si Finl Group Inc Md | Exited | −150,021 | −$2.1M | — |
| CF Citizens Finl Group Inc | Exited | −52,000 | −$2.01M | — |
| Synovus Financial Corp | New | +60,000 | +$1.92M | 3.3% |
| TF Tcf Financial Corp | New | +97,000 | +$1.89M | 3.3% |
| Sandy Spring Bancorp Inc | New | +57,707 | +$1.81M | 3.1% |
| FB First Bancorp P R | Trimmed | −170,800 | −$1.47M | 1.5% |
| OF Oritani Financial Corp | New | +90,491 | +$1.34M | 2.3% |
| Banc Of California Inc | Trimmed | −85,260 | −$1.13M | 2.3% |
Showing the 10 largest of 22 changes.
quarter ended September 30, 2018 · filed November 09, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OF Oritani Finl Corp Del | Exited | −482,062 | −$7.81M | — |
| Banc Of California Inc | Exited | −185,260 | −$3.62M | — |
| Banc Of California Inc | New | +185,260 | +$3.5M | 4.8% |
| BH Berkshire Hills Bancorp Inc | Exited | −80,000 | −$3.25M | — |
| SF Si Finl Group Inc Md | Trimmed | −162,462 | −$2.27M | 2.9% |
| SB Signature Bk New York N Y | New | +15,513 | +$1.78M | 2.5% |
| BB Bsb Bancorp Inc Md | Trimmed | −41,500 | −$1.35M | 0.6% |
| BF Bankwell Finl Group Inc | New | +42,978 | +$1.35M | 1.9% |
| SB Select Bancorp Inc New | New | +107,215 | +$1.33M | 1.8% |
| FF Fulton Finl Corp Pa | New | +72,662 | +$1.21M | 1.7% |
Showing the 10 largest of 26 changes.
quarter ended June 30, 2018 · filed August 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SO Sb One Bancorp | New | +114,874 | +$3.41M | 3.9% |
| FC First Conn Bancorp Inc Md | Trimmed | −110,000 | −$3.37M | 1.2% |
| PC Pdl Cmnty Bancorp | New | +210,000 | +$3.3M | 3.8% |
| PC Pdl Cmnty Bancorp | Exited | −210,000 | −$3.08M | — |
| CB Coastway Bancorp Inc | Exited | −90,100 | −$2.46M | — |
| FB First Bancorp P R | Trimmed | −315,266 | −$2.41M | 2.7% |
| UF United Finl Bancorp Inc New | Trimmed | −112,487 | −$1.97M | 0.7% |
| OF Oceanfirst Finl Corp | Trimmed | −58,588 | −$1.76M | 5.4% |
| MF Mackinac Finl Corp | New | +70,000 | +$1.16M | 1.3% |
| CB Connectone Bancorp Inc New | Trimmed | −45,837 | −$1.14M | 3.0% |
Showing the 10 largest of 19 changes.
quarter ended March 31, 2018 · filed May 15, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BM Bank Mutual Corp New | Exited | −1,873,012 | −$19.9M | — |
| CB Coastway Bancorp Inc | Trimmed | −280,000 | −$7.63M | 2.7% |
| Banc Of California Inc | Exited | −185,260 | −$3.83M | — |
| Banc Of California Inc | New | +185,260 | +$3.58M | 4.0% |
| PC Pdl Cmnty Bancorp | Exited | −210,000 | −$3.19M | — |
| SB Sussex Bancorp | Exited | −114,874 | −$3.08M | — |
| PC Pdl Cmnty Bancorp | New | +210,000 | +$3.08M | 3.4% |
| SB Sterling Bancorp Del | New | +135,000 | +$3.04M | 3.4% |
| KN Keycorp New | New | +125,955 | +$2.46M | 2.7% |
| UF United Finl Bancorp Inc New | New | +146,987 | +$2.38M | 2.7% |
Showing the 10 largest of 23 changes.
quarter ended December 31, 2017 · filed February 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WN Western New Eng Bancorp Inc | Exited | −1,704,688 | −$18.6M | — |
| FC First Conn Bancorp Inc Md | Trimmed | −433,446 | −$11.3M | 3.6% |
| Capital Southwest Corp | Exited | −636,541 | −$10.9M | — |
| Banc Of California Inc | Trimmed | −514,740 | −$10.6M | 3.6% |
| UF United Finl Bancorp Inc New | Exited | −523,156 | −$9.57M | — |
| SB Sussex Bancorp | Trimmed | −342,027 | −$9.18M | 2.9% |
| PM Pacific Mercantile Bancorp | Trimmed | −927,384 | −$8.11M | 4.8% |
| SF Si Finl Group Inc Md | Trimmed | −527,979 | −$7.76M | 4.5% |
| LT Legacy Tex Finl Group Inc | Exited | −193,107 | −$7.71M | — |
| MB Malvern Bancorp Inc | Trimmed | −290,976 | −$7.62M | 4.3% |
Showing the 10 largest of 27 changes.
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