Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$664M in Q2 2013 → $487M 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 |
|---|---|---|---|---|
| Southern First Bancshares | 8.3% | Added 9.1% | 662,860 | $40.5M |
| QH Qcr Hldgs Inc | 7.8% | Trimmed 4.6% | 390,758 | $38M |
| California Bancorp | 7.1% | Trimmed 9.0% | 1,655,639 | $34.5M |
| CF Coastal Finl Corp Wa | 6.8% | Added 57% | 429,702 | $33.3M |
| BH Burke Herbert Finl Svcs Corp | 6.8% | Added 50% | 459,176 | $33M |
| OF Oceanfirst Finl Corp | 5.4% | Added 19% | 1,347,421 | $26.3M |
| NB National Bk Hldgs Corp | 5.1% | Trimmed 3.3% | 556,478 | $24.7M |
| VN Valley Natl Bancorp | 4.6% | Trimmed 8.4% | 1,524,356 | $22.3M |
| AH Avidbank Hldgs Inc | 4.5% | Trimmed 7.0% | 658,705 | $21.8M |
| Uscb Financial Holdings Inc | 4.4% | Added 2.7% | 1,052,333 | $21.5M |
| ON Old Natl Bancorp Ind | 4.0% | Trimmed 24% | 758,834 | $19.7M |
| EF Enterprise Finl Svcs Corp | 3.8% | Added 0.1% | 282,702 | $18.6M |
| Origin Bancorp Inc | 3.1% | Trimmed 3.8% | 291,493 | $14.9M |
| Civista Bancshares Inc | 3.0% | Trimmed 17% | 516,376 | $14.6M |
| Huntington Bancshares Inc | 2.9% | Trimmed 9.2% | 791,923 | $14M |
| VN Virginia Natl Bk Chrlotsvle | 2.7% | Unchanged | 298,750 | $13.3M |
| AF Alerus Finl Corp | 2.2% | Trimmed 40% | 339,518 | $10.6M |
| TP Townebank Portsmouth Va | 2.0% | Added 219% | 273,028 | $9.89M |
| Byline Bancorp Inc | 1.8% | Added 32% | 238,671 | $8.99M |
| FT Figure Technology Solutio | 1.6% | Trimmed 33% | 248,388 | $7.63M |
| First Mid Bancshares Inc | 1.6% | Trimmed 15% | 157,934 | $7.6M |
| FF Fb Finl Corp | 1.4% | Added 1635% | 121,731 | $6.74M |
| FC First Carolina Finl Svcs Inc | 1.3% | New | 480,000 | $6.36M |
| Connectone Bancorp Inc | 1.2% | Trimmed 14% | 173,400 | $5.8M |
| MF Mvb Finl Corp | 1.1% | Trimmed 2.8% | 182,719 | $5.3M |
| Fvcbankcorp Inc | 1.0% | Trimmed 78% | 277,658 | $4.86M |
| Home Bancshares Inc | 0.8% | New | 133,647 | $3.82M |
| Finward Bancorp | 0.8% | Unchanged | 99,543 | $3.66M |
| Chain Bridge Bancorp Inc | 0.7% | Unchanged | 83,256 | $3.5M |
| Equity Bancshares Inc | 0.7% | Added 1.6% | 66,518 | $3.26M |
| Banc Of California Inc | 0.6% | Trimmed 60% | 145,478 | $2.97M |
| SB Southstate Bk Corp | 0.4% | Added 135% | 17,658 | $1.76M |
| Eastern Bankshares Inc | 0.3% | Trimmed 78% | 63,315 | $1.41M |
| FF Flagstar Financial Inc | 0.2% | Unchanged | 80,531 | $1.2M |
| CF Cb Finl Svcs Inc | 0.2% | Unchanged | 24,166 | $916K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 07, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Fvcbankcorp Inc | Trimmed | −961,475 | −$16.8M | 1.0% |
| CF Coastal Finl Corp Wa | Added | +156,100 | +$12.1M | 6.8% |
| BH Burke Herbert Finl Svcs Corp | Added | +153,987 | +$11.1M | 6.8% |
| AF Alerus Finl Corp | Trimmed | −222,711 | −$6.93M | 2.2% |
| TP Townebank Portsmouth Va | Added | +187,322 | +$6.79M | 2.0% |
| FC First Carolina Finl Svcs Inc | New | +480,000 | +$6.36M | 1.3% |
| FF Fb Finl Corp | Added | +114,715 | +$6.35M | 1.4% |
| ON Old Natl Bancorp Ind | Trimmed | −240,650 | −$6.23M | 4.0% |
| Coastalsouth Bancshares Inc | Exited | −241,595 | −$5.94M | — |
| Eastern Bankshares Inc | Trimmed | −225,578 | −$5.02M | 0.3% |
Showing the 10 largest of 34 changes.
quarter ended March 31, 2026 · filed May 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NB National Bk Hldgs Corp | Added | +400,478 | +$15.7M | 5.1% |
| Huntington Bancshares Inc | Added | +852,467 | +$13.3M | 3.1% |
| BH Burke Herbert Finl Svcs Corp | Added | +179,866 | +$11.2M | 4.3% |
| ON Old Natl Bancorp Ind | Added | +407,564 | +$9.01M | 5.0% |
| CF Coastal Finl Corp Wa | Added | +111,678 | +$8.5M | 4.7% |
| QH Qcr Hldgs Inc | Added | +81,209 | +$6.94M | 7.9% |
| OF Oceanfirst Finl Corp | Added | +328,355 | +$5.92M | 4.6% |
| EF Enterprise Finl Svcs Corp | Added | +97,256 | +$5.26M | 3.5% |
| VN Valley Natl Bancorp | Added | +368,366 | +$4.52M | 4.6% |
| Central Bancompany | Exited | −166,437 | −$4.01M | — |
Showing the 10 largest of 37 changes.
quarter ended December 31, 2025 · filed February 09, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| California Bancorp | Trimmed | −497,235 | −$9.28M | 9.2% |
| NB National Bk Hldgs Corp | New | +175,198 | +$6.66M | 1.9% |
| EF Enterprise Finl Svcs Corp | Added | +96,926 | +$5.23M | 2.8% |
| Qcr Holdings Inc | Added | +62,032 | +$5.17M | 7.6% |
| Central Bancompany | New | +166,437 | +$4.01M | 1.1% |
| Banc Of California Inc | Trimmed | −183,815 | −$3.55M | 2.5% |
| Uscb Financial Holdings Inc | Trimmed | −189,842 | −$3.5M | 5.4% |
| ON Old Natl Bancorp Ind | Added | +155,097 | +$3.46M | 3.7% |
| Origin Bancorp Inc | Added | +84,812 | +$3.19M | 2.9% |
| VN Valley Natl Bancorp | Trimmed | −177,623 | −$2.07M | 4.2% |
Showing the 10 largest of 30 changes.
quarter ended September 30, 2025 · filed November 07, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AH Avidbank Hldgs Inc | New | +697,886 | +$17.8M | 5.4% |
| CF Coastal Finl Corp Wa | Trimmed | −140,071 | −$15.2M | 5.6% |
| Civista Bancshares Inc | New | +548,213 | +$11.1M | 3.4% |
| FT Figure Technology Solutio | New | +294,711 | +$10.7M | 3.2% |
| Coastalsouth Bancshares Inc | New | +336,940 | +$7.35M | 2.2% |
| Amerant Bancorp Inc | Exited | −391,671 | −$7.14M | — |
| Origin Bancorp Inc | Added | +183,442 | +$6.33M | 2.0% |
| OC Orange Cnty Bancorp Inc | Exited | −198,200 | −$5.12M | — |
| East West Bancorp Inc | Trimmed | −35,857 | −$3.82M | 0.5% |
| VH Veritex Hldgs Inc | Exited | −140,192 | −$3.66M | — |
Showing the 10 largest of 33 changes.
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ON Old Natl Bancorp Ind | Added | +397,026 | +$8.47M | 3.7% |
| Evans Bancorp Inc | Exited | −200,749 | −$7.82M | — |
| OC Orange Cnty Bancorp Inc | New | +198,200 | +$5.12M | 1.8% |
| Byline Bancorp Inc | New | +150,000 | +$4.01M | 1.4% |
| Nbt Bancorp Inc | New | +81,121 | +$3.37M | 1.2% |
| Nb Bancorp Inc | Exited | −164,179 | −$2.97M | — |
| Pacific Premier Bancorp | Exited | −135,926 | −$2.9M | — |
| FI Financial Instns Inc | Exited | −115,694 | −$2.89M | — |
| East West Bancorp Inc | Added | +22,452 | +$2.27M | 1.8% |
| Eastern Bankshares Inc | Added | +136,748 | +$2.09M | 1.7% |
Showing the 10 largest of 28 changes.
quarter ended March 31, 2025 · filed May 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CF Coastal Finl Corp Wa | Trimmed | −123,938 | −$11.2M | 11.1% |
| H Homestreet Inc | Exited | −723,747 | −$8.27M | — |
| Eastern Bankshares Inc | Trimmed | −319,133 | −$5.23M | 1.2% |
| Origin Bancorp Inc | Exited | −145,922 | −$4.86M | — |
| HC Heritage Comm Corp | Trimmed | −459,966 | −$4.38M | 0.5% |
| MB Merchants Bancorp Ind | Exited | −96,224 | −$3.51M | — |
| BH Burke Herbert Finl Svcs Corp | New | +52,148 | +$2.93M | 1.1% |
| Pacific Premier Bancorp | New | +135,926 | +$2.9M | 1.1% |
| East West Bancorp Inc | New | +30,346 | +$2.72M | 1.0% |
| Amerant Bancorp Inc | Added | +126,491 | +$2.61M | 2.8% |
Showing the 10 largest of 31 changes.
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CF Coastal Finl Corp Wa | Trimmed | −293,176 | −$24.9M | 12.3% |
| Eastern Bankshares Inc | Trimmed | −362,960 | −$6.26M | 2.8% |
| Qcr Holdings Inc | Trimmed | −58,865 | −$4.75M | 4.9% |
| Chain Bridge Bancorp Inc | New | +179,638 | +$4.5M | 1.4% |
| SB Seacoast Bkg Corp Fla | Trimmed | −163,289 | −$4.5M | 1.3% |
| AF Alerus Finl Corp | Added | +229,932 | +$4.42M | 3.2% |
| ON Old Natl Bancorp Ind | New | +163,192 | +$3.54M | 1.1% |
| MB Merchants Bancorp Ind | New | +96,224 | +$3.51M | 1.1% |
| FI Financial Instns Inc | New | +115,494 | +$3.15M | 1.0% |
| OF Oceanfirst Finl Corp | Trimmed | −148,381 | −$2.69M | 3.8% |
Showing the 10 largest of 30 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| California Bancorp | Added | +1,309,974 | +$19.4M | 11.3% |
| California Bancorp Inc | Exited | −817,934 | −$17.6M | — |
| Cambridge Bancorp | Exited | −218,293 | −$15.1M | — |
| Eastern Bankshares Inc | Added | +672,261 | +$11M | 4.5% |
| Amerant Bancorp Inc | New | +300,000 | +$6.41M | 2.0% |
| Qcr Holdings Inc | Trimmed | −83,792 | −$6.2M | 5.8% |
| NB Northeast Bk Lewiston Me | Exited | −68,671 | −$4.18M | — |
| FM First Mid Ill Bancshares Inc | Trimmed | −97,004 | −$3.77M | 3.6% |
| OF Oceanfirst Finl Corp | Added | +130,210 | +$2.42M | 4.7% |
| EF Enterprise Finl Svcs Corp | Trimmed | −41,883 | −$2.15M | 2.1% |
Showing the 10 largest of 34 changes.
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