Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (51 quarters reported)
$148M in Q4 2013 → $770M 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 | 7.1% | Added 11% | 892,223 | $54.5M |
| Equity Bancshares | 6.1% | Added 4.4% | 961,492 | $47.1M |
| Nicolet Bankshares | 6.0% | Trimmed 9.5% | 277,243 | $45.9M |
| Southstate Bank | 5.7% | Trimmed 44% | 438,973 | $43.9M |
| California Bancorp | 5.6% | Unchanged | 2,054,534 | $42.8M |
| Hometrust Bancshares | 5.4% | Trimmed 46% | 839,115 | $41.9M |
| T Townebank | 4.7% | Added 80% | 1,008,071 | $36.5M |
| OS Old Second Bancorp Inc Del | 4.4% | Trimmed 3.0% | 1,460,413 | $34.1M |
| SB Seacoast Banking Of Florida | 4.3% | Added 11% | 1,006,363 | $33.5M |
| First Merchants | 4.0% | Unchanged | 711,425 | $31.1M |
| CF Cvb Finl Corp | 3.8% | Added 52% | 1,295,322 | $29.2M |
| Bank Of Hawaii Corp | 3.3% | New | 312,693 | $25.5M |
| HB Horizon Bancorp | 3.2% | Trimmed 3.5% | 1,246,550 | $24.9M |
| HB Huntington Bancshares | 3.1% | Added 22% | 1,364,029 | $24.2M |
| TF Truist Finl Corp | 2.9% | New | 446,477 | $22.2M |
| UF Umb Finl | 2.4% | Added 191% | 127,486 | $18.2M |
| Chain Bridge Bancorp | 1.6% | Unchanged | 293,788 | $12.4M |
| Avidia Bancorp Inc | 1.4% | Unchanged | 497,258 | $10.4M |
| LF Lpl Finl Hldgs Inc | 1.1% | New | 29,967 | $8.44M |
| AC Annaly Capital Mgmt In | 1.1% | Added 128% | 376,036 | $8.21M |
| Hawthorn Bancshares | 1.0% | Unchanged | 190,710 | $7.49M |
| IB Independent Bank Mich | 1.0% | Unchanged | 203,607 | $7.34M |
| Wells Fargo & Co | 0.9% | New | 80,810 | $6.68M |
| American Healthcare REIT | 0.9% | Added 117% | 127,389 | $6.64M |
| FA First American Finl Corp | 0.8% | New | 91,643 | $6.29M |
| Stock Yards Bancorp | 0.8% | Trimmed 12% | 81,359 | $6.22M |
| Jones Lang Lasalle | 0.8% | Trimmed 41% | 18,851 | $5.84M |
| FH Firstcash Hldgs | 0.6% | Added 313% | 22,683 | $4.91M |
| Champion Homes Inc | 0.6% | New | 50,348 | $4.44M |
| MI Miami Intl Hldgs Inc | 0.6% | New | 119,299 | $4.43M |
| Hoyne Bancorp | 0.6% | Unchanged | 261,000 | $4.37M |
| Welltower | 0.6% | Trimmed 0.9% | 19,095 | $4.33M |
| MH Marketaxess Hldgs Inc | 0.5% | New | 37,237 | $4.23M |
| CF Cno Finl Group | 0.5% | Trimmed 38% | 82,078 | $4.18M |
| Hercules Capital Inc | 0.5% | Trimmed 10% | 249,039 | $3.93M |
| Cme Group Inc | 0.5% | New | 17,754 | $3.92M |
| Exzeo Group | 0.5% | Trimmed 67% | 223,788 | $3.78M |
| Encore Capital Group Inc | 0.5% | Trimmed 6.4% | 38,144 | $3.56M |
| Reinsurance Group Of America | 0.4% | Added 65% | 16,077 | $3.42M |
| Toll Brothers | 0.4% | Added 60% | 19,047 | $3.14M |
| EG Etoro Group Ltd | 0.4% | New | 73,077 | $2.88M |
| Main Street Capital | 0.4% | Trimmed 22% | 53,085 | $2.75M |
| FI First Indl Rlty Tr | 0.4% | Added 3.9% | 44,161 | $2.71M |
| Arthur J Gallagher & Co | 0.3% | New | 11,571 | $2.66M |
| CR Cto Rlty Growth Inc New | 0.3% | Added 3.9% | 120,922 | $2.6M |
| Msc Income Fund | 0.3% | Added 21% | 206,254 | $2.39M |
| Ameris Bancorp | 0.3% | Trimmed 80% | 26,377 | $2.38M |
| Udr Inc | 0.3% | New | 59,259 | $2.37M |
| IP Inventrust Pptys | 0.3% | Trimmed 41% | 66,542 | $2.36M |
| Houlihan Lokey | 0.3% | New | 17,497 | $2.35M |
| BP Brixmor Ppty Group Inc | 0.3% | Added 52% | 71,166 | $2.24M |
| Skyward Specialty Insurance Group | 0.3% | Trimmed 61% | 36,966 | $2.16M |
| TR Tpg Re Finance Tr Inc | 0.3% | New | 249,738 | $2.09M |
| Federated Hermes | 0.3% | Added 263% | 37,556 | $2.07M |
| Globe Life Inc | 0.3% | Added 12% | 11,558 | $2.07M |
| AF Ally Finl Inc | 0.3% | New | 42,195 | $1.94M |
| EP Eastgroup Pptys Inc | 0.2% | Added 19% | 9,402 | $1.9M |
| D Dave Inc | 0.2% | Trimmed 53% | 3,900 | $1.45M |
| RT Redwood Tr | 0.2% | New | 304,416 | $1.44M |
| Hci Group | 0.2% | Trimmed 79% | 7,787 | $1.36M |
Showing top 60 of 120 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 |
|---|---|---|---|---|
| Hometrust Bancshares | Trimmed | −715,310 | −$35.7M | 5.4% |
| Eastern Bankshares | Exited | −1,741,864 | −$34.1M | — |
| Southstate Bank | Trimmed | −339,654 | −$33.9M | 5.7% |
| Rbb Bancorp | Exited | −1,511,408 | −$32.3M | — |
| Bank Of Hawaii Corp | New | +312,693 | +$25.5M | 3.3% |
| TF Truist Finl Corp | New | +446,477 | +$22.2M | 2.9% |
| Bankunited | Exited | −380,554 | −$17.2M | — |
| T Townebank | Added | +448,299 | +$16.2M | 4.7% |
| ON Old National Bancorp | Exited | −717,018 | −$15.8M | — |
| Southern Missouri Bancorp | Exited | −202,427 | −$12.9M | — |
Showing the 10 largest of 157 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nicolet Bankshares | Added | +285,960 | +$42.5M | 5.1% |
| Western Alliance Bancorp | Exited | −432,672 | −$36.4M | — |
| MF Midwestone Finl Group Inc Ne | Exited | −797,816 | −$30.7M | — |
| WF Webster Finl Corp | Exited | −384,743 | −$24.2M | — |
| HB Huntington Bancshares | New | +1,116,816 | +$17.5M | 2.0% |
| Bankunited | New | +380,554 | +$17.2M | 1.9% |
| Eastern Bankshares | Added | +815,023 | +$15.9M | 3.8% |
| US U S Bancorp | Trimmed | −275,318 | −$14.3M | 0.6% |
| ZB Zions Bancorporation N A | Exited | −239,124 | −$14M | — |
| California Bancorp | Added | +782,898 | +$13.9M | 4.1% |
Showing the 10 largest of 168 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SB Southstate Bk Corp | Added | +285,091 | +$26.8M | 8.4% |
| Western Alliance Bancorp | Added | +257,283 | +$21.6M | 4.0% |
| Linkbancorp Inc | Trimmed | −2,402,842 | −$19.8M | 0.5% |
| WF Webster Finl Corp | Trimmed | −239,721 | −$15.1M | 2.7% |
| HB Horizon Bancorp Inc | Added | +819,189 | +$13.9M | 2.0% |
| Morgan Stanley | New | +74,759 | +$13.3M | 1.5% |
| First Merchants Corp | Added | +338,950 | +$12.7M | 2.6% |
| FF First Fndtn Inc | Exited | −2,057,660 | −$11.5M | — |
| BA Bank America Corp | Exited | −216,409 | −$11.2M | — |
| IB Independent Bk Corp Mass | Trimmed | −148,206 | −$10.8M | 1.9% |
Showing the 10 largest of 164 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Southstate Corporation | Exited | −702,355 | −$64.6M | — |
| SB Southstate Bk Corp | New | +527,942 | +$52.2M | 5.6% |
| Ameris Bancorp | Exited | −602,320 | −$39M | — |
| Western Alliance Bancorp | Trimmed | −373,757 | −$32.4M | 1.6% |
| HC Heritage Comm Corp | Exited | −2,344,722 | −$23.3M | — |
| Banc Of California Inc | Exited | −1,365,440 | −$19.2M | — |
| IB Independent Bk Corp Mass | Trimmed | −270,581 | −$18.7M | 2.8% |
| Wesbanco Inc | Added | +579,211 | +$18.5M | 2.2% |
| Eastern Bankshares Inc | New | +976,342 | +$17.7M | 1.9% |
| CF Community Financial System I | Exited | −270,197 | −$15.4M | — |
Showing the 10 largest of 191 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FI First Intst Bancsystem Inc | Exited | −890,226 | −$25.5M | — |
| Home Bancorp Inc | Trimmed | −409,702 | −$21.2M | 0.1% |
| SB Seacoast Bkg Corp Fla | Added | +762,505 | +$21.1M | 3.4% |
| Comerica Inc | Exited | −331,747 | −$19.6M | — |
| SB Sterling Bancorp Inc | Exited | −4,002,428 | −$19.4M | — |
| Banc Of California Inc | Added | +992,154 | +$13.9M | 2.0% |
| SC Southstate Corporation | Added | +146,129 | +$13.4M | 6.9% |
| Fvcbankcorp Inc | Trimmed | −1,004,762 | −$11.9M | 0.8% |
| Ameris Bancorp | Trimmed | −182,968 | −$11.8M | 4.1% |
| Wesbanco Inc | Trimmed | −369,927 | −$11.7M | 0.3% |
Showing the 10 largest of 149 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Southstate Corporation | Added | +412,242 | +$38.3M | 5.3% |
| Ameris Bancorp | Added | +594,340 | +$34.2M | 4.7% |
| IB Independent Bk Corp Mass | New | +513,569 | +$32.2M | 3.3% |
| Western Alliance Bancorp | Added | +394,660 | +$30.3M | 3.5% |
| S1 Simmons 1st Natl Corp | Exited | −1,104,008 | −$24.5M | — |
| ZB Zions Bancorporation N A | New | +428,424 | +$21.4M | 2.2% |
| CB Columbia Bkg Sys Inc | Exited | −764,187 | −$20.6M | — |
| BB Brookline Bancorp Inc Del | Exited | −1,591,474 | −$18.8M | — |
| Independent Bank Group Inc | Exited | −305,431 | −$18.5M | — |
| Comerica Inc | Added | +258,299 | +$15.3M | 2.0% |
Showing the 10 largest of 141 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Independent Bank Group Inc | Trimmed | −681,415 | −$41.3M | 2.2% |
| Banc Of California Inc | Exited | −2,179,722 | −$32.1M | — |
| WF Webster Finl Corp | New | +528,385 | +$29.2M | 3.4% |
| FI First Intst Bancsystem Inc | New | +614,716 | +$20M | 2.3% |
| Evans Bancorp Inc | Exited | −493,510 | −$19.2M | — |
| Western Alliance Bancorp | Trimmed | −211,443 | −$17.7M | 0.5% |
| Comerica Inc | Trimmed | −218,492 | −$13.5M | 0.5% |
| Ameris Bancorp | Trimmed | −211,561 | −$13.2M | 1.4% |
| Mid Penn Bancorp Inc | New | +389,845 | +$11.2M | 1.3% |
| HF Hmn Finl Inc | Exited | −396,944 | −$11.1M | — |
Showing the 10 largest of 155 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FB First Bancshares Inc Miss | Trimmed | −1,107,131 | −$35.6M | 0.6% |
| Western Alliance Bancorp | Trimmed | −358,798 | −$31M | 2.4% |
| Eastern Bankshares Inc | Trimmed | −1,536,155 | −$25.2M | 0.8% |
| Midland States Bancorp Inc | Exited | −1,094,323 | −$24.8M | — |
| HC Heritage Comm Corp | Trimmed | −2,354,159 | −$23.3M | 3.8% |
| BB Brookline Bancorp Inc Del | New | +2,292,669 | +$23.1M | 2.4% |
| Ameris Bancorp | Trimmed | −314,986 | −$19.7M | 2.6% |
| Banc Of California Inc | Trimmed | −1,213,063 | −$17.9M | 3.4% |
| S1 Simmons 1st Natl Corp | New | +817,386 | +$17.6M | 1.8% |
| Comerica Inc | New | +291,940 | +$17.5M | 1.8% |
Showing the 10 largest of 147 changes.
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