Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$953M in Q2 2013 → $549M 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 |
|---|---|---|---|---|
| SB Southstate Bk Corp | 3.6% | Trimmed 2.5% | 195,000 | $19.5M |
| UB Us Bancorp | 3.0% | Added 49% | 276,300 | $16.7M |
| FC Firstsun Cap Bancorp | 2.9% | Added 555% | 405,946 | $15.7M |
| Primis Financial Corp | 2.7% | Trimmed 5.1% | 897,100 | $14.7M |
| NB National Bk Hldgs Corp | 2.6% | Added 6.3% | 322,500 | $14.3M |
| CF Cnb Finl Corp Pa | 2.6% | Trimmed 6.1% | 422,100 | $14.2M |
| HB Horizon Bancorp Ind | 2.6% | Trimmed 6.2% | 710,000 | $14.2M |
| Equity Bancshares Inc | 2.5% | Trimmed 1.2% | 282,502 | $13.8M |
| BO Bank Of Amer Corp | 2.3% | Trimmed 9.9% | 225,000 | $12.8M |
| CB Columbia Bkg Sys Inc | 2.3% | Added 13% | 387,000 | $12.4M |
| Citigroup Inc | 2.0% | Trimmed 31% | 78,700 | $11M |
| Amerant Bancorp Inc | 2.0% | Trimmed 15% | 420,000 | $10.7M |
| M& M & T Bk Corp | 1.9% | Trimmed 11% | 44,100 | $10.5M |
| Nicolet Bankshares Inc | 1.8% | Added 2.3% | 60,000 | $9.92M |
| IB International Bancshares Cor | 1.8% | Trimmed 3.5% | 127,113 | $9.65M |
| Northpointe Bancshares Inc. | 1.7% | Trimmed 13% | 497,600 | $9.54M |
| Central Bancompany | 1.6% | Trimmed 23% | 292,400 | $8.88M |
| CF Citizens Finl Group Inc | 1.6% | Added 17% | 126,300 | $8.85M |
| Unity Bancorp Inc | 1.5% | Trimmed 1.7% | 142,332 | $8.35M |
| FC First Cmnty Corp S C | 1.5% | Trimmed 2.3% | 250,433 | $8.18M |
| 1F 1st Finl Bancorp | 1.5% | Trimmed 1.3% | 241,700 | $8.18M |
| PB Preferred Bk Los Angeles Ca | 1.5% | Trimmed 7.9% | 76,700 | $8.15M |
| Huntington Bancshares Inc | 1.4% | Added 21% | 445,000 | $7.89M |
| CF Chime Finl Inc | 1.4% | Trimmed 5.7% | 377,000 | $7.72M |
| First Busey Corp | 1.4% | Added 9.5% | 260,000 | $7.67M |
| Southern First Bancshares | 1.4% | Added 248% | 122,000 | $7.45M |
| Jpmorgan Chase & Co | 1.3% | Added 23% | 22,500 | $7.36M |
| QH Qcr Hldgs Inc | 1.3% | Trimmed 36% | 75,000 | $7.3M |
| Beacon Financial Corp. | 1.3% | Trimmed 9.7% | 234,900 | $7.15M |
| IH Investar Holding Corporation 6.5 Ser A Conv Pfd | 1.3% | Unchanged | 238,093 | $7.13M |
| IB Independent Bk Corp Mass | 1.3% | Added 22% | 85,000 | $7.12M |
| Pcb Bancorp | 1.1% | Added 38% | 207,050 | $5.87M |
| Ameris Bancorp | 1.1% | Trimmed 41% | 65,000 | $5.87M |
| East West Bancorp Inc | 1.1% | Trimmed 40% | 45,000 | $5.81M |
| CF Corebridge Finl Inc | 1.0% | Added 191% | 196,100 | $5.61M |
| Keycorp | 1.0% | Added 34% | 241,800 | $5.57M |
| 1895 Bancorp Of Wisconsin, Inc. | 1.0% | Added 6.8% | 310,000 | $5.47M |
| First Mid Bancshares Inc | 0.9% | Added 3.1% | 105,700 | $5.08M |
| Midland States Bancorp Inc | 0.9% | Added 84% | 161,100 | $5.02M |
| UF Umb Finl Corp | 0.9% | Trimmed 10.0% | 35,000 | $5M |
| TP Townebank Portsmouth Va | 0.9% | Added 7.9% | 137,500 | $4.98M |
| CO Capital One Finl Corp | 0.9% | Added 7.5% | 24,500 | $4.92M |
| Byline Bancorp Inc | 0.9% | Trimmed 41% | 130,000 | $4.9M |
| VN Valley Natl Bancorp | 0.9% | Trimmed 13% | 329,522 | $4.83M |
| Investar Holding Corp | 0.9% | Added 2.5% | 160,900 | $4.82M |
| Fifth Third Bancorp | 0.9% | Added 13% | 85,000 | $4.79M |
| UB United Bankshares Inc West V | 0.8% | Trimmed 9.1% | 100,000 | $4.58M |
| Jefferson Capital Inc | 0.8% | Trimmed 30% | 231,385 | $4.51M |
| IB Interactive Brokers Group In | 0.8% | New | 51,700 | $4.5M |
| Magyar Bancorp Inc | 0.8% | Added 8.6% | 257,078 | $4.49M |
| Five Star Bancorp | 0.8% | Trimmed 27% | 90,000 | $4.38M |
| First Horizon Corporation | 0.8% | Added 1.5% | 160,782 | $4.12M |
| Op Bancorp | 0.7% | Added 1.9% | 273,967 | $4.11M |
| Commercial Bancgroup Inc | 0.7% | Trimmed 8.8% | 125,000 | $4.04M |
| Wesbanco Inc | 0.7% | Trimmed 58% | 100,000 | $3.9M |
| Financial Institutions Inc | 0.7% | Trimmed 15% | 100,000 | $3.9M |
| Acnb Corp | 0.7% | Trimmed 24% | 65,000 | $3.86M |
| IB Independent Bk Corp Mich | 0.7% | Added 57% | 107,000 | $3.86M |
| CF Cvb Finl Corp | 0.7% | Added 75% | 160,000 | $3.61M |
| Carter Bankshares Inc | 0.7% | Trimmed 68% | 105,000 | $3.57M |
Showing top 60 of 100 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 |
|---|---|---|---|---|
| FC Firstsun Cap Bancorp | Added | +344,000 | +$13.3M | 2.9% |
| FF First Fndtn Inc | Exited | −2,213,860 | −$13.1M | — |
| Carter Bankshares Inc | Trimmed | −223,888 | −$7.61M | 0.7% |
| MB Mechanics Bancorp | Trimmed | −357,690 | −$5.69M | 0.5% |
| UB Us Bancorp | Added | +91,300 | +$5.51M | 3.0% |
| Wesbanco Inc | Trimmed | −137,908 | −$5.38M | 0.7% |
| Southern First Bancshares | Added | +86,974 | +$5.31M | 1.4% |
| Citigroup Inc | Trimmed | −35,106 | −$4.91M | 2.0% |
| WF Webster Finl Corp | Trimmed | −60,457 | −$4.62M | 0.1% |
| IB Interactive Brokers Group In | New | +51,700 | +$4.5M | 0.8% |
Showing the 10 largest of 105 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MF Midwestone Finl Group Inc Ne | Exited | −340,000 | −$13.1M | — |
| WF Webster Finl Corp | Trimmed | −164,968 | −$11.5M | 0.9% |
| Nicolet Bankshares Inc | New | +58,648 | +$8.72M | 1.7% |
| FC First Ctzns Bancshares Inc D | Trimmed | −3,541 | −$6.67M | 0.3% |
| ZB Zions Bancorporation N A | Exited | −105,000 | −$6.15M | — |
| First Busey Corp | New | +237,500 | +$6M | 1.2% |
| UB Us Bancorp | Added | +97,500 | +$5.07M | 1.9% |
| WA Western Alliance Bancorp | Exited | −60,000 | −$5.04M | — |
| BA Bank America Corp | Added | +98,557 | +$4.8M | 2.4% |
| Wells Fargo & Co | Trimmed | −51,376 | −$4.09M | 0.1% |
Showing the 10 largest of 111 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WA Western Alliance Bancorp | Trimmed | −125,000 | −$10.5M | 0.9% |
| UB Us Bancorp Del | Trimmed | −196,500 | −$10.5M | 0.8% |
| Citigroup Inc | Trimmed | −76,800 | −$8.96M | 2.7% |
| Central Bancompany | New | +368,567 | +$8.89M | 1.6% |
| M& M & T Bk Corp | Trimmed | −39,500 | −$7.96M | 1.4% |
| Amerant Bancorp Inc | Trimmed | −374,818 | −$7.31M | 2.1% |
| Blackrock Inc | Exited | −6,071 | −$7.08M | — |
| First Horizon Corporation | Trimmed | −267,500 | −$6.39M | 0.8% |
| Invesco Ltd | Trimmed | −219,665 | −$5.77M | 0.4% |
| MI Miami Intl Hldgs Inc | Trimmed | −121,325 | −$5.38M | 0.3% |
Showing the 10 largest of 126 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SB Southstate Bk Corp | New | +142,500 | +$14.1M | 2.1% |
| UB Us Bancorp Del | Added | +264,000 | +$12.8M | 2.1% |
| WF Wells Fargo Co New | Trimmed | −135,000 | −$11.3M | 1.0% |
| SC Southstate Corporation | Exited | −122,500 | −$11.3M | — |
| Qcr Holdings Inc | Trimmed | −128,100 | −$9.69M | 1.8% |
| TF Truist Finl Corp | Exited | −215,000 | −$9.24M | — |
| Citigroup Inc | Trimmed | −90,700 | −$9.21M | 3.2% |
| Essa Bancorp Inc | Exited | −421,279 | −$8.17M | — |
| CF Cnb Finl Corp Pa | Added | +332,600 | +$8.05M | 1.8% |
| Ameris Bancorp | Trimmed | −108,500 | −$7.95M | 1.4% |
Showing the 10 largest of 137 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CF Chime Finl Inc | New | +403,400 | +$13.9M | 2.0% |
| CO Capital One Finl Corp | Added | +40,000 | +$8.51M | 1.6% |
| Qcr Holdings Inc | Added | +105,000 | +$7.13M | 2.7% |
| Byline Bancorp Inc | New | +256,600 | +$6.86M | 1.0% |
| NB National Bk Hldgs Corp | Added | +155,000 | +$5.83M | 2.1% |
| Jefferson Capital Inc | New | +286,800 | +$5.29M | 0.7% |
| FB First Bancshares Inc Miss | Exited | −142,623 | −$4.82M | — |
| BA Bank America Corp | Trimmed | −100,000 | −$4.73M | 1.7% |
| ON Old Natl Bancorp Ind | Added | +219,139 | +$4.68M | 1.0% |
| Citigroup Inc | Trimmed | −51,000 | −$4.34M | 3.6% |
Showing the 10 largest of 103 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| UB Us Bancorp Del | Exited | −447,500 | −$21.4M | — |
| Northpointe Bancshares Inc. | New | +635,000 | +$9.17M | 1.5% |
| WF Wells Fargo Co New | Trimmed | −119,500 | −$8.58M | 2.4% |
| FC Firstsun Cap Bancorp | Added | +221,400 | +$8M | 1.3% |
| DC Dime Cmnty Bancshares Inc | Trimmed | −252,473 | −$7.04M | 0.2% |
| EF Eagle Finl Svcs Inc | New | +200,000 | +$6.56M | 1.1% |
| BH Berkshire Hills Bancorp Inc | Added | +241,380 | +$6.3M | 1.1% |
| Banc Of California Inc | Trimmed | −418,700 | −$5.94M | 0.9% |
| Lennar Corp | Exited | −44,898 | −$5.93M | — |
| OF Orrstown Finl Svcs Inc | Exited | −150,000 | −$5.49M | — |
Showing the 10 largest of 103 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −35,000 | −$20.1M | — |
| WF Wells Fargo Co New | Added | +209,500 | +$14.7M | 3.5% |
| SS SPDR Ser Tr | Exited | −245,000 | −$13.9M | — |
| WF Wintrust Finl Corp | Trimmed | −93,500 | −$11.7M | 1.3% |
| FC First Ctzns Bancshares Inc N | Trimmed | −5,425 | −$11.5M | 2.8% |
| DC Dime Cmnty Bancshares Inc | New | +302,473 | +$9.3M | 1.4% |
| Equity Bancshares Inc | Added | +159,000 | +$6.74M | 2.1% |
| NB National Bk Hldgs Corp | Trimmed | −147,900 | −$6.37M | 1.3% |
| FI Financial Instns Inc | New | +226,100 | +$6.17M | 0.9% |
| Blackrock Inc | New | +5,700 | +$5.84M | 0.9% |
Showing the 10 largest of 116 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +35,000 | +$20.1M | 3.1% |
| WF Wells Fargo Co New | Trimmed | −309,651 | −$17.5M | 1.0% |
| SS SPDR Ser Tr | New | +245,000 | +$13.9M | 2.1% |
| Wesbanco Inc | New | +436,363 | +$13M | 2.0% |
| WA Western Alliance Bancorp | Trimmed | −135,800 | −$11.7M | 1.8% |
| Amerant Bancorp Inc | Added | +529,107 | +$11.3M | 3.4% |
| MF Midwestone Finl Group Inc Ne | New | +350,000 | +$9.99M | 1.5% |
| ZB Zions Bancorporation N A | Trimmed | −162,460 | −$7.67M | 1.5% |
| Renasant Corp | New | +210,288 | +$6.83M | 1.0% |
| WB Westamerica Bancorporation | Trimmed | −121,827 | −$6.02M | 1.7% |
Showing the 10 largest of 105 changes.
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