Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (19 quarters reported)
$139M in Q4 2021 → $139M 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 |
|---|---|---|---|---|
| Commercial Bancgroup Inc | 6.8% | Unchanged | 291,014 | $9.4M |
| FN First Natl Corp Va | 6.6% | Trimmed 0.8% | 305,340 | $9.17M |
| Colony Bankcorp Inc | 6.5% | Trimmed 1.4% | 448,563 | $9.01M |
| Renasant Corp | 5.9% | Trimmed 0.6% | 194,245 | $8.26M |
| Banc Of California Inc | 5.8% | Added 0.0% | 397,168 | $8.11M |
| OF Orrstown Finl Svcs Inc | 4.9% | Trimmed 2.3% | 167,766 | $6.85M |
| Mid Penn Bancorp Inc | 4.8% | Trimmed 1.1% | 192,411 | $6.7M |
| Hancock Whitney Corporation | 4.6% | Unchanged | 86,218 | $6.44M |
| CF Cnb Finl Corp Pa | 4.6% | Unchanged | 189,241 | $6.38M |
| Carter Bankshares Inc | 4.4% | Trimmed 53% | 179,222 | $6.1M |
| UF Umb Finl Corp | 4.4% | Unchanged | 42,622 | $6.08M |
| WA Western Alliance Bancorp | 3.9% | Trimmed 16% | 65,838 | $5.41M |
| FC First Ctzns Bancshares Inc D | 3.6% | Unchanged | 2,415 | $5.03M |
| WF Wintrust Finl Corp | 3.4% | Unchanged | 29,750 | $4.78M |
| First Merchants Corp | 3.0% | Unchanged | 94,047 | $4.11M |
| California Bancorp | 2.8% | Trimmed 1.3% | 189,804 | $3.96M |
| Primis Financial Corp | 2.7% | Unchanged | 230,222 | $3.77M |
| Shore Bancshares Inc | 2.4% | Unchanged | 147,487 | $3.38M |
| Equity Bancshares Inc | 2.0% | Unchanged | 57,364 | $2.81M |
| First Northwest Bancorp | 2.0% | Trimmed 1.4% | 254,197 | $2.75M |
| FB First Bk Williamstown New Je | 2.0% | Unchanged | 154,660 | $2.74M |
| CF Citizens Finl Group Inc | 1.9% | Trimmed 35% | 37,217 | $2.61M |
| PF Pinnacle Finl Partners Inc | 1.9% | Trimmed 36% | 25,694 | $2.59M |
| HF Hanmi Finl Corp | 1.6% | Trimmed 2.0% | 68,451 | $2.22M |
| FN F N B Corp | 1.4% | Trimmed 34% | 99,250 | $1.89M |
| Huntington Bancshares Inc | 1.4% | Trimmed 37% | 106,040 | $1.88M |
| CB Columbia Bkg Sys Inc | 1.2% | Trimmed 33% | 51,752 | $1.66M |
| East West Bancorp Inc | 1.2% | Trimmed 32% | 12,600 | $1.63M |
| SB Southstate Bk Corp | 1.0% | Trimmed 34% | 14,575 | $1.46M |
| Banner Corp | 0.9% | Trimmed 37% | 19,615 | $1.3M |
| SF Sb Finl Group Inc | 0.5% | Trimmed 84% | 26,437 | $668K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WF Webster Finl Corp | Exited | −101,875 | −$7.07M | — |
| Carter Bankshares Inc | Trimmed | −202,151 | −$6.88M | 4.4% |
| SF Sb Finl Group Inc | Trimmed | −142,381 | −$3.6M | 0.5% |
| PF Pinnacle Finl Partners Inc | Trimmed | −14,711 | −$1.48M | 1.9% |
| CF Citizens Finl Group Inc | Trimmed | −19,837 | −$1.39M | 1.9% |
| Huntington Bancshares Inc | Trimmed | −62,900 | −$1.12M | 1.4% |
| WA Western Alliance Bancorp | Trimmed | −12,665 | −$1.04M | 3.9% |
| FN F N B Corp | Trimmed | −50,901 | −$971K | 1.4% |
| CB Columbia Bkg Sys Inc | Trimmed | −25,338 | −$812K | 1.2% |
| East West Bancorp Inc | Trimmed | −6,000 | −$775K | 1.2% |
Showing the 10 largest of 21 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC First Ctzns Bancshares Inc D | Trimmed | −3,760 | −$7.09M | 3.2% |
| SF Synovus Finl Corp | Exited | −70,063 | −$3.51M | — |
| PF Pinnacle Finl Partners Inc | New | +40,405 | +$3.48M | 2.4% |
| PF Pinnacle Finl Partners Inc | Exited | −33,814 | −$3.23M | — |
| ZB Zions Bancorporation N A | Exited | −50,000 | −$2.93M | — |
| UF Umb Finl Corp | Added | +18,500 | +$2.09M | 3.4% |
| East West Bancorp Inc | New | +18,600 | +$1.99M | 1.4% |
| Commercial Bancgroup Inc | Trimmed | −21,486 | −$559K | 5.3% |
| CF Citizens Finl Group Inc | Trimmed | −4,700 | −$282K | 2.4% |
| OF Orrstown Finl Svcs Inc | Trimmed | −5,200 | −$188K | 4.3% |
Showing the 10 largest of 24 changes.
quarter ended December 31, 2025 · filed February 20, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Commercial Bancgroup Inc | New | +312,500 | +$7.68M | 5.0% |
| FC First Ctzns Bancshares Inc D | Added | +1,760 | +$3.78M | 8.6% |
| VN Valley Natl Bancorp | Exited | −332,000 | −$3.52M | — |
| Comerica Inc | Exited | −45,075 | −$3.09M | — |
| IH Investar Hldg Corp | Exited | −118,469 | −$2.75M | — |
| EB Eagle Bancorp Mont Inc | Exited | −51,585 | −$891K | — |
| SF Sb Finl Group Inc | Trimmed | −7,269 | −$162K | 2.4% |
| Banc Of California Inc | Trimmed | −1 | −$19 | 5.0% |
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Southstate Corporation | Exited | −25,715 | −$2.37M | — |
| SB Southstate Bk Corp | New | +23,625 | +$2.34M | 1.6% |
| EB Eagle Bancorp Mont Inc | Trimmed | −51,226 | −$885K | 0.6% |
| IH Investar Hldg Corp | Trimmed | −27,600 | −$641K | 1.9% |
| Hometrust Bancshares Inc | Exited | −15,741 | −$589K | — |
| Huntington Bancshares Inc | Trimmed | −19,160 | −$331K | 2.2% |
| Comerica Inc | Trimmed | −4,780 | −$328K | 2.1% |
| WA Western Alliance Bancorp | Trimmed | −3,670 | −$318K | 4.9% |
| SF Synovus Finl Corp | Trimmed | −6,190 | −$304K | 2.4% |
| CF Citizens Finl Group Inc | Trimmed | −5,700 | −$303K | 2.3% |
Showing the 10 largest of 15 changes.
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Renasant Corp | New | +196,845 | +$7.07M | 5.0% |
| FB First Bancshares Inc Miss | Exited | −196,845 | −$6.66M | — |
| CF Cb Finl Svcs Inc | Exited | −69,484 | −$1.98M | — |
| EB Eagle Bancorp Mont Inc | Trimmed | −85,800 | −$1.43M | 1.2% |
| Hometrust Bancshares Inc | Trimmed | −31,554 | −$1.18M | 0.4% |
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CF Cb Finl Svcs Inc | Trimmed | −145,714 | −$4.15M | 1.4% |
| HF Heartland Finl Usa Inc | Exited | −43,859 | −$2.69M | — |
| UF Umb Finl Corp | New | +24,122 | +$2.44M | 1.7% |
| Hometrust Bancshares Inc | Trimmed | −30,200 | −$1.04M | 1.1% |
| EB Eagle Bancorp Mont Inc | Trimmed | −42,869 | −$718K | 2.2% |
| Comerica Inc | Trimmed | −8,000 | −$472K | 2.1% |
| BR Blue Ridge Bankshares Inc Va | Exited | −110,131 | −$355K | — |
| SF Sb Finl Group Inc | Trimmed | −10,000 | −$208K | 2.6% |
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| H Homestreet Inc | Exited | −477,961 | −$7.53M | — |
| WA Western Alliance Bancorp | Added | +42,500 | +$3.55M | 4.5% |
| SS SPDR Ser Tr | Exited | −58,500 | −$3.31M | — |
| VN Valley Natl Bancorp | New | +332,000 | +$3.01M | 1.9% |
| ZB Zions Bancorporation N A | New | +50,000 | +$2.71M | 1.7% |
| HF Heartland Finl Usa Inc | New | +43,859 | +$2.69M | 1.7% |
| FC First Ctzns Bancshares Inc N | Trimmed | −900 | −$1.9M | 5.9% |
| WF Webster Finl Corp | Added | +33,000 | +$1.82M | 3.5% |
| SF Sb Finl Group Inc | Trimmed | −79,623 | −$1.66M | 2.4% |
| FB First Bancorp N C | Exited | −39,400 | −$1.64M | — |
Showing the 10 largest of 19 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OF Orrstown Finl Svcs Inc | New | +181,966 | +$6.54M | 4.3% |
| CV Codorus Vy Bancorp Inc | Exited | −207,962 | −$5M | — |
| Huntington Bancshares Inc | New | +235,000 | +$3.45M | 2.3% |
| SS SPDR Ser Tr | New | +58,500 | +$3.31M | 2.2% |
| Comerica Inc | Added | +36,000 | +$2.16M | 2.3% |
| California Bancorp | Added | +110,604 | +$1.64M | 1.9% |
| California Bancorp Inc | Exited | −69,563 | −$1.5M | — |
| Banner Corp | Trimmed | −19,500 | −$1.16M | 1.7% |
| CF Citizens Finl Group Inc | Added | +26,000 | +$1.07M | 1.8% |
| FN F N B Corp | Added | +57,000 | +$804K | 1.6% |
Showing the 10 largest of 11 changes.
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