Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (13 quarters reported)
$161M in Q4 2021 → $133M now. Hover for any quarter.
As reported for the quarter ended December 31, 2024. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| EC Encore Cap Group Inc | 12.1% | Added 39% | 336,193 | $16.1M |
| MG Mercury Genl Corp New | 7.1% | Trimmed 48% | 142,899 | $9.5M |
| Kemper Corp | 6.0% | Trimmed 39% | 120,441 | $8M |
| WL Willis Lease Fin Corp | 5.8% | Trimmed 29% | 37,455 | $7.77M |
| Hci Group Inc | 5.4% | Added 44% | 61,265 | $7.14M |
| Despegar Com Corp | 5.2% | New | 359,765 | $6.93M |
| DF Donnelley Finl Solutions Inc | 4.8% | New | 102,586 | $6.44M |
| Wisdomtree Inc | 4.7% | Trimmed 6.5% | 591,129 | $6.21M |
| CC Century Cmntys Inc | 4.6% | New | 83,282 | $6.11M |
| P P10 Inc | 4.3% | Trimmed 35% | 457,585 | $5.77M |
| Meritage Homes Corp | 4.1% | Added 6.4% | 35,436 | $5.45M |
| H Homestreet Inc | 3.7% | New | 432,514 | $4.94M |
| SS Skyward Specialty Ins Group | 3.6% | Trimmed 32% | 95,500 | $4.83M |
| WA Western Alliance Bancorp | 3.5% | Added 4.6% | 55,258 | $4.62M |
| Federated Hermes Inc | 3.4% | New | 109,981 | $4.52M |
| DF Discover Finl Svcs | 2.9% | Trimmed 51% | 22,285 | $3.86M |
| BS Bowhead Specialty Hldgs Inc | 2.5% | Trimmed 32% | 92,294 | $3.28M |
| Carlyle Group Inc | 2.4% | Trimmed 63% | 63,887 | $3.23M |
| SI Sei Invts Co | 2.4% | New | 38,418 | $3.17M |
| Blackrock Inc | 2.3% | New | 2,996 | $3.07M |
| AH Alliancebernstein Hldg L P | 2.1% | Added 24% | 75,743 | $2.81M |
| Howard Hughes Holdings Inc | 2.1% | Trimmed 38% | 36,069 | $2.77M |
| Hovnanian Enterprises Inc | 1.8% | New | 17,897 | $2.39M |
| RC Rocket Cos Inc | 1.8% | New | 211,880 | $2.39M |
| Marqeta Inc | 1.2% | New | 436,793 | $1.66M |
| Gcm Grosvenor Inc | 0.2% | Trimmed 3.7% | 261,072 | $329K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KR Kilroy Rlty Corp | Exited | −250,949 | −$9.71M | — |
| MG Mercury Genl Corp New | Trimmed | −131,056 | −$8.71M | 7.1% |
| Despegar Com Corp | New | +359,765 | +$6.93M | 5.2% |
| DF Donnelley Finl Solutions Inc | New | +102,586 | +$6.44M | 4.8% |
| CC Century Cmntys Inc | New | +83,282 | +$6.11M | 4.6% |
| Patria Investments Limited | Exited | −541,602 | −$6.05M | — |
| Blackrock Inc | Exited | −5,992 | −$5.69M | — |
| Cme Group Inc | Exited | −25,756 | −$5.68M | — |
| FH Futu Hldgs Ltd | Exited | −59,355 | −$5.68M | — |
| VF Virtu Finl Inc | Exited | −185,979 | −$5.66M | — |
Showing the 10 largest of 37 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MG Mercury Genl Corp New | Added | +160,808 | +$10.1M | 10.2% |
| Ezcorp Inc | Exited | −911,453 | −$9.54M | — |
| Bill Holdings Inc | Exited | −169,317 | −$8.91M | — |
| EC Encore Cap Group Inc | Added | +166,014 | +$7.85M | 6.7% |
| FH Futu Hldgs Ltd | Trimmed | −79,921 | −$7.64M | 3.4% |
| Douglas Emmett Inc | Exited | −565,736 | −$7.53M | — |
| Carlyle Group Inc | New | +171,910 | +$7.4M | 4.4% |
| RH Repay Hldgs Corp | Exited | −649,840 | −$6.86M | — |
| Meritage Homes Corp | New | +33,299 | +$6.83M | 4.0% |
| Howard Hughes Holdings Inc | Trimmed | −87,223 | −$6.75M | 2.7% |
Showing the 10 largest of 37 changes.
quarter ended June 30, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Flywire Corporation | Exited | −421,229 | −$10.5M | — |
| BP Boston Properties Inc | Exited | −147,012 | −$9.6M | — |
| Ezcorp Inc | New | +911,453 | +$9.54M | 5.7% |
| Howard Hughes Holdings Inc | New | +145,444 | +$9.43M | 5.7% |
| Federated Hermes Inc | Exited | −224,165 | −$8.1M | — |
| Envestnet Inc | Exited | −111,497 | −$6.46M | — |
| Allstate Corp | Exited | −35,724 | −$6.18M | — |
| FH Firstcash Holdings Inc | Exited | −47,199 | −$6.02M | — |
| NH Noah Hldgs Ltd | New | +622,110 | +$6M | 3.6% |
| Wisdomtree Inc | Trimmed | −553,881 | −$5.49M | 4.0% |
Showing the 10 largest of 39 changes.
quarter ended March 31, 2024 · filed May 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Kemper Corp | Trimmed | −211,128 | −$13.1M | 5.7% |
| Bill Holdings Inc | New | +187,688 | +$12.9M | 6.7% |
| Envestnet Inc | Trimmed | −206,989 | −$12M | 3.4% |
| Citigroup Inc | Exited | −225,112 | −$11.6M | — |
| FH Futu Hldgs Ltd | New | +188,387 | +$10.2M | 5.3% |
| Invitation Homes Inc | Exited | −267,434 | −$9.12M | — |
| GP Global Pmts Inc | Exited | −65,895 | −$8.37M | — |
| Allstate Corp | Trimmed | −47,940 | −$8.29M | 3.2% |
| TH Two Hbrs Invt Corp | Exited | −581,871 | −$8.11M | — |
| Federated Hermes Inc | New | +224,165 | +$8.1M | 4.2% |
Showing the 10 largest of 36 changes.
quarter ended December 31, 2023 · filed February 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bill Holdings Inc | Exited | −132,761 | −$14.4M | — |
| QH Q2 Hldgs Inc | Exited | −410,145 | −$13.2M | — |
| MI Mgic Invt Corp Wis | Exited | −725,508 | −$12.1M | — |
| Allstate Corp | New | +83,664 | +$11.7M | 6.2% |
| Citigroup Inc | New | +225,112 | +$11.6M | 6.1% |
| Radian Group Inc | Exited | −445,030 | −$11.2M | — |
| Envestnet Inc | Trimmed | −222,789 | −$11M | 8.3% |
| SI Sei Invts Co | Exited | −163,528 | −$9.85M | — |
| Blackrock Inc | Exited | −14,740 | −$9.53M | — |
| Transunion | Exited | −132,176 | −$9.49M | — |
Showing the 10 largest of 32 changes.
quarter ended September 30, 2023 · filed November 14, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Envestnet Inc | Added | +295,788 | +$13M | 10.5% |
| Procore Technologies Inc | Exited | −199,557 | −$13M | — |
| Invitation Homes Inc | New | +398,046 | +$12.6M | 5.6% |
| ST SS&C Technologies Hldgs Inc | Exited | −202,062 | −$12.2M | — |
| S&P Global Inc | Exited | −30,388 | −$12.2M | — |
| Bill Holdings Inc | Added | +108,930 | +$11.8M | 6.4% |
| FH Firstcash Holdings Inc | New | +109,262 | +$11M | 4.8% |
| WA Western Alliance Bancorp | Exited | −297,282 | −$10.8M | — |
| BK Black Knight Inc | Exited | −174,365 | −$10.4M | — |
| Lazard Ltd | Exited | −308,813 | −$9.88M | — |
Showing the 10 largest of 29 changes.
quarter ended June 30, 2023 · filed August 14, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cme Group Inc | Trimmed | −102,395 | −$19M | 0.1% |
| Envestnet Inc | New | +245,487 | +$14.6M | 6.6% |
| Procore Technologies Inc | New | +199,557 | +$13M | 5.9% |
| Flywire Corporation | Added | +416,839 | +$12.9M | 7.9% |
| MI Mgic Invt Corp Wis | New | +669,019 | +$10.6M | 4.8% |
| BP Boston Properties Inc | New | +180,156 | +$10.4M | 4.7% |
| Lazard Ltd | New | +308,813 | +$9.88M | 4.5% |
| Mastercard Incorporated | Exited | −24,638 | −$8.95M | — |
| Aci Worldwide Inc | Exited | −327,803 | −$8.84M | — |
| Douglas Emmett Inc | New | +681,430 | +$8.57M | 3.9% |
Showing the 10 largest of 34 changes.
quarter ended March 31, 2023 · filed May 15, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Flywire Corporation | Trimmed | −729,013 | −$21.4M | 1.8% |
| Cme Group Inc | New | +104,160 | +$19.9M | 8.6% |
| Avidxchange Holdings Inc | Exited | −1,858,599 | −$18.5M | — |
| Marqeta Inc | Exited | −2,899,726 | −$17.7M | — |
| WA Western Alliance Bancorp | New | +471,595 | +$16.8M | 7.2% |
| BC Bill Com Hldgs Inc | Exited | −135,194 | −$14.7M | — |
| Carlyle Group Inc | Exited | −482,557 | −$14.4M | — |
| MF Mfa Finl Inc | Exited | −1,349,706 | −$13.3M | — |
| Slm Corp | New | +937,520 | +$11.6M | 5.0% |
| QH Q2 Hldgs Inc | New | +468,442 | +$11.5M | 5.0% |
Showing the 10 largest of 34 changes.
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