Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$161M in Q2 2013 → $360M 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 |
|---|---|---|---|---|
| Financial Institutions | 19.7% | Unchanged | 1,816,102 | $70.8M |
| Banc Of California | 13.9% | Trimmed 17% | 2,449,219 | $50M |
| EF Enterprise Finl Services | 13.4% | Unchanged | 733,329 | $48.3M |
| HB Horizon Bancorp | 10.1% | Unchanged | 1,812,825 | $36.2M |
| First Merchants | 8.3% | Unchanged | 686,333 | $30M |
| FN F N B | 5.3% | Unchanged | 992,765 | $18.9M |
| AR American Riviera Bancorp | 4.1% | Unchanged | 569,500 | $14.6M |
| Finward Bancorp | 4.0% | Unchanged | 395,716 | $14.6M |
| Flagstar Bank National Association | 3.5% | Unchanged | 835,335 | $12.5M |
| Independent Bank | 3.2% | Unchanged | 318,985 | $11.5M |
| Community West Bancshares | 2.5% | Unchanged | 329,551 | $8.85M |
| FB First Bank | 2.4% | Unchanged | 478,887 | $8.49M |
| CF Chemung Finl | 2.3% | Unchanged | 109,336 | $8.15M |
| PF Primis Finl | 1.1% | Unchanged | 237,241 | $3.88M |
| Nbt Bancorp | 1.0% | Trimmed 65% | 73,030 | $3.61M |
| Magyar Bancorp | 0.9% | Unchanged | 183,317 | $3.2M |
| Oppfi | 0.8% | New | 300,000 | $2.98M |
| OF Orrstown Finl Services | 0.7% | Unchanged | 64,356 | $2.63M |
| First Horizon | 0.7% | Unchanged | 100,000 | $2.56M |
| PF Peapack-gladstone Finl | 0.6% | Unchanged | 45,500 | $2.15M |
| F & M Bank | 0.4% | Added 0.2% | 35,213 | $1.3M |
| Richmond Mutual Bancorporation | 0.3% | Unchanged | 61,719 | $980K |
| SF Sb Finl Group | 0.2% | Added 10% | 33,101 | $836K |
| I Inbankshares | 0.2% | Unchanged | 54,085 | $717K |
| Private Bancorp Of America | 0.1% | Unchanged | 7,000 | $518K |
| PF Pb Finl | 0.1% | Unchanged | 7,102 | $486K |
| CF Citba Finl | 0.1% | Unchanged | 11,502 | $431K |
| First Northern Community Bancorp | 0.1% | Trimmed 47% | 20,325 | $365K |
| First Mid Bancshares | 0.0% | Unchanged | 3,344 | $161K |
| MF Merchants Finl Group | 0.0% | Unchanged | 1,380 | $54.3K |
| Riverview Bancorp | 0.0% | New | 895 | $4.86K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed July 31, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| B Bnccorp | Exited | −334,900 | −$11.9M | — |
| Banc Of California | Trimmed | −500,000 | −$10.2M | 13.9% |
| Nbt Bancorp | Trimmed | −135,000 | −$6.66M | 1.0% |
| Oppfi | New | +300,000 | +$2.98M | 0.8% |
| First Northern Community Bancorp | Trimmed | −18,000 | −$323K | 0.1% |
| SF Sb Finl Group | Added | +3,101 | +$78.4K | 0.2% |
| Riverview Bancorp | New | +895 | +$4.86K | — |
| F & M Bank | Added | +60 | +$2.21K | 0.4% |
quarter ended March 31, 2026 · filed May 07, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| B Bnccorp | New | +334,900 | +$11.9M | 3.6% |
| Flagstar Bank National Association | New | +835,335 | +$11M | 3.3% |
| FN F N B | Trimmed | −420,000 | −$7.02M | 5.0% |
| Richmond Mutual Bancorporation | Added | +61,087 | +$829K | 0.3% |
| CF Citba Finl | Trimmed | −17,752 | −$706K | 0.1% |
| SF Sb Finl Group | New | +30,000 | +$630K | 0.2% |
| Private Bancorp Of America | New | +7,000 | +$476K | 0.1% |
| Financial Institutions | Added | +13,311 | +$422K | 17.4% |
| PF Pb Finl | Added | +3,602 | +$234K | 0.1% |
| First Mid Bancshares | New | +3,344 | +$138K | — |
Showing the 10 largest of 13 changes.
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Merchants Bancorp | Exited | −188,294 | −$5.99M | — |
| Nbt Bancorp | Trimmed | −83,000 | −$3.45M | 2.7% |
| PF Primis Finl | Trimmed | −238,000 | −$3.31M | 1.0% |
| CF Chemung Finl | Added | +50,209 | +$2.8M | 1.9% |
| First Horizon | New | +100,000 | +$2.39M | 0.8% |
| Community West Bancshares | Trimmed | −96,000 | −$2.16M | 2.3% |
| HB Horizon Bancorp | Added | +121,651 | +$2.06M | 9.7% |
| Fifth Third Bancorp | Exited | −45,600 | −$2.03M | — |
| EF Enterprise Finl Services | Added | +34,500 | +$1.86M | 12.5% |
| PF Peapack-gladstone Finl | New | +45,500 | +$1.27M | 0.4% |
Showing the 10 largest of 20 changes.
quarter ended September 30, 2025 · filed November 04, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OP Old Point Finl | Exited | −720,861 | −$28.3M | — |
| Financial Institutions | Added | +413,376 | +$11.2M | 16.0% |
| Nbt Bancorp | Trimmed | −101,883 | −$4.25M | 4.0% |
| HB Horizon Bancorp | Added | +200,000 | +$3.2M | 9.0% |
| CF Chemung Finl | Added | +53,155 | +$2.79M | 1.0% |
| Comerica | Exited | −28,750 | −$1.71M | — |
| F & M Bank | New | +18,461 | +$478K | 0.2% |
| First Northern Community Bancorp | New | +36,500 | +$464K | 0.2% |
| Magyar Bancorp | Trimmed | −21,240 | −$367K | 1.1% |
| EF Enterprise Finl Services | Trimmed | −5,000 | −$290K | 13.4% |
Showing the 10 largest of 17 changes.
quarter ended June 30, 2025 · filed August 05, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Evans Bancorp | Exited | −611,759 | −$23.8M | — |
| Nbt Bancorp | New | +392,913 | +$16.3M | 5.4% |
| Financial Institutions | Added | +100,500 | +$2.58M | 11.7% |
| Banc Of California | Trimmed | −75,000 | −$1.05M | 13.8% |
| Bankfinancial | Trimmed | −76,673 | −$887K | 0.1% |
| Magyar Bancorp | Trimmed | −50,000 | −$834K | 1.1% |
| Invesco Mortgage Capital | Exited | −100,000 | −$789K | — |
| AR American Riviera Bancorp | Added | +15,000 | +$289K | 3.7% |
| FF Franklin Finl Services | Exited | −6,337 | −$225K | — |
| CF Chemung Finl | Added | +4,000 | +$194K | 0.1% |
Showing the 10 largest of 11 changes.
quarter ended March 31, 2025 · filed May 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Financial Institutions | Added | +763,259 | +$19.1M | 10.6% |
| AR American Riviera Bancorp | New | +557,500 | +$10.7M | 3.6% |
| AI Agnc Invt | Exited | −593,372 | −$5.46M | — |
| AC Annaly Capital Mgmt | Exited | −152,603 | −$2.79M | — |
| PF Provident Finl Services | Exited | −134,267 | −$2.53M | — |
| Invesco Mortgage Capital | Trimmed | −300,000 | −$2.37M | 0.3% |
| Finward Bancorp | Added | +40,000 | +$1.16M | 3.9% |
| Valley National Bancorp | Exited | −100,000 | −$906K | — |
| SF Sb Finl Group | Exited | −28,159 | −$589K | — |
| I Inbankshares | New | +53,185 | +$505K | 0.2% |
Showing the 10 largest of 17 changes.
quarter ended December 31, 2024 · filed February 05, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Financial Institutions | Trimmed | −1,273,765 | −$34.8M | 4.6% |
| FN F N B | New | +1,412,765 | +$20.9M | 7.1% |
| NY New York Community Bancorp | Exited | −313,332 | −$3.52M | — |
| Ameris Bancorp | Exited | −34,245 | −$2.14M | — |
| Bankfinancial | New | +89,955 | +$1.14M | 0.4% |
| Cf Bankshares | Exited | −37,291 | −$807K | — |
| LF Lument Finance Tr | Trimmed | −225,945 | −$583K | 0.1% |
| FF Franklin Finl Services | New | +12,883 | +$385K | 0.1% |
| HB Horizon Bancorp | Added | +10,000 | +$161K | 8.2% |
| CF Chemung Finl | New | +1,972 | +$96.3K | — |
Showing the 10 largest of 12 changes.
quarter ended September 30, 2024 · filed October 29, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FN F N B | Added | +1,422,765 | +$23.3M | 10.4% |
| FN F N B | Exited | −1,412,765 | −$19.3M | — |
| NY New York Community Bancorp | Trimmed | −626,668 | −$7.04M | 1.3% |
| ZB Zions Bancorporation N A | Exited | −100,000 | −$4.34M | — |
| Banc Of California | Trimmed | −200,000 | −$2.95M | 15.9% |
| HB Horizon Bancorp | Trimmed | −150,000 | −$2.33M | 8.2% |
| OF Orrstown Finl Services | New | +64,356 | +$2.31M | 0.8% |
| Invesco Mortgage Capital | Added | +200,000 | +$1.88M | 1.3% |
| Evans Bancorp | Added | +6,680 | +$260K | 8.5% |
| LF Lument Finance Tr | Trimmed | −76,794 | −$194K | 0.3% |
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