Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (20 quarters reported)
$121M in Q4 2016 → $67.9M now. Hover for any quarter.
As reported for the quarter ended September 30, 2023. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| OS Old Second Bancorp Ill | 7.6% | Trimmed 0.4% | 381,100 | $5.19M |
| Plumas Bancorp | 5.4% | Trimmed 2.4% | 107,121 | $3.66M |
| OF Orrstown Finl Svcs | 4.8% | Trimmed 7.8% | 154,500 | $3.25M |
| WF Webster Finl | 4.7% | Added 5.4% | 79,500 | $3.2M |
| FB First Business Finl Svcs W | 4.2% | Trimmed 2.7% | 94,600 | $2.84M |
| Peoples Bancorp | 4.1% | Added 366% | 109,500 | $2.78M |
| SC Southstate Corporation | 3.9% | Unchanged | 39,200 | $2.64M |
| EF Enterprise Finl Svcs Corp | 3.8% | Unchanged | 69,400 | $2.6M |
| SF Southern First Bancshares In | 3.8% | Trimmed 1.1% | 94,899 | $2.56M |
| UF Uscb Financial Holdings Class A | 3.6% | Unchanged | 234,600 | $2.47M |
| Ameris Bancorp | 3.5% | Unchanged | 62,700 | $2.41M |
| Meridian Corporation | 3.5% | Unchanged | 243,974 | $2.39M |
| FI Financial Instns | 3.4% | Added 2.4% | 139,000 | $2.34M |
| PF Pinnacle Finl Partners Inc | 3.4% | Unchanged | 34,000 | $2.28M |
| Unity Bancorp | 3.3% | Unchanged | 94,973 | $2.23M |
| CF Capstar Finl Hldgs Inc | 2.9% | Trimmed 12% | 138,445 | $1.96M |
| First Merchants | 2.5% | Added 19% | 60,500 | $1.68M |
| CB Columbia Bkg Sys | 2.5% | Added 195% | 82,700 | $1.68M |
| UB Us Bancorp Del | 2.2% | Added 0.7% | 44,900 | $1.48M |
| Byline Bancorp | 2.1% | Unchanged | 73,800 | $1.45M |
| VB Village Bk & Tr Financial Co | 2.1% | Trimmed 0.3% | 31,401 | $1.43M |
| East West Bancorp Inc | 2.0% | Unchanged | 26,400 | $1.39M |
| WA Western Alliance Bancorp | 1.9% | Unchanged | 28,600 | $1.31M |
| CC Citizens Cmnty Bancorp Md | 1.9% | Unchanged | 131,299 | $1.26M |
| Fs Bancorp Inc | 1.4% | Unchanged | 31,714 | $936K |
| BD Bancorp Del | 1.3% | Unchanged | 25,400 | $876K |
| SC Southern Calif Bancorp | 1.3% | Unchanged | 60,700 | $850K |
| FN First Natl | 1.2% | Trimmed 0.0% | 48,057 | $846K |
| Bankunited | 1.2% | Added 21% | 34,500 | $783K |
| CF Coastal Finl Wa | 1.1% | Unchanged | 18,000 | $772K |
| Bridgewater Bancshares Inc | 1.1% | Trimmed 4.5% | 80,296 | $761K |
| FI First Intst Bancsystem Cl A | 1.1% | Trimmed 1.0% | 28,700 | $716K |
| TP Townebank Portsmouth Va | 1.0% | Unchanged | 28,800 | $660K |
| CB Connectone Bancorp Inc New | 1.0% | Unchanged | 36,600 | $653K |
| Summit Financial Group Inc | 0.9% | Trimmed 80% | 26,386 | $595K |
| CF Cvb Finl | 0.8% | Trimmed 3.7% | 33,900 | $562K |
| UB United Bankshares West Va | 0.8% | Trimmed 23% | 18,700 | $516K |
| TF Truis Finl | 0.6% | Trimmed 46% | 15,200 | $435K |
| SM Southern Mo Bancorp Inc | 0.6% | Trimmed 6.4% | 10,769 | $417K |
| BH Bank Hawaii | 0.5% | Unchanged | 7,500 | $373K |
| IH Investar Hldg | 0.3% | Trimmed 14% | 20,150 | $213K |
| Mid Penn Bancorp Inc | 0.2% | Unchanged | 7,600 | $153K |
| Cadence Bank | 0.2% | Trimmed 65% | 7,200 | $153K |
| VH Veritex Hldgs Inc | 0.1% | Trimmed 46% | 4,900 | $88K |
| Hancock Whitney Corporation | 0.1% | Trimmed 84% | 1,600 | $59.2K |
| PB Peoples Bancorp N C Inc | 0.0% | Unchanged | 700 | $15.4K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2023 · filed October 27, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Summit Financial Group Inc | Trimmed | −107,671 | −$2.43M | 0.9% |
| Peoples Bancorp | Added | +86,000 | +$2.18M | 4.1% |
| CB Columbia Bkg Sys | Added | +54,700 | +$1.11M | 2.5% |
| TF Truis Finl | Trimmed | −13,100 | −$375K | 0.6% |
| Hancock Whitney Corporation | Trimmed | −8,700 | −$322K | 0.1% |
| Cadence Bank | Trimmed | −13,600 | −$289K | 0.2% |
| OF Orrstown Finl Svcs | Trimmed | −13,129 | −$276K | 4.8% |
| First Merchants | Added | +9,780 | +$272K | 2.5% |
| CF Capstar Finl Hldgs Inc | Trimmed | −18,058 | −$256K | 2.9% |
| WF Webster Finl | Added | +4,100 | +$165K | 4.7% |
Showing the 10 largest of 27 changes.
quarter ended June 30, 2023 · filed August 10, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FI First Intst Bancsystem Cl A | Trimmed | −42,300 | −$1.01M | 1.1% |
| UB United Bankshares West Va | Trimmed | −33,500 | −$994K | 1.1% |
| UB Us Bancorp Del | Added | +27,200 | +$899K | 2.2% |
| SC Southern Calif Bancorp | New | +60,700 | +$833K | 1.3% |
| WF Webster Finl | Added | +18,600 | +$702K | 4.3% |
| Peoples Bancorp | New | +23,500 | +$624K | 1.0% |
| Bankunited | New | +28,500 | +$614K | 0.9% |
| LB Limestone Bancorp | Exited | −26,875 | −$600K | — |
| CB Columbia Bkg Sys | New | +28,000 | +$568K | 0.9% |
| WA Western Alliance Bancorp | Trimmed | −15,000 | −$547K | 1.6% |
Showing the 10 largest of 49 changes.
quarter ended March 31, 2023 · filed May 02, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WF Webster Finl | New | +56,800 | +$2.24M | 3.1% |
| Servisfirst Bancshares Inc | Trimmed | −37,500 | −$2.05M | 0.5% |
| Meridian Corporation | Added | +117,256 | +$1.48M | 4.2% |
| UF Uscb Financial Holdings Class A | Added | +103,744 | +$1.03M | 3.0% |
| VH Veritex Hldgs Inc | Trimmed | −50,500 | −$922K | 0.2% |
| CB Connectone Bancorp Inc New | Trimmed | −49,500 | −$875K | 0.9% |
| FI Financial Instns | Added | +35,600 | +$686K | 2.9% |
| TF Truis Finl | New | +18,500 | +$631K | 0.9% |
| UB Us Bancorp Del | New | +17,400 | +$627K | 0.9% |
| PB Pacwest Bancorp Del | Exited | −26,400 | −$606K | — |
Showing the 10 largest of 37 changes.
quarter ended December 31, 2022 · filed February 03, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CB Connectone Bancorp Inc New | Trimmed | −41,603 | −$1.01M | 2.4% |
| Lakeland Bancorp Inc | Trimmed | −53,523 | −$944K | 0.5% |
| FW First Westn Finl | Exited | −32,997 | −$813K | — |
| PB Pacwest Bancorp Del | Trimmed | −33,600 | −$771K | 0.7% |
| PB Peoples Bancorp N C Inc | Trimmed | −21,885 | −$713K | 0.6% |
| Univest Financial Corporation | Trimmed | −25,200 | −$659K | 0.5% |
| SF Southern First Bancshares In | Trimmed | −13,400 | −$613K | 5.2% |
| Community West Bancshares | Exited | −37,500 | −$523K | — |
| FF First Fndtn | Exited | −25,200 | −$457K | — |
| Servisfirst Bancshares Inc | Trimmed | −6,300 | −$434K | 3.4% |
Showing the 10 largest of 39 changes.
quarter ended September 30, 2022 · filed November 04, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Community West Bancshares | Trimmed | −52,500 | −$732K | 0.6% |
| UF Uscb Financial Holdings Class A | Added | +47,872 | +$628K | 1.5% |
| PB Peoples Bancorp N C Inc | Trimmed | −24,995 | −$620K | 1.0% |
| First Merchants | Added | +12,332 | +$477K | 1.0% |
| Cadence Bank | Added | +15,600 | +$396K | 0.9% |
| SF Southern First Bancshares In | Trimmed | −8,300 | −$346K | 5.2% |
| Plumas Bancorp | Added | +10,512 | +$298K | 3.7% |
| FW First Westn Finl | Trimmed | −8,280 | −$204K | 0.9% |
| Univest Financial Corporation | Trimmed | −6,220 | −$146K | 1.1% |
| IH Investar Hldg | Trimmed | −6,424 | −$128K | 0.8% |
Showing the 10 largest of 32 changes.
quarter ended June 30, 2022 · filed August 10, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OS Old Second Bancorp Ill | Added | +95,200 | +$1.27M | 5.7% |
| LO Level One Bancorp | Exited | −16,700 | −$667K | — |
| Unity Bancorp | Added | +23,900 | +$633K | 2.7% |
| SO Spirit Of Tex Bancshares | Exited | −21,678 | −$570K | — |
| Summit Financial Group Inc | Added | +17,100 | +$475K | 3.4% |
| First Merchants | New | +11,968 | +$426K | 0.5% |
| CF Capstar Finl Hldgs Inc | Added | +14,100 | +$277K | 3.7% |
| FI First Intst Bancsystem Cl A | Added | +6,600 | +$252K | 3.4% |
| UF Uscb Financial Holdings Class A | Added | +20,535 | +$237K | 0.7% |
| CB Connectone Bancorp Inc New | Trimmed | −9,597 | −$235K | 3.4% |
Showing the 10 largest of 32 changes.
quarter ended March 31, 2022 · filed April 22, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OS Old Second Bancorp Ill | Added | +196,100 | +$2.85M | 4.2% |
| SO Spirit Of Tex Bancshares | Trimmed | −69,922 | −$1.84M | 0.6% |
| Unity Bancorp | Added | +36,330 | +$1.02M | 1.9% |
| IH Investar Hldg | Trimmed | −43,318 | −$827K | 0.9% |
| HF Hmn Finl Inc | Exited | −33,195 | −$819K | — |
| FI Financial Instns | Trimmed | −22,500 | −$678K | 2.0% |
| UB United Bankshares West Va | Trimmed | −11,600 | −$405K | 2.0% |
| Summit Financial Group Inc | Added | +12,900 | +$330K | 2.4% |
| EF Enterprise Finl Svcs Corp | Added | +5,800 | +$274K | 3.2% |
| PB Peoples Bancorp N C Inc | Trimmed | −6,554 | −$188K | 1.9% |
Showing the 10 largest of 35 changes.
quarter ended December 31, 2021 · filed February 04, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CB Centerstate Bk Corp | Exited | −255,400 | −$6.13M | — |
| VH Veritex Hldgs Inc | Trimmed | −145,600 | −$5.79M | 2.6% |
| OF Orrstown Finl Svcs | New | +180,000 | +$4.54M | 4.2% |
| FB First Business Finl Svcs W | New | +120,853 | +$3.53M | 3.3% |
| HF Hmn Finl Inc | Trimmed | −136,805 | −$3.38M | 0.8% |
| CF Capstar Finl Hldgs Inc | Added | +147,976 | +$3.11M | 3.0% |
| CB Connectone Bancorp Inc New | Added | +84,600 | +$2.77M | 4.2% |
| WA Western Alliance Bancorp | Trimmed | −25,600 | −$2.76M | 6.7% |
| SO Spirit Of Tex Bancshares | New | +91,600 | +$2.64M | 2.4% |
| East West Bancorp Inc | Trimmed | −33,000 | −$2.6M | 1.7% |
Showing the 10 largest of 75 changes.
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