Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (39 quarters reported)
$121M in Q4 2016 → $109M now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| SR S&P Regional Banks | 6.1% | Unchanged | 95,280 | $6.62M |
| Bancorp Inc | 4.9% | Trimmed 22% | 111,416 | $5.37M |
| WF Wintrust Finacial Corp | 4.7% | Unchanged | 35,803 | $5.08M |
| Hometrust Bancshares Inc | 3.5% | Added 85% | 92,547 | $3.79M |
| MF Meta Finl Group Inc | 3.4% | Unchanged | 52,576 | $3.74M |
| EF Esquire Finacial Hoildings Inc | 3.3% | Unchanged | 31,187 | $3.63M |
| SY Stock Yds Bancorp Inc | 3.2% | Unchanged | 44,923 | $3.46M |
| South Plains Financial Inc | 3.1% | Unchanged | 81,373 | $3.4M |
| FB First Bus Finl Svcs Inc Wis | 2.8% | Unchanged | 45,000 | $3.1M |
| CB Commercewest Bank | 2.7% | Unchanged | 72,177 | $2.93M |
| VN Versabank New | 2.7% | Unchanged | 131,426 | $2.92M |
| GA German Amern Bancorp Inc | 2.6% | Unchanged | 58,199 | $2.81M |
| Bancfirst Corp | 2.5% | Unchanged | 26,105 | $2.75M |
| Cvb Financial Corp | 2.5% | Unchanged | 123,534 | $2.67M |
| Mercantile Bank Corp | 2.4% | Unchanged | 45,000 | $2.62M |
| Connectone Bancorp Inc | 2.3% | Trimmed 58% | 34,366 | $2.46M |
| Northrim Bancorp Inc | 2.2% | Unchanged | 99,870 | $2.42M |
| First Financial Bankshares Inc | 2.2% | Unchanged | 75,054 | $2.38M |
| Unity Bancorp Inc | 2.1% | Added 0.5% | 42,200 | $2.29M |
| Third Coast Bancshares | 2.0% | Unchanged | 51,000 | $2.16M |
| SB Seacost Bkg Corporation | 2.0% | Unchanged | 67,704 | $2.16M |
| 1st Source Corp | 1.9% | Unchanged | 25,000 | $2.11M |
| Banner Corporation | 1.9% | Unchanged | 30,877 | $2.07M |
| TP Townebank Portsmouth Va | 1.8% | Unchanged | 56,415 | $2.01M |
| Orrstown Financial Services | 1.8% | Unchanged | 49,100 | $1.99M |
| Fb Financial Corp | 1.8% | Unchanged | 38,433 | $1.99M |
| LF Lakeland Finl Corp | 1.8% | Unchanged | 34,454 | $1.99M |
| Commercial Bancgroup Inc | 1.8% | Unchanged | 62,500 | $1.96M |
| Bridgewater Bancshares Inc. | 1.7% | Unchanged | 90,614 | $1.83M |
| Chain Bridge Bancorp | 1.7% | Unchanged | 39,200 | $1.81M |
| First Western Financial | 1.5% | Unchanged | 55,113 | $1.65M |
| First Merchants Corp | 1.5% | Unchanged | 41,164 | $1.64M |
| Bank First Corp | 1.4% | Unchanged | 10,400 | $1.55M |
| Provident Financial Services | 1.4% | Unchanged | 68,962 | $1.53M |
| TB Triumph Bancorp Inc | 1.3% | Unchanged | 24,000 | $1.44M |
| Independent Bank Corp | 1.3% | Added 1133% | 18,500 | $1.43M |
| Burke & Herbert Financial Services Corp | 1.3% | Unchanged | 20,895 | $1.43M |
| California Bancorp | 1.2% | New | 63,100 | $1.35M |
| Columbia Banking System, Inc | 1.2% | Unchanged | 46,806 | $1.34M |
| Renasant Corp | 1.2% | New | 34,000 | $1.32M |
| FC First Community Corporation | 1.0% | Unchanged | 35,326 | $1.14M |
| Uscb Financial Holdings, Inc | 1.0% | Added 54% | 49,590 | $1.08M |
| Nbt Bancorp Inc | 1.0% | Unchanged | 21,175 | $1.06M |
| Smartfinancial Inc | 1.0% | New | 21,250 | $1.05M |
| National Bank Holdings Corp | 0.9% | Unchanged | 26,000 | $1.02M |
| Five Star Bancorp | 0.9% | Unchanged | 22,813 | $967K |
| FC First Carolina Financial Services, Inc | 0.6% | Unchanged | 50,000 | $632K |
| DC Dime Commercial Bancshares, Inc | 0.5% | Unchanged | 14,882 | $587K |
| United Bankshares, Inc | 0.2% | Unchanged | 3,786 | $174K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 27, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Connectone Bancorp Inc | Trimmed | −47,527 | −$3.4M | 2.3% |
| CF Coastal Financial Corp | Exited | −29,013 | −$2.25M | — |
| Hometrust Bancshares Inc | Added | +42,500 | +$1.74M | 3.5% |
| Texas Capital Bancshares Inc | Exited | −16,500 | −$1.7M | — |
| Bancorp Inc | Trimmed | −30,900 | −$1.49M | 4.9% |
| California Bancorp | New | +63,100 | +$1.35M | 1.2% |
| Renasant Corp | New | +34,000 | +$1.32M | 1.2% |
| Independent Bank Corp | Added | +17,000 | +$1.32M | 1.3% |
| Smartfinancial Inc | New | +21,250 | +$1.05M | 1.0% |
| Uscb Financial Holdings, Inc | Added | +17,350 | +$379K | 1.0% |
Showing the 10 largest of 11 changes.
quarter ended June 30, 2026 · filed July 28, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cvb Financial Corp | New | +123,534 | +$2.79M | 2.4% |
| SR S&P Regional Banks | Trimmed | −36,330 | −$2.72M | 6.2% |
| Heritage Commerce Corp | Exited | −190,055 | −$2.37M | — |
| Burke & Herbert Financial Services Corp | New | +20,895 | +$1.5M | 1.3% |
| Columbia Banking System, Inc | New | +46,806 | +$1.5M | 1.3% |
| First Merchants Corp | Trimmed | −30,900 | −$1.35M | 1.6% |
| Bancorp Inc | Trimmed | −20,810 | −$1.3M | 7.8% |
| Hbt Financial | Exited | −42,500 | −$1.15M | — |
| Five Star Bancorp | New | +22,813 | +$1.11M | 1.0% |
| Nbt Bancorp Inc | New | +21,175 | +$1.05M | 0.9% |
Showing the 10 largest of 24 changes.
quarter ended March 31, 2026 · filed April 24, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Origin Bancorp | Trimmed | −52,500 | −$2.18M | — |
| Hometrust Bancshares Inc | New | +50,047 | +$2.13M | 2.1% |
| Northeast Community Bancorp Inc | Trimmed | −87,600 | −$2.08M | — |
| Hbt Financial | Trimmed | −50,047 | −$1.35M | 1.1% |
| VN Versabank New | Trimmed | −68,800 | −$1.14M | 2.1% |
| Texas Capital Bancshares Inc | New | +10,000 | +$953K | 0.9% |
| Northrim Bancorp Inc | Trimmed | −20,130 | −$461K | 2.2% |
| Heritage Commerce Corp | Added | +270 | +$3.37K | 2.3% |
quarter ended December 31, 2025 · filed January 28, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Commercial Bancgroup Inc | New | +62,500 | +$1.54M | 1.4% |
| Chain Bridge Bancorp | Added | +32,898 | +$1.14M | 1.3% |
| Heritage Commerce Corp | Trimmed | −270 | −$3.25K | 2.1% |
quarter ended September 30, 2025 · filed October 27, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SR S&P Regional Banks | Trimmed | −38,109 | −$2.41M | 8.0% |
| Northrim Bancorp Inc | Added | +90,000 | +$1.95M | 2.5% |
| Hometrust Bancshares | Exited | −50,197 | −$1.88M | — |
| Hbt Financial | Added | +50,047 | +$1.69M | 3.0% |
| Orrstown Financial Services | New | +49,100 | +$1.67M | 1.6% |
| Provident Financial Services | New | +68,962 | +$1.33M | 1.3% |
| MB Merchants Bancorp Ind | Exited | −32,602 | −$1.08M | — |
| FC First Community Corporation | New | +35,326 | +$997K | 1.0% |
| SY Stock Yds Bancorp Inc | Trimmed | −14,088 | −$986K | 3.0% |
| Chain Bridge Bancorp | New | +6,302 | +$206K | 0.2% |
Showing the 10 largest of 28 changes.
quarter ended June 30, 2025 · filed July 23, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hometrust Bancshares | New | +50,197 | +$1.88M | 1.9% |
| Farmers National Banc Corp | Exited | −137,918 | −$1.8M | — |
| Hbt Financial | Trimmed | −51,036 | −$1.29M | 1.1% |
| Pacific Premier Bancorp | Exited | −53,026 | −$1.13M | — |
| First Busey Corporation | Exited | −50,062 | −$1.08M | — |
| SB Seacost Bkg Corporation | Trimmed | −33,179 | −$916K | 1.7% |
| National Bank Holdings Corp | Trimmed | −7,700 | −$290K | 1.0% |
| Northeast Community Bancorp Inc | Trimmed | −6,500 | −$151K | 2.1% |
| Bancorp Inc | Trimmed | −1,646 | −$93.8K | 9.4% |
| SY Stock Yds Bancorp Inc | Trimmed | −1,001 | −$79.1K | 4.7% |
Showing the 10 largest of 26 changes.
quarter ended March 31, 2025 · filed April 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hometrust Bancshares | Exited | −52,828 | −$1.78M | — |
| Hbt Financial | Added | +51,036 | +$1.47M | 2.7% |
| Crossfirst Bankshares | Exited | −75,000 | −$1.14M | — |
| First Busey Corporation | New | +50,062 | +$1.08M | 1.1% |
| Byline Bancorp Inc | Exited | −34,900 | −$1.01M | — |
| BM Bank Marin Bancorp | Exited | −19,800 | −$471K | — |
| National Bank Holdings Corp | Added | +11,000 | +$421K | 1.3% |
| Bancorp Inc | Trimmed | −5,077 | −$268K | 8.8% |
| SR S&P Regional Banks | Trimmed | −4,664 | −$265K | 9.7% |
| SY Stock Yds Bancorp Inc | Trimmed | −3,083 | −$213K | 4.2% |
Showing the 10 largest of 29 changes.
quarter ended December 31, 2024 · filed January 24, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| First Western Financial | New | +59,445 | +$1.16M | 1.1% |
| MB Merchants Bancorp Ind | Trimmed | −30,000 | −$1.09M | 1.1% |
| Bank First Corp | New | +10,400 | +$1.03M | 1.0% |
| Byline Bancorp Inc | New | +34,900 | +$1.01M | 0.9% |
| National Bank Holdings Corp | New | +22,775 | +$981K | 0.9% |
| Hometrust Bancshares | Added | +26,100 | +$879K | 1.6% |
| Stellar Bancorp | Exited | −29,250 | −$757K | — |
| BM Bank Marin Bancorp | Trimmed | −23,700 | −$563K | 0.4% |
| Bancorp Inc | Trimmed | −100 | −$5.26K | 8.3% |
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