Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$210M in Q2 2013 → $524M 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 |
|---|---|---|---|---|
| CB Columbia Bkg Sys Inc | 6.6% | Trimmed 9.6% | 1,071,732 | $34.3M |
| WA Western Alliance Bancorp | 5.9% | Trimmed 4.2% | 376,885 | $31M |
| AU Atlantic Un Bankshares Corp | 5.6% | Trimmed 6.3% | 693,749 | $29.4M |
| UF Umb Finl Corp | 5.6% | Trimmed 11% | 204,065 | $29.1M |
| Axos Financial Inc | 4.8% | Added 6.5% | 256,345 | $25M |
| CF Citizens Finl Group Inc | 4.7% | Trimmed 6.4% | 349,780 | $24.5M |
| Hancock Whitney Corporation | 4.3% | Added 0.3% | 301,296 | $22.5M |
| Connectone Bancorp Inc | 4.3% | Trimmed 7.1% | 670,377 | $22.4M |
| SB Southstate Bk Corp | 4.2% | Trimmed 18% | 221,394 | $22.1M |
| East West Bancorp Inc | 3.9% | Trimmed 16% | 157,904 | $20.4M |
| ON Old Natl Bancorp Ind | 3.8% | Added 2.9% | 766,134 | $19.8M |
| OS Old Second Bancorp Inc Del | 3.6% | Added 5.4% | 815,328 | $19M |
| Fifth Third Bancorp | 3.2% | Trimmed 7.5% | 299,293 | $16.9M |
| FN F N B Corp | 3.2% | Added 0.2% | 874,591 | $16.7M |
| CF Cnb Finl Corp Pa | 2.8% | Trimmed 5.2% | 434,673 | $14.7M |
| WF Wintrust Finl Corp | 2.8% | Trimmed 6.7% | 89,683 | $14.4M |
| PB Preferred Bk Los Angeles Ca | 2.4% | Trimmed 3.8% | 117,921 | $12.5M |
| CF Coastal Finl Corp Wa | 2.3% | Added 41% | 155,771 | $12.1M |
| AF Alerus Finl Corp | 2.3% | Added 13% | 382,034 | $11.9M |
| HB Horizon Bancorp Ind | 2.2% | Added 5.3% | 589,179 | $11.8M |
| RF Regions Financial Corp New | 2.1% | Trimmed 16% | 372,682 | $11.3M |
| PF Pinnacle Finl Partners Inc | 2.1% | Added 84% | 110,100 | $11.1M |
| FC First Ctzns Bancshares Inc D | 1.9% | Trimmed 21% | 4,815 | $10M |
| Banner Corp | 1.9% | Added 0.3% | 150,756 | $10M |
| HF Hanmi Finl Corp | 1.9% | Trimmed 31% | 306,788 | $9.94M |
| Nicolet Bankshares Inc | 1.8% | Added 6.0% | 55,967 | $9.26M |
| First Bancorp Corporation | 1.5% | Added 0.3% | 310,710 | $8.1M |
| Renasant Corp | 1.4% | Trimmed 7.9% | 170,613 | $7.26M |
| Smartfinancial Inc | 1.3% | Added 0.2% | 147,534 | $6.92M |
| BO Bank Of Amer Corp | 1.1% | Added 0.2% | 101,537 | $5.79M |
| Southern First Bancshares | 1.1% | New | 94,114 | $5.75M |
| California Bancorp | 1.0% | New | 252,843 | $5.27M |
| BH Burke Herbert Finl Svcs Corp | 0.9% | New | 63,940 | $4.59M |
| Civista Bancshares Inc | 0.7% | Added 0.2% | 126,953 | $3.58M |
| VN Valley Natl Bancorp | 0.4% | Added 0.3% | 158,566 | $2.32M |
| SF Stifel Finl Corp | 0.4% | New | 32,500 | $2.27M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MB Mechanics Bancorp | Exited | −438,635 | −$6.47M | — |
| MB Metropolitan Bk Hldg Corp | Exited | −75,000 | −$6.25M | — |
| Southern First Bancshares | New | +94,114 | +$5.75M | 1.1% |
| FF Fb Finl Corp | Exited | −107,116 | −$5.56M | — |
| California Bancorp | New | +252,843 | +$5.27M | 1.0% |
| PF Pinnacle Finl Partners Inc | Added | +50,100 | +$5.05M | 2.1% |
| SB Southstate Bk Corp | Trimmed | −48,106 | −$4.81M | 4.2% |
| BH Burke Herbert Finl Svcs Corp | New | +63,940 | +$4.59M | 0.9% |
| HF Hanmi Finl Corp | Trimmed | −140,129 | −$4.54M | 1.9% |
| East West Bancorp Inc | Trimmed | −29,120 | −$3.76M | 3.9% |
Showing the 10 largest of 39 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| WF Webster Finl Corp | Exited | −568,988 | −$35.8M | — |
| Comerica Inc | Exited | −173,888 | −$15.1M | — |
| Fifth Third Bancorp | New | +323,493 | +$15M | 3.2% |
| Prosperity Bancshares Inc | Exited | −178,658 | −$12.3M | — |
| DC Dime Cmnty Bancshares Inc | Exited | −319,543 | −$9.62M | — |
| AF Alerus Finl Corp | New | +338,924 | +$8.04M | 1.7% |
| MF Midwestone Finl Group Inc Ne | Exited | −205,200 | −$7.9M | — |
| Nicolet Bankshares Inc | New | +52,805 | +$7.85M | 1.7% |
| First Busey Corp | Exited | −312,764 | −$7.44M | — |
| MB Metropolitan Bk Hldg Corp | New | +75,000 | +$6.25M | 1.3% |
Showing the 10 largest of 43 changes.
quarter ended December 31, 2025 · filed February 06, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Fiserv Inc | New | +89,000 | +$5.98M | 1.1% |
| Visa Inc | New | +16,500 | +$5.79M | 1.1% |
| S1 Simmons 1st Natl Corp | Exited | −300,000 | −$5.75M | — |
| Renasant Corp | Trimmed | −151,000 | −$5.32M | 1.7% |
| VH Veritex Hldgs Inc | Exited | −135,136 | −$4.53M | — |
| HF Hanmi Finl Corp | Trimmed | −161,157 | −$4.36M | 2.4% |
| VN Valley Natl Bancorp | Trimmed | −371,400 | −$4.34M | 0.3% |
| Prosperity Bancshares Inc | Added | +59,700 | +$4.13M | 2.3% |
| Op Bancorp | Exited | −205,717 | −$2.86M | — |
| First Busey Corp | Trimmed | −102,236 | −$2.43M | 1.4% |
Showing the 10 largest of 42 changes.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SB Southstate Bk Corp | New | +246,900 | +$24.4M | 4.6% |
| SC Southstate Corporation | Exited | −226,600 | −$20.9M | — |
| PF Pinnacle Finl Partners Inc | Exited | −129,398 | −$14.3M | — |
| VH Veritex Hldgs Inc | Trimmed | −399,100 | −$13.4M | 0.9% |
| SF Synovus Finl Corp | Exited | −247,942 | −$12.8M | — |
| First Busey Corp | New | +415,000 | +$9.61M | 1.8% |
| Prosperity Bancshares Inc | New | +118,958 | +$7.89M | 1.5% |
| VN Valley Natl Bancorp | Trimmed | −688,100 | −$7.29M | 1.1% |
| FC Firstsun Cap Bancorp | Exited | −190,995 | −$6.64M | — |
| Eastern Bankshares Inc | Exited | −394,520 | −$6.02M | — |
Showing the 10 largest of 47 changes.
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CG Cathay Gen Bancorp | Exited | −282,504 | −$12.2M | — |
| DC Dime Cmnty Bancshares Inc | Trimmed | −326,712 | −$8.8M | 1.5% |
| AU Atlantic Un Bankshares Corp | Added | +268,357 | +$8.39M | 4.2% |
| Renasant Corp | Added | +192,925 | +$6.93M | 3.0% |
| FB First Bancshares Inc Miss | Exited | −192,325 | −$6.5M | — |
| SC Southstate Corporation | Added | +64,200 | +$5.91M | 4.1% |
| AG Abacus Global Mgmt Inc | Exited | −743,310 | −$5.57M | — |
| FI Financial Instns Inc | Trimmed | −212,017 | −$5.44M | 0.1% |
| UC United Cmnty Bks Blairsvle G | New | +180,000 | +$5.36M | 1.0% |
| FC Firstsun Cap Bancorp | Trimmed | −149,135 | −$5.18M | 1.3% |
Showing the 10 largest of 46 changes.
quarter ended March 31, 2025 · filed May 01, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| UF Umb Finl Corp | New | +208,589 | +$21.1M | 4.1% |
| HF Heartland Finl Usa Inc | Exited | −343,364 | −$21M | — |
| AU Atlantic Un Bankshares Corp | New | +415,000 | +$12.9M | 2.5% |
| Sandy Spring Bancorp Inc | Exited | −365,391 | −$12.3M | — |
| Popular Inc | Exited | −106,358 | −$10M | — |
| Ofg Bancorp | Exited | −192,636 | −$8.15M | — |
| SC Southstate Corporation | Added | +56,200 | +$5.22M | 2.9% |
| OS Old Second Bancorp Inc Ill | Added | +305,420 | +$5.08M | 2.3% |
| FC Firstsun Cap Bancorp | Trimmed | −127,870 | −$4.62M | 2.4% |
| Cadence Bank | Exited | −124,068 | −$4.27M | — |
Showing the 10 largest of 53 changes.
quarter ended December 31, 2024 · filed January 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FC Firstsun Cap Bancorp | New | +468,000 | +$18.7M | 3.3% |
| SF Synovus Finl Corp | Trimmed | −215,200 | −$11M | 2.2% |
| ON Old Natl Bancorp Ind | New | +468,334 | +$10.2M | 1.8% |
| Popular Inc | Trimmed | −102,185 | −$9.61M | 1.8% |
| DC Dime Cmnty Bancshares Inc | Added | +287,195 | +$8.83M | 3.4% |
| Sandy Spring Bancorp Inc | Added | +209,000 | +$7.05M | 2.2% |
| FI Financial Instns Inc | New | +225,000 | +$6.14M | 1.1% |
| FC First Ctzns Bancshares Inc N | Trimmed | −2,848 | −$6.02M | 2.5% |
| AF Alerus Finl Corp | Exited | −260,748 | −$5.97M | — |
| Connectone Bancorp Inc | Added | +249,265 | +$5.71M | 2.1% |
Showing the 10 largest of 55 changes.
quarter ended September 30, 2024 · filed November 07, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TF Truist Finl Corp | Exited | −357,000 | −$13.9M | — |
| CB Columbia Bkg Sys Inc | Added | +468,832 | +$12.2M | 4.7% |
| Renasant Corp | New | +368,650 | +$12M | 2.3% |
| Trustmark Corp | Exited | −346,807 | −$10.4M | — |
| SC Southstate Corporation | New | +93,500 | +$9.09M | 1.7% |
| Comerica Inc | New | +139,547 | +$8.36M | 1.6% |
| Connectone Bancorp Inc | New | +259,000 | +$6.49M | 1.2% |
| AF Alerus Finl Corp | New | +260,748 | +$5.97M | 1.1% |
| East West Bancorp Inc | Trimmed | −71,500 | −$5.92M | 4.0% |
| Stellar Bancorp Inc | Exited | −255,243 | −$5.86M | — |
Showing the 10 largest of 57 changes.
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