CIK 1569147
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Banks | 89.42% | 22 |
| Unclassified | 10.58% | 8 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | FISI | FINANCIAL INSTITUTIONS INC | Financials | 17.37% |
| 2 | BANC | BANC OF CALIFORNIA, INC. | Financials | 15.63% |
| 3 | EFSC | ENTERPRISE FINANCIAL SERVICES CORP | Financials | 11.97% |
| 4 | HBNC | HORIZON BANCORP INC /IN/ | Financials | 9.06% |
| 5 | FRME | FIRST MERCHANTS CORP | Financials | 8.02% |
| 6 | FNB | FNB CORP/PA/ | Financials | 5.01% |
| 7 | FNWD | Finward Bancorp | Financials | 4.33% |
| 8 | ARBV | AMERICAN RIVIERA BANCORP | Unclassified | 4.05% |
| 9 | BNCC | BNCCORP | Unclassified | 3.58% |
| 10 | FLG | FLAGSTAR BANK, NATIONAL ASSOCIATION | Financials | 3.32% |
22/30 names classified · sector 89.4% of weight · industry 89.4% · mkt cap 89.4%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 89.4% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 77.0% of book weight (20/30 names) · unclassified 23.0%: HBNC, ARBV, BNCC, FLG, FRBA, INBC, PBAM, PBNC, CBAF, MFGI. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | FISIFINANCIAL INSTNS INC | 1,816,102 | $58M | 17.4% | HOLD |
| 2 | BANCBANC OF CALIFORNIA INC | 2,949,219 | $52M | 15.6% | HOLD |
| 3 | EFSCENTERPRISE FINL SVCS CORP | 733,329 | $40M | 12.0% | HOLD |
| 4 | HBNCHORIZON BANCORP INC | 1,812,825 | $30M | 9.1% | HOLD |
| 5 | FRMEFIRST MERCHANTS CORP | 686,333 | $27M | 8.0% | HOLD |
| 6 | FNBF N B CORP | 992,765 | $17M | 5.0% | TRIM −30% |
| 7 | FNWDFINWARD BANCORP | 395,716 | $14M | 4.3% | HOLD |
| 8 | ARBVAMERICAN RIVIERA BANCORP | 569,500 | $13M | 4.1% | HOLD |
| 9 | BNCCBNCCORP | 334,900 | $12M | 3.6% | NEW |
| 10 | FLGFLAGSTAR BANK NATIONAL ASSOC | 835,335 | $11M | 3.3% | NEW |
| 11 | IBCPINDEPENDENT BK CORP MICH | 318,985 | $11M | 3.2% | HOLD |
| 12 | NBTBNBT BANCORP INC | 208,030 | $9M | 2.7% | HOLD |
| 13 | CWBCCOMMUNITY WEST BANCSHARES NE | 329,551 | $8M | 2.3% | HOLD |
| 14 | FRBAFIRST BK WILLIAMSTOWN NEW JE | 478,887 | $8M | 2.3% | HOLD |
| 15 | CHMGCHEMUNG FINL CORP | 109,336 | $6M | 1.8% | HOLD |
| 16 | MGYRMAGYAR BANCORP INC | 183,317 | $3M | 1.0% | HOLD |
| 17 | FRSTPRIMIS FINANCIAL CORP | 237,241 | $3M | 1.0% | HOLD |
| 18 | ORRFORRSTOWN FINL SVCS INC | 64,356 | $2M | 0.7% | HOLD |
| 19 | FHNFIRST HORIZON CORPORATION | 100,000 | $2M | 0.7% | HOLD |
| 20 | PGCPEAPACK-GLADSTONE FINL CORP | 45,500 | $2M | 0.5% | HOLD |
| 21 | FMBMF&M BANK CORP | 35,153 | $1M | 0.3% | HOLD |
| 22 | RMBIRICHMOND MUT BANCORPORATION | 61,719 | $837,527 | 0.3% | ADD 9666% |
| 23 | INBCINBANKSHARES | 54,085 | $643,071 | 0.2% | HOLD |
| 24 | SBFGSB FINL GROUP INC | 30,000 | $630,000 | 0.2% | NEW |
| 25 | FNRNFirst Northern Community Bancorp | 38,325 | $608,984 | 0.2% | ADD 5% |
| 26 | PBAMPrivate Bancorp of America Inc | 7,000 | $475,930 | 0.1% | NEW |
| 27 | PBNCPB FINL | 7,102 | $461,630 | 0.1% | ADD 103% |
| 28 | CBAFCitba Financial Corp | 11,502 | $457,435 | 0.1% | TRIM −61% |
| 29 | FMBHFirst Mid Ill Bankshares, Inc. | 3,344 | $137,739 | 0.0% | NEW |
| 30 | MFGIMERCHANTS FINL | 1,380 | $48,300 | 0.0% | ADD 667% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| FISIFINANCIAL INSTNS INC | 498K | 1.3M | 1.4M | 1.8M | 1.8M | 1.8M | $58M |
| BANCBANC OF CALIFORNIA INC | 3.0M | 3.0M | 2.9M | 2.9M | 2.9M | 2.9M | $52M |
| EFSCENTERPRISE FINL SVCS CORP | 704K | 704K | 704K | 699K | 733K | 733K | $40M |
| HBNCHORIZON BANCORP INC | 1.5M | 1.5M | 1.5M | 1.7M | 1.8M | 1.8M | $30M |
| FRMEFIRST MERCHANTS CORP | 686K | 686K | 686K | 686K | 686K | 686K | $27M |
| FNBF N B CORP | 1.4M | 1.4M | 1.4M | 1.4M | 1.4M | 993K | $17M |
| FNWDFINWARD BANCORP | 356K | 396K | 396K | 396K | 396K | 396K | $14M |
| ARBVAMERICAN RIVIERA BANCORP | — | 558K | 573K | 578K | 570K | 570K | $13M |
| BNCCBNCCORP | — | — | — | — | — | 335K | $12M |
| FLGFLAGSTAR BANK NATIONAL ASSOC | — | — | — | — | — | 835K | $11M |
| IBCPINDEPENDENT BK CORP MICH | 319K | 319K | 319K | 319K | 319K | 319K | $11M |
| NBTBNBT BANCORP INC | — | — | 393K | 291K | 208K | 208K | $9M |
| CWBCCOMMUNITY WEST BANCSHARES NE | 426K | 426K | 426K | 426K | 330K | 330K | $8M |
| FRBAFIRST BK WILLIAMSTOWN NEW JE | 479K | 479K | 479K | 479K | 479K | 479K | $8M |
| CHMGCHEMUNG FINL CORP | 2K | 2K | 6K | 59K | 109K | 109K | $6M |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Where this firm's principals came from and which firms its alumni went on to found.
