Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +48.0%
S&P 500 total return (same window) +37.0%
Excess return +11.0%

Annualized: +36.9% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 98.7% · Options excluded: 0.0%

Sector breakdown

04
Financials 81.8%
Other/Unmapped 18.2%

Full portfolio 25 positions

05
Type Streak 8Q trend
AVBH Avidbank Holdings, Inc. - Common Stock $23,148,019 16.48% 700,818 $-6,679,568 Down ×2
FNRN First Northern Community Bancorp - Common stock $20,632,076 14.69% 1,150,060 Up ×1
EFSI Eagle Financial Services Inc - Common Stock $11,922,860 8.49% 287,575 $-6,693,461 Down ×1
MRBK Meridian Corporation - Common Stock $10,783,952 7.68% 538,390 $-11,499,755 Down ×1
FNWB First Northwest Bancorp - Common Stock $10,011,909 7.13% 925,038 $1,989,263 Up ×1
ISTR Investar Holding Corporation - Common Stock $9,671,652 6.88% 322,428 $-12,891,246 Down ×1
BOTJ Bank of the James Financial Group, Inc. - Common Stock $8,600,422 6.12% 334,491 $659,163 Down ×1
PROV Provident Financial Holdings, Inc. - Common Stock $6,425,825 4.57% 369,973 $531,837 Up ×5
BHRB Burke & Herbert Financial Services Corp. - Common Stock $6,145,892 4.37% 84,248 $-9,203,672 Down ×1
COSO CoastalSouth Bancshares, Inc. Common Stock $6,086,644 4.33% 225,211 $-20,974,749 Down ×1
CFBK CF Bankshares Inc. - Common Stock $5,264,550 3.75% 159,824 $-12,580,490 Down ×1
Unknown issuer (CUSIP: 31943F200) $4,994,499 3.56% 377,228 Up ×1
HNVR Hanover Bancorp, Inc. - Common Stock $3,393,743 2.42% 144,216 $-7,868,702 Down ×1
CBAN Colony Bankcorp, Inc. Common Stock $3,344,274 2.38% 166,465 $-37,891,492 Down ×1
WSBF Waterstone Financial, Inc. - Common Stock $2,054,944 1.46% 98,910 $-3,195,230 Down ×1
BPRN Princeton Bancorp, Inc. - Common Stock $2,019,623 1.44% 53,218 $584,905 Up ×5
MNSB MainStreet Bancshares, Inc. - Common Stock $1,185,994 0.84% 47,432 $-7,356,610 Down ×2
BCBP BCB Bancorp, Inc. (NJ) - Common Stock $1,081,680 0.77% 100,903 Up ×1
RVSB Riverview Bancorp Inc - Common Stock $917,893 0.65% 169,041
FNWD Finward Bancorp - common stock $771,497 0.55% 20,976
ATLO Ames National Corporation - Common Stock $542,824 0.39% 16,768 $-18,738,491 Down ×1
AUBN Auburn National Bancorporation, Inc. - Common Stock $481,474 0.34% 17,806 Up ×1
TCBS Texas Community Bancshares, Inc. - Common Stock $370,162 0.26% 20,894 $4,308
VABK Virginia National Bankshares Corporation - Common Stock $327,258 0.23% 7,374 $4,965 Down ×1
CBFV CB Financial Services, Inc. - Common Stock $311,479 0.22% 8,083 $-38,695 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
PROV $6,425,825 4.57% up ×5
BPRN $2,019,623 1.44% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
FNRN $20,632,076 1,150,060 14.69%
Unknown issuer (CUSIP: 31943F200) $4,994,499 377,228 3.56%
BCBP $1,081,680 100,903 0.77%
RVSB $917,893 169,041 0.65%
FNWD $771,497 20,976 0.55%
AUBN $481,474 17,806 0.34%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
COSO Trimmed -875K -$21.0M
ISTR Trimmed -505K -$12.9M
CFBK Trimmed -480K -$12.6M
MRBK Trimmed -637K -$11.5M
BHRB Trimmed -162K -$9.2M
HNVR Trimmed -377K -$7.9M
EFSI Trimmed -245K -$6.7M
AVBH Trimmed -346K -$6.7M
WSBF Trimmed -192K -$3.2M
FNWB Bought more +770 +$2.0M

3 positions hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
CARE June 30, 2026 1,502,119 $35,029,415 -9.6%
ORRF March 31, 2026 899,016 $31,843,147 15.5%
CWBC June 30, 2026 1,362,205 $31,739,377 -1.2%
COFS Dec. 31, 2025 1,093,522 $31,668,397 12.2%
FXNC June 30, 2026 774,119 $20,839,283 0.1%
PKBK June 30, 2026 700,349 $19,889,912 -0.9%
FVCB June 30, 2026 1,275,574 $19,375,969 1.7%
FCCO June 30, 2026 595,521 $17,407,079 0.0%
MCB Dec. 31, 2025 215,083 $16,092,510 16.9%
LNKB June 30, 2026 1,781,185 $14,855,083 No longer tracked
OVLY June 30, 2026 411,189 $13,334,859 1.0%
MPB June 30, 2026 367,386 $11,815,134 4.5%
EBMT June 30, 2026 551,952 $11,359,172 -11.2%
NKSH June 30, 2026 288,567 $10,506,724 17.4%
MCB June 30, 2026 125,601 $10,461,307 -9.6%
AUB Sept. 30, 2025 321,400 $10,053,392 10.0%
FRST June 30, 2026 731,358 $9,712,434 -4.6%
OVBC June 30, 2026 219,663 $9,634,419 2.7%
OPOF June 30, 2025 319,682 $9,571,279 No longer tracked
TSBK June 30, 2026 230,328 $9,081,833 1.5%
FRAF March 31, 2026 175,570 $8,813,614 23.6%
FISI March 31, 2026 254,501 $7,932,796 26.1%
SHBI June 30, 2026 421,457 $7,872,817 0.2%
BWFG Dec. 31, 2025 177,321 $7,846,454 45.5%
PEBK June 30, 2026 194,918 $7,632,989 2.7%
PLBC June 30, 2026 148,183 $7,234,294 7.0%
WSBC Dec. 31, 2025 223,648 $7,141,081 14.7%
TFC June 30, 2026 153,100 $7,038,007 -6.8%
UBFO June 30, 2026 664,342 $6,982,234 No longer tracked
MVBF Dec. 31, 2025 272,282 $6,823,387 17.9%
TOWN June 30, 2026 200,884 $6,763,764 -0.6%
BFST June 30, 2026 231,075 $6,248,268 0.6%
EGBN June 30, 2026 212,341 $5,280,921 0.0%
BVFL Dec. 31, 2025 297,624 $4,797,699 17.0%
CCNE June 30, 2026 163,521 $4,735,568 1.2%
PB June 30, 2026 69,500 $4,669,010 -7.7%
KRNY Dec. 31, 2025 699,086 $4,592,995 25.8%
CIVB Dec. 31, 2025 216,410 $4,395,287 21.4%
FDSB Dec. 31, 2025 248,966 $3,443,200 16.0%
MOFG Dec. 31, 2025 120,000 $3,394,800 No longer tracked
VLY Sept. 30, 2025 355,200 $3,171,936 20.9%
CNOB Dec. 31, 2025 122,000 $3,026,820 17.4%
CZWI March 31, 2026 168,029 $2,994,277 7.6%
WBS Sept. 30, 2025 53,200 $2,904,720 No longer tracked
EGBN Dec. 31, 2025 141,541 $2,861,959 32.5%
PNFP June 30, 2026 25,600 $2,205,184 -4.7%
JMSB June 30, 2026 108,178 $2,193,850 5.6%
FCAP June 30, 2025 57,312 $2,186,453 52.3%
OPBK Dec. 31, 2025 156,951 $2,184,758 9.6%
WAL Sept. 30, 2025 21,500 $1,676,570 -11.9%
WNEB June 30, 2026 129,357 $1,672,586 -2.6%
OPHC Dec. 31, 2025 389,554 $1,597,171 No longer tracked
FNWD Sept. 30, 2025 54,930 $1,517,167 32.1%
FUNC March 31, 2026 37,500 $1,404,000 19.1%
PBHC Dec. 31, 2025 87,231 $1,367,346 23.5%
MCHB June 30, 2025 113,906 $1,337,256 14.0%
EBC Sept. 30, 2025 84,700 $1,293,369 18.3%
INBK Dec. 31, 2025 56,238 $1,261,418 32.3%
UMBF June 30, 2026 10,500 $1,184,295 -8.3%
SSB June 30, 2026 12,600 $1,165,752 2.0%
PNC June 30, 2025 6,618 $1,163,246 18.6%
BRBS June 30, 2025 355,212 $1,157,991 No longer tracked
NFBK March 31, 2026 100,785 $1,151,973 No longer tracked
CFG Sept. 30, 2025 25,100 $1,123,225 21.0%
BUSE Sept. 30, 2025 49,038 $1,122,235 28.4%
HBAN June 30, 2026 70,100 $1,097,065 -13.5%
BBT Dec. 31, 2025 46,000 $1,090,660 7.5%
TFC Sept. 30, 2025 25,100 $1,079,049 1.6%
BMRC June 30, 2026 41,834 $1,072,205 0.0%
ONB June 30, 2026 47,000 $1,038,700 -3.6%
WSBC June 30, 2026 30,100 $1,038,149 -2.4%
ASB June 30, 2026 40,000 $1,034,400 -5.8%
USB June 30, 2025 24,100 $1,017,502 27.1%
FBLA Dec. 31, 2025 80,210 $964,124 32.0%
AMTB Sept. 30, 2025 52,600 $958,898 53.4%
RBB Dec. 31, 2025 50,000 $938,000 26.9%
MSBI Dec. 31, 2025 52,609 $901,718 56.5%
OBT June 30, 2026 27,384 $875,740 2.6%
BSRR Sept. 30, 2025 25,522 $757,748 37.5%
RRBI June 30, 2025 12,800 $661,120 76.2%
INDB Sept. 30, 2025 10,000 $628,850 15.7%
FBIZ Dec. 31, 2025 12,131 $621,835 30.6%
HTBK Dec. 31, 2025 62,000 $615,660 No longer tracked
CFFI Sept. 30, 2025 9,771 $603,164 46.3%
ONB Sept. 30, 2025 28,000 $597,520 13.7%
OCFC Dec. 31, 2025 33,926 $596,080 -6.5%
CIVB June 30, 2026 25,100 $572,029 -4.4%
DCOM Dec. 31, 2025 19,141 $570,976 32.5%
PFIS Sept. 30, 2025 11,512 $568,347 42.5%
FRBA Dec. 31, 2025 34,016 $554,121 8.1%
LSBK Dec. 31, 2025 42,000 $546,000 25.4%
NWFL March 31, 2026 19,457 $545,769 14.5%
CHMG Dec. 31, 2025 10,028 $526,671 46.8%
PFS Sept. 30, 2025 30,000 $525,900 17.1%
FFIC Dec. 31, 2025 38,000 $524,780 No longer tracked
COLB June 30, 2025 21,000 $523,740 23.7%
HBNC Sept. 30, 2025 34,000 $522,920 21.7%
HFWA June 30, 2026 19,970 $519,220 -5.0%
FFWM Dec. 31, 2025 88,000 $490,160 No longer tracked
RVSB March 31, 2026 96,556 $484,711 8.9%
CFFN Dec. 31, 2025 74,887 $475,532 26.0%
COFS June 30, 2026 13,682 $384,738 -2.6%
BSRR March 31, 2026 11,229 $366,964 17.2%
ECBK June 30, 2025 23,043 $349,101 32.3%
BWB Sept. 30, 2025 21,084 $335,446 17.7%
VABK Sept. 30, 2025 8,874 $328,338 21.3%
LARK June 30, 2026 12,578 $311,934 2.1%
SFST June 30, 2026 4,561 $248,575 -0.4%
FSUN Sept. 30, 2025 6,798 $236,231 1.9%
BWB June 30, 2026 13,335 $236,030 -1.6%
OSBC Dec. 31, 2025 12,500 $216,063 27.9%
LCNB Sept. 30, 2025 13,269 $192,799 26.4%
BCAL June 30, 2026 10,245 $181,541 4.5%