Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +35.3%
S&P 500 total return (same window) +37.0%
Excess return -1.7%

Annualized: +27.3% · 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: 97.8% · Options excluded: 0.7%

Sector breakdown

04
Financials 93.1%
Technology 2.9%
Other/Unmapped 4.0%

Full portfolio 33 positions

05
Type Streak 8Q trend
FLG Flagstar Bank, N.A. Common Stock $5,850,310 9.33% 391,587 Up ×1
CVBF CVB Financial Corporation - Common Stock $5,002,853 7.98% 221,856 $558,413 Down ×1
BPOP Popular, Inc. - Common Stock $3,923,409 6.26% 23,897
WTFC Wintrust Financial Corporation - Common Stock $2,743,490 4.38% 17,070 Up ×1
OFG OFG Bancorp Common Stock $2,512,090 4.01% 51,194 Up ×1
MS Morgan Stanley Common Stock $2,497,192 3.98% 11,946 Up ×1
AX Axos Financial, Inc. Common Stock $2,493,087 3.98% 25,599 $-2,551,048 Down ×1
RKT Rocket Companies, Inc. Class A Common Stock $2,419,090 3.86% 153,593 $-158,949 Down ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $2,415,152 3.85% 2,388 Up ×1
C Citigroup, Inc. Common Stock $2,388,417 3.81% 17,065 $-142,100 Down ×4
NBN Northeast Bank - Common Stock $2,349,757 3.75% 17,730 $32,912 Down ×2
BFH Bread Financial Holdings, Inc. Common Stock $2,218,900 3.54% 20,479 Up ×1
COLB Columbia Banking System, Inc. - Common Stock $2,187,829 3.49% 68,263 $-1,045,592 Down ×1
BBT Beacon Financial Corporation Common stock $2,074,589 3.31% 68,131 $1,288,709 Up ×1
CCB Coastal Financial Corporation - Common Stock $2,062,696 3.29% 26,612 $-2,778,558 Down ×1
BMRC Bank of Marin Bancorp - Common Stock $1,965,564 3.14% 70,959 Up ×1
HOOD Robinhood Markets, Inc. - Class A Common Stock $1,711,378 2.73% 17,066
SFBS ServisFirst Bancshares, Inc. Common Stock $1,628,471 2.60% 18,772 $-1,692,067 Down ×1
BANC Banc of California, Inc. Common Stock $1,567,839 2.50% 76,742 Up ×1
SFST Southern First Bancshares, Inc. - Common Stock $1,527,500 2.44% 25,000 Up ×1
NBHC National Bank Holdings Corporation Common Stock $1,516,485 2.42% 34,132 Up ×1
NPB Northpointe Bancshares, Inc. Common Stock $1,470,128 2.35% 76,649 $-277,050 Down ×1
Unknown issuer (CUSIP: 31943F200) $1,324,000 2.11% 100,000 Up ×1
HUT Hut 8 Corp. - Common Stock $985,092 1.57% 8,533 Up ×1
Unknown issuer (CUSIP: 09175T106) $941,384 1.50% 25,595 Up ×1
WULF TeraWulf Inc. - Common Stock $843,060 1.35% 34,132 Up ×1
QCRH QCR Holdings, Inc. - Common Stock $830,688 1.33% 8,533 $-1,967,372 Down ×1
ENVA Enova International, Inc. Common Stock $821,611 1.31% 3,413 $-2,880,300 Down ×1
FINW FinWise Bancorp - Common Stock $725,000 1.16% 50,000 Up ×1
AMAL Amalgamated Financial Corp. - Common Stock $704,978 1.12% 15,359 Up ×1
MYFW First Western Financial, Inc. - Common Stock $547,957 0.87% 17,065 $-1,602,473 Down ×3
AAXJ iShares MSCI All Country Asia ex Japan ETF $219,390 0.35% 426 Call option Up ×1
COIN Coinbase Global, Inc. - 3Class A Common Stock $211,225 0.34% 170 Put option Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
FLG $5,850,310 391,587 9.33%
BPOP $3,923,409 23,897 6.26%
WTFC $2,743,490 17,070 4.38%
OFG $2,512,090 51,194 4.01%
MS $2,497,192 11,946 3.98%
GS $2,415,152 2,388 3.85%
BFH $2,218,900 20,479 3.54%
BMRC $1,965,564 70,959 3.14%
HOOD $1,711,378 17,066 2.73%
BANC $1,567,839 76,742 2.50%
SFST $1,527,500 25,000 2.44%
NBHC $1,516,485 34,132 2.42%
Unknown issuer (CUSIP: 31943F200) $1,324,000 100,000 2.11%
HUT $985,092 8,533 1.57%
Unknown issuer (CUSIP: 09175T106) $941,384 25,595 1.50%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ENVA Trimmed -24K -$2.9M
CCB Trimmed -37K -$2.8M
AX Trimmed -34K -$2.6M
QCRH Trimmed -24K -$2.0M
SFBS Trimmed -27K -$1.7M
MYFW Trimmed -70K -$1.6M
BBT Bought more +42K +$1.3M
COLB Trimmed -50K -$1.0M
CVBF Trimmed -7K +$558K
NPB Trimmed -25K -$277K

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
TBBK March 31, 2026 70,728 $4,775,555 -9.2%
BAC March 31, 2026 58,939 $3,241,645 10.3%
ABCB June 30, 2026 39,289 $3,064,149 -9.8%
UMBF Sept. 30, 2025 27,228 $2,863,296 10.6%
PGY Dec. 31, 2025 95,945 $2,848,607 -14.0%
TFC March 31, 2026 52,391 $2,578,161 1.0%
SSB (filed as SSBXXXX) Sept. 30, 2025 27,230 $2,505,977 3.1%
WAL Dec. 31, 2025 28,284 $2,452,788 -9.1%
NU June 30, 2026 170,149 $2,445,041 0.5%
TOWN Dec. 31, 2025 70,707 $2,444,341 8.0%
SII June 30, 2026 17,028 $2,433,301 3.5%
RKT Sept. 30, 2025 170,189 $2,413,280 -39.6%
COIN Sept. 30, 2025 6,841 $2,397,702 -45.8%
CASH June 30, 2026 26,195 $2,337,380 -15.0%
VLY June 30, 2025 260,000 $2,311,400 43.6%
TFIN June 30, 2026 37,988 $2,266,364 -18.5%
SSB June 30, 2026 24,307 $2,248,884 2.0%
SF June 30, 2026 30,384 $2,245,985 0.7%
AFRM Sept. 30, 2025 31,870 $2,203,492 -3.2%
CASH Sept. 30, 2025 27,231 $2,154,517 -0.1%
FBK March 31, 2026 37,984 $2,119,507 2.8%
BPOP Sept. 30, 2025 19,068 $2,101,484 24.5%
WBS Dec. 31, 2025 35,353 $2,101,382 No longer tracked
LC June 30, 2025 200,000 $2,064,000 No longer tracked
HOOD Sept. 30, 2025 21,882 $2,048,812 -21.3%
FCNCA March 31, 2026 917 $1,968,047 10.0%
CFG March 31, 2026 32,744 $1,912,577 7.3%
FISV Sept. 30, 2025 10,896 $1,878,579 -65.6%
SCHW Sept. 30, 2025 20,422 $1,863,303 1.3%
WBS June 30, 2025 34,730 $1,790,332 No longer tracked
PIPR Sept. 30, 2025 6,309 $1,753,523 -24.7%
LNKB March 31, 2026 211,940 $1,750,624 No longer tracked
ABR Dec. 31, 2025 141,414 $1,726,665 -54.1%
UWMC Dec. 31, 2025 282,828 $1,722,423 -71.2%
FIGR June 30, 2026 48,614 $1,650,445 -7.1%
IBKR June 30, 2026 24,307 $1,630,270 1.4%
BKU Dec. 31, 2025 42,420 $1,618,747 -2.7%
IBOC June 30, 2025 25,000 $1,576,500 4.9%
WFC Sept. 30, 2025 18,852 $1,510,422 -4.0%
ZION June 30, 2025 30,000 $1,495,800 21.6%
SBCF March 31, 2026 45,842 $1,440,356 7.9%
LPLA March 31, 2026 3,929 $1,403,321 5.2%
PNFP Sept. 30, 2025 12,199 $1,346,892 2.5%
AMTB June 30, 2026 58,441 $1,288,040 15.8%
FSUN June 30, 2025 35,000 $1,265,250 13.7%
AGNC Dec. 31, 2025 127,272 $1,245,993 -18.0%
CMA June 30, 2025 20,000 $1,181,200 No longer tracked
GDOT March 31, 2026 91,684 $1,174,472 11.4%
WAL June 30, 2025 15,000 $1,152,450 -2.1%
EFSI June 30, 2025 34,047 $1,116,401 48.6%
FCNCA June 30, 2025 600 $1,112,472 6.0%
PNC June 30, 2025 6,000 $1,054,620 18.6%
AVBH March 31, 2026 39,293 $1,043,622 9.7%
OSBC Dec. 31, 2025 56,569 $977,795 27.9%
JCAP June 30, 2026 49,771 $957,096 -1.1%
CNOB June 30, 2026 32,744 $876,557 -8.0%
PFSI March 31, 2026 6,548 $863,288 -29.1%
SMBK Dec. 31, 2025 23,124 $826,221 37.8%
UMBF June 30, 2026 7,302 $823,593 -8.3%
LOB June 30, 2026 24,307 $803,832 -10.2%
OBT Sept. 30, 2025 27,230 $703,623 49.7%
FHN June 30, 2025 35,000 $679,700 10.5%
NBN Sept. 30, 2025 6,807 $605,755 26.7%
VBTX Sept. 30, 2025 23,147 $604,137 No longer tracked
INDB June 30, 2025 9,000 $563,850 27.3%
UWMC June 30, 2025 100,000 $546,000 -69.6%
AFRM March 31, 2026 6,548 $487,368 54.5%
COOP June 30, 2025 4,000 $478,400 No longer tracked
ESQ Sept. 30, 2025 4,919 $465,633 17.5%
FCFS June 30, 2025 3,000 $360,960 55.7%
LDI June 30, 2025 204,240 $243,046 -50.0%