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Holdings, Q3 2026

Largest first. Common shares only; puts and calls are under All positions.

Latest 13F holdings
#The fund's own figures at the end of the quarter. A report can be up to 45 days old when it is filed. Options and bonds are not counted here.Filing
1WCCB
West Coast Community Bancorp
295,357$17.8M4.2%Unchanged13F ↗
2PLBC
Plumas Bancorp
239,006$14.6M3.4%Unchanged13F ↗
3Southern BancShares NC Inc1,100$14.3M3.4%Unchanged13F ↗
4Exchange Bk Santa Rosa Calif Com69,895$10.9M2.6%Unchanged13F ↗
5Mission Bancorp/Bakersfield CA90,542$10.8M2.5%Unchanged13F ↗
6TSBK
Timberland Bancorp, Inc.
230,847$10.3M2.4%Unchanged13F ↗
7First Ottawa Bancshares Inc43,521$9.9M2.3%+9.1%13F ↗
8First National of Nebraska Inc500$9.6M2.3%Unchanged13F ↗
9Merchants Financial Group Inc209,160$9.4M2.2%Unchanged13F ↗
10FCNCA
First Citizens BancShares, Inc.
4,344$8.9M2.1%Unchanged13F ↗
11Oregon Pacific Bancorp661,804$8.2M1.9%Unchanged13F ↗
12BWFG
Bankwell Financial Group, Inc.
116,138$7.5M1.8%Unchanged13F ↗
13Alpine Banks of Colorado143,174$6.9M1.6%Unchanged13F ↗
14OVLY
Oak Valley Bancorp
205,482$6.9M1.6%-22.1%13F ↗
15Cashmere Valley Bank75,597$6.7M1.6%Unchanged13F ↗
16HBT
HBT Financial, Inc.
182,331$6.4M1.5%Unchanged13F ↗
17FMBH
First Mid Bancshares, Inc.
128,404$6.3M1.5%Unchanged13F ↗
18FXNC
First National Corporation
208,687$6.1M1.4%Unchanged13F ↗
19Oxford Bank Corp135,499$6.1M1.4%Unchanged13F ↗
20Redwood Capital Bancorp181,278$6.0M1.4%Unchanged13F ↗
21WTB Financial Corp12,672$5.7M1.3%Unchanged13F ↗
22SMBC
Southern Missouri Bancorp, Inc.
79,314$5.6M1.3%Unchanged13F ↗
23United BanCorp of Alabama Inc84,962$5.4M1.3%+3.7%13F ↗
24FMCB
Farmers & Merchants Bancorp
3,662$5.3M1.2%Unchanged13F ↗
25PBAM
Private Bancorp of America, Inc.
62,397$5.3M1.2%Unchanged13F ↗
26American Riviera Bancorp183,328$5.3M1.2%Unchanged13F ↗
27Community Heritage Financial I129,000$5.2M1.2%Unchanged13F ↗
28MCHB
Mechanics Bancorp
353,216$5.2M1.2%Unchanged13F ↗
29Chino Commercial Bancorp275,095$5.0M1.2%Unchanged13F ↗
30Tri-County Financial Group Inc61,917$4.9M1.2%Unchanged13F ↗
31MBWM
Mercantile Bank Corporation
83,966$4.9M1.2%Unchanged13F ↗
32PKBK
Parke Bancorp, Inc.
144,817$4.7M1.1%Unchanged13F ↗
33WASH
Washington Trust Bancorp, Inc.
120,049$4.6M1.1%Unchanged13F ↗
34ZION
Zions Bancorporation N.A.
72,790$4.6M1.1%-28.1%13F ↗
35Crystal Valley Financial Corp56,945$4.5M1.1%Unchanged13F ↗
36FNB
F.N.B. Corporation
262,593$4.5M1.1%Unchanged13F ↗
37COLB
Columbia Banking System, Inc.
156,302$4.5M1.1%Unchanged13F ↗
38Boyle Bancorp Inc35,314$4.4M1.0%+2.3%13F ↗
39PFS
Provident Financial Services, Inc
189,706$4.2M1.0%Unchanged13F ↗
40CBK
Commercial Bancgroup, Inc. · Commonstock
133,664$4.2M1.0%Unchanged13F ↗
41BANR
Banner Corporation
60,973$4.1M1.0%Unchanged13F ↗
42Coastal Carolina Bancshares In230,000$4.1M1.0%Unchanged13F ↗
43OSBC
Old Second Bancorp, Inc.
163,038$4.0M0.9%Unchanged13F ↗
44FSBC
Five Star Bancorp
91,903$3.9M0.9%-31.8%13F ↗
45Oak Ridge Financial Services I122,152$3.9M0.9%Unchanged13F ↗
46Pinnacle Bank/Gilroy CA211,708$3.9M0.9%Unchanged13F ↗
47Southeastern Banking Corp120,149$3.8M0.9%Unchanged13F ↗
48Security National Corp18,476$3.8M0.9%Unchanged13F ↗
49HBNC
Horizon Bancorp, Inc.
200,000$3.8M0.9%Unchanged13F ↗
50Cnb Cmnty Bancorp Inc73,729$3.7M0.9%+7.8%13F ↗

Changes since Q2 2026

2 new, 16 added to, 5 trimmed, 2 exited, 78 unchanged. By estimated dollars.

New positions (2)

New positions
Georgia Banking Co Inc75,000New$2.0M
Security Federal Corp34,221New$1.5M

Added to (16)

Added to
FSBW
FS Bancorp, Inc.
79,042+50.7%$1.2M
First Ottawa Bancshares Inc43,521+9.1%$820.2K
FDBC
Fidelity D & D Bancorp, Inc.
57,950+28.0%$688.3K
CFFI
C&F Financial Corporation
20,457+37.7%$548.8K
Cnb Cmnty Bancorp Inc73,729+7.8%$270.0K
Croghan Bancshares Inc8,956+48.0%$206.8K
United BanCorp of Alabama Inc84,962+3.7%$194.4K
Century Next Financial Corp11,119+21.9%$142.5K
Northeast Indiana Bancorp Inc9,281+109%$116.1K
High Country Bancorp Inc35,289+6.8%$102.5K

Trimmed (5)

Trimmed
OVLY
Oak Valley Bancorp
205,482-22.1%-$2.0M
FSBC
Five Star Bancorp
91,903-31.8%-$1.8M
ZION
Zions Bancorporation N.A.
72,790-28.1%-$1.8M
RRBI
Red River Bancshares, Inc.
33,395-31.1%-$1.5M
TBBK
The Bancorp, Inc.
36,838-32.4%-$848.9K

Exited (2)

Exited
SHBI
Shore Bancshares, Inc.
99,713Exited-$2.3M
FCBM
First Carolina Financial Services, Inc.
45,800Exited-$605.9K

The 10 largest of each, by estimated dollars: shares changed times the later report's price. Index tracking, splits and mergers move positions too.

All positions

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Compare two quarters

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Reported value by quarter

Value and number of positions at the end of each quarter.

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Largest positions in earlier quarters

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Ten largest positions

By value, Q3 2026.

$0$5.0M$10.0M$15.0M$20.0MWCCB · Value: $17,839,563WCCBPLBC · Value: $14,641,508PLBCSouthern… · Value: $14,300,000Southern…Exchange… · Value: $10,852,597Exchange…Mission… · Value: $10,775,403Mission…TSBK · Value: $10,291,159TSBKFirst… · Value: $9,879,267First…First… · Value: $9,600,000First…Merchant… · Value: $9,368,276Merchant…FCNCA · Value: $8,949,509FCNCA

Filings

13F filings
Filing
Q3 2026Nov 10, 202613F-HR101$425.3MCurrentSEC ↗
Q2 2026Aug 14, 202613F-HR101$413.4MCurrentSEC ↗
Q1 2026May 14, 202613F-HR100$385.5MCurrentSEC ↗
Q4 2025Feb 11, 202613F-HR103$372.5MCurrentSEC ↗
Q3 2025Nov 12, 202513F-HR102$349.4MCurrentSEC ↗
Q2 2025Jul 30, 202513F-HR100$342.1MCurrentSEC ↗
Q1 2025May 15, 202513F-HR108$336.7MCurrentSEC ↗

Most recent first, up to 80. An amendment can replace a report or add holdings to it. All 13F filings

Information, not investment advice. Values are the fund's own figures at quarter end; a report can be up to 45 days old when filed. Disclaimer