| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 21.32% | -7.22% | -7.22% |
Gator Capital's Q1 2026 performance was challenged by multiple headwinds affecting the financials sector. The fund returned -7.22%, underperforming the S&P 500 (-4.33%) but outperforming the financials benchmark (-8.89%). January strength from regional bank earnings and the early Compass acquisition closing was offset by February concerns over private credit exposure and AI disintermediation fears affecting financial advisors. March volatility stemmed from U.S./Iran geopolitical tensions. The manager used market dislocations tactically, trimming Compass by 25% during the January rally and selling Webster Financial following its Santander acquisition announcement. New positions were initiated in Ameriprise Financial and Primerica, capitalizing on AI-driven selling pressure. The detailed Ameriprise thesis highlights exceptional ROE (50%+), attractive valuation (10.4x NTM earnings), and organic growth strategy differentiation. Key risks include AI disintermediation, private credit concerns, and geopolitical volatility. The fund maintains its concentrated approach with 51.63% net exposure across small, mid, and large cap financials, continuing to favor underresearched regional banks where sector specialization provides analytical advantages.
Concentrated long/short financials strategy focused on small and mid-cap companies with specialized sector knowledge, emphasizing fundamental research to identify mispriced opportunities in underresearched names.
The manager acknowledges ongoing risks from AI disintermediation, geopolitical conflicts, and private credit concerns but maintains conviction in the financials sector strategy with continued focus on small to mid-cap regional banks and selective opportunities in wealth management.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 11 2026 | 2026 Q1 | AMP, CPASS, FFBC, PRG, WBS | Banking, financials, Long/Short, SMID Cap, Wealth management | AMP | Gator's Q1 financials strategy faced headwinds from AI fears, private credit concerns, and geopolitical tensions, returning -7.22% versus -8.89% for financials. Manager used volatility tactically, trimming winners and adding Ameriprise Financial on AI-driven weakness. Maintains conviction in regional banks and wealth management opportunities through concentrated long/short approach targeting underresearched names. |
| Feb 3 2026 | 2025 Q4 | BCS, BNP.PA, C, COMP, CUBI, FCNCA, GLE.PA, GPN, HOOD, HOUS, JPM, JXN, PYPL, SOHO, TD, TFSL, UMBF, VRTS | Banking, Capital markets, financials, real estate, Regional Banks, small caps, value | TFSL | Gator Financial Partners posted 4.14% in Q4 and 31.94% for 2025, outperforming benchmarks through focused small and mid-cap financials investing. Key wins included Anywhere Real Estate's 329% gain from Compass acquisition and continued Robinhood success. New TFS Financial position targets leveraged banking recovery exposure through mutual holding company structure as interest rate environment normalizes and margins recover. |
| Nov 4 2025 | 2025 Q3 | AX, BNP.PA, C, CG, FCNCA, FFBC, GLE.PA, HOOD, HOUS, SLM | Banking, Credit quality, financials, Long/Short, Regional Banks, value | MBG GR | Strong Q3 performance driven by undervalued regional banks trading at 8x earnings versus 10-14x normal range. Multiple tailwinds from Fed rate cuts, loan repricing, and improved regulation offset by emerging credit concerns. Manager reduced banking exposure while maintaining core thesis on high-quality banks with strong returns trading at discounted valuations. |
| Aug 5 2025 | 2025 Q2 | AX, BNP.PA, C, CG, FCNCA, FFBC, GLE.PA, HOOD, HOUS, SLM | Bank Valuations, Credit quality, financials, M&A, Regional Banks, yield curve |
WEX VRTS FFBC |
Strong Q3 performance driven by small-cap financials outperformance. Manager maintains overweight regional banks at attractive 8x valuations despite recent credit quality concerns leading to reduced exposure. Positioned for yield curve steepening and loan repricing benefits while managing credit risks. Added First Financial Bancorp as undervalued quality bank with strong returns trading below peer multiples. |
| May 5 2025 | 2025 Q1 | BARC.L, BNP.PA, FCNCA, GLE.PA, GPN, HOOD, PYPL, SLM, UMBF, VRTS | Asset Managers, financials, Regional Banks, small caps, tariffs, Trade Policy, value | VRTS | Mixed Q1 performance as large financials outperformed manager's small-cap focus. Views tariff policies as temporary based on market signals suggesting political reversal ahead. Regional banks offer compelling opportunities despite policy-driven selloff, with strong credit quality contradicting recession fears. Detailed Virtus thesis highlights approach of finding quality recurring revenue businesses at attractive valuations in out-of-favor active management space. |
| Jan 28 2025 | 2024 Q4 | AX, BOH, C, COLB, CUZ, FCNCA, GLE.PA, HIFS, HONE, HOOD, JPM, JXN, KINS, NBN, OFG, PNFP, SLM, TCBI, UMBF, VNO | Banking, Capital markets, financials, interest rates, M&A, Regional Banks | GLE.PA | Gator Financial delivered 41.88% annual returns in 2024, significantly outperforming benchmarks through concentrated financial sector exposure. Manager remains bullish on regional banks for 2025, citing benefits from rate cuts, loan growth acceleration, and improved M&A environment. New position in deeply undervalued Société Générale adds European banking exposure to predominantly US-focused portfolio. |
| Oct 30 2024 | 2024 Q3 | AX, BXP, CBNA, COLB, CUZ, FCNCA, HOOD, JXN, PYPL, REAL, UMBF, VNO, WAL | Banking, Deposits, financials, Regional Banks, value | CBNA | Gator Financial delivered 10.82% in Q3, outperforming the S&P 500 through concentrated financials investing. The fund initiated Chain Bridge Bancorp, a specialty bank serving Republican campaigns with zero-cost deposits trading near book value. Strong performance from regional banks and PayPal offset real estate short losses. Manager maintains 80% personal investment alignment. |
| Jul 31 2024 | 2024 Q2 | AX, BANC, BARC.L, CG, CUBI, EWBC, FBP, FCNCA, HOOD, JXN, PNFP, PYPL, SLM, UMBF, WAL, WBS, WTFC | credit, financials, Growth Banks, Rate Cuts, Regional Banks, valuation | - | Gator Financial Partners targets Growth Banks trading at 10x earnings despite historically commanding 15x premiums for superior organic growth and capital returns. Recent regional bank rally driven by inflation data and regulatory prospects, with extreme short covering providing catalyst. Manager expects excess returns as Growth Banks regain premium valuations while benefiting from rate cuts and faster book value compounding. |
| May 15 2024 | 2024 Q1 | AX, BAC, BCS, CNOB, CUB, DCOM, ESQ, FBP, FCNCA, GNW, HOOD, JXN, NYCB, OFG, OSBC, PNFP, ROOT, SLM, UMBF, WAL, WBS | Credit Risk, financials, interest rates, Regional Banks, SMID Cap, value | - | Strong Q1 performance driven by financial sector concentration. Manager sees compelling value in regional banks despite NYCB-driven sector weakness. Believes credit concerns are overblown while interest rate headwinds from fixed-rate loans made in 2021-2022 are temporary. Focused on Puerto Rican banks, growth banks, and unique situations trading at depressed valuations. |
| Jan 30 2024 | 2023 Q4 | AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL | Banking, financials, interest rates, M&A, Regional Banks, value | FCNCA | Gator Financial Partners is concentrated in undervalued regional banks, led by First Citizens Bancshares following its favorable Silicon Valley Bank acquisition. The manager believes regional banks will re-rate higher as interest rate cycles normalize, with First Citizens positioned to double over three years despite recent outperformance. |
| Nov 10 2023 | 2023 Q3 | AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL | Banking, financials, M&A, Regional Banks, value | FCNCA | Concentrated financials fund betting on regional bank re-rating led by First Citizens Bancshares following transformative SVB acquisition. Manager sees banks trading at trough valuations despite strong positioning for higher rates. First Citizens remains largest holding with potential to double despite 78% YTD gains. Portfolio maintains 77% net exposure across banking, insurance, and real estate sectors. |
| Oct 7 2023 | 2023 Q2 | - | financials, Long/Short, Private Fund | - | Website portal for Gator Capital Management's private fund fact sheet. The firm specializes in Financials sector investing with long/short strategies. Founded by Derek Pilecki in 2008, formerly of Goldman Sachs. Actual fact sheet content embedded via PDF viewer not accessible for analysis. |
| Jan 24 2023 | 2022 Q4 | CG | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI disintermediation fears affected financial advisors and real estate brokers during Q1, creating selling pressure in Ameriprise. Manager views AI threat to financial advisors as overstated near-term, believing human relationships provide trust and behavioral coaching that AI cannot easily replicate. |
Financial Advisors Disintermediation Wealth Management |
Private CreditMarket concerns about private credit emerged in February, affecting alternative asset managers and banks with private credit exposure through back-leverage arrangements. This contributed to broader financial sector weakness during the quarter. |
Alternative Asset Managers Back-leverage Credit Markets | |
Regional BanksSmall to mid-cap regional banks delivered strong earnings results in January and continued to slightly outperform large banks. Fund maintains significant exposure across small, mid, and large bank categories with concentrated positions. |
Community Banks Earnings Outperformance | |
| 2025 Q4 |
OilOil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, disrupting 20 million barrels per day. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin. |
Crude Oil Brent WTI Shale OPEC |
Natural GasNatural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. U.S. production growth has concentrated entirely in the Permian Basin, with other shale regions declining. Once the Permian's current gas production surge runs its course, supply growth should plateau and eventually decline, setting the stage for materially higher prices. |
Henry Hub LNG Permian Shale Gas | |
SilverSilver surged 51% in Q4 and over 140% for the year, staging a dramatic catch-up rally relative to gold. This magnitude of silver outperformance has historically marked important turning points, suggesting investors should consider reducing precious metals exposure in the short term despite the strong performance. |
Silver Gold Ratio Precious Metals | |
CopperCopper markets have moved back into surplus with exchange inventories rising to levels last seen in 2003. Despite strong Q4 performance, modeling suggests the market has entered a prolonged period of surplus, with inventories now covering approximately 17 days of global demand. |
Copper Base Metals Exchange Inventories | |
Platinum Group MetalsPGMs continued their powerful advance with platinum and palladium each surging roughly 28% in Q4. Policy reversals in both the U.S. and Europe regarding electric vehicle mandates are unwinding the bearish narrative around internal combustion engine phase-outs, suggesting demand forecasts for PGMs will need meaningful upward revision. |
Platinum Palladium Auto Catalysts EV Policy | |
UraniumSurging uranium demand is meeting a fragile supply base, creating fundamental tightness in the market. The uranium section discusses supply-demand dynamics in detail, though specific commentary is referenced but not fully elaborated in the main text. |
Uranium Nuclear Supply Demand | |
CommoditiesThe commodity bull market has barely begun, with most commodities trading 46% below historical nominal peaks and 73% below real peaks when adjusted for inflation. Commodities are trading near the lowest levels relative to equities observed in more than a century, suggesting the current cycle may still be in its early innings. |
Commodity Cycle Capital Cycle Valuation | |
| 2025 Q3 |
Regional BanksManager maintains overweight position in small and mid-cap regional banks despite recent volatility from fraud losses and disappointing credit metrics. Banks trade at 8x forward earnings versus normal 10-14x range, with tailwinds from steepening yield curve, loan repricing, and improved regulatory environment. |
Regional Banks Credit Quality Yield Curve Loan Repricing Bank Valuations |
Credit StressManager has become more bearish on credit quality trends, noting disappointing metrics across several banks and fraud losses at First Brands and Tricolor. While expecting any economic slowdown to be shallow due to strong banking system capital, credit is not trending in the right direction. |
Credit Quality Bank Losses Economic Slowdown Banking System | |
ValueFocus on banks with above-average return metrics trading at discounted valuations. FFBC highlighted as trading at same price as 2016 but earning twice as much per share, with P/E declining from 18x to 8x. Emphasis on high ROA banks historically trading at premium valuations. |
Valuation ROA ROE P/E Multiples Book Value | |
| 2025 Q2 |
Regional BanksManager maintains overweight position in small and mid-cap regional banks trading at 8x next year's earnings versus normal 10-14x range. Banks face headwinds from inverted yield curve but benefit from Fed rate cuts steepening the curve and loan repricing tailwinds. Recent credit quality concerns have led to reduced sector exposure. |
Regional Banks Credit Quality Yield Curve Loan Repricing Bank Valuations |
Credit QualityManager has become more bearish on regional banks due to disappointing credit metrics appearing across several banks this quarter, including losses from frauds at First Brands and Tricolor. While economic slowdown expected to be shallow due to strong banking system capital, credit quality trends are concerning. |
Credit Metrics Bank Losses Economic Slowdown Banking System | |
Bank M&ARegulatory environment for banks has improved with mergers approved on shorter timeframes, encouraging more M&A activity which should increase investor interest in the sector. Banks also face fewer regulatory requests, allowing management to focus on operations rather than compliance. |
Bank Mergers Regulatory Environment M&A Activity Compliance Costs | |
| 2025 Q1 |
Trade PolicyThe manager views recent sweeping tariff proposals as an unforced policy error and unnecessarily reckless approach. While improving America's trade positioning is legitimate, broad-based tariffs on nearly all global imports with limited warning creates unnecessary risk. The manager believes these tariffs will ultimately be short-lived based on market interpretation of events. |
Tariffs Trade Policy Manufacturing Reshoring |
Regional BanksRegional Banks present a near-term opportunity as they were one of the industries hardest hit by policy announcements. The manager believes top-down macro investors wrongly use shorts against Regional Banks to express recession risk views. There is a disconnect between the reality of credit quality in the regional banking system and investors' perception of risk. |
Regional Banks Credit Quality Banking Recession Risk | |
Asset ManagersVirtus Investment Partners represents a compelling investment opportunity with high-quality recurring revenue business model, attractive valuation at 6.5x P/E and 3.0x EV/EBITDA, low debt levels providing management flexibility, and consistent capital returns through dividends and buybacks. However, the firm faces challenges from active management falling out of favor and some past acquisitions not paying off. |
Asset Management Recurring Revenue Valuation Active Management Acquisitions | |
| 2024 Q4 |
Regional BanksManager remains optimistic about regional banks in 2025, citing benefits from interest rate cuts, expected loan growth acceleration, and improved M&A environment under new administration. Regional banks are viewed as undervalued compared to historical averages and positioned to benefit from flattened yield curve and repricing of maturing loans. |
Regional Banks Interest Rates Loan Growth M&A Yield Curve |
Commercial Real EstateManager believes CRE fears were overblown as regional banks primarily hold loans on smaller properties rather than large office towers in gateway cities. Credit quality in banking system remained strong throughout 2024 as CRE loans never materialized into broad banking problems. |
Commercial Real Estate Credit Quality Banking Office Properties | |
Capital MarketsFund has significant exposure to capital markets with 24.39% long positioning. Robinhood Markets was identified as top performer and largest position, benefiting from strong retail trading activity and market performance. |
Capital Markets Retail Brokerage Trading Robinhood | |
| 2024 Q3 |
Regional BanksThe fund focuses heavily on regional banking with multiple positions including First Citizens Bancshares, UMB Financial, Western Alliance Bancorp, and Columbia Banking System. The manager emphasizes the value of strong deposit franchises following the Regional Bank Crisis in March 2023. |
Deposits Banking Credit Liquidity Franchise |
Specialty FinanceChain Bridge Bancorp represents a specialty deposit business serving Republican political campaigns and PACs with zero-cost deposits. The manager views this as a unique franchise with high returns and virtually zero credit risk due to conservative balance sheet management. |
Political Deposits Franchise Returns Risk | |
| 2024 Q2 |
Regional BanksRegional banks rallied strongly in July due to tame inflation, prospects of more favorable regulatory environment, and better-than-expected earnings. The Fund benefited from extreme negative positioning by other investors who had been using regional bank ETF as large short position. Manager believes regional banks remain cheap compared to history with coming rate cuts driving earnings higher. |
KRE Short Interest Regulatory Rate Cuts Valuation |
Growth BanksGrowth Banks are banks that grow through organic growth with high returns on capital, allowing faster reinvestment into loan growth. These banks historically traded at 15x earnings premium but currently trade at 10x earnings with the rest of the industry. Manager expects excess returns as industry returns to normal valuation and Growth Banks regain premium valuations. |
Organic Growth Capital Returns Valuation Premium Book Value Compounding | |
Credit QualityManager's view on credit quality is not as pessimistic as other investors. Office tower struggles in major markets are mostly held in CMBS, CLOs, or large bank balance sheets rather than regional banks. Bank management teams are transparent about exposures and concerning loan portions. |
Office CMBS CLO Transparency Real Estate | |
| 2024 Q1 |
Regional BanksManager sees selective opportunities in small-to-mid-sized regional banks despite sector headwinds. Believes stock investors are overly pessimistic about credit concerns while the real issues are interest rate risk and loan volume growth. Groups favorites into Puerto Rican banks, growth banks, and small banks with unique stories. |
Regional Banks Credit Risk Interest Rates Deposit Franchise Net Interest Margin |
Credit RiskFour key areas of heightened credit risk identified: office buildings, rent-regulated NYC apartments, commercial real estate affected by rising rates, and floating rate debt borrowers. Q1 earnings showed better than expected credit metrics, though manager remains vigilant about potential deterioration. |
Credit Risk Commercial Real Estate Non-performing Assets Loan Portfolios | |
Interest RatesBanks face significant interest rate risk with wide performance disparity based on securities positioning and fixed rate loan exposure. Many banks made long-term fixed-rate loans in 2021-2022 that won't mature until 2026-2029, limiting near-term repricing opportunities. |
Interest Rates Fixed Rate Loans Yield Curve Reinvestment Yields | |
| 2023 Q4 |
Regional BanksFund is heavily concentrated in regional banks, particularly First Citizens Bancshares as the largest position. Manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher-for-longer rates with a liquid balance sheet and balanced loan book. |
Regional Banks Banking Interest Rates Valuation Credit Cycle |
M&AFirst Citizens' acquisition of Silicon Valley Bank was described as unbelievably favorable and a monster deal that doubled the bank's capital. The manager views the SVB acquisition as creating significant value and believes First Citizens has a successful M&A track record including FDIC deals. Future value-creating acquisitions are seen as less likely given the bank's increased size. |
M&A Acquisitions FDIC Silicon Valley Bank Value Creation | |
| 2023 Q3 |
Regional BanksFirst Citizens Bancshares represents the fund's largest position, acquired through strategic M&A including the SVB acquisition. The manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher rates with a liquid balance sheet and balanced loan portfolio. |
Banking M&A Valuation Interest Rates Credit Cycle |
M&AThe fund has benefited significantly from strategic acquisitions, particularly First Citizens' acquisition of Silicon Valley Bank which the manager describes as unbelievably favorable. The FDIC deal doubled First Citizens' capital and created substantial value, though future M&A opportunities may be more limited given the bank's increased size. |
Acquisitions FDIC Value Creation Banking Integration |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 11, 2026 | Fund Letters | Gator Capital Management | AMP | Ameriprise Financial | Asset Management | Capital Markets | Bull | New York Stock Exchange | AI disruption, asset management, capital allocation, Capital markets, consolidation, Financial advisory, organic growth, platform, ROE, Share Buybacks, valuation, wealth management | Login |
| Feb 3, 2026 | Fund Letters | Derek Pilecki | TFSL | TFS Financial Corporation | Financials | Thrifts & Mortgage Finance | Bull | NASDAQ | Earnings-recovery, Mutual Holding Company, net interest margin, share repurchases, tangible book value, yield curve | Login |
| Nov 4, 2025 | Fund Letters | Gator Capital Management | FFBC | First Financial Bancorp | Banks | Regional Banks | Bull | NASDAQ | Commercial Banking, Credit Culture, fee income, M&A, Midwest, regional banks, Roa, Rotce, Value, yield curve | Login |
| Nov 4, 2025 | Fund Letters | Derek Pilecki | MBG GR | Mercedes-Benz Group AG | Other | Automobile Manufacturers | Bull | NYSE | Autos, buybacks, dividends, Electrification, Luxury, Margins, Pricingpower, valuation | Login |
| Aug 5, 2025 | Fund Letters | Derek Pilecki | WEX | WEX Inc. | Information Technology | Software - Infrastructure | Bull | NYSE | activist, Capital-light, deleveraging, Free Cash Flow, Payments, recurring revenue, valuation | Login |
| Aug 5, 2025 | Fund Letters | Derek Pilecki | VRTS | Virtus Investment Partners, Inc. | Financials | Asset Management | Bull | NASDAQ | Acquisitions, Active management, asset management, buybacks, Free Cash Flow | Login |
| May 5, 2025 | Fund Letters | Gator Capital Management | VRTS | Virtus Investment Partners | Financials | Asset Management & Custody Banks | Bull | NASDAQ | Acquisitions, Active management, asset management, CLO equity, Free Cash Flow, Multi-boutique, recurring revenue, Seed Investments, share repurchases, Value | Login |
| Jan 28, 2025 | Fund Letters | Gator Capital Management | GLE.PA | Société Générale | Financials | Banks | Bull | Euronext Paris | capital allocation, cost-cutting, digital banking, European Bank, france, shareholder returns, Subsidiary Monetization, turnaround, Value | Login |
| Oct 30, 2024 | Fund Letters | Gator Capital Management | CBNA | Chain Bridge Bancorp | Banks | Regional Banks | Bull | NASDAQ | acquisition target, Deposit Franchise, dual-class structure, Election Cyclicality, high ROE, IPO, Liquid Balance Sheet, Low Credit Risk, Political Campaigns, regional banks, Specialty Banking, Zero-cost Deposits | Login |
| Oct 31, 2023 | Fund Letters | Gator Capital Management | FCNCA | First Citizens Bancshares | Financials | Banks | Bull | NASDAQ | Asset Sensitive, dual-class structure, FDIC Deal, Higher For Longer, Liquid Balance Sheet, Owner operator, regional bank, SVB Acquisition, tangible book value, Venture Capital Banking | Login |
| Oct 31, 2023 | Fund Letters | Gator Capital Management | FCNCA | First Citizens Bancshares | Banks | Regional Banks | Bull | NASDAQ | Asset Sensitive, dual-class structure, FDIC Acquisition, Higher For Longer, Liquid Balance Sheet, M&A, Owner operator, regional banks, Silicon Valley Bank, Venture Capital | Login |
| TICKER | COMMENTARY |
|---|---|
| AMP | Ameriprise Financial combines an independent advisory and brokerage platform with a captive asset manager and insurance/annuity operations. The company serves over 2 million individual, business, and institutional clients and, at year-end, had $1.7 trillion in assets on its platform. It is currently undervalued versus peers despite having one of the most compelling best-in-class growth stories in the wealth management space and a demonstrated commitment to returning capital to shareholders. We purchased Ameriprise in Q1 after the stock sold off on fears around AI disintermediation of financial advisors. Ameriprise generates exceptional returns on equity with an ROE of over 50%. This level of return is nearly unmatched among diversified financial services peers. It reflects the capital-light nature of the wealth management and asset management businesses, which together require minimal incremental equity to grow. The business is run by CEO Jim Cracchiolo, who has led the company since its 2005 spin-off from American Express. His two-decade tenure has produced a compounding machine. Ameriprise trades at 10.4x estimated next twelve-month earnings per share. Historically, Ameriprise has traded between 8x and 16x NTM EPS. Also, Ameriprise trades at a discount to its wirehouse and large independent wealth management peers on a price-to-earnings basis. |
| FFBC | Our long positions in First Financial Bancorp, Webster Financial, Northeast Bank, Esquire Financial, and WEX were the top contributors to the Fund's performance. |
| WBS | We also sold Webster Financial after it announced a sale to the Spanish bank Santander. |
| CPASS | We had strong results in January, driven by small- to mid-cap regional bank earnings and the unexpected early closing of Compass's acquisition of Anywhere Real Estate. We used the January rally in Compass shares to cut the position by 25%. |
| PRI | We purchased new positions in two companies we previously owned: Ameriprise Financial and Primerica. |
| PRG | We also purchased shares in PROG Holdings, a rent-to-own and buy now, pay later business spun off from Aaron's Rents six years ago. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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