BANC FUNDS CO LLC
Long book
$537.2M
Q1 2026
Positions
97
Top-10 weight
30%
concentration
Last quarter
+14.7%
SPY +14.8%
Turnover
11%
of book per quarter
Strategy in plain words
auto-generated from filingsBANC FUNDS CO LLC is an institutional manager, specialised in financials (100% of the long book), running a $537.2M US long book across 97 positions.
The portfolio is moderately concentrated (top 10 ≈ 30% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: PRIVATE BANCORP OF AMERICA I, OLD SECOND BANCORP INC, UNITY BANCORP INC, AVIDBANK HOLDINGS INC, AMERICAN BUSINESS BANK.
Over the last 9 quarters its long book ran on average 1.9pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.5%
Q2 2024
+16.7%
Q3 2024
+7.2%
Q4 2024
-5.5%
Q1 2025
+3.5%
Q2 2025
+7.7%
Q3 2025
+7.6%
Q4 2025
+5.1%
Q1 2026
+14.7%
Sector allocation
Financials 69%
Other 31%
Long book by quarter
What does BANC FUNDS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PBAM PRIVATE BANCORP OF AMERICA I | — | 309.9K | $21.1M | 3.9% | +9.2% |
| OSBC OLD SECOND BANCORP INC | Financials | 1.0M | $20.7M | 3.9% | +13.7% |
| UNTY UNITY BANCORP INC | Financials | 375.5K | $19.5M | 3.6% | Held |
| AVBH AVIDBANK HOLDINGS INC | Financials | 665.1K | $19.0M | 3.5% | +11.5% |
| AMBZ AMERICAN BUSINESS BANK | — | 245.8K | $17.4M | 3.2% | -5.8% |
| BCAL CALIFORNIA BANCORP | Financials | 831.2K | $14.7M | 2.7% | +8.5% |
| FRBA FIRST BANK/HAMILTON NJ | — | 864.2K | $13.8M | 2.6% | +31.3% |
| WCCB WEST COAST COMMUNITY BANCORP | — | 276.7K | $13.1M | 2.4% | +1.2% |
| MBIN MERCHANTS BANCORP/IN | Financials | 281.1K | $12.1M | 2.2% | +15.0% |
| MCB METROPOLITAN BANK HOLDING CO | Financials | 142.2K | $11.8M | 2.2% | +10.4% |
| MNSB MAINSTREET BANCSHARES INC | Financials | 530.9K | $11.8M | 2.2% | +25.8% |
| FRST PRIMIS FINANCIAL CORP | Financials | 873.0K | $11.6M | 2.2% | +10.7% |
| TCBI TEXAS CAPITAL BANCSHARES INC | Financials | 119.8K | $11.4M | 2.1% | Held |
| ALPIB ALPINE BANKS OF COLORADO-B | — | 204.3K | $9.8M | 1.8% | -13.9% |
| PGC PEAPACK GLADSTONE FINL CORP | Financials | 273.9K | $9.6M | 1.8% | -8.0% |
| SFST SOUTHERN FIRST BANCSHARES | Financials | 171.7K | $9.4M | 1.7% | Held |
| BANC BANC OF CALIFORNIA INC | Financials | 519.7K | $9.1M | 1.7% | Held |
| FBIZ FIRST BUSINESS FINANCIAL SER | Financials | 166.2K | $9.0M | 1.7% | Held |
| MYFW FIRST WESTERN FINANCIAL INC | Financials | 348.4K | $8.6M | 1.6% | +0.7% |
| CBAN COLONY BANKCORP | Financials | 419.5K | $8.4M | 1.6% | -1.9% |
| CNOB CONNECTONE BANCORP INC | Financials | 310.2K | $8.3M | 1.5% | +36.2% |
| ALRS ALERUS FINANCIAL CORP | Financials | 349.2K | $8.3M | 1.5% | +62.4% |
| ISTR INVESTAR HOLDING CORP | Financials | 306.9K | $8.2M | 1.5% | Held |
| MCBI MOUNTAIN COMMERCE BANCORP IN | — | 351.3K | $8.0M | 1.5% | Held |
| BRBS BLUE RIDGE BANKSHARES INC | Financials | 1.9M | $7.9M | 1.5% | -6.9% |
| MRBK MERIDIAN CORP | Financials | 369.3K | $7.0M | 1.3% | +15.1% |
| TFIN TRIUMPH FINANCIAL INC | Financials | 117.1K | $7.0M | 1.3% | Held |
| MPB MID PENN BANCORP INC | Financials | 208.0K | $6.7M | 1.2% | Held |
| MBWM MERCANTILE BANK CORP | Financials | 131.2K | $6.6M | 1.2% | +0.2% |
| CCNB COASTAL CAROLINA BANCSHARES | Financials | 466.8K | $6.5M | 1.2% | Held |
| CCNE CNB FINANCIAL CORP/PA | Financials | 222.4K | $6.4M | 1.2% | +2.4% |
| TCBX THIRD COAST BANCSHARES INC | Financials | 169.1K | $6.4M | 1.2% | +7.3% |
| BFST BUSINESS FIRST BANCSHARES | Financials | 234.3K | $6.3M | 1.2% | +22.9% |
| OBT ORANGE COUNTY BANCORP INC | Financials | 197.5K | $6.3M | 1.2% | Held |
| FSUN FIRSTSUN CAPITAL BANCORP | Financials | 168.5K | $6.1M | 1.1% | Held |
| SMBK SMARTFINANCIAL INC | Financials | 150.1K | $5.9M | 1.1% | -25.2% |
| UBFO UNITED SECURITY BANCSHARE/CA | — | 532.3K | $5.6M | 1.0% | -0.7% |
| BPRN PRINCETON BANCORP INC | Financials | 153.9K | $5.2M | 1.0% | Held |
| STBK STUDIO FINANCIAL HOLDINGS IN | — | 429.1K | $5.2M | 1.0% | +0.7% |
| BSVN BANK7 CORP | Financials | 128.5K | $5.1M | 1.0% | Held |
| FSRL FIRST RELIANCE BANCSHARES IN | — | 341.3K | $4.7M | 0.9% | -2.7% |
| WRIV WHITE RIVER BANCSHARES CO | — | 89.0K | $4.7M | 0.9% | Held |
| BWFG BANKWELL FINANCIAL GROUP INC | Financials | 96.4K | $4.7M | 0.9% | Held |
| FCPB FIRST CAPITAL BANCSHARES INC | — | 359.0K | $4.4M | 0.8% | -0.5% |
| BSFO BANK OF SAN FRANCISCO | — | 115.1K | $4.3M | 0.8% | New |
| CBSH COMMERCE BANCSHARES INC | Financials | 86.8K | $4.3M | 0.8% | New |
| RCBC RIVER CITY BANK/CA | — | 101.6K | $4.3M | 0.8% | +0.8% |
| CZWI CITIZENS COMMUNITY BANCORP I | Financials | 206.1K | $4.1M | 0.8% | -16.3% |
| SABK SOUTH ATLANTIC BANCSHARES | — | 179.4K | $4.1M | 0.8% | -0.1% |
| ORPB OREGON PACIFIC BANCORP | — | 361.9K | $4.0M | 0.7% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 97 | $537.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 98 | $505.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 111 | $572.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 115 | $661.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 118 | $758.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 121 | $906.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 125 | $921.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 127 | $843.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 134 | $884.7M | $K fixed canonical | SEC ↗ |