M3F, Inc.
Long book
$403.5M
Q1 2026
Positions
28
Top-10 weight
81%
concentration
Last quarter
+19.0%
SPY +14.8%
Turnover
23%
of book per quarter
Strategy in plain words
auto-generated from filingsM3F, Inc. is a concentrated fundamental stock-picker, running a $403.5M US long book across 28 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: WILLIS LEASE FINANCE CORP, PONCE FINANCIAL GROUP INC, AERCAP HOLDINGS NV, PIONEER BANCORP INC/NY, AERSALE CORP.
Over the last 9 quarters its long book ran on average 5.2pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+7.2%
Q2 2024
+36.0%
Q3 2024
+18.4%
Q4 2024
-8.8%
Q1 2025
-2.0%
Q2 2025
+5.1%
Q3 2025
+3.1%
Q4 2025
+8.9%
Q1 2026
+19.0%
Sector allocation
Financials 55%
Consumer discretionary 35%
Services media 8%
Other 2%
Long book by quarter
What does M3F, Inc. own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| WLFC WILLIS LEASE FINANCE CORP | Consumer discretionary | 677.2K | $115.3M | 28.6% | Held |
| PDLB PONCE FINANCIAL GROUP INC | Financials | 2.0M | $33.5M | 8.3% | +8.0% |
| AER AERCAP HOLDINGS NV | Services media | 238.0K | $32.6M | 8.1% | +14.1% |
| PBFS PIONEER BANCORP INC/NY | Financials | 2.1M | $28.8M | 7.1% | +1.9% |
| ASLE AERSALE CORP | Consumer discretionary | 4.0M | $24.8M | 6.1% | +20.0% |
| NODK NI HOLDINGS INC | Financials | 1.7M | $21.3M | 5.3% | +7.9% |
| SNFCA SECURITY NATL FINL CORP-CL A | Financials | 2.2M | $20.8M | 5.2% | -1.6% |
| SWKHL SWK HOLDINGS CORP | Financials | 995.3K | $16.9M | 4.2% | +16.6% |
| BHF BRIGHTHOUSE FINANCIAL INC | Financials | 280.0K | $16.8M | 4.2% | New |
| RBKB RHINEBECK BANCORP INC | Financials | 1.0M | $15.6M | 3.9% | -0.5% |
| NFBK NORTHFIELD BANCORP INC | Financials | 776.6K | $10.5M | 2.6% | New |
| ALRS ALERUS FINANCIAL CORP | Financials | 417.1K | $9.9M | 2.5% | +1.4% |
| PKBK PARKE BANCORP INC | Financials | 332.9K | $9.5M | 2.3% | -2.1% |
| GDOT GREEN DOT CORP-CLASS A | Financials | 748.8K | $8.4M | 2.1% | New |
| CBFV CB FINANCIAL SERVICES INC | Financials | 171.4K | $5.9M | 1.5% | +4.5% |
| WASH WASHINGTON TRUST BANCORP | Financials | 166.5K | $5.6M | 1.4% | Held |
| MGYR MAGYAR BANCORP INC | Financials | 283.9K | $4.9M | 1.2% | +1.3% |
| SSBI SUMMIT STATE BANK | — | 354.2K | $4.7M | 1.2% | Held |
| PROV PROVIDENT FINANCIAL HLDGS | Financials | 284.6K | $4.6M | 1.1% | -5.0% |
| BSBK BOGOTA FINANCIAL CORP | Financials | 493.7K | $4.2M | 1.0% | Held |
| BYFC BROADWAY FINANCIAL CORP/DE | Financials | 474.7K | $3.4M | 0.9% | +3.5% |
| AL AIR LEASE CORP | — | 39.1K | $2.5M | 0.6% | -91.3% |
| FBIZ FIRST BUSINESS FINANCIAL SER | Financials | 29.7K | $1.6M | 0.4% | -49.6% |
| WSBK WINCHESTER BANCORP INC | Financials | 24.6K | $312K | 0.1% | -82.9% |
| NSTS NSTS BANCORP INC | Financials | 26.7K | $311K | 0.1% | Held |
| SHFS SHF HOLDINGS INC | Financials | 308.0K | $256K | 0.1% | Held |
| VABK VIRGINIA NATIONAL BANKSHARES | Financials | 5.8K | $220K | 0.1% | New |
| AUBN AUBURN NATL BANCORPORATION | Financials | 9.2K | $218K | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 28, 2026 | 28 | $403.5M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 25 | $364.1M | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 28 | $352.9M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 30 | $354.5M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 31 | $363.8M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 29 | $345.9M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 29 | $324.6M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 34 | $270.2M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 37 | $282.5M | $K fixed canonical | SEC ↗ |
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