Petiole USA ltd
Long book
$143.0M
Q1 2026
Positions
32
Top-10 weight
51%
concentration
Last quarter
+17.6%
SPY +14.8%
Turnover
14%
of book per quarter
Strategy in plain words
auto-generated from filingsPetiole USA ltd is a diversified fundamental manager, specialised in financials (100% of the long book), running a $143.0M US long book across 32 positions.
The portfolio is concentrated: the top 10 names carry 51% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: COLONY BANKCORP, CARTER BANKSHARES INC, FIRST NATIONAL CORP/VA, COMMERCIAL BANCGROUP INC, WEBSTER FINANCIAL CORP.
Over the last 9 quarters its long book ran on average 1.5pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.5%
Q2 2024
+20.6%
Q3 2024
+5.1%
Q4 2024
-6.0%
Q1 2025
+3.4%
Q2 2025
+7.3%
Q3 2025
+7.5%
Q4 2025
+1.0%
Q1 2026
+17.6%
Sector allocation
Financials 98%
Other 2%
Long book by quarter
What does Petiole USA own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CBAN COLONY BANKCORP | Financials | 454.8K | $9.1M | 6.4% | -1.7% |
| CARE CARTER BANKSHARES INC | Financials | 381.4K | $8.9M | 6.2% | -1.4% |
| FXNC FIRST NATIONAL CORP/VA | Financials | 307.9K | $8.3M | 5.8% | -1.1% |
| CBK COMMERCIAL BANCGROUP INC | Financials | 291.0K | $7.6M | 5.3% | -6.9% |
| WBS WEBSTER FINANCIAL CORP | Financials | 101.9K | $7.1M | 4.9% | Held |
| RNST RENASANT CORP | Financials | 195.3K | $7.1M | 4.9% | -0.8% |
| BANC BANC OF CALIFORNIA INC | Financials | 397.2K | $7.0M | 4.9% | Held |
| MPB MID PENN BANCORP INC | Financials | 194.5K | $6.3M | 4.4% | -1.3% |
| ORRF ORRSTOWN FINL SERVICES INC | Financials | 171.8K | $6.2M | 4.3% | -2.9% |
| WAL WESTERN ALLIANCE BANCORP | Financials | 78.5K | $5.6M | 3.9% | -3.2% |
| HWC HANCOCK WHITNEY CORP | Financials | 86.2K | $5.5M | 3.8% | Held |
| CCNE CNB FINANCIAL CORP/PA | Financials | 189.2K | $5.5M | 3.8% | Held |
| UMBF UMB FINANCIAL CORP | Financials | 42.6K | $4.8M | 3.4% | +76.7% |
| FCNCA FIRST CITIZENS BCSHS -CL A | Financials | 2.4K | $4.6M | 3.2% | -60.9% |
| WTFC WINTRUST FINANCIAL CORP | Financials | 29.8K | $4.1M | 2.9% | Held |
| FRME FIRST MERCHANTS CORP | Financials | 94.0K | $3.6M | 2.5% | Held |
| SBFG SB FINANCIAL GROUP INC | Financials | 168.8K | $3.5M | 2.5% | Held |
| PNFP PINNACLE FINANCIAL PARTNERS | Financials | 40.4K | $3.5M | 2.4% | New |
| CFG CITIZENS FINANCIAL GROUP | Financials | 57.1K | $3.4M | 2.4% | -7.6% |
| BCAL CALIFORNIA BANCORP | Financials | 192.3K | $3.4M | 2.4% | -1.7% |
| FRST PRIMIS FINANCIAL CORP | Financials | 230.2K | $3.1M | 2.1% | Held |
| SHBI SHORE BANCSHARES INC | Financials | 147.5K | $2.8M | 1.9% | Held |
| HBAN HUNTINGTON BANCSHARES INC | Financials | 168.9K | $2.6M | 1.8% | -6.6% |
| EQBK EQUITY BANCSHARES INC - CL A | Financials | 57.4K | $2.5M | 1.8% | Held |
| FNB FNB CORP | Financials | 150.2K | $2.5M | 1.8% | -6.8% |
| FRBA FIRST BANK/HAMILTON NJ | — | 154.7K | $2.5M | 1.7% | Held |
| FNWB FIRST NORTHWEST BANCORP | Financials | 257.9K | $2.2M | 1.6% | -1.8% |
| COLB COLUMBIA BANKING SYSTEM INC | Financials | 77.1K | $2.1M | 1.5% | -7.0% |
| SSB SOUTHSTATE BANK CORP | Financials | 22.0K | $2.0M | 1.4% | -6.8% |
| EWBC EAST WEST BANCORP INC | Financials | 18.6K | $2.0M | 1.4% | New |
| BANR BANNER CORPORATION | Financials | 31.1K | $1.9M | 1.3% | -6.6% |
| HAFC HANMI FINANCIAL CORPORATION | Financials | 69.9K | $1.8M | 1.3% | -2.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 32 | $143.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ARESTATEMENT | Feb 20, 2026 | 33 | $154.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 33 | $154.3M | SEC ↗ | |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 36 | $144.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 37 | $141.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 38 | $141.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 39 | $158.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 39 | $152.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 38 | $119.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 38 | $127.8M | canonical | SEC ↗ |