Azora Capital LP — Quarterly 13F Portfolio Report

CIK: 0001700272

Diversified strategySector-focusedMomentum follower

Total reported value

$1.5B

Reporting period: 2026-03-31 · Number of holdings: 45

Azora Capital LP disclosed 45 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.5B and a quarterly turnover rate of 84.9%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "A"

Personality snowflake

Concentration: 17.86
Portfolio Stability: 84.89
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 90
Sizing Uniformity: 89.84

Azora Capital LP's disclosed holdings carry a Herfindahl concentration index of 0.045 — mathematically equivalent to about 22 equally-sized positions, well below its 45 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.02), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Sector classification currently covers about 63% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.

Recent moves

Trim OMF
-78.7%　-$76.5M
Add SLM
+381.6%　$50.6M
Add RIOT
+1328.9%　$42.8M
Add SCHW
+120.6%　$28.7M
Trim LPLA
-4.7%　-$31.5M
Add VLY
+14.8%　$18.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	LPLA	Lpl Financial Holdings INC	Stock-Financials	8.45%	-1.63%	-4.65%
2	BEN	Franklin Resources INC	Stock-Financials	7.92%	-0.80%	-12.02%
3	VLY	Valley National Bancorp	Stock-Financials	7.23%	+1.49%	+14.75%
4	BBT	Beacon Financial CORP	Stock-Other	6.19%	+0.99%	+0.16%
5	IBOC	International Bancshares Crp	Stock-Other	5.81%	-0.57%	-13.89%
6	WT	Wisdomtree INC	Stock-Other	5.73%	+1.01%	-2.64%
7	VIRT	Virtu Financial Inc-class A	Stock-Financials	5.44%	+5.44%	NEW
8	SLM	Slm CORP	Stock-Financials	4.51%	+3.38%	+381.58%
9	PB	Prosperity Bancshares INC	Stock-Financials	4.14%	+4.14%	NEW
10	SCHW	Schwab (charles) CORP	Stock-Financials	3.64%	+1.96%	+120.64%
11	CCB	Coastal Financial Corp/wa	Stock-Other	3.30%	-1.16%	+6.53%
12	RIOT	Riot Platforms INC	Stock-Financials	3.03%	+2.82%	+1328.88%
13	XYZ	Block INC	Stock-Financials	2.75%	+2.75%	NEW
14	TCBI	Texas Capital Bancshares INC	Stock-Financials	2.50%	-1.35%	-40.81%
15	HUT	Hut 8 CORP	Stock-Financials	2.36%	+0.36%	+10.73%
16	EWBC	East West Bancorp INC	Stock-Financials	2.19%	+0.97%	+80.66%
17	✓	Bitdeer Technologies Group	Stock-Other	1.90%	+1.35%	+328.07%
18	PRG	Prog Holdings INC	Stock-Other	1.82%	+1.82%	NEW
19	HOMB	Home Bancshares INC	Stock-Financials	1.82%	+1.82%	NEW
20	ARX	Accelerant Holdings	Stock-Other	1.74%	-0.77%	-18.81%
21	NP	Neptune Insurance Holdi-cl A	Stock-Other	1.52%	—	+28.23%
22	KLAR	Klarna Group plc	Stock-Other	1.33%	+1.33%	NEW
23	1B2	Bitfarms Ltd/canada	Stock-Other	1.31%	+0.92%	+286.48%
24	FCFS	Firstcash Holdings INC	Stock-Financials	1.20%	+1.20%	NEW
25	AAMI	Acadian Asset Management INC	Stock-Other	1.18%	+1.18%	NEW
26	IWM	Ishares Russell 2000 ETF	ETF-Small Cap	1.13%	+1.13%	NEW
27	OMF	Onemain Holdings INC	Stock-Financials	1.02%	-4.78%	-78.67%
28	MTB	M & T Bank CORP	Stock-Financials	0.98%	+0.98%	NEW
29	IBKR	Interactive Brokers Gro-cl A	Stock-Financials	0.93%	+0.93%	NEW
30	CBC	Central Bancompany	Stock-Other	0.92%	—	+0.28%
31	PNFP	Pinnacle Financial Partners	Stock-Financials	0.84%	+0.84%	NEW
32	BRBS	Blue Ridge Bankshares INC	Stock-Other	0.75%	-0.58%	-45.25%
33	SSB	Southstate Bank CORP	Stock-Financials	0.72%	+0.72%	NEW
34	NU	Nu Holdings Ltd.	Stock-Financials	0.63%	+0.63%	NEW
35	PFSI	Pennymac Financial Services	Stock-Other	0.63%	+0.63%	NEW
36	DBRG	Digitalbridge Group INC	Stock-Financials	0.51%	—	—
37	WLTH	Wealthfront CORP	Stock-Other	0.49%	+0.23%	+169.89%
38	ARI	Apollo Commercial Real Estat	Stock-Other	0.49%	+0.49%	NEW
39	CIFR	Cipher Digital INC	Stock-Tech	0.22%	-0.61%	-70.85%
40	WULF	Terawulf INC	Stock-Financials	0.21%	—	—
41	FHI	Federated Hermes INC	Stock-Financials	0.20%	—	—
42	DAVE	Dave INC	Stock-Other	0.14%	-0.73%	-79.76%
43	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	0.10%	—	—
44	GLBE	Global-E Online Ltd.	Stock-Other	0.04%	—	—
45	SLNH	Soluna Holdings INC	Stock-Other	—	—	-18.51%

Portfolio Performance

Performance for Q3 2026

+5.1%

Performance Last 4 Quarters

+14.3%

Based on 77% of reported portfolio value with available pricing

Stdev: +20%
Beta: +1.09
Alpha: -2%
Max Drawdown: -15.8%
Annualized Perf: +17.5%
Batting Avg vs S&P: +38.9%
Sortino: +1.77
Stutzer: +0.27
Treynor: +0.17
Sterling: +0.84
Calmar: +1.1
Information Ratio: -0.02
Tracking Error: +14%
Stdev Down: +10.2%
Winning Months %: +55.6%
Losing Months %: +44.4%
Best 12 Months: +49.3%
Worst 12 Months: +4.1%
Efficiency Ratio: +0.38
Sharpe: +0.91
Stdev Sectors: +49.7%
Skewness: +0.24
Kurtosis: -0.55
Upside Potential: +3.56

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	45	$1.5B	85	1LPLA 2BEN 3VLY Top holdings2026-03-31 1.LPLA 2.BEN 3.VLY 4.BBT 5.IBOC 6.WT 7.VIRT 8.SLM 9.PB 10.SCHW
2025-12-31	47	$1.6B	100	1LPLA 2BEN 3IBOC Top holdings2025-12-31 1.LPLA 2.BEN 3.IBOC 4.C 5.OMF 6.VLY 7.BBT 8.WT 9.CCB 10.TCBI
2025-09-30	63	$2.2B	92	1BAC 2LPLA 3TFC Top holdings2025-09-30 1.BAC 2.LPLA 3.TFC 4.VLY 5.TCBI 6.WBS 7.WT 8.IBOC 9.BEN 10.CG
2025-06-30	58	$2.2B	0	1LPLA 2BAC 3CMA Top holdings2025-06-30 1.LPLA 2.BAC 3.CMA 4.WBS 5.KEY 6.COIN 7.WT 8.STNE 9.BEN 10.NU
2025-03-31	41	$1.5B	100	1LPLA 2BAC 3SCHW Top holdings2025-03-31 1.LPLA 2.BAC 3.SCHW 4.CMA 5.PNW 6.WT 7.WBS 8.FLG 9.IBOC 10.CCB
2024-12-31	57	$2.2B	0	1SYF 2LPLA 3WBS Top holdings2024-12-31 1.SYF 2.LPLA 3.WBS 4.SCHW 5.DNB 6.WT 7.PNW 8.FHN 9.TFC 10.STT
2024-09-30	49	$1.9B	0	1LPLA 2CMA 3WT Top holdings2024-09-30 1.LPLA 2.CMA 3.WT 4.KEY 5.DNB 6.WBS 7.FHN 8.MELI 9.HOOD 10.NCNO
2024-06-30	54	$2.2B	0	1V 2MA 3SYF Top holdings2024-06-30 1.V 2.MA 3.SYF 4.LPLA 5.FHN 6.CMA 7.FCNCA 8.WBS 9.WT 10.NCNO
2024-03-31	54	$1.4B	0	1LPLA 2CMA 3WT Top holdings2024-03-31 1.LPLA 2.CMA 3.WT 4.WBS 5.HBAN 6.KEY 7.SEIC 8.BANC 9.FCNCA 10.AAMI
2023-12-31	45	$1.2B	0	1SOFI 2WBS 3LPLA Top holdings2023-12-31 1.SOFI 2.WBS 3.LPLA 4.TFC 5.C 6.CMA 7.WT 8.KEY 9.MELI 10.JPM
2023-09-30	46	$936.0M	0	1LPLA 2BILL 3WT Top holdings2023-09-30 1.LPLA 2.BILL 3.WT 4.MQ 5.JPM 6.PB 7.AAMI 8.NCNO 9.IBOC 10.CBOE
2023-06-30	33	$552.4M	0	1SOFI 2LPLA 3NCNO Top holdings2023-06-30 1.SOFI 2.LPLA 3.NCNO 4.AAMI 5.WT 6.AVDX 7.QTWO 8.FIS 9.GPN 10.ALKT
2023-03-31	36	$686.4M	0	1LPLA 2AXP 3C Top holdings2023-03-31 1.LPLA 2.AXP 3.C 4.WT 5.WBS 6.GPN 7.BILL 8.AAMI 9.IBOC 10.SF
2022-12-31	31	$661.8M	0	1XLF 2SIVBEUR 3LPLA Top holdings2022-12-31 1.XLF 2.SIVBEUR 3.LPLA 4.BNY 5.WT 6.SCHW 7.WBS 8.C 9.AAMI 10.USB
2022-09-30	41	$673.8M	0	1STT 2LPLA 3PYPL Top holdings2022-09-30 1.STT 2.LPLA 3.PYPL 4.WT 5.WFC 6.IBOC 7.MTB 8.QQQ 9.SPY 10.SIVBEUR
2022-06-30	28	$408.0M	0	1LPLA 2WT 3COWNEUR Top holdings2022-06-30 1.LPLA 2.WT 3.COWNEUR 4.PYPL 5.MTB 6.TCBI 7.C 8.CMA 9.AAMI 10.IBKR
2022-03-31	36	$599.3M	0	1COWNEUR 2LPLA 3IBKR Top holdings2022-03-31 1.COWNEUR 2.LPLA 3.IBKR 4.RJF 5.67079A 6.IBOC 7.ALIT 8.PACWUSD 9.FIS 10.TCBI
2021-12-31	44	$639.3M	0	1ALIT 2COWNEUR 3PACWUSD Top holdings2021-12-31 1.ALIT 2.COWNEUR 3.PACWUSD 4.WT 5.XYZ 6.IBOC 7.TCBI 8.IBKR 9.PWP 10.67079A
2021-09-30	57	$842.5M	0	1AAMI 2ALIT 3COWNEUR Top holdings2021-09-30 1.AAMI 2.ALIT 3.COWNEUR 4.XYZ 5.PACWUSD 6.IBOC 7.MTB 8.WT 9.LPRO 10.125491
2021-06-30	43	$642.8M	100	1AAMI 2XYZ 3PYPL Top holdings2021-06-30 1.AAMI 2.XYZ 3.PYPL 4.PACWUSD 5.IBOC 6.GPN 7.WT 8.CNNE 9.COWNEUR 10.125491
2021-03-31	41	$797.1M	100	1XYZ 2WPF 3LPLA Top holdings2021-03-31 1.XYZ 2.WPF 3.LPLA 4.PYPL 5.COWNEUR 6.IBOC 7.AAMI 8.WFC 9.PACWUSD 10.CNNE
2020-12-31	43	$1.1B	95	1GS 2PYPL 3LPLA Top holdings2020-12-31 1.GS 2.PYPL 3.LPLA 4.ALLY 5.FNF 6.JHG 7.AAMI 8.CMA 9.STL 10.CNNE
2020-09-30	48	$794.7M	94	1PYPL 2GS 3FISV Top holdings2020-09-30 1.PYPL 2.GS 3.FISV 4.FNF 5.ALLY 6.CNNE 7.WFC 8.HTH 9.EVR 10.BEN
2020-06-30	45	$612.2M	100	1PYPL 2CNNE 3MS Top holdings2020-06-30 1.PYPL 2.CNNE 3.MS 4.GS 5.GPN 6.FISV 7.CADEEUR 8.FFWM 9.SF 10.HTH
2020-03-31	30	$258.4M	100	1JPM 2GPN 3FIS Top holdings2020-03-31 1.JPM 2.GPN 3.FIS 4.FHN 5.SEIC 6.PYPL 7.GS 8.FFWM 9.IBOC 10.IBTXUSD
2019-12-31	38	$704.4M	100	1BFH 2AXP 3SCHW Top holdings2019-12-31 1.BFH 2.AXP 3.SCHW 4.STT 5.LPLA 6.SIVBEUR 7.WFC 8.WBS 9.ETRA 10.KEY
2019-09-30	36	$452.4M	100	1ISBCUSD 2SYU1 3ALLY Top holdings2019-09-30 1.ISBCUSD 2.SYU1 3.ALLY 4.C 5.GS 6.TCF 7.SC 8.STT 9.TW 10.BLKCHF
2019-06-30	35	$729.8M	100	1SYU1 2LPLA 3SC Top holdings2019-06-30 1.SYU1 2.LPLA 3.SC 4.STL 5.KEY 6.COF 7.EVR 8.GS 9.WTFC 10.AMP
2019-03-31	34	$611.4M	100	1MS 2SYU1 3STL Top holdings2019-03-31 1.MS 2.SYU1 3.STL 4.SC 5.ETRA 6.C 7.SBNY 8.SYF 9.RF 10.LPLA
2018-12-31	32	$627.0M	100	1LPLA 2SYU1 3COF Top holdings2018-12-31 1.LPLA 2.SYU1 3.COF 4.MTB 5.AXP 6.SYF 7.ISBCUSD 8.STL 9.SF 10.SC
2018-09-30	36	$781.3M	100	1SIVBEUR 2C 3WTFC Top holdings2018-09-30 1.SIVBEUR 2.C 3.WTFC 4.872275 5.COF 6.2JE 7.STL 8.LPLA 9.TCBI 10.450828
2018-06-30	36	$634.1M	100	1WFC 2SIVBEUR3872275 Top holdings2018-06-30 1.WFC 2.SIVBEUR 3.872275 4.MA 5.WTFC 6.LPLA 7.STL 8.LMEUR 9.MTB 10.CMA
2018-03-31	25	$360.4M	89	1LPLA 2COF 3SIVBEUR Top holdings2018-03-31 1.LPLA 2.COF 3.SIVBEUR 4.SC 5.STL 6.PACWUSD 7.WFC 8.872275 9.450828 10.UMPQUSD
2017-12-31	34	$344.6M	0	1STL 2LPLA 3AMT Top holdings2017-12-31 1.STL 2.LPLA 3.AMT 4.SC 5.RF 6.PACWUSD 7.WFC 8.FHN 9.AL 10.450828

Holding changes this quarter

Azora Capital LP's most significant position changes for 2026-03-31: Sold out: Citigroup INC (C); New buy: Virtu Financial Inc-class A (VIRT); New buy: Prosperity Bancshares INC (PB); Sold out: Synchrony Financial (SYF); Sold out: Uwm Holdings CORP (UWMC).

Position changes disclosed by Azora Capital LP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	SLM	Slm CORP	+3.4%	+381.58%	Add
2	RIOT	Riot Platforms INC	+2.8%	+1328.88%	Add
3	SCHW	Schwab (charles) CORP	+2%	+120.64%	Add
4	VLY	Valley National Bancorp	+1.5%	+14.75%	Add
5	✓	Bitdeer Technologies Group	+1.4%	+328.07%	Add
6	WT	Wisdomtree INC	+1%	-2.64%	Trim
7	BBT	Beacon Financial CORP	+1%	+0.16%	Add
8	EWBC	East West Bancorp INC	+1%	+80.66%	Add
9	1B2	Bitfarms Ltd/canada	+0.9%	+286.48%	Add
10	HUT	Hut 8 CORP	+0.4%	+10.73%	Add
11	WLTH	Wealthfront CORP	+0.2%	+169.89%	Add
12	IBOC	International Bancshares Crp	-0.6%	-13.89%	Trim
13	BRBS	Blue Ridge Bankshares INC	-0.6%	-45.25%	Trim
14	CIFR	Cipher Digital INC	-0.6%	-70.85%	Trim
15	DAVE	Dave INC	-0.7%	-79.76%	Trim
16	ARX	Accelerant Holdings	-0.8%	-18.81%	Trim
17	BEN	Franklin Resources INC	-0.8%	-12.02%	Trim
18	CCB	Coastal Financial Corp/wa	-1.2%	+6.53%	Add
19	TCBI	Texas Capital Bancshares INC	-1.4%	-40.81%	Trim
20	LPLA	Lpl Financial Holdings INC	-1.6%	-4.65%	Trim
21	OMF	Onemain Holdings INC	-4.8%	-78.67%	Trim
22	C	Citigroup INC	—	EXIT	Sold out
23	VIRT	Virtu Financial Inc-class A	—	NEW	New buy
24	PB	Prosperity Bancshares INC	—	NEW	New buy
25	SYF	Synchrony Financial	—	EXIT	Sold out
26	UWMC	Uwm Holdings CORP	—	EXIT	Sold out
27	WBS	Webster Financial CORP	—	EXIT	Sold out
28	XYZ	Block INC	—	NEW	New buy
29	EVR	Evercore INC - A	—	EXIT	Sold out
30	RELY	Remitly Global INC	—	EXIT	Sold out
31	UPST	Upstart Holdings INC	—	EXIT	Sold out
32	PRG	Prog Holdings INC	—	NEW	New buy
33	HOMB	Home Bancshares INC	—	NEW	New buy
34	DLO	DLocal Limited	—	EXIT	Sold out
35	KLAR	Klarna Group plc	—	NEW	New buy
36	FCFS	Firstcash Holdings INC	—	NEW	New buy
37	AAMI	Acadian Asset Management INC	—	NEW	New buy
38	SEIC	Sei Investments Company	—	EXIT	Sold out
39	IWM	Ishares Russell 2000 ETF	—	NEW	New buy
40	INDB	Independent Bank Corp/ma	—	EXIT	Sold out
41	MTB	M & T Bank CORP	—	NEW	New buy
42	IBKR	Interactive Brokers Gro-cl A	—	NEW	New buy
43	✓		—	EXIT	Sold out
44	PNFP	Pinnacle Financial Partners	—	NEW	New buy
45	SSB	Southstate Bank CORP	—	NEW	New buy
46	HAPN	Happen INC	—	EXIT	Sold out
47	NU	Nu Holdings Ltd.	—	NEW	New buy
48	PFSI	Pennymac Financial Services	—	NEW	New buy
49	ARI	Apollo Commercial Real Estat	—	NEW	New buy
50	COSO	Coastal South Bancshares INC	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-14	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-14	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-05-17	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-12-08	Amendment	View on EDGAR
2020-09-30	2020-11-16	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-14	13F-HR	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-14	13F-HR	View on EDGAR

FAQ

What is Azora Capital LP and what type of investor is it?

Azora Capital LP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $1.5B, spread across 45 disclosed positions.

What are Azora Capital LP's largest equity positions?

Based on the latest 13F filing, Azora Capital LP's top holdings by market value are: 1. Lpl Financial Holdings INC (LPLA) — $128.6M (8.4%) 2. Franklin Resources INC (BEN) — $120.5M (7.9%) 3. Valley National Bancorp (VLY) — $109.9M (7.2%) 4. Beacon Financial CORP (BBT) — $94.1M (6.2%) 5. International Bancshares Crp (IBOC) — $88.3M (5.8%)

What changes did Azora Capital LP make in its most recent portfolio filing?

In the latest reported quarter, Azora Capital LP made 50 notable position adjustments: 16 new positions were initiated, 11 existing holdings were added to, 10 positions were partially reduced, and 13 were completely exited. The largest of these moves: Sold out: Citigroup INC (C); New buy: Virtu Financial Inc-class A (VIRT); New buy: Prosperity Bancshares INC (PB); Sold out: Synchrony Financial (SYF); Sold out: Uwm Holdings CORP (UWMC)

What sectors does Azora Capital LP focus on?

Azora Capital LP is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 99.7% • Information Technology: 0.3%

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Azora Capital LP — Quarterly 13F Portfolio Report

CIK: 0001700272

Diversified strategySector-focusedMomentum follower

Total reported value

$1.5B

Reporting period: 2026-03-31 · Number of holdings: 45

Azora Capital LP disclosed 45 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.5B and a quarterly turnover rate of 84.9%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "A"

Personality snowflake

Concentration: 17.86
Portfolio Stability: 84.89
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 90
Sizing Uniformity: 89.84

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.02), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Trim OMF
-78.7%　-$76.5M
Add SLM
+381.6%　$50.6M
Add RIOT
+1328.9%　$42.8M
Add SCHW
+120.6%　$28.7M
Trim LPLA
-4.7%　-$31.5M
Add VLY
+14.8%　$18.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	LPLA	Lpl Financial Holdings INC	Stock-Financials	8.45%	-1.63%	-4.65%
2	BEN	Franklin Resources INC	Stock-Financials	7.92%	-0.80%	-12.02%
3	VLY	Valley National Bancorp	Stock-Financials	7.23%	+1.49%	+14.75%
4	BBT	Beacon Financial CORP	Stock-Other	6.19%	+0.99%	+0.16%
5	IBOC	International Bancshares Crp	Stock-Other	5.81%	-0.57%	-13.89%
6	WT	Wisdomtree INC	Stock-Other	5.73%	+1.01%	-2.64%
7	VIRT	Virtu Financial Inc-class A	Stock-Financials	5.44%	+5.44%	NEW
8	SLM	Slm CORP	Stock-Financials	4.51%	+3.38%	+381.58%
9	PB	Prosperity Bancshares INC	Stock-Financials	4.14%	+4.14%	NEW
10	SCHW	Schwab (charles) CORP	Stock-Financials	3.64%	+1.96%	+120.64%
11	CCB	Coastal Financial Corp/wa	Stock-Other	3.30%	-1.16%	+6.53%
12	RIOT	Riot Platforms INC	Stock-Financials	3.03%	+2.82%	+1328.88%
13	XYZ	Block INC	Stock-Financials	2.75%	+2.75%	NEW
14	TCBI	Texas Capital Bancshares INC	Stock-Financials	2.50%	-1.35%	-40.81%
15	HUT	Hut 8 CORP	Stock-Financials	2.36%	+0.36%	+10.73%
16	EWBC	East West Bancorp INC	Stock-Financials	2.19%	+0.97%	+80.66%
17	✓	Bitdeer Technologies Group	Stock-Other	1.90%	+1.35%	+328.07%
18	PRG	Prog Holdings INC	Stock-Other	1.82%	+1.82%	NEW
19	HOMB	Home Bancshares INC	Stock-Financials	1.82%	+1.82%	NEW
20	ARX	Accelerant Holdings	Stock-Other	1.74%	-0.77%	-18.81%
21	NP	Neptune Insurance Holdi-cl A	Stock-Other	1.52%	—	+28.23%
22	KLAR	Klarna Group plc	Stock-Other	1.33%	+1.33%	NEW
23	1B2	Bitfarms Ltd/canada	Stock-Other	1.31%	+0.92%	+286.48%
24	FCFS	Firstcash Holdings INC	Stock-Financials	1.20%	+1.20%	NEW
25	AAMI	Acadian Asset Management INC	Stock-Other	1.18%	+1.18%	NEW
26	IWM	Ishares Russell 2000 ETF	ETF-Small Cap	1.13%	+1.13%	NEW
27	OMF	Onemain Holdings INC	Stock-Financials	1.02%	-4.78%	-78.67%
28	MTB	M & T Bank CORP	Stock-Financials	0.98%	+0.98%	NEW
29	IBKR	Interactive Brokers Gro-cl A	Stock-Financials	0.93%	+0.93%	NEW
30	CBC	Central Bancompany	Stock-Other	0.92%	—	+0.28%
31	PNFP	Pinnacle Financial Partners	Stock-Financials	0.84%	+0.84%	NEW
32	BRBS	Blue Ridge Bankshares INC	Stock-Other	0.75%	-0.58%	-45.25%
33	SSB	Southstate Bank CORP	Stock-Financials	0.72%	+0.72%	NEW
34	NU	Nu Holdings Ltd.	Stock-Financials	0.63%	+0.63%	NEW
35	PFSI	Pennymac Financial Services	Stock-Other	0.63%	+0.63%	NEW
36	DBRG	Digitalbridge Group INC	Stock-Financials	0.51%	—	—
37	WLTH	Wealthfront CORP	Stock-Other	0.49%	+0.23%	+169.89%
38	ARI	Apollo Commercial Real Estat	Stock-Other	0.49%	+0.49%	NEW
39	CIFR	Cipher Digital INC	Stock-Tech	0.22%	-0.61%	-70.85%
40	WULF	Terawulf INC	Stock-Financials	0.21%	—	—
41	FHI	Federated Hermes INC	Stock-Financials	0.20%	—	—
42	DAVE	Dave INC	Stock-Other	0.14%	-0.73%	-79.76%
43	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	0.10%	—	—
44	GLBE	Global-E Online Ltd.	Stock-Other	0.04%	—	—
45	SLNH	Soluna Holdings INC	Stock-Other	—	—	-18.51%

Portfolio Performance

Performance for Q3 2026

+5.1%

Performance Last 4 Quarters

+14.3%

Based on 77% of reported portfolio value with available pricing

Stdev: +20%
Beta: +1.09
Alpha: -2%
Max Drawdown: -15.8%
Annualized Perf: +17.5%
Batting Avg vs S&P: +38.9%
Sortino: +1.77
Stutzer: +0.27
Treynor: +0.17
Sterling: +0.84
Calmar: +1.1
Information Ratio: -0.02
Tracking Error: +14%
Stdev Down: +10.2%
Winning Months %: +55.6%
Losing Months %: +44.4%
Best 12 Months: +49.3%
Worst 12 Months: +4.1%
Efficiency Ratio: +0.38
Sharpe: +0.91
Stdev Sectors: +49.7%
Skewness: +0.24
Kurtosis: -0.55
Upside Potential: +3.56

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	45	$1.5B	85	1LPLA 2BEN 3VLY Top holdings2026-03-31 1.LPLA 2.BEN 3.VLY 4.BBT 5.IBOC 6.WT 7.VIRT 8.SLM 9.PB 10.SCHW
2025-12-31	47	$1.6B	100	1LPLA 2BEN 3IBOC Top holdings2025-12-31 1.LPLA 2.BEN 3.IBOC 4.C 5.OMF 6.VLY 7.BBT 8.WT 9.CCB 10.TCBI
2025-09-30	63	$2.2B	92	1BAC 2LPLA 3TFC Top holdings2025-09-30 1.BAC 2.LPLA 3.TFC 4.VLY 5.TCBI 6.WBS 7.WT 8.IBOC 9.BEN 10.CG
2025-06-30	58	$2.2B	0	1LPLA 2BAC 3CMA Top holdings2025-06-30 1.LPLA 2.BAC 3.CMA 4.WBS 5.KEY 6.COIN 7.WT 8.STNE 9.BEN 10.NU
2025-03-31	41	$1.5B	100	1LPLA 2BAC 3SCHW Top holdings2025-03-31 1.LPLA 2.BAC 3.SCHW 4.CMA 5.PNW 6.WT 7.WBS 8.FLG 9.IBOC 10.CCB
2024-12-31	57	$2.2B	0	1SYF 2LPLA 3WBS Top holdings2024-12-31 1.SYF 2.LPLA 3.WBS 4.SCHW 5.DNB 6.WT 7.PNW 8.FHN 9.TFC 10.STT
2024-09-30	49	$1.9B	0	1LPLA 2CMA 3WT Top holdings2024-09-30 1.LPLA 2.CMA 3.WT 4.KEY 5.DNB 6.WBS 7.FHN 8.MELI 9.HOOD 10.NCNO
2024-06-30	54	$2.2B	0	1V 2MA 3SYF Top holdings2024-06-30 1.V 2.MA 3.SYF 4.LPLA 5.FHN 6.CMA 7.FCNCA 8.WBS 9.WT 10.NCNO
2024-03-31	54	$1.4B	0	1LPLA 2CMA 3WT Top holdings2024-03-31 1.LPLA 2.CMA 3.WT 4.WBS 5.HBAN 6.KEY 7.SEIC 8.BANC 9.FCNCA 10.AAMI
2023-12-31	45	$1.2B	0	1SOFI 2WBS 3LPLA Top holdings2023-12-31 1.SOFI 2.WBS 3.LPLA 4.TFC 5.C 6.CMA 7.WT 8.KEY 9.MELI 10.JPM
2023-09-30	46	$936.0M	0	1LPLA 2BILL 3WT Top holdings2023-09-30 1.LPLA 2.BILL 3.WT 4.MQ 5.JPM 6.PB 7.AAMI 8.NCNO 9.IBOC 10.CBOE
2023-06-30	33	$552.4M	0	1SOFI 2LPLA 3NCNO Top holdings2023-06-30 1.SOFI 2.LPLA 3.NCNO 4.AAMI 5.WT 6.AVDX 7.QTWO 8.FIS 9.GPN 10.ALKT
2023-03-31	36	$686.4M	0	1LPLA 2AXP 3C Top holdings2023-03-31 1.LPLA 2.AXP 3.C 4.WT 5.WBS 6.GPN 7.BILL 8.AAMI 9.IBOC 10.SF
2022-12-31	31	$661.8M	0	1XLF 2SIVBEUR 3LPLA Top holdings2022-12-31 1.XLF 2.SIVBEUR 3.LPLA 4.BNY 5.WT 6.SCHW 7.WBS 8.C 9.AAMI 10.USB
2022-09-30	41	$673.8M	0	1STT 2LPLA 3PYPL Top holdings2022-09-30 1.STT 2.LPLA 3.PYPL 4.WT 5.WFC 6.IBOC 7.MTB 8.QQQ 9.SPY 10.SIVBEUR
2022-06-30	28	$408.0M	0	1LPLA 2WT 3COWNEUR Top holdings2022-06-30 1.LPLA 2.WT 3.COWNEUR 4.PYPL 5.MTB 6.TCBI 7.C 8.CMA 9.AAMI 10.IBKR
2022-03-31	36	$599.3M	0	1COWNEUR 2LPLA 3IBKR Top holdings2022-03-31 1.COWNEUR 2.LPLA 3.IBKR 4.RJF 5.67079A 6.IBOC 7.ALIT 8.PACWUSD 9.FIS 10.TCBI
2021-12-31	44	$639.3M	0	1ALIT 2COWNEUR 3PACWUSD Top holdings2021-12-31 1.ALIT 2.COWNEUR 3.PACWUSD 4.WT 5.XYZ 6.IBOC 7.TCBI 8.IBKR 9.PWP 10.67079A
2021-09-30	57	$842.5M	0	1AAMI 2ALIT 3COWNEUR Top holdings2021-09-30 1.AAMI 2.ALIT 3.COWNEUR 4.XYZ 5.PACWUSD 6.IBOC 7.MTB 8.WT 9.LPRO 10.125491
2021-06-30	43	$642.8M	100	1AAMI 2XYZ 3PYPL Top holdings2021-06-30 1.AAMI 2.XYZ 3.PYPL 4.PACWUSD 5.IBOC 6.GPN 7.WT 8.CNNE 9.COWNEUR 10.125491
2021-03-31	41	$797.1M	100	1XYZ 2WPF 3LPLA Top holdings2021-03-31 1.XYZ 2.WPF 3.LPLA 4.PYPL 5.COWNEUR 6.IBOC 7.AAMI 8.WFC 9.PACWUSD 10.CNNE
2020-12-31	43	$1.1B	95	1GS 2PYPL 3LPLA Top holdings2020-12-31 1.GS 2.PYPL 3.LPLA 4.ALLY 5.FNF 6.JHG 7.AAMI 8.CMA 9.STL 10.CNNE
2020-09-30	48	$794.7M	94	1PYPL 2GS 3FISV Top holdings2020-09-30 1.PYPL 2.GS 3.FISV 4.FNF 5.ALLY 6.CNNE 7.WFC 8.HTH 9.EVR 10.BEN
2020-06-30	45	$612.2M	100	1PYPL 2CNNE 3MS Top holdings2020-06-30 1.PYPL 2.CNNE 3.MS 4.GS 5.GPN 6.FISV 7.CADEEUR 8.FFWM 9.SF 10.HTH
2020-03-31	30	$258.4M	100	1JPM 2GPN 3FIS Top holdings2020-03-31 1.JPM 2.GPN 3.FIS 4.FHN 5.SEIC 6.PYPL 7.GS 8.FFWM 9.IBOC 10.IBTXUSD
2019-12-31	38	$704.4M	100	1BFH 2AXP 3SCHW Top holdings2019-12-31 1.BFH 2.AXP 3.SCHW 4.STT 5.LPLA 6.SIVBEUR 7.WFC 8.WBS 9.ETRA 10.KEY
2019-09-30	36	$452.4M	100	1ISBCUSD 2SYU1 3ALLY Top holdings2019-09-30 1.ISBCUSD 2.SYU1 3.ALLY 4.C 5.GS 6.TCF 7.SC 8.STT 9.TW 10.BLKCHF
2019-06-30	35	$729.8M	100	1SYU1 2LPLA 3SC Top holdings2019-06-30 1.SYU1 2.LPLA 3.SC 4.STL 5.KEY 6.COF 7.EVR 8.GS 9.WTFC 10.AMP
2019-03-31	34	$611.4M	100	1MS 2SYU1 3STL Top holdings2019-03-31 1.MS 2.SYU1 3.STL 4.SC 5.ETRA 6.C 7.SBNY 8.SYF 9.RF 10.LPLA
2018-12-31	32	$627.0M	100	1LPLA 2SYU1 3COF Top holdings2018-12-31 1.LPLA 2.SYU1 3.COF 4.MTB 5.AXP 6.SYF 7.ISBCUSD 8.STL 9.SF 10.SC
2018-09-30	36	$781.3M	100	1SIVBEUR 2C 3WTFC Top holdings2018-09-30 1.SIVBEUR 2.C 3.WTFC 4.872275 5.COF 6.2JE 7.STL 8.LPLA 9.TCBI 10.450828
2018-06-30	36	$634.1M	100	1WFC 2SIVBEUR3872275 Top holdings2018-06-30 1.WFC 2.SIVBEUR 3.872275 4.MA 5.WTFC 6.LPLA 7.STL 8.LMEUR 9.MTB 10.CMA
2018-03-31	25	$360.4M	89	1LPLA 2COF 3SIVBEUR Top holdings2018-03-31 1.LPLA 2.COF 3.SIVBEUR 4.SC 5.STL 6.PACWUSD 7.WFC 8.872275 9.450828 10.UMPQUSD
2017-12-31	34	$344.6M	0	1STL 2LPLA 3AMT Top holdings2017-12-31 1.STL 2.LPLA 3.AMT 4.SC 5.RF 6.PACWUSD 7.WFC 8.FHN 9.AL 10.450828

Holding changes this quarter

Position changes disclosed by Azora Capital LP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	SLM	Slm CORP	+3.4%	+381.58%	Add
2	RIOT	Riot Platforms INC	+2.8%	+1328.88%	Add
3	SCHW	Schwab (charles) CORP	+2%	+120.64%	Add
4	VLY	Valley National Bancorp	+1.5%	+14.75%	Add
5	✓	Bitdeer Technologies Group	+1.4%	+328.07%	Add
6	WT	Wisdomtree INC	+1%	-2.64%	Trim
7	BBT	Beacon Financial CORP	+1%	+0.16%	Add
8	EWBC	East West Bancorp INC	+1%	+80.66%	Add
9	1B2	Bitfarms Ltd/canada	+0.9%	+286.48%	Add
10	HUT	Hut 8 CORP	+0.4%	+10.73%	Add
11	WLTH	Wealthfront CORP	+0.2%	+169.89%	Add
12	IBOC	International Bancshares Crp	-0.6%	-13.89%	Trim
13	BRBS	Blue Ridge Bankshares INC	-0.6%	-45.25%	Trim
14	CIFR	Cipher Digital INC	-0.6%	-70.85%	Trim
15	DAVE	Dave INC	-0.7%	-79.76%	Trim
16	ARX	Accelerant Holdings	-0.8%	-18.81%	Trim
17	BEN	Franklin Resources INC	-0.8%	-12.02%	Trim
18	CCB	Coastal Financial Corp/wa	-1.2%	+6.53%	Add
19	TCBI	Texas Capital Bancshares INC	-1.4%	-40.81%	Trim
20	LPLA	Lpl Financial Holdings INC	-1.6%	-4.65%	Trim
21	OMF	Onemain Holdings INC	-4.8%	-78.67%	Trim
22	C	Citigroup INC	—	EXIT	Sold out
23	VIRT	Virtu Financial Inc-class A	—	NEW	New buy
24	PB	Prosperity Bancshares INC	—	NEW	New buy
25	SYF	Synchrony Financial	—	EXIT	Sold out
26	UWMC	Uwm Holdings CORP	—	EXIT	Sold out
27	WBS	Webster Financial CORP	—	EXIT	Sold out
28	XYZ	Block INC	—	NEW	New buy
29	EVR	Evercore INC - A	—	EXIT	Sold out
30	RELY	Remitly Global INC	—	EXIT	Sold out
31	UPST	Upstart Holdings INC	—	EXIT	Sold out
32	PRG	Prog Holdings INC	—	NEW	New buy
33	HOMB	Home Bancshares INC	—	NEW	New buy
34	DLO	DLocal Limited	—	EXIT	Sold out
35	KLAR	Klarna Group plc	—	NEW	New buy
36	FCFS	Firstcash Holdings INC	—	NEW	New buy
37	AAMI	Acadian Asset Management INC	—	NEW	New buy
38	SEIC	Sei Investments Company	—	EXIT	Sold out
39	IWM	Ishares Russell 2000 ETF	—	NEW	New buy
40	INDB	Independent Bank Corp/ma	—	EXIT	Sold out
41	MTB	M & T Bank CORP	—	NEW	New buy
42	IBKR	Interactive Brokers Gro-cl A	—	NEW	New buy
43	✓		—	EXIT	Sold out
44	PNFP	Pinnacle Financial Partners	—	NEW	New buy
45	SSB	Southstate Bank CORP	—	NEW	New buy
46	HAPN	Happen INC	—	EXIT	Sold out
47	NU	Nu Holdings Ltd.	—	NEW	New buy
48	PFSI	Pennymac Financial Services	—	NEW	New buy
49	ARI	Apollo Commercial Real Estat	—	NEW	New buy
50	COSO	Coastal South Bancshares INC	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-14	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-14	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-05-17	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-12-08	Amendment	View on EDGAR
2020-09-30	2020-11-16	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-14	13F-HR	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-14	13F-HR	View on EDGAR

FAQ

What is Azora Capital LP and what type of investor is it?

What are Azora Capital LP's largest equity positions?

What changes did Azora Capital LP make in its most recent portfolio filing?

What sectors does Azora Capital LP focus on?

Azora Capital LP is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 99.7% • Information Technology: 0.3%