CIK: 0001600202
Total reported value
$143.0M
Reporting period: 2026-03-31 · Number of holdings: 32
Petiole USA ltd disclosed 32 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $143.0M and a quarterly turnover rate of 23.4%.
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Petiole USA ltd's disclosed holdings carry a Herfindahl concentration index of 0.039 — mathematically equivalent to about 26 equally-sized positions, close to its 32 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.50), 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 35% 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.
Trim FCNCA
-60.9% -$8.7M
Add UMBF
+76.7% $2.0M
Add CARE
-1.4% $1.3M
Add CBAN
-1.7% $835.2K
Add WBS
0.0% $660.2K
Add FXNC
-1.1% $429.0K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CBAN | Colony Bankcorp | Stock-Other | 6.35% | +1.00% | -1.73% | |
| 2 | CARE | Carter Bankshares INC | Stock-Other | 6.22% | +1.29% | -1.42% | |
| 3 | FXNC | First National Corp/va | Stock-Other | 5.80% | +0.70% | -1.12% | |
| 4 | CBK | Commercial Bancgroup INC | Stock-Other | 5.29% | +0.31% | -6.88% | |
| 5 | WBS | Webster Financial CORP | Stock-Financials | 4.95% | +0.79% | — | |
| 6 | RNST | Renasant CORP | Stock-Other | 4.94% | +0.45% | -0.76% | |
| 7 | BANC | Banc Of California INC | Stock-Other | 4.88% | -0.09% | — | |
| 8 | MPB | Mid Penn Bancorp INC | Stock-Other | 4.37% | +0.41% | -1.32% | |
| 9 | ORRF | Orrstown Finl Services INC | Stock-Other | 4.33% | +0.27% | -2.94% | |
| 10 | WAL | Western Alliance Bancorp | Stock-Financials | 3.89% | -0.53% | -3.21% | |
| 11 | HWC | Hancock Whitney CORP | Stock-Financials | 3.83% | +0.27% | — | |
| 12 | CCNE | Cnb Financial Corp/pa | Stock-Other | 3.83% | +0.62% | — | |
| 13 | UMBF | Umb Financial CORP | Stock-Financials | 3.36% | +1.56% | +76.69% | |
| 14 | FCNCA | First Citizens Bcshs -cl A | Stock-Financials | 3.18% | -5.41% | -60.89% | |
| 15 | WTFC | Wintrust Financial CORP | Stock-Financials | 2.89% | +0.19% | — | |
| 16 | FRME | First Merchants CORP | Stock-Other | 2.55% | +0.27% | — | |
| 17 | SBFG | Sb Financial Group INC | Stock-Other | 2.48% | +0.04% | — | |
| 18 | PNFP | Pinnacle Financial Partners | Stock-Financials | 2.43% | +2.43% | NEW | |
| 19 | CFG | Citizens Financial Group | Stock-Financials | 2.39% | +0.05% | -7.61% | |
| 20 | BCAL | California Bancorp | Stock-Other | 2.38% | +0.01% | -1.69% | |
| 21 | FRST | Primis Financial CORP | Stock-Other | 2.14% | +0.06% | — | |
| 22 | SHBI | Shore Bancshares INC | Stock-Other | 1.93% | +0.24% | — | |
| 23 | HBAN | Huntington Bancshares INC | Stock-Financials | 1.85% | -0.18% | -6.58% | |
| 24 | EQBK | Equity Bancshares INC - Cl A | Stock-Other | 1.78% | +0.12% | — | |
| 25 | FNB | Fnb CORP | Stock-Financials | 1.76% | -0.03% | -6.83% | |
| 26 | FRBA | First Bank/hamilton Nj | Stock-Other | 1.73% | +0.08% | — | |
| 27 | FNWB | First Northwest Bancorp | Stock-Other | 1.57% | -0.03% | -1.83% | |
| 28 | COLB | Columbia Banking System INC | Stock-Financials | 1.48% | -0.02% | -7.00% | |
| 29 | SSB | Southstate Bank CORP | Stock-Financials | 1.42% | -0.02% | -6.77% | |
| 30 | EWBC | East West Bancorp INC | Stock-Financials | 1.39% | +1.39% | NEW | |
| 31 | BANR | Banner Corporation | Stock-Other | 1.32% | -0.03% | -6.61% | |
| 32 | HAFC | Hanmi Financial Corporation | Stock-Other | 1.29% | +0.03% | -2.51% |
Performance for Q3 2026
+13.2%
Performance Last 4 Quarters
+39.4%
Based on 72% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 32 | $143.0M | 23 | |
| 2025-12-31 | 33 | $154.3M | 21 | |
| 2025-09-30 | 36 | $144.8M | 27 | |
| 2025-06-30 | 37 | $141.4M | 0 | |
| 2025-03-31 | 38 | $141.5M | 0 | |
| 2024-12-31 | 39 | $158.9M | 0 | |
| 2024-09-30 | 39 | $152.9M | 0 | |
| 2024-06-30 | 38 | $119.2M | 0 | |
| 2024-03-31 | 38 | $127.8M | 0 | |
| 2023-12-31 | 39 | $135.3M | 0 | |
| 2023-09-30 | 39 | $109.2M | 0 | |
| 2023-06-30 | 37 | $102.1M | 0 | |
| 2023-03-31 | 37 | $119.5M | 0 | |
| 2022-12-31 | 38 | $136.5M | 0 | |
| 2022-09-30 | 40 | $134.4M | 0 | |
| 2022-06-30 | 39 | $114.5M | 0 | |
| 2022-03-31 | 41 | $129.1M | 0 | |
| 2021-12-31 | 45 | $139.2M | 0 |
Petiole USA ltd's most significant position changes for 2026-03-31: Sold out: Synovus Financial CORP (SYU1); New buy: Pinnacle Financial Partners (PNFP); Sold out: Pinnacle Financial Partners, Inc. (PNW); Sold out: Zions Bancorp NA (ZION); New buy: East West Bancorp INC (EWBC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | UMBF | Umb Financial CORP | +1.6% | +76.69% | Add |
| 2 | CARE | Carter Bankshares INC | +1.3% | -1.42% | Trim |
| 3 | CBAN | Colony Bankcorp | +1% | -1.73% | Trim |
| 4 | WBS | Webster Financial CORP | +0.8% | — | Unchanged |
| 5 | FXNC | First National Corp/va | +0.7% | -1.12% | Trim |
| 6 | CCNE | Cnb Financial Corp/pa | +0.6% | — | Unchanged |
| 7 | RNST | Renasant CORP | +0.5% | -0.76% | Trim |
| 8 | MPB | Mid Penn Bancorp INC | +0.4% | -1.32% | Trim |
| 9 | CBK | Commercial Bancgroup INC | +0.3% | -6.88% | Trim |
| 10 | FRME | First Merchants CORP | +0.3% | — | Unchanged |
| 11 | ORRF | Orrstown Finl Services INC | +0.3% | -2.94% | Trim |
| 12 | HWC | Hancock Whitney CORP | +0.3% | — | Unchanged |
| 13 | SHBI | Shore Bancshares INC | +0.2% | — | Unchanged |
| 14 | WTFC | Wintrust Financial CORP | +0.2% | — | Unchanged |
| 15 | EQBK | Equity Bancshares INC - Cl A | +0.1% | — | Unchanged |
| 16 | FRBA | First Bank/hamilton Nj | +0.1% | — | Unchanged |
| 17 | FRST | Primis Financial CORP | +0.1% | — | Unchanged |
| 18 | CFG | Citizens Financial Group | +0.1% | -7.61% | Trim |
| 19 | SBFG | Sb Financial Group INC | 0% | — | Unchanged |
| 20 | HAFC | Hanmi Financial Corporation | 0% | -2.51% | Trim |
| 21 | BCAL | California Bancorp | 0% | -1.69% | Trim |
| 22 | COLB | Columbia Banking System INC | 0% | -7.00% | Trim |
| 23 | SSB | Southstate Bank CORP | 0% | -6.77% | Trim |
| 24 | FNB | Fnb CORP | 0% | -6.83% | Trim |
| 25 | FNWB | First Northwest Bancorp | 0% | -1.83% | Trim |
| 26 | BANR | Banner Corporation | 0% | -6.61% | Trim |
| 27 | BANC | Banc Of California INC | -0.1% | — | Unchanged |
| 28 | HBAN | Huntington Bancshares INC | -0.2% | -6.58% | Trim |
| 29 | WAL | Western Alliance Bancorp | -0.5% | -3.21% | Trim |
| 30 | FCNCA | First Citizens Bcshs -cl A | -5.4% | -60.89% | Trim |
| 31 | SYU1 | Synovus Financial CORP | — | EXIT | Sold out |
| 32 | PNFP | Pinnacle Financial Partners | — | NEW | New buy |
| 33 | PNW | Pinnacle Financial Partners, Inc. | — | EXIT | Sold out |
| 34 | ZION | Zions Bancorp NA | — | EXIT | Sold out |
| 35 | EWBC | East West Bancorp INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-20 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 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 | 2023-05-16 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
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