SM
Salzhauer Michael — 13F Portfolio Changes & Top Buys (Q2 2026)
Salzhauer MichaelCIK: 0001059543
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$292.4M
Reporting period: 2026-06-30 · Number of holdings: 89
SALZHAUER MICHAEL disclosed 89 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $292.4M and a quarterly turnover rate of 34.5%.
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Personality snowflake
- Concentration
- 48.09
- Portfolio Stability
- 34.47
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 70.66
Salzhauer Michael's disclosed holdings carry a Herfindahl concentration index of 0.120 — mathematically equivalent to about 8 equally-sized positions, well below its 89 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.93), with a handful of outsized bets alongside many smaller positions.
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 69% 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy PNFP
Add BAC
-6.6% $32.8M
Add COF
+256.1% $7.5M
Trim C
-22.0% $5.8M
Trim FRST
-31.6% -$1.4M
Trim WFC
+1.0% $420.1K
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 79 holdings (of 89 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BAC | Bank Of America CORP | Stock-Financials | 30.67% | +3.87% | -6.60% | |
| 2 | C | Citigroup Inc | Stock-Financials | 12.04% | -1.81% | -22.05% | |
| 3 | PNFP | Pinnacle Financial Partners | Stock-Financials | 5.13% | +5.12% | NEW | |
| 4 | PGC | Peapack Gladstone Finl CORP | Stock-Other | 3.51% | -0.73% | -15.29% | |
| 5 | COF | Capital One Financial CORP | Stock-Financials | 3.43% | +2.22% | +256.15% | |
| 6 | BANC | Banc Of California Inc | Stock-Other | 3.39% | +0.07% | +13.55% | |
| 7 | SMBK | Smartfinancial Inc | Stock-Other | 3.39% | -0.53% | -0.78% | |
| 8 | FRST | Primis Financial CORP | Stock-Other | 2.64% | -1.68% | -31.62% | |
| 9 | WFC | Wells Fargo & Co | Stock-Financials | 2.64% | -0.80% | +1.00% | |
| 10 | SBCF | Seacoast Banking Corp/fl | Stock-Other | 2.18% | -0.60% | -1.54% | |
| 11 | FSUN | Firstsun Capital Bancorp | Stock-Other | 1.87% | -0.55% | +0.02% | |
| 12 | WAL | Western Alliance Bancorp | Stock-Financials | 1.54% | -0.27% | +0.94% | |
| 13 | HTB | Hometrust Bancshares Inc | Stock-Other | 1.34% | -0.24% | — | |
| 14 | FHN | First Horizon CORP | Stock-Financials | 1.23% | -0.26% | -0.22% | |
| 15 | PFS | Provident Financial Services | Stock-Other | 1.23% | -0.29% | — | |
| 16 | SSB | Southstate Bank CORP | Stock-Financials | 1.08% | -0.30% | — | |
| 17 | FBK | Fb Financial CORP | Stock-Other | 1.05% | -0.31% | -0.05% | |
| 18 | FITB | Fifth Third Bancorp | Stock-Financials | 0.97% | -0.10% | +2.43% | |
| 19 | TFC | Truist Financial CORP | Stock-Financials | 0.92% | -0.25% | — | |
| 20 | TCBX | Third Coast Bancshares Inc | Stock-Other | 0.86% | +0.13% | +51.89% | |
| 21 | CBSH | Commerce Bancshares Inc | Stock-Financials | 0.85% | -0.14% | +0.23% | |
| 22 | PNC | Pnc Financial Services Group | Stock-Financials | 0.81% | -0.13% | — | |
| 23 | CFG | Citizens Financial Group | Stock-Financials | 0.78% | +0.02% | — | |
| 24 | CNOB | Connectone Bancorp Inc | Stock-Other | 0.76% | -0.09% | -1.11% | |
| 25 | DCOM | Dime Commercial Bancshares I | Stock-Other | 0.75% | -0.24% | -12.86% | |
| 26 | HBAN | Huntington Bancshares Inc | Stock-Financials | 0.72% | -0.16% | — | |
| 27 | VABK | Virginia National Bankshares | Stock-Other | 0.69% | -0.13% | — | |
| 28 | RF | Regions Financial CORP | Stock-Financials | 0.69% | -0.13% | — | |
| 29 | HWC | Hancock Whitney CORP | Stock-Financials | 0.62% | -0.11% | — | |
| 30 | MCB | Metropolitan Bank Holding Co | Stock-Other | 0.61% | -0.09% | +0.45% | |
| 31 | TOWN | Towne Bank | Stock-Other | 0.58% | -0.17% | — | |
| 32 | SHBI | Shore Bancshares Inc | Stock-Other | 0.57% | -0.07% | — | |
| 33 | UNTY | Unity Bancorp Inc | Stock-Other | 0.52% | +0.05% | +32.18% | |
| 34 | WSFS | Wsfs Financial CORP | Stock-Other | 0.51% | -0.09% | — | |
| 35 | BHRB | Burke & Herbert Financial Se | Stock-Other | 0.50% | +0.33% | +249.63% | |
| 36 | USCB | Uscb Financial Holdings Inc | Stock-Other | 0.44% | -0.02% | +19.00% | |
| 37 | CFBK | Cf Bankshares Inc | Stock-Other | 0.44% | -0.07% | — | |
| 38 | AMTB | Amerant Bancorp Inc | Stock-Other | 0.44% | +0.23% | +150.00% | |
| 39 | HAFC | Hanmi Financial Corporation | Stock-Other | 0.42% | -0.25% | -29.48% | |
| 40 | QCRH | Qcr Holdings Inc | Stock-Other | 0.40% | -0.09% | -1.36% | |
| 41 | SPFI | South Plains Financial Inc | Stock-Other | 0.39% | -0.06% | +17.23% | |
| 42 | KEY | Keycorp | Stock-Financials | 0.38% | -0.01% | -9.91% | |
| 43 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.36% | -0.09% | — | |
| 44 | AAPL | Apple Inc | Stock-Tech | 0.34% | -0.07% | — | |
| 45 | SSBI | Summit State Bank | Stock-Other | 0.34% | -0.12% | — | |
| 46 | COSO | Coastal South Bancshares Inc | Stock-Other | 0.30% | -0.08% | — | |
| 47 | BPOP | Popular Inc | Stock-Financials | 0.29% | -0.04% | — | |
| 48 | MS | Morgan Stanley | Stock-Financials | 0.29% | -0.03% | -1.21% | |
| 49 | COLB | Columbia Banking System Inc | Stock-Financials | 0.25% | -0.04% | — | |
| 50 | CBFV | Cb Financial Services Inc | Stock-Other | 0.24% | -0.06% | — |
1–50 of 79
Portfolio Performance
Performance for Q3 2026
+11.7%
Performance Last 4 Quarters
+24.6%
- Stdev
- +19.5%
- Beta
- +0.98
- Alpha
- +8.6%
- Max Drawdown
- -13.9%
- Annualized Perf
- +29.8%
- Batting Avg vs S&P
- +50%
- Sortino
- +3.42
- Stutzer
- +0.43
- Treynor
- +0.29
- Sterling
- +1.69
- Calmar
- +2.14
- Information Ratio
- +0.55
- Tracking Error
- +14.9%
- Stdev Down
- +8.2%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +56.7%
- Worst 12 Months
- +11.4%
- Efficiency Ratio
- +0.71
- Sharpe
- +1.44
- Stdev Sectors
- +39.2%
- Skewness
- +0.29
- Kurtosis
- -0.65
- Upside Potential
- +5.08
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 89 | $292.4M | 34 | ||
| 2026 Q1 | 75 | $212.2M | 33 | ||
| 2025 Q4 | 94 | $244.3M | 40 | ||
| 2025 Q3 | 93 | $207.7M | 67 | ||
| 2025 Q2 | 80 | $170.9M | 0 | ||
| 2025 Q1 | 87 | $163.7M | 100 | ||
| 2024 Q4 | 80 | $195.4M | 0 | ||
| 2024 Q3 | 93 | $163.3M | 0 | ||
| 2024 Q2 | 89 | $128.6M | 0 | ||
| 2024 Q1 | 93 | $131.0M | 0 | ||
| 2023 Q4 | 87 | $117.7M | 0 | ||
| 2023 Q3 | 79 | $94.0M | 0 | ||
| 2023 Q2 | 85 | $95.9M | 0 | ||
| 2023 Q1 | 101 | $113.3M | 0 | ||
| 2022 Q4 | 112 | $170.6M | 0 | ||
| 2022 Q3 | 117 | $163.6M | 0 | ||
| 2022 Q2 | 121 | $166.7M | 0 | ||
| 2022 Q1 | 108 | $226.5M | 0 | ||
| 2021 Q4 | 111 | $263.7M | 0 | ||
| 2021 Q3 | 133 | $243.6M | 0 | ||
| 2021 Q2 | 130 | $227.7M | 92 | ||
| 2021 Q1 | 117 | $194.7M | 50 | ||
| 2020 Q4 | 104 | $140.4M | 46 | ||
| 2020 Q3 | 95 | $89.5M | 34 | ||
| 2020 Q2 | 79 | $76.3M | 47 | ||
| 2020 Q1 | 107 | $58.8M | 100 | ||
| 2019 Q4 | 137 | $219.0M | 22 | ||
| 2019 Q3 | 134 | $191.9M | 22 | ||
| 2019 Q2 | 140 | $218.1M | 15 | ||
| 2019 Q1 | 147 | $203.9M | 25 | ||
| 2018 Q4 | 150 | $181.7M | 61 | ||
| 2018 Q3 | 171 | $261.9M | 14 | ||
| 2018 Q2 | 171 | $271.8M | 11 | ||
| 2018 Q1 | 167 | $269.7M | 13 | ||
| 2017 Q4 | 166 | $254.6M | 13 | ||
| 2017 Q3 | 165 | $233.2M | 100 | ||
| 2017 Q2 | 162 | $217.3M | 0 | ||
| 2017 Q1 | 163 | $209.2M | 19 | ||
| 2016 Q4 | 160 | $202.9M | 44 | ||
| 2016 Q3 | 146 | $139.3M | 23 | ||
| 2016 Q2 | 145 | $123.7M | 18 | ||
| 2016 Q1 | 149 | $118.8M | 34 | ||
| 2015 Q4 | 156 | $135.0M | 28 | ||
| 2015 Q3 | 153 | $122.3M | 20 | ||
| 2015 Q2 | 145 | $131.7M | 26 | ||
| 2015 Q1 | 137 | $109.6M | 20 | ||
| 2014 Q4 | 147 | $118.8M | 21 | ||
| 2014 Q3 | 137 | $109.5M | 40 | ||
| 2014 Q2 | 126 | $106.8M | 24 | ||
| 2014 Q1 | 131 | $105.1M | 24 | ||
| 2013 Q4 | 126 | $101.1M | 0 |
Holding changes this quarter
Salzhauer Michael's most significant position changes for 2026-06-30: New buy: Pinnacle Financial Partners (PNFP); Sold out: Linkbancorp Inc (LNKB); Sold out: Scholastic CORP (SCHL); New buy: Green Dot Corp-class A (GDOT); New buy: Black Hills CORP (BKH).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PNFP | Pinnacle Financial Partners | +5.1% | NEW | New buy |
| 2 | BAC | Bank Of America CORP | +3.9% | -6.60% | Trim |
| 3 | COF | Capital One Financial CORP | +2.2% | +256.15% | Add |
| 4 | BHRB | Burke & Herbert Financial Se | +0.3% | +249.63% | Add |
| 5 | AMTB | Amerant Bancorp Inc | +0.2% | +150.00% | Add |
| 6 | TCBX | Third Coast Bancshares Inc | +0.1% | +51.89% | Add |
| 7 | GDOT | Green Dot Corp-class A | +0.1% | NEW | New buy |
| 8 | BKH | Black Hills CORP | +0.1% | NEW | New buy |
| 9 | KNTK | Kinetik Holdings Inc | +0.1% | NEW | New buy |
| 10 | CSCO | Cisco Systems Inc | +0.1% | NEW | New buy |
| 11 | SPHR | Sphere Entertainment Co | +0.1% | NEW | New buy |
| 12 | BANC | Banc Of California Inc | +0.1% | +13.55% | Add |
| 13 | CBAN | Colony Bankcorp | +0.1% | NEW | New buy |
| 14 | BRBS | Blue Ridge Bankshares Inc | +0.1% | NEW | New buy |
| 15 | UNTY | Unity Bancorp Inc | +0.1% | +32.18% | Add |
| 16 | UWMC | Uwm Holdings CORP | +0.1% | +60.95% | Add |
| 17 | AIG | American International Group | 0% | NEW | New buy |
| 18 | CFG | Citizens Financial Group | 0% | — | Unchanged |
| 19 | VLY | Valley National Bancorp | 0% | -47.38% | Trim |
| 20 | BMNR | Bitmine Immersion Technologi | — | EXIT | Sold out |
| 21 | KEY | Keycorp | 0% | -9.91% | Trim |
| 22 | MSGS | Madison Square Garden Sports | 0% | — | Unchanged |
| 23 | USCB | Uscb Financial Holdings Inc | 0% | +19.00% | Add |
| 24 | CIVB | Civista Bancshares Inc | 0% | — | Unchanged |
| 25 | V | Visa Inc-class A Shares | 0% | — | Unchanged |
| 26 | TRV | Travelers Cos Inc/the | 0% | — | Unchanged |
| 27 | CRESY | Cresud S.a.-spons Adr | 0% | — | Unchanged |
| 28 | MS | Morgan Stanley | 0% | -1.21% | Trim |
| 29 | MET | Metlife Inc | 0% | — | Unchanged |
| 30 | ZION | Zions Bancorp NA | 0% | — | Unchanged |
| 31 | ALL | Allstate CORP | 0% | — | Unchanged |
| 32 | INDB | Independent Bank Corp/ma | 0% | -1.90% | Trim |
| 33 | CB | Chubb Limited | 0% | — | Unchanged |
| 34 | FDL | First Trust Morn Dvd Lead In | 0% | — | Unchanged |
| 35 | BPOP | Popular Inc | 0% | — | Unchanged |
| 36 | AUB | Atlantic Union Bankshares Co | 0% | — | Unchanged |
| 37 | COLB | Columbia Banking System Inc | 0% | — | Unchanged |
| 38 | ABCB | Ameris Bancorp | 0% | — | Unchanged |
| 39 | ORRF | Orrstown Finl Services Inc | 0% | — | Unchanged |
| 40 | HIG | Hartford Insurance Group Inc | 0% | — | Unchanged |
| 41 | UCB | United Community Banks/ga | -0.1% | — | Unchanged |
| 42 | SPFI | South Plains Financial Inc | -0.1% | +17.23% | Add |
| 43 | CBFV | Cb Financial Services Inc | -0.1% | — | Unchanged |
| 44 | BMY | Bristol-myers Squibb Co | -0.1% | -48.93% | Trim |
| 45 | SHBI | Shore Bancshares Inc | -0.1% | — | Unchanged |
| 46 | CFBK | Cf Bankshares Inc | -0.1% | — | Unchanged |
| 47 | AAPL | Apple Inc | -0.1% | — | Unchanged |
| 48 | VZ | Verizon Communications Inc | -0.1% | — | Unchanged |
| 49 | COSO | Coastal South Bancshares Inc | -0.1% | — | Unchanged |
| 50 | CNOB | Connectone Bancorp Inc | -0.1% | -1.11% | Trim |
1–50 of 84
Filing History
FAQ
What is Salzhauer Michael and what type of investor is it?
Salzhauer Michael is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $292.4M, spread across 89 disclosed positions.
What are Salzhauer Michael's largest equity positions?
Based on the latest 13F filing, Salzhauer Michael's top holdings by market value are:
1. Bank Of America CORP (BAC) — $89.7M (30.7%)
2. Citigroup Inc (C) — $35.2M (12.0%)
3. Pinnacle Financial Partners (PNFP) — $15.0M (5.1%)
4. Peapack Gladstone Finl CORP (PGC) — $10.3M (3.5%)
5. Capital One Financial CORP (COF) — $10.0M (3.4%)
What changes did Salzhauer Michael make in its most recent portfolio filing?
In the latest reported quarter, Salzhauer Michael made 46 notable position adjustments: 9 new positions were initiated, 15 existing holdings were added to, 17 positions were partially reduced, and 5 were completely exited. The largest of these moves: New buy: Pinnacle Financial Partners (PNFP); Sold out: Linkbancorp Inc (LNKB); Sold out: Scholastic CORP (SCHL); New buy: Green Dot Corp-class A (GDOT); New buy: Black Hills CORP (BKH)
What sectors does Salzhauer Michael focus on?
Salzhauer Michael is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 98.4%
• Communication Services: 0.7%
• Information Technology: 0.6%
• Health Care: 0.2%
• Utilities: 0.1%
Investment Profile
Salzhauer Michael returned an annualized 29.8% over the trailing 36 months — outperforming the S&P 500 by 8.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.98 (roughly in line with the market) and a 50% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 98.4% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 34 over the past 4 quarters — a shift toward more active trading.
It has added to its C position over the past two quarters (+$16.2M, now $35.2M), while trimming FRST over the same stretch (-$2.6M, still holding $7.7M).
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Developer Access
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