Petiole USA ltd

CIK 0001600202 · Q1 2026

13F Equity AUM

$143.0M

-11.7% QoQ

Positions

-2 QoQ

AUM Rank

#8,717

Top 70%

Skill Alpha (FF)

+2.4%/yr^ns

No Clear Edge

Rank #1,031 · Top 13%

vs S&P -8.2%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 28.6%Top 10: 51.0%Top 20: 80.4%

CBAN6.3%

CARE6.2%

FXNC5.8%

CBK5.3%

WBS5.0%

RNST4.9%

BANC4.9%

MPB4.4%

ORRF4.3%

WEA3.9%

Others (22)49.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services100.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 32Median: 2.51%Avg: 3.13%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

18(34.8%)

3–5%

10(41.6%)

5%+

4(23.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 32Unique: 0vs 20 funds

0.4%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

VANGUARD CAPITAL MANAGEMENT LLC

BlackRock, Inc.

0.8%

STATE STREET CORP

0.9%

GEODE CAPITAL MANAGEMENT, LLC

0.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.1%

MORGAN STANLEY

0.6%

BANK OF AMERICA CORP /DE/

0.6%

JPMORGAN CHASE & CO

0.5%

FMR LLC

0.6%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New2Increased1Decreased18Exited4

New Positions

PNFP2.4%

+40K

EWBC1.4%

+19K

Increased

UMBF3.4%

+19K(+77%)

Decreased

CBK5.3%

-21,486(-7%)

HBAN1.9%

-11,900(-7%)

FNB1.8%

-11,000(-7%)

CBAN6.3%

-8,000(-2%)

COLB1.5%

-5,800(-7%)

CARE6.2%

-5,500(-1%)

ORRF4.3%

-5,200(-3%)

FNWB1.6%

-4,800(-2%)

CFG2.4%

-4,700(-8%)

FCNCA3.2%

-3,760(-61%)

Exited

-312,500

-70,063

-33,814

-50,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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