Petiole USA ltd

Registered adviser

CIK

1600202

Location

New York, NY

Portfolio Value

Small $136,405,598

Diversification

Diversified

Filing Date

Global Rank

#7,698 / 8,818 ▼ 520

Top Industry

Banks - Regional 100.0%

3Y Alpha vs SPY

+0.5%

Period ended 4 months ago

Filed Aug 13, 2026 · 3mo

19 quarters · since Dec 2021

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 159788

Roster of Oct 1, 2026

Regulatory AUM

$1,050,648,830

Main clients

Other investment advisers (100% of AUM)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$1,050,648,830	Other investment advisers (100%)
Apr 2025 to Mar 2026	$1,134,280,686	Other investment advisers (100%)
Apr 2024 to Mar 2025	$1,065,727,015	Other investment advisers (100%)
May 2023 to Mar 2024	$1,020,885,906	Other investment advisers (100%)
Apr 2023	$1,020,885,906	Other investment advisers (100%)
Apr 2022 to Mar 2023	$1,371,554,963	Other investment advisers (100%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 56.0%, 22.6 effective positions, active share 97.4% against the S&P MidCap 400 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

13.0% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 14.0 quarters (12+)

Closest benchmark: the S&P MidCap 400 as of 2026-06-30, active share 97.4%; sector active share 88.7% against the combined 13F book's sector weights.

Over time 19 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

30 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

6.9%

+0.4 pts

Top 5

32.2%

+3.1 pts

Top 10

56.0%

+4.1 pts

HHI

442

Diversified+43

Portfolio Trend

19 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Financial Services	100.0%	$136,405,598	30

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
BANC	Banc Of California, Inc.	+1	397,168	$8,114,142
No positions match the current search.

Trimmed

Positions the filer reduced

19 positions

Ticker	Company	Δ Shares	Shares	Value
CARE	Carter Bankshares, Inc.	−202,151	179,222	$6,095,340
SBFG	Sb Financial Group, Inc.	−142,381	26,437	$668,062
HBAN	Huntington Bancshares Inc	−62,900	106,040	$1,880,089
FNB	Fnb Corp	−50,901	99,250	$1,893,690
COLB	Columbia Banking System, Inc.	−25,338	51,752	$1,658,651
CFG	Citizens Financial Group Inc	−19,837	37,217	$2,607,795
PNFP	Pinnacle Financial Partners, Inc.	−14,711	25,694	$2,592,010
WAL	Western Alliance Bancorporation	−12,665	65,838	$5,411,883
BANR	Banner Corp	−11,470	19,615	$1,303,220
SSB	SouthState Bank Corp	−7,450	14,575	$1,456,042
CBAN	Colony Bankcorp Inc	−6,200	448,563	$9,011,630
EWBC	East West Bancorp Inc	−6,000	12,600	$1,626,534
ORRF	Orrstown Financial Services Inc	−4,000	167,766	$6,849,885
FNWB	First Northwest Bancorp	−3,700	254,197	$2,747,869
FXNC	First National Corp	−2,600	305,340	$9,166,306
BCAL	California BanCorp \ CA	−2,500	189,804	$3,955,515
MPB	Mid Penn Bancorp Inc	−2,100	192,411	$6,703,599
HAFC	Hanmi Financial Corp	−1,400	68,451	$2,217,812
RNST	Renasant Corp	−1,100	194,245	$8,263,182
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
—		101,875	$7,072,162
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

30 tracked positions · $136,405,598 total · filing declares 31 positions · $139,147,727 · as of Jun 30, 2026

All sectors Financial Services

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
CBK	Commercial Bancgroup, Inc. Financial Services	Held	291,014	0	$9,396,842	+24.1%	3	$24.55	6.89%
FXNC	First National Corp Financial Services	Reduced	305,340	-2,600	$9,166,306	+10.6%	19	before history	6.72%
CBAN	Colony Bankcorp Inc Financial Services	Reduced	448,563	-6,200	$9,011,630	−0.8%	18	$16.50	6.61%
RNST	Renasant Corp Financial Services	Reduced	194,245	-1,100	$8,263,182	+17.1%	5	$33.34	6.06%
BANC	Banc Of California, Inc. Financial Services	Added	397,168	+1	$8,114,142	+16.2%	19	before history	5.95%
ORRF	Orrstown Financial Services Inc Financial Services	Reduced	167,766	-4,000	$6,849,885	+10.5%	8	$33.13	5.02%
MPB	Mid Penn Bancorp Inc Financial Services	Reduced	192,411	-2,100	$6,703,599	+7.2%	19	before history	4.91%
HWC	Hancock Whitney Corp Financial Services	Held	86,218	0	$6,442,208	+17.5%	19	before history	4.72%
CCNE	Cnb Financial Corp Financial Services	Held	189,241	0	$6,379,314	+16.4%	12	$19.58	4.68%
CARE	Carter Bankshares, Inc. Financial Services	Reduced	179,222	-202,151	$6,095,340	−31.5%	19	before history	4.47%
UMBF	Umb Financial Corp Financial Services	Held	42,622	0	$6,084,716	+26.6%	6	$114.64	4.46%
WAL	Western Alliance Bancorporation Financial Services	Reduced	65,838	-12,665	$5,411,883	−2.7%	17	$77.77	3.97%
FCNCA	First Citizens Bancshares Inc Financial Services	Held	2,415	0	$5,025,107	+10.4%	18	$1,055.08	3.68%
WTFC	Wintrust Financial Corp Financial Services	Held	29,750	0	$4,781,420	+15.7%	19	before history	3.51%
FRME	First Merchants Corp Financial Services	Held	94,047	0	$4,108,913	+12.8%	18	$39.86	3.01%
BCAL	California BanCorp \ CA Financial Services	Reduced	189,804	-2,500	$3,955,515	+16.1%	13	$14.41	2.90%
FRST	Primis Financial Corp. Financial Services	Held	230,222	0	$3,768,734	+23.3%	19	before history	2.76%
SHBI	Shore Bancshares Inc Financial Services	Held	147,487	0	$3,384,826	+22.9%	19	before history	2.48%
EQBK	Equity Bancshares Inc Financial Services	Held	57,364	0	$2,810,262	+10.3%	11	$27.39	2.06%
FNWB	First Northwest Bancorp Financial Services	Reduced	254,197	-3,700	$2,747,869	+22.8%	19	before history	2.01%
CFG	Citizens Financial Group Inc Financial Services	Reduced	37,217	-19,837	$2,607,795	−23.8%	17	$39.45	1.91%
PNFP	Pinnacle Financial Partners, Inc. Financial Services	Reduced	25,694	-14,711	$2,592,010	−25.5%	2	$93.04	1.90%
HAFC	Hanmi Financial Corp Financial Services	Reduced	68,451	-1,400	$2,217,812	+20.4%	19	before history	1.63%
FNB	Fnb Corp Financial Services	Reduced	99,250	-50,901	$1,893,690	−24.6%	18	$13.38	1.39%
HBAN	Huntington Bancshares Inc Financial Services	Reduced	106,040	-62,900	$1,880,089	−28.9%	8	$14.20	1.38%
COLB	Columbia Banking System, Inc. Financial Services	Reduced	51,752	-25,338	$1,658,651	−21.6%	15	$25.74	1.22%
EWBC	East West Bancorp Inc Financial Services	Reduced	12,600	-6,000	$1,626,534	−18.1%	2	$112.79	1.19%
SSB	SouthState Bank Corp Financial Services	Reduced	14,575	-7,450	$1,456,042	−28.5%	4	$98.19	1.07%
BANR	Banner Corp Financial Services	Reduced	19,615	-11,470	$1,303,220	−30.9%	12	$44.85	0.96%
SBFG	Sb Financial Group, Inc. Financial Services	Reduced	26,437	-142,381	$668,062	−81.2%	19	before history	0.49%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.