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Salzhauer Michael Portfolio holdings

AUM $292M
1-Year Est. Return 30%
This Fund
S&P 500
This Quarter Est. Return
-18.34%
1 Year Est. Return
+30%
3 Year Est. Return
+106.71%
5 Year Est. Return
+50.52%
10 Year Est. Return
+271.97%
AUM
$182M
AUM Growth
-$80.2M
Cap. Flow
-$34.6M
Cap. Flow %
-19.05%
Top 10 Hldgs %
48.95%
Holding
178
New
8
Increased
17
Reduced
72
Closed
28

Top Buys

Rank Stock Value
1
MTB icon
M&T Bank
MTB
+$12.2M
2
COWN
Cowen Inc. Class A Common Stock
COWN
+$7.94M
3
JPM icon
JPMorgan Chase
JPM
+$7.48M
4
CMA
Comerica
CMA
+$4.2M
5
COF icon
Capital One
COF
+$3.95M

Top Sells

Rank Stock Value
1
BAC icon
Bank of America
BAC
+$14.7M
2
JPM.WS
JPMorgan Chase
JPM.WS
+$9.37M
3
MTB.WS
M&T Bank Corporation
MTB.WS
+$8.94M
4
CMA.WS
Comerica Incorporated Ws
CMA.WS
+$7.09M
5
COF.WS
Capital One Financial Corp
COF.WS
+$6.34M

Sector Composition

Rank Sector Weight
1 Financials 85.44%
2 Healthcare 1.26%
3 Communication Services 0.45%
4 Real Estate 0.39%
5 Consumer Staples 0.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PNFP icon
26
Pinnacle Financial Partners Inc
PNFP
$15.8B
$1.76M 0.97%
38,227
-209
-0.5% -$11.1K
CERS icon
27
Cerus
CERS
$575M
$1.62M 0.89%
319,049
-61,400
-16% -$356K
MSL
28
DELISTED
Midsouth Bancorp, Inc.
MSL
$1.45M 0.8%
137,226
– –
JPM icon
29
CALL
JPMorgan Chase
JPM
$916B
$1.44M 0.79%
90,800
+4,500
+5% +$479K
FGBI icon
30
First Guaranty Bancshares
FGBI
$155M
$1.42M 0.78%
73,834
– –
BANC icon
31
Banc of California
BANC
$2.87B
$1.23M 0.68%
92,745
+7,740
+9% +$126K
AUB icon
32
Atlantic Union Bankshares
AUB
$6.05B
$1.21M 0.67%
42,982
– –
KINS icon
33
Kingstone Companies
KINS
$295M
$1.12M 0.62%
63,434
-1,555
-2% -$26K
STI
34
DELISTED
SunTrust Banks, Inc.
STI
$1.12M 0.61%
22,119
-2,068
-9% -$124K
USB icon
35
US Bancorp
USB
$97.9B
$1.11M 0.61%
24,288
– –
ABCB icon
36
Ameris Bancorp
ABCB
$5.89B
$1.09M 0.6%
34,359
-2,603
-7% -$106K
EFSC icon
37
Enterprise Financial Services Corp
EFSC
$2.4B
$1.02M 0.56%
27,150
-200
-0.7% -$8.9K
CIVB icon
38
Civista Bancshares
CIVB
$608M
$986K 0.54%
56,582
-627
-1% -$13.3K
ESSA
39
DELISTED
ESSA Bancorp
ESSA
$925K 0.51%
59,243
-22,383
-27% -$360K
BAC icon
40
CALL
Bank of America
BAC
$429B
$910K 0.5%
220,300
+61,700
+39% +$1.67M
FBSS
41
DELISTED
Fauquier Bankshares Inc
FBSS
$897K 0.49%
46,781
– –
THG icon
42
Hanover Insurance
THG
$8.13B
$857K 0.47%
7,338
-2,366
-24% -$265K
ABDC
43
DELISTED
Alcentra Capital Corp
ABDC
$853K 0.47%
131,874
+8,753
+7% +$54.6K
GSBD icon
44
Goldman Sachs BDC
GSBD
$997M
$828K 0.46%
45,028
-5,100
-10% -$105K
FITB
45
Fifth Third Bancorp
FITB
$51.3B
$806K 0.44%
34,238
-66,371
-66% -$1.75M
BNCL
46
DELISTED
Beneficial Bancorp, Inc.
BNCL
$778K 0.43%
+54,418
New +$843K
PFC
47
DELISTED
Premier Financial Corp. Common Stock
PFC
$768K 0.42%
31,339
-2,517
-7% -$67.9K
C icon
48
Citigroup
C
$213B
$767K 0.42%
14,743
-2,431
-14% -$154K
CIT
49
DELISTED
CIT Group Inc.
CIT
$750K 0.41%
19,589
-4,736
-19% -$215K
TBNK
50
DELISTED
Territorial Bancorp Inc.
TBNK
$731K 0.4%
+28,133
New +$779K
1
2
3 4 5

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Salzhauer Michael's Q4 2018 Portfolio in Review

As of Q4 2018, Salzhauer Michael held 178 positions worth $182M, down 31% from $262M the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Salzhauer Michael withdrew a net $34.6M in Q4 2018, closing 28 positions and reducing 72 holdings. Its most notable exit was JPMorgan Chase, an estimated $9.37M position sold in full.

By sector, the portfolio is most concentrated in Financials at 85% of assets, up from 68% a quarter earlier, followed by Healthcare and Communication Services.

Against the trend, Salzhauer Michael opened a new position in Cowen Inc. Class A Common Stock worth $6.96M.

  • Salzhauer Michael's largest Q4 2018 buy was Cowen Inc. Class A Common Stock: 521,610 shares worth $6.96M.
  • Salzhauer Michael added most to M&T Bank in Q4 2018, an estimated $12.2M increase.
  • Salzhauer Michael's biggest Q4 2018 reduction was Bank of America, cutting an estimated $14.7M.
  • Salzhauer Michael fully exited JPMorgan Chase in Q4 2018, selling an estimated $9.37M.
  • Salzhauer Michael's ten largest holdings make up 49% of its $182M portfolio in Q4 2018.
  • Salzhauer Michael opened 8 new positions and closed 28 in Q4 2018.
  • Salzhauer Michael's portfolio value fell 31% quarter-over-quarter to $182M.

Based on Salzhauer Michael's 13F filing for Q4 2018, filed 13 Feb 2019.