BANC FUNDS CO LLC

CIK 0001029311 · Q1 2026

13F Equity AUM

$537.2M

+6.3% QoQ

Positions

-1 QoQ

AUM Rank

#4,135

Top 33%

Skill Alpha (FF)

+7.2%/yr

Alpha Generator

Rank #433 · Top 5%

vs S&P -4.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 18.2%Top 10: 30.4%Top 20: 48.7%

PBAM3.9%

OSBC3.9%

UTB3.6%

AVBH3.5%

AMBZ3.3%

BCAL2.7%

FRBA2.6%

WCCB2.5%

MBIN2.3%

MCB2.2%

Others (87)69.6%

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

Sector Allocation

Financial Services95.1%

Financials3.6%

Other1.2%

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

Position Sizing

Positions: 97Median: 0.76%Avg: 1.03%

0–0.5%

34(9.9%)

0.5–1%

26(19.5%)

1–3%

32(52.5%)

3–5%

5(18.2%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 62Unique: 35vs 20 funds

0.8%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

1.8%

BlackRock, Inc.

1.5%

GEODE CAPITAL MANAGEMENT, LLC

1.8%

STATE STREET CORP

1.7%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.9%

MORGAN STANLEY

BANK OF AMERICA CORP /DE/

0.8%

JPMORGAN CHASE & CO

0.6%

FMR LLC

0.4%

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

New5Increased28Decreased26Exited6

New Positions

Bank of San Francisc…0.8%

+115K

CBSH0.8%

+87K

PNFP0.3%

+22K

TOWN0.3%

+41K

Lake Ridge Bancorp0.2%

+7K

Increased

FRBA2.6%

+206K(+31%)

ALRS1.5%

+134K(+62%)

OSBC3.9%

+124K(+14%)

MNSB2.2%

+109K(+26%)

FRST2.2%

+84K(+11%)

CNOB1.6%

+82K(+36%)

AVBH3.5%

+69K(+12%)

EDVR0.5%

+67K(+66%)

BCAL2.7%

+65K(+8%)

MVBF0.4%

+56K(+160%)

Decreased

BRBS1.5%

-140,000(-7%)

FBK0.3%

-98,000(-73%)

FNRN0.7%

-67,516(-22%)

BCTF0.3%

-56,000(-34%)

SMBK1.1%

-50,500(-25%)

HTBK0.2%

-46,400(-38%)

CZWI0.8%

-40,231(-16%)

ALPIB1.8%

-32,994(-14%)

FCCO0.1%

-25,000(-61%)

PGC1.8%

-23,800(-8%)

Exited

-219,426

-76,418

-37,117

-79,721

-16,504

-18,403

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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