SALZHAUER MICHAEL

CIK 0001059543 · Q1 2026

13F Equity AUM

$212.2M

-13.1% QoQ

Positions

-7 QoQ

AUM Rank

#7,162

Top 58%

Skill Alpha (FF)

+2.4%/yr^ns

No Clear Edge

Rank #1,047 · Top 13%

vs S&P -5.8%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 53.1%Top 10: 66.9%Top 20: 79.7%

BAC26.8%

TRVC13.8%

FRST4.3%

PGC4.2%

SMBK3.9%

WFC3.4%

BANC3.3%

SBG12.8%

FSUN2.4%

WEA1.8%

Others (65)33.1%

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

Position Sizing

Positions: 75Median: 0.46%Avg: 1.33%

0–0.5%

41(9.9%)

0.5–1%

16(12.4%)

1–3%

11(17.8%)

3–5%

5(19.3%)

5%+

2(40.6%)

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

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Portfolio Overlap

Shared: 74Unique: 1vs 20 funds

1%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

2.1%

BlackRock, Inc.

1.8%

STATE STREET CORP

2.1%

GEODE CAPITAL MANAGEMENT, LLC

2.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

2.5%

MORGAN STANLEY

1.3%

BANK OF AMERICA CORP /DE/

1.4%

JPMORGAN CHASE & CO

1.2%

FMR LLC

1.7%

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

New4Increased29Decreased12Exited11

New Positions

FITB1.1%

+49K

CBSH1.0%

+43K

BHRB0.2%

+6K

PFE0.1%

+7K

Increased

TRVC13.8%

+284K(+64%)

BAC26.8%

+262K(+14%)

UWMC0.1%

+62K(+12%)

WFC3.4%

+55K(+62%)

CFG0.8%

+45K(+59%)

BANC3.3%

+37K(+7%)

LNKB0.3%

+27K(+50%)

KEY0.4%

+26K(+15%)

PQ31.5%

+24K(+19%)

TOWN0.8%

+18K(+62%)

Decreased

FRST4.3%

-54,693(-7%)

SSBI0.5%

-19,924(-22%)

BAFN0.1%

-19,300(-36%)

BMY0.2%

-14,200(-55%)

PGC4.2%

-13,503(-5%)

SMBK3.9%

-13,233(-6%)

SCHL0.2%

-8,939(-51%)

MCB0.7%

-6,062(-25%)

BMNR0.0%

-5,300(-34%)

FBK1.4%

-3,000(-5%)

Exited

-151,523

-36,837

-76,602

-40,289

-4,500

-27,744

-15,027

-21,443

-35,000

GQ9

-30,000

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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