HoldCo Asset Management, LP

The portfolio's structure is a core-and-satellite model with six anchor positions that together account for 68.4% of AUM. Fifth Third Bancorp ($176.7M, 13.1%, 3.80M shares, NEW) -- a Cincinnati-based super-regional bank ($50B+ assets) with exposure to the Midwest and Southeast -- is the portfolio's largest new opening and its new anchor position. Fifth Third replaces Comerica ($177.1M, 13.3% in Q4, completely sold in Q1) as the portfolio's largest holding; both are mid-cap banks in the $40-60B asset range, suggesting the manager rotated within the same peer set rather than changing thesis. BankUnited ($159.7M, 11.9%, 3.54M shares, flat) -- a Florida-focused regional bank -- was held steady as the portfolio's second-largest position. Columbia Banking System ($157.0M, 11.7%, 5.72M shares, flat) -- a Pacific Northwest regional bank (Oregon, Washington, Idaho) -- was held steady. KeyCorp ($149.5M, 11.1%, 7.46M shares, flat) -- a Cleveland-based super-regional bank ($180B+ assets) -- was held steady. Eastern BankShares ($144.4M, 10.7%, 7.38M shares, flat) -- a Massachusetts-based mutual bank that converted to a stock company -- was held steady. First Interstate BancSystem ($131.9M, 9.8%, 3.95M shares, flat) -- a Rocky Mountain regional bank (Montana, Wyoming, Idaho, Colorado) -- was held steady. Together these six at $919.2M (68.4%) form an extraordinarily concentrated core in the regional-bank segment.

The remaining 23 positions span the full spectrum of US regional-and-community banks. Central Pacific Financial ($77.6M, 5.8%, 2.43M shares, flat) -- Hawaii's largest bank -- held steady. Hope Bancorp ($69.9M, 5.2%, 6.26M shares, +109% shares, +$37.1M from $32.8M) -- a New Jersey-based mid-Atlantic regional bank -- was the portfolio's largest active increase, nearly doubling. Beacon Financial ($61.8M, 4.6%, 2.06M shares, flat) -- a New England community bank -- held steady. Capitol Federal ($46.1M, 3.4%, 6.47M shares, flat) -- a Kansas-based thrift-and-bank -- held steady. CVB Financial ($45.4M, 3.4%, 2.34M shares, +5.3% shares, +$4.1M from $41.3M) -- a Southern California bank -- was slightly increased. TrustCo ($38.2M, 2.8%, 872K shares, +5.9% shares, +$2.1M from $36.1M) -- a New York-based bank -- was increased. Citizens Financial ($31.3M, 2.3%, 522K shares, -55.8% shares, -$38.0M from $69.0M) -- a mid-Atlantic super-regional bank -- was significantly reduced, roughly halved. Heritage Community ($20.3M, 1.5%, 1.62M shares, +3.9% shares, +$0.8M from $19.5M) -- a Maryland community bank -- slightly increased. Bank Marin ($12.9M, 1.0%, 504K shares, flat) -- a California community bank -- held steady. XBP Global ($3.5M, 787K shares, flat) -- fintech -- held. The micro-position tail (Renasant $3.0M, Metrocity $2.9M, Shore $2.5M, Horizon $1.5M, First Mid Illinois $1.4M, First Financial $1.3M, Peoples $990K, First United $762K, California Bancorp $718K, Eagle Montana $664K, Burke Herbert $653K, First Northwest $519K, Eagle MD $463K) represents 3.4% of AUM across 13 sub-$3M community-bank positions that collectively form a long-tail diversification and special-situations sleeve.