By: Manisha Sethi Jun. 18, 2018
On May 15, 2018, Context BH Capital Management, LP (CBHCM) reported its SEC 13F filings for the first quarter of the calendar year. Their portfolio value is estimated at $321.416 million, which is a 15% increase from Q4 2017. Further, the institutional investor bought 10 new stocks this quarter, including PacWest Bancorp (PACW), First Bancorp (FBNC), and First Busey Corporation (BUSE).CBHCM is an investment management firm based out of Bala Cynwyd, Pennsylvania. The firm focuses on community and regional banking sectors and its services include portfolio management, financial planning, and investment advisory services.
Raltin found that 80% of new stock purchases by CBHCM the S&P 500. 51.75% of all stocks or about 59 new stock purchases (between Q1 2014 & Q1 2018) outperformed the S&P 500 by more than 20%. Only 13 stocks of 114 total stocks (about 11% of total) underperformed the S&P 500 by more than 10%. A detailed background on Raltin’s methodology is given here. The below table classifies CBHCM’s stock in various S&P outperformance categories.
|Category||No. of new purchases in Category||Total New Purchases (%)|
|10 to 20%||20||17.54|
|0 to 10%||13||11.4|
|-10 to 0%||9||7.89|
|-20 to -10%||5||4.39|
CBHCM bought 10 new stocks this quarter. PacWest Bancorp and First Bancorp forms 2.99% and 0.88% of the portfolio value. The following table lists the investor’s new purchases for Q1 2018.
|Stocks||No. of Shares||Holding Value ($1,000)|
|PacWest Bancorp (PACW)||197,392||9,777|
|First Bancorp (FBNC)||80,747||2,879|
|Sandy Spring Bancorp, Inc. (SASR)||67,297||2,608|
|OP Bancorp (OPBK)||125,715||1,565|
|Mid Penn Bancorp, Inc. (MPB)||30,278||967|
|First Busey Corporation (BUSE)||19,255||572|
|United Bankshares, Inc. (UBSI)||10,785||380|
|Hanmi Financial Corp (HAFC)||11,900||366|
|Hawthorn Bancshares, Inc. (HWBK)||16,120||335|
|Bridge Bancorp, Inc. (BDGE)||6,200||208|
The following table shows the investor’s portfolio value for the past five quarters starting from Q1 2017.
|Period||Total Portfolio Value ($Mn)||Top Holdings (Ticker, % IRR difference from S&P 500)|
|Q4 2016||242.121||Oak Valley Bancorp (OVLY, 36.44).|
|Q3 2016||153.31||Central Federal Corp. (CFBK, 55.69) Bancorp of New Jersey, Inc. (BKJ, 43.64) Riverview Bancorp, Inc. (RVSB, 40.13)|
|Q2 2016||138.217||Fidelity Southern Corp. (LION, 30.46) Great Southern Bancorp, Inc. (GSBC, 29.28) Towne Bank (Portsmouth, VA) (TOWN, 26.83)|
|Q1 2016||148.161||Pacific Premier Bancorp, Inc. (PPBI, 65.69) Preferred Bank (Los Angeles, CA) (PFBC, 62.68) Peoples Utah Bancorp (PUB, 52.38)|