MERCHANTS BANCORP/IN - Security Detail

Period	Total Value	Value Change	Total Holders	Holder Change
2024-06-30	$0.59B	-	175	-
2024-09-30	$0.65B	+11.1%	175	0.0%
2024-12-31	$1.70B	+159.8%	160	-8.6%

Institution	Value	Shares	% of Portfolio
ELSER FINANCIAL PLANNING, INC	$994.2M	27,260K	59.5%
BANC FUNDS CO LLC	$14.6M	400K	1.6%
PL CAPITAL ADVISORS, LLC	$188.3M	6,867K	1.4%
BASSWOOD CAPITAL MANAGEMENT, L.L.C.	$21.2M	581K	1.2%
ENDEAVOUR CAPITAL ADVISORS INC	$3.5M	96K	1.1%
ROSENTHAL \| HENRY CAPITAL ADVISORS, INC.	$1.2M	32K	1.1%
DENALI ADVISORS LLC	$6.7M	182K	0.7%
HUSSMAN STRATEGIC ADVISORS, INC.	$2.3M	63K	0.7%
ALDEBARAN CAPITAL, LLC	$0.4M	10K	0.4%
BLACK MAPLE CAPITAL MANAGEMENT LP	$0.6M	17K	0.3%
YORKTOWN MANAGEMENT & RESEARCH CO INC	$0.3M	8K	0.3%
SEMANTEON CAPITAL MANAGEMENT, LP	$0.5M	14K	0.3%
VALEO FINANCIAL ADVISORS, LLC	$8.2M	225K	0.2%
FORMIDABLE ASSET MANAGEMENT, LLC	$1.3M	34K	0.2%
ROYCE & ASSOCIATES LP	$20.7M	566K	0.2%
BCGM WEALTH MANAGEMENT, LLC	$0.6M	15K	0.2%
KNIGHTS OF COLUMBUS ASSET ADVISORS LLC	$2.3M	62K	0.2%
HARBOR ADVISORS LLC	$0.7M	20K	0.1%
MORAN WEALTH MANAGEMENT, LLC	$3.5M	96K	0.1%
PELOTON WEALTH STRATEGISTS	$0.2M	6K	0.1%
JAMES INVESTMENT RESEARCH, INC.	$0.9M	23K	0.1%
DARK FOREST CAPITAL MANAGEMENT LP	$0.7M	18K	0.1%
NEBULA RESEARCH & DEVELOPMENT LLC	$0.4M	11K	0.1%
INCEPTIONR LLC	$0.2M	5K	0.1%
SAPIENT CAPITAL LLC	$2.7M	74K	0.1%

Ticker	Exchange	Security	Similarity Score	Common Holders	Total Holders
FNWD	US	FINWARD BANCORP	0.059	2	34
MYFW	US	FIRST WESTERN FINANCIAL INC	0.033	2	60
USCB	US	USCB FINANCIAL HOLDINGS INC	0.031	2	65
EVBN	US	EVANS BANCORP INC	0.028	2	71
SFST	US	SOUTHERN FIRST BANCSHARES	0.025	2	81
FRBA	US	FIRST BANK/HAMILTON NJ	0.023	2	86
BCAL	US	CALIFORNIA BANCORP	0.022	2	89
FBIZ	US	FIRST BUSINESS FINANCIAL SER	0.021	2	95
UNTY	US	UNITY BANCORP INC	0.021	2	96
ALRS	US	ALERUS FINANCIAL CORP	0.019	2	104
FRST	US	PRIMIS FINANCIAL CORP	0.018	2	109
TCBX	US	THIRD COAST BANCSHARES INC	0.017	2	116
ESQ	US	ESQUIRE FINANCIAL HOLDINGS I	0.017	2	117
BANC	US	BANC OF CALIFORNIA INC	0.016	4	252
FISI	US	FINANCIAL INSTITUTIONS INC	0.015	2	132
MCB	US	METROPOLITAN BANK HOLDING CO	0.014	2	141
CNOB	US	CONNECTONE BANCORP INC	0.014	2	146
CCB	US	COASTAL FINANCIAL CORP/WA	0.013	2	150
OBK	US	ORIGIN BANCORP INC	0.013	2	153
MBWM	US	MERCANTILE BANK CORP	0.013	2	156
CFB	US	CROSSFIRST BANKSHARES INC	0.012	2	162
HTBK	US	HERITAGE COMMERCE CORP	0.012	2	164
EFSC	US	ENTERPRISE FINANCIAL SERVICE	0.010	2	195
VLY	US	VALLEY NATIONAL BANCORP	0.009	3	325
VBTX	US	VERITEX HOLDINGS INC	0.009	2	218