Siena Capital Partners 13F Holdings Q4 2022 vs Q1 2023: Significant Changes and Implications

Siena Capital Partners GP, LLC recently released its 13F filings for the fourth quarter of 2022 and the first quarter of 2023, revealing significant shifts in its holdings. The data shows that the fund has made a number of important changes to its portfolio during this period, with several new holdings and a number of sell-offs.

One of the most notable changes is the fund's increased investment in First Citizens Bancshares Inc. (FCNCA), which has seen a massive surge in holdings from 2205 in Q4 2022 to 2699 in Q1 2023. This represents a 57.1% increase in shares held, with the total value of the investment going from $1672 thousand to $2626 thousand – a significant boost to the fund's returns.

Another stock that saw a significant increase is Prime Meridian Holding Co. (PMHG) which saw a 27.6% increase in the number of shares held, going from 101,014 shares in Q4 2022 to 147,014 shares in Q1 2023. This move resulted in an increase in value of $1,190 thousand, from $2500 thousand in Q4 2022 to $3190 thousand in Q1 2023, making it the biggest contributor to the fund's gains during this period.

On the other hand, the fund made significant reductions in its holdings in several stocks. Most notably, Comerica Inc. (CMA) saw a decrease of 35.1% in the number of shares held, from 79,145 in Q4 2022 to 51,340 in Q1 2023. The value of the investment also fell from $5290 thousand to $3434 thousand, resulting in a significant loss for the fund.

Similarly, Citigroup Financial Group Inc. (CFG) saw a decrease of 22.9% in the number of shares held, from 112,331 shares in Q4 2022 to 87,237 shares in Q1 2023. The value of the investment also declined from $4422 thousand to $3411 thousand, leading to a loss for the fund.

Plumas Bancorp (PLBC) also experienced a significant sell-off, with the fund selling off 9,461 shares, leading to a decrease of 11.9% in the number of shares held, from 229,263 in Q4 2022 to 219,802 in Q1 2023. The value of the investment also dropped from $8494 thousand to $7486 thousand, resulting in a loss for the fund.

Overall, Siena Capital Partners GP, LLC made a number of important changes to its portfolio during this period, with some significant gains and losses. While the fund's investment in First Citizens Bancshares and Prime Meridian Holding Co. paid off, its sell-off of Comerica Inc., Citigroup Financial Group Inc., and Plumas Bancorp resulted in losses. Only time will tell how these different moves will impact the fund's returns in the long run.