Terence Channon
Special situations, contrarian, hedge fund manager

Harleysville Savings Financial Corporation - Community Bank Investing The Professional Fund Manager Way

One fund manager I follow manages over $600 million worth of assets and his 13-F is chock full of large cap, blue chip names common to many investment portfolios. A deeper look, however, reveals some positions that just do not seem to fit the bill of someone responsible for managing more than a half of a billion dollars - small, somewhat illiquid community banks. Many with less than $50 million market capitalization and some with less than $20 million. Review of other 13-Fs from this and investor and others show it is not uncommon for large money managers to own shares of these tiny banks - some with only 1 or 2 branches.

I became curious and tried to understand...

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