FIRST SABREPOINT CAPITAL MANAGEMENT LP

Fundamental concentrated ★Signal CIK 1731530
League rank
#526
in Fundamental concentrated · #2173 overall
Long book
$244.6M
Q1 2026
Positions
27
Top-10 weight
61%
concentration
Last quarter
+13.8%
SPY +14.8%
Turnover
50%
of book per quarter

Strategy in plain words

auto-generated from filings

FIRST SABREPOINT CAPITAL MANAGEMENT LP is a concentrated fundamental stock-picker, running a $244.6M US long book across 27 positions.

The portfolio is concentrated: the top 10 names carry 61% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: TURNING POINT BRANDS INC, FIRSTCASH HOLDINGS INC, CAVCO INDUSTRIES INC, AMRIZE LTD, GRAND CANYON EDUCATION INC.

Over the last 9 quarters its long book ran on average 0pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.

Implied long-book return vs S&P 500

methodology: positions priced quarterly, no shorts/options
Fund long book S&P 500
Q1 2024
-9.0%
Q2 2024
+10.3%
Q3 2024
-1.0%
Q4 2024
-1.5%
Q1 2025
+11.3%
Q2 2025
+16.2%
Q3 2025
+0.4%
Q4 2025
-0.3%
Q1 2026
+13.8%

Sector allocation

Consumer discretionary
23%
Services media
18%
Consumer staples
15%
Other
11%
Energy
10%
Industrials
8%
Technology
7%
Materials
4%

Long book by quarter

$224.6M
Q1 2024
$236.5M
Q2 2024
$259.4M
Q3 2024
$267.1M
Q4 2024
$239.1M
Q1 2025
$233.7M
Q2 2025
$247.7M
Q3 2025
$243.2M
Q4 2025
$244.6M
Q1 2026

What does FIRST SABREPOINT own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
TPB TURNING POINT BRANDS INCConsumer staples400.0K$34.7M14.2%Held
FCFS FIRSTCASH HOLDINGS INCConsumer discretionary177.1K$33.3M13.6%-9.2%
CVCO CAVCO INDUSTRIES INCOther33.0K$16.0M6.5%+22.4%
AMRZ AMRIZE LTDIndustrials188.0K$10.5M4.3%-6.0%
LOPE GRAND CANYON EDUCATION INCServices media58.0K$9.9M4.0%+16.0%
CVSA COVISTA INCServices media80.0K$9.2M3.8%-40.7%
EGY VAALCO ENERGY INCEnergy1.4M$8.9M3.6%-7.3%
LAUR LAUREATE EDUCATION INCServices media248.0K$8.6M3.5%-50.4%
MTDR MATADOR RESOURCES COEnergy135.0K$8.5M3.5%New
AZO AUTOZONE INCConsumer discretionary2.5K$8.4M3.5%-16.7%
BTU PEABODY ENERGY CORPMaterials250.0K$8.2M3.4%+150.0%
STRL STERLING INFRASTRUCTURE INCIndustrials20.0K$8.1M3.3%-33.3%
NPKI NPK INTERNATIONAL INCServices media550.0K$8.0M3.3%-15.4%
ICHR ICHOR HOLDINGS LTDTechnology170.0K$7.9M3.2%New
UCTT ULTRA CLEAN HOLDINGS INCTechnology125.0K$7.8M3.2%New
BBW BUILD-A-BEAR WORKSHOP INCConsumer discretionary188.3K$7.0M2.9%New
TFIN TRIUMPH FINANCIAL INCFinancials110.7K$6.6M2.7%+23.4%
ENTG ENTEGRIS INCOther55.0K$6.4M2.6%New
TH TARGET HOSPITALITY CORPServices media601.8K$5.6M2.3%+301.2%
VSNT VERSANT MEDIA GROUP INCCommunications150.0K$5.6M2.3%New
SFM SPROUTS FARMERS MARKET INCConsumer discretionary65.0K$5.0M2.0%New
PARR PAR PACIFIC HOLDINGS INCEnergy50.0K$3.1M1.3%New
BLD* TOPBUILD CORP—8.0K$2.8M1.1%Held
KOS KOSMOS ENERGY LTDEnergy1.0M$2.8M1.1%New
GBFH GBANK FINANCIAL HOLDINGS INCFinancials28.3K$757K0.3%-74.3%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 202629$275.6M canonicalSEC ↗
Q4 202513F-HRFeb 13, 202629$259.1M canonicalSEC ↗
Q3 202513F-HRNov 14, 202537$315.9M canonicalSEC ↗
Q2 202513F-HRAug 14, 202535$280.6M canonicalSEC ↗
Q1 202513F-HRMay 15, 202537$269.4M canonicalSEC ↗
Q4 202413F-HRFeb 14, 202559$372.7M canonicalSEC ↗
Q3 202413F-HRNov 15, 202446$344.4M canonicalSEC ↗
Q2 202413F-HRAug 14, 202446$331.7M canonicalSEC ↗
Q1 202413F-HRMay 15, 202446$373.9M canonicalSEC ↗

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