FJ Capital Management LLC
Long book
$888.1M
Q1 2026
Positions
126
Top-10 weight
48%
concentration
Last quarter
+15.7%
SPY +14.8%
Turnover
57%
of book per quarter
Strategy in plain words
auto-generated from filingsFJ Capital Management LLC is a quantitative fund whose holdings reflect models, not opinions, specialised in financials (91% of the long book), running a $888.1M US long book across 126 positions.
The portfolio is moderately concentrated (top 10 ≈ 48% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: SOUTHSTATE BANK CORP, HOMETRUST BANCSHARES INC, NICOLET BANKSHARES INC, SOUTHERN FIRST BANCSHARES, EQUITY BANCSHARES INC - CL A.
Over the last 9 quarters its long book ran on average 0.9pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.2%
Q2 2024
+18.2%
Q3 2024
+4.2%
Q4 2024
-5.6%
Q1 2025
+5.0%
Q2 2025
+7.2%
Q3 2025
+5.2%
Q4 2025
-0.9%
Q1 2026
+15.7%
Sector allocation
Financials 93%
Other 3%
Technology 1%
Real estate 1%
Industrials 1%
Services media 0%
Healthcare 0%
Consumer discretionary 0%
Long book by quarter
What does FJ Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SSB SOUTHSTATE BANK CORP | Financials | 778.6K | $72.0M | 8.1% | -4.2% |
| HTB HOMETRUST BANCSHARES INC | Financials | 1.6M | $66.3M | 7.5% | -8.2% |
| NIC NICOLET BANKSHARES INC | Financials | 306.4K | $45.5M | 5.1% | +1400.3% |
| SFST SOUTHERN FIRST BANCSHARES | Financials | 807.2K | $44.0M | 5.0% | Held |
| EQBK EQUITY BANCSHARES INC - CL A | Financials | 921.1K | $40.9M | 4.6% | -24.9% |
| BCAL CALIFORNIA BANCORP | Financials | 2.1M | $36.4M | 4.1% | +61.6% |
| EBC EASTERN BANKSHARES INC | Financials | 1.7M | $34.1M | 3.8% | +87.9% |
| RBB RBB BANCORP | Financials | 1.5M | $32.3M | 3.6% | Held |
| OSBC OLD SECOND BANCORP INC | Financials | 1.5M | $30.3M | 3.4% | -17.7% |
| FRME FIRST MERCHANTS CORP | Financials | 711.4K | $27.6M | 3.1% | +12.3% |
| SBCF SEACOAST BANKING CORP/FL | Financials | 906.1K | $27.4M | 3.1% | -33.5% |
| HBNC HORIZON BANCORP INC/IN | Financials | 1.3M | $21.4M | 2.4% | +19.1% |
| TOWN TOWNE BANK | — | 559.8K | $18.8M | 2.1% | +206.6% |
| HBAN HUNTINGTON BANCSHARES INC | Financials | 1.1M | $17.5M | 2.0% | New |
| BKU BANKUNITED INC | Financials | 380.6K | $17.2M | 1.9% | New |
| CVBF CVB FINANCIAL CORP | Financials | 851.4K | $16.5M | 1.9% | +209.5% |
| ONB OLD NATIONAL BANCORP | Financials | 717.0K | $15.8M | 1.8% | Held |
| SMBC SOUTHERN MISSOURI BANCORP | Financials | 202.4K | $12.9M | 1.5% | -32.7% |
| INDB INDEPENDENT BANK CORP/MA | Financials | 165.7K | $12.5M | 1.4% | -28.1% |
| NTRS NORTHERN TRUST CORP | Financials | 79.0K | $11.0M | 1.2% | New |
| ABCB AMERIS BANCORP | Financials | 134.9K | $10.5M | 1.2% | New |
| CBNA CHAIN BRIDGE BANCORP INC-A | Financials | 293.8K | $10.3M | 1.2% | Held |
| XZO EXZEO GROUP INC | Technology | 682.4K | $10.0M | 1.1% | +186.9% |
| AVBC AVIDIA BANCORP INC | Financials | 497.3K | $9.8M | 1.1% | Held |
| JLL JONES LANG LASALLE INC | Real estate | 31.9K | $9.7M | 1.1% | +170.8% |
| BAC BANK OF AMERICA CORP | Financials | 189.4K | $9.2M | 1.0% | New |
| MS MORGAN STANLEY | Financials | 56.1K | $9.2M | 1.0% | -25.0% |
| WSBC WESBANCO INC | Financials | 243.8K | $8.4M | 0.9% | -29.8% |
| JMSB JOHN MARSHALL BANCORP INC | Financials | 412.3K | $8.4M | 0.9% | -0.2% |
| CFG CITIZENS FINANCIAL GROUP | Financials | 125.9K | $7.6M | 0.9% | New |
| IBCP INDEPENDENT BANK CORP - MICH | Financials | 203.6K | $6.8M | 0.8% | -47.1% |
| HWBK HAWTHORN BANCSHARES INC | Financials | 190.7K | $6.4M | 0.7% | Held |
| SYBT STOCK YARDS BANCORP INC | Financials | 92.8K | $6.2M | 0.7% | +1362.0% |
| SFBS SERVISFIRST BANCSHARES INC | Financials | 79.9K | $5.8M | 0.7% | New |
| SCHW SCHWAB (CHARLES) CORP | Financials | 61.9K | $5.8M | 0.7% | New |
| HCI HCI GROUP INC | Financials | 37.3K | $5.8M | 0.6% | +96.1% |
| VIRT VIRTU FINANCIAL INC-CLASS A | Financials | 125.8K | $5.5M | 0.6% | New |
| PLMR PALOMAR HOLDINGS INC | Financials | 45.4K | $5.4M | 0.6% | +1075.8% |
| AMTB AMERANT BANCORP INC | Financials | 245.9K | $5.4M | 0.6% | New |
| CNO CNO FINANCIAL GROUP INC | Financials | 131.7K | $5.4M | 0.6% | +237.1% |
| USB US BANCORP | Financials | 98.1K | $5.1M | 0.6% | -73.7% |
| UMBF UMB FINANCIAL CORP | Financials | 43.7K | $4.9M | 0.6% | +64.8% |
| ESNT ESSENT GROUP LTD | Financials | 75.0K | $4.4M | 0.5% | New |
| PHM PULTEGROUP INC | Industrials | 35.7K | $4.2M | 0.5% | +14.9% |
| SKWD SKYWARD SPECIALTY INSURANCE | Financials | 94.4K | $4.1M | 0.5% | -34.8% |
| HTGC HERCULES CAPITAL INC | — | 277.7K | $4.1M | 0.5% | +63.3% |
| OMF ONEMAIN HOLDINGS INC | Financials | 75.8K | $4.1M | 0.5% | New |
| THG HANOVER INSURANCE GROUP INC/ | Financials | 22.5K | $3.9M | 0.4% | -39.8% |
| HYNE HOYNE BANCORP INC | Financials | 261.0K | $3.8M | 0.4% | Held |
| NDAQ NASDAQ INC | Financials | 42.4K | $3.6M | 0.4% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 126 | $888.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 128 | $905.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 142 | $936.6M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 128 | $943.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 111 | $966.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 111 | $861.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 120 | $954.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 109 | $956.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 98 | $983.0M | canonical | SEC ↗ |