LB Partners LLC
Long book
$111.5M
Q1 2026
Positions
36
Top-10 weight
80%
concentration
Last quarter
+33.4%
SPY +14.8%
Turnover
39%
of book per quarter
Strategy in plain words
auto-generated from filingsLB Partners LLC is a concentrated fundamental stock-picker, running a $111.5M US long book across 36 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: REMITLY GLOBAL INC, CAPITAL ONE FINANCIAL CORP, MILLICOM INTL CELLULAR S.A., AMERICAN EXPRESS CO, SPROUT SOCIAL INC - CLASS A.
Over the last 9 quarters its long book ran on average 3.1pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+8.3%
Q2 2024
+5.0%
Q3 2024
+15.6%
Q4 2024
+3.1%
Q1 2025
+25.9%
Q2 2025
-6.6%
Q3 2025
-6.9%
Q4 2025
-9.6%
Q1 2026
+33.4%
Sector allocation
Financials 32%
Services media 27%
Technology 23%
Communications 14%
Consumer discretionary 3%
Energy 1%
Materials 0%
Real estate 0%
Long book by quarter
What does LB Partners own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RELY REMITLY GLOBAL INC | Services media | 1.5M | $24.0M | 21.5% | +22.4% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 70.1K | $12.8M | 11.5% | +9.4% |
| TIGO MILLICOM INTL CELLULAR S.A. | Communications | 143.0K | $10.7M | 9.6% | -38.4% |
| AXP AMERICAN EXPRESS CO | Financials | 30.0K | $9.1M | 8.1% | -6.3% |
| SPT SPROUT SOCIAL INC - CLASS A | Technology | 1.5M | $8.6M | 7.7% | +144.7% |
| LPRO OPEN LENDING CORP | Financials | 5.4M | $6.8M | 6.1% | +2.9% |
| GOOGL ALPHABET INC-CL A | Technology | 19.0K | $5.5M | 4.9% | Held |
| NIQ NIQ GLOBAL INTELLIGENCE PLC | Technology | 399.7K | $4.5M | 4.1% | +63.3% |
| OPFI OPPFI INC | Financials | 500.0K | $3.9M | 3.5% | Held |
| GOGO GOGO INC | Communications | 804.0K | $3.2M | 2.9% | +436.0% |
| GOOG ALPHABET INC-CL C | Technology | 8.0K | $2.3M | 2.1% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 8.0K | $1.7M | 1.5% | Held |
| KKR KKR & CO INC | Financials | 17.1K | $1.6M | 1.4% | Held |
| FISV FISERV INC | Services media | 27.0K | $1.5M | 1.4% | New |
| MU MICRON TECHNOLOGY INC | Technology | 4.0K | $1.4M | 1.2% | New |
| FOUR SHIFT4 PAYMENTS INC-CLASS A | Services media | 30.0K | $1.3M | 1.2% | New |
| GTLB GITLAB INC-CL A | Technology | 60.0K | $1.3M | 1.2% | -40.6% |
| TBBB BBB FOODS INC-CLASS A | Consumer discretionary | 35.0K | $1.2M | 1.1% | New |
| NVDA NVIDIA CORP | Technology | 6.0K | $1.0M | 0.9% | New |
| LBRDK LIBERTY BROADBAND-C | Communications | 18.1K | $909K | 0.8% | -52.5% |
| PYPL PAYPAL HOLDINGS INC | Services media | 20.0K | $905K | 0.8% | New |
| GPN GLOBAL PAYMENTS INC | Services media | 10.0K | $673K | 0.6% | New |
| NOW SERVICENOW INC | Technology | 6.0K | $627K | 0.6% | New |
| TFPM TRIPLE FLAG PRECIOUS MET | Financials | 14.9K | $518K | 0.5% | Held |
| DVN DEVON ENERGY CORP | Energy | 10.0K | $503K | 0.5% | New |
| GLIBK LIBERTY CAPITAL CORP-CL C | Communications | 10.8K | $402K | 0.4% | Held |
| IMXI INTERNATIONAL MONEY EXPRESS | Services media | 23.0K | $363K | 0.3% | -83.9% |
| SPGI S&P GLOBAL INC | Services media | 750 | $319K | 0.3% | Held |
| CVX CHEVRON CORP | Energy | 1.4K | $290K | 0.3% | New |
| MTA METALLA ROYALTY & STREAMING | Materials | 36.0K | $239K | 0.2% | Held |
| OXY OCCIDENTAL PETROLEUM CORP | Energy | 3.4K | $221K | 0.2% | New |
| FRPH FRP HOLDINGS INC | Real estate | 9.6K | $210K | 0.2% | -87.5% |
| BSM BLACK STONE MINERALS LP | Energy | 10.0K | $151K | 0.1% | Held |
| MFIC MIDCAP FINANCIAL INVESTMENT | — | 10.0K | $112K | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 24, 2026 | 37 | $111.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 25 | $108.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 31, 2025 | 29 | $155.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 29, 2025 | 23 | $156.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 29, 2025 | 22 | $139.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 24, 2025 | 21 | $133.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 21, 2024 | 22 | $115.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 29, 2024 | 25 | $120.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 1, 2024 | 22 | $98.0M | canonical | SEC ↗ |
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