TFJ Management, LLC
Long book
$104.5M
Q1 2026
Positions
12
Top-10 weight
98%
concentration
Last quarter
+25.2%
SPY +14.8%
Turnover
43%
of book per quarter
Strategy in plain words
auto-generated from filingsTFJ Management, LLC is a concentrated fundamental stock-picker, running a $104.5M US long book across 12 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: APPLOVIN CORP-CLASS A, OPENLANE INC, COUPANG INC, GITLAB INC-CL A, APPFOLIO INC - A.
Over the last 6 quarters its long book ran on average 1.9pp per quarter behind the S&P 500, beating the index in 3 of 6 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
Q4 2024
-13.4%
Q1 2025
+20.5%
Q2 2025
+22.8%
Q3 2025
-9.9%
Q4 2025
-28.6%
Q1 2026
+25.2%
Sector allocation
Technology 58%
Consumer discretionary 40%
Services media 3%
Long book by quarter
What does TFJ Management, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| APP APPLOVIN CORP-CLASS A | Technology | 62.9K | $25.0M | 24.0% | +18.9% |
| OPLN OPENLANE INC | Consumer discretionary | 786.2K | $22.9M | 21.9% | +4.5% |
| CPNG COUPANG INC | Consumer discretionary | 974.3K | $18.4M | 17.6% | +15.4% |
| GTLB GITLAB INC-CL A | Technology | 606.7K | $13.1M | 12.6% | +50.6% |
| APPF APPFOLIO INC - A | Technology | 51.7K | $8.2M | 7.8% | +43.1% |
| IOT SAMSARA INC-CL A | Technology | 129.8K | $4.1M | 3.9% | New |
| SAIL SAILPOINT INC | Technology | 293.8K | $3.9M | 3.7% | New |
| CLVT CLARIVATE PLC | Technology | 1.2M | $2.9M | 2.8% | +98.1% |
| RSKD RISKIFIED LTD-A | Services media | 546.7K | $2.1M | 2.1% | -60.8% |
| TOST TOAST INC-CLASS A | Technology | 63.1K | $1.7M | 1.6% | New |
| FIG FIGMA INC-CL A | Technology | 66.6K | $1.4M | 1.3% | New |
| ACVA ACV AUCTIONS INC-A | Services media | 159.1K | $675K | 0.6% | -87.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 14 | $141.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 10 | $138.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 10 | $148.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 12 | $128.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 14 | $105.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 16 | $111.0M | canonical | SEC ↗ |
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