LP
LB Partners LLC 13F Filings & Institutional Holdings (Q2 2026)
LB Partners LLCCIK: 0002007877
Momentum followerSector-focusedQuality / disciplined sizing
Total reported value
$146.6M
Reporting period: 2026-06-30 · Number of holdings: 34
LB Partners LLC disclosed 34 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $146.6M and a quarterly turnover rate of 51.2%.
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Personality snowflake
- Concentration
- 36.07
- Portfolio Stability
- 51.2
- Momentum
- 100
- Sector conviction
- 91.2
- Diversification
- 68
- Sizing Uniformity
- 85.41
LB Partners LLC's disclosed holdings carry a Herfindahl concentration index of 0.090 — mathematically equivalent to about 11 equally-sized positions, well below its 34 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.46), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 48% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd NIQ
+383.4% $13.5M
Trim SPT
-68.3% -$5.0M
Trim TIGO
-46.2% -$3.7M
Add LPRO
-10.2% $8.3M
Add MU
+50.0% $5.6M
New buy TOST
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RELY | Remitly Global Inc | Stock-Other | 19.38% | -2.10% | -17.08% | |
| 2 | NIQ | NIQ Global Intelligence plc | Stock-Other | 12.32% | +8.25% | +383.40% | |
| 3 | LPRO | Open Lending CORP | Stock-Other | 10.29% | +4.24% | -10.18% | |
| 4 | COF | Capital One Financial CORP | Stock-Financials | 9.58% | -1.88% | — | |
| 5 | AXP | American Express Co | Stock-Financials | 6.92% | -1.22% | — | |
| 6 | TIGO | Millicom International Cellular S.A. | Stock-Comm Services | 4.77% | -4.84% | -46.15% | |
| 7 | MU | Micron Technology Inc | Stock-Tech | 4.72% | +3.51% | +50.00% | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 4.63% | -0.27% | — | |
| 9 | OPFI | Oppfi Inc | Stock-Other | 4.28% | +0.82% | +26.50% | |
| 10 | FOUR | Shift4 Payments Inc-class A | Stock-Tech | 3.18% | +2.00% | +220.00% | |
| 11 | TOST | Toast Inc-class A | Stock-Tech | 2.94% | +2.94% | NEW | |
| 12 | LBRDK | Liberty Broadband-c | Stock-Comm Services | 2.50% | +1.68% | +508.99% | |
| 13 | SPT | Sprout Social Inc - Class A | Stock-Other | 2.47% | -5.25% | -68.25% | |
| 14 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.93% | -0.13% | — | |
| 15 | GOGO | Gogo Inc | Stock-Other | 1.44% | -1.46% | -15.05% | |
| 16 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.30% | -0.19% | — | |
| 17 | PDD | Pdd Holdings Inc | Stock-Consumer Disc | 1.14% | -0.88% | — | |
| 18 | NVDA | Nvidia CORP | Stock-Tech | 1.09% | +0.15% | +33.33% | |
| 19 | KKR | Kkr & Co Inc | Stock-Financials | 1.07% | -0.35% | — | |
| 20 | TBBB | BBB Foods Inc. | Stock-Other | 0.99% | -0.12% | — | |
| 21 | PYPL | Paypal Holdings Inc | Stock-Financials | 0.66% | -0.15% | +12.50% | |
| 22 | TFPM | Triple Flag Precious Met | Stock-Materials | 0.30% | -0.16% | — | |
| 23 | SGOL | Abrdn Physical Gold Shares | ETF-Commodities | 0.29% | -0.15% | — | |
| 24 | DVN | Devon Energy CORP | Stock-Energy | 0.28% | -0.17% | — | |
| 25 | FDS | Factset Research Systems Inc | Stock-Financials | 0.26% | +0.26% | NEW | |
| 26 | IMXI | International Money Express | Stock-Other | 0.23% | -0.10% | — | |
| 27 | SPGI | S&p Global Inc | Stock-Financials | 0.21% | -0.08% | — | |
| 28 | MTA | Metalla Royalty & Streaming | Stock-Other | 0.19% | -0.02% | — | |
| 29 | FRPH | Frp Holdings Inc | Stock-Other | 0.16% | -0.03% | — | |
| 30 | CVX | Chevron CORP | Stock-Energy | 0.16% | -0.10% | — | |
| 31 | BSM | Black Stone Minerals LP | Stock-Other | 0.10% | -0.04% | — | |
| 32 | MFIC | Midcap Financial Investment | Stock-Other | 0.08% | -0.02% | +20.00% | |
| 33 | FSK | Fs Kkr Capital CORP | Stock-Financials | 0.08% | +0.08% | NEW | |
| 34 | CABO 1.125 03-15-28Bond | Cable One Inc | Bond | 0.05% | -0.02% | — |
Portfolio Performance
Performance for Q3 2026
+20.7%
Performance Last 4 Quarters
+18.2%
- Stdev
- +22.3%
- Beta
- +1.13
- Alpha
- +6.4%
- Max Drawdown
- -19.6%
- Annualized Perf
- +28%
- Batting Avg vs S&P
- +56.7%
- Sortino
- +2.96
- Stutzer
- +0.38
- Treynor
- +0.24
- Sterling
- +1.28
- Calmar
- +1.43
- Information Ratio
- +0.5
- Tracking Error
- +17.7%
- Stdev Down
- +9.2%
- Winning Months %
- +60%
- Losing Months %
- +40%
- Best 12 Months
- +50.6%
- Worst 12 Months
- -1.3%
- Efficiency Ratio
- +0.58
- Sharpe
- +1.22
- Stdev Sectors
- +15.1%
- Skewness
- +0.69
- Kurtosis
- +0.25
- Upside Potential
- +4.66
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
LB Partners LLC's most significant position changes for 2026-06-30: New buy: Toast Inc-class A (TOST); Sold out: Fiserv Inc (FISV); Sold out: Gitlab Inc-cl A (GTLB); Sold out: Global Payments Inc (GPN); Sold out: Servicenow Inc (NOW).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NIQ | NIQ Global Intelligence plc | +8.3% | +383.40% | Add |
| 2 | LPRO | Open Lending CORP | +4.2% | -10.18% | Trim |
| 3 | MU | Micron Technology Inc | +3.5% | +50.00% | Add |
| 4 | TOST | Toast Inc-class A | +2.9% | NEW | New buy |
| 5 | FOUR | Shift4 Payments Inc-class A | +2% | +220.00% | Add |
| 6 | LBRDK | Liberty Broadband-c | +1.7% | +508.99% | Add |
| 7 | OPFI | Oppfi Inc | +0.8% | +26.50% | Add |
| 8 | FDS | Factset Research Systems Inc | +0.3% | NEW | New buy |
| 9 | NVDA | Nvidia CORP | +0.2% | +33.33% | Add |
| 10 | FSK | Fs Kkr Capital CORP | +0.1% | NEW | New buy |
| 11 | MTA | Metalla Royalty & Streaming | 0% | — | Unchanged |
| 12 | MFIC | Midcap Financial Investment | 0% | +20.00% | Add |
| 13 | CABO 1.125 03-15-28Bond | Cable One Inc | 0% | — | Unchanged |
| 14 | FRPH | Frp Holdings Inc | 0% | — | Unchanged |
| 15 | BSM | Black Stone Minerals LP | 0% | — | Unchanged |
| 16 | SPGI | S&p Global Inc | -0.1% | — | Unchanged |
| 17 | CVX | Chevron CORP | -0.1% | — | Unchanged |
| 18 | IMXI | International Money Express | -0.1% | — | Unchanged |
| 19 | TBBB | BBB Foods Inc. | -0.1% | — | Unchanged |
| 20 | GOOG | Alphabet Inc-cl C | -0.1% | — | Unchanged |
| 21 | SGOL | Abrdn Physical Gold Shares | -0.2% | — | Unchanged |
| 22 | PYPL | Paypal Holdings Inc | -0.2% | +12.50% | Add |
| 23 | TFPM | Triple Flag Precious Met | -0.2% | — | Unchanged |
| 24 | DVN | Devon Energy CORP | -0.2% | — | Unchanged |
| 25 | AMZN | Amazon.com Inc | -0.2% | — | Unchanged |
| 26 | OXY | Occidental Petroleum CORP | -0.2% | EXIT | Sold out |
| 27 | GOOGL | Alphabet Inc-cl A | -0.3% | — | Unchanged |
| 28 | KKR | Kkr & Co Inc | -0.4% | — | Unchanged |
| 29 | GLIBK | Liberty Capital Corp-cl C | -0.4% | EXIT | Sold out |
| 30 | NOW | Servicenow Inc | -0.6% | EXIT | Sold out |
| 31 | GPN | Global Payments Inc | -0.6% | EXIT | Sold out |
| 32 | PDD | Pdd Holdings Inc | -0.9% | — | Unchanged |
| 33 | GTLB | Gitlab Inc-cl A | -1.2% | EXIT | Sold out |
| 34 | AXP | American Express Co | -1.2% | — | Unchanged |
| 35 | FISV | Fiserv Inc | -1.4% | EXIT | Sold out |
| 36 | GOGO | Gogo Inc | -1.5% | -15.05% | Trim |
| 37 | COF | Capital One Financial CORP | -1.9% | — | Unchanged |
| 38 | RELY | Remitly Global Inc | -2.1% | -17.08% | Trim |
| 39 | TIGO | Millicom International Cellular S.A. | -4.8% | -46.15% | Trim |
| 40 | SPT | Sprout Social Inc - Class A | -5.3% | -68.25% | Trim |
Filing History
FAQ
What is LB Partners LLC and what type of investor is it?
LB Partners LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $146.6M, spread across 34 disclosed positions.
What are LB Partners LLC's largest equity positions?
Based on the latest 13F filing, LB Partners LLC's top holdings by market value are:
1. Remitly Global Inc (RELY) — $28.4M (19.4%)
2. NIQ Global Intelligence plc (NIQ) — $18.1M (12.3%)
3. Open Lending CORP (LPRO) — $15.1M (10.3%)
4. Capital One Financial CORP (COF) — $14.1M (9.6%)
5. American Express Co (AXP) — $10.1M (6.9%)
What changes did LB Partners LLC make in its most recent portfolio filing?
In the latest reported quarter, LB Partners LLC made 22 notable position adjustments: 3 new positions were initiated, 8 existing holdings were added to, 5 positions were partially reduced, and 6 were completely exited. The largest of these moves: New buy: Toast Inc-class A (TOST); Sold out: Fiserv Inc (FISV); Sold out: Gitlab Inc-cl A (GTLB); Sold out: Global Payments Inc (GPN); Sold out: Servicenow Inc (NOW)
What sectors does LB Partners LLC focus on?
LB Partners LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 39.3%
• Communication Services: 29.0%
• Information Technology: 25.0%
• Consumer Discretionary: 5.1%
• Energy: 0.9%
• Materials: 0.6%
Investment Profile
LB Partners LLC returned an annualized 28.0% over the trailing 30 months — outperforming the S&P 500 by 6.4 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.13 (more volatile than the market) and a 57% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 39.3% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 51 over the past 4 quarters — a shift toward more active trading.
It has added to its NIQ position over the past two quarters (+$14.0M, now $18.1M), while trimming TIGO over the same stretch (-$5.9M, still holding $7.0M).
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