CIK: 0002007877
Total reported value
$111.5M
Reporting period: 2026-03-31 · Number of holdings: 37
LB Partners LLC disclosed 37 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $111.5M and a quarterly turnover rate of 40.0%.
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LB Partners LLC's disclosed holdings carry a Herfindahl concentration index of 0.093 — mathematically equivalent to about 11 equally-sized positions, well below its 37 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 1.59), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 7.3 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 36% 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.
Add RELY
+22.4% $6.7M
Trim COF
+9.4% -$2.7M
Trim AXP
-6.3% -$2.8M
Trim GTLB
-40.6% -$2.5M
Trim TIGO
-38.4% -$2.1M
Add GOGO
+436.0% $2.5M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RELY | Remitly Global INC | Stock-Other | 21.48% | +5.57% | +22.44% | |
| 2 | COF | Capital One Financial CORP | Stock-Financials | 11.46% | -2.87% | +9.37% | |
| 3 | TIGO | Millicom International Cellular S.A. | Stock-Comm Services | 9.61% | -2.26% | -38.36% | |
| 4 | AXP | American Express Co | Stock-Financials | 8.14% | -2.79% | -6.25% | |
| 5 | SPT | Sprout Social INC - Class A | Stock-Other | 7.72% | +1.30% | +144.70% | |
| 6 | LPRO | Open Lending CORP | Stock-Other | 6.05% | -1.46% | +2.86% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 4.90% | -0.59% | — | |
| 8 | NIQ | NIQ Global Intelligence plc | Stock-Other | 4.07% | +0.35% | +63.34% | |
| 9 | OPFI | Oppfi INC | Stock-Other | 3.46% | -1.37% | — | |
| 10 | GOGO | Gogo INC | Stock-Other | 2.90% | +2.25% | +436.02% | |
| 11 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.06% | -0.26% | — | |
| 12 | PDD | Pdd Holdings INC | Stock-Consumer Disc | 2.02% | +2.02% | NEW | |
| 13 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.49% | -0.21% | — | |
| 14 | KKR | Kkr & Co INC | Stock-Financials | 1.42% | -0.59% | — | |
| 15 | FISV | Fiserv INC | Stock-Other | 1.35% | +1.35% | NEW | |
| 16 | MU | Micron Technology INC | Stock-Tech | 1.21% | +1.21% | NEW | |
| 17 | FOUR | Shift4 Payments Inc-class A | Stock-Tech | 1.18% | +1.18% | NEW | |
| 18 | GTLB | Gitlab Inc-cl A | Stock-Tech | 1.16% | -2.34% | -40.64% | |
| 19 | TBBB | BBB Foods Inc. | Stock-Other | 1.11% | +1.11% | NEW | |
| 20 | NVDA | Nvidia CORP | Stock-Tech | 0.94% | +0.94% | NEW | |
| 21 | LBRDK | Liberty Broadband-c | Stock-Comm Services | 0.82% | -0.89% | -52.53% | |
| 22 | PYPL | Paypal Holdings INC | Stock-Financials | 0.81% | +0.81% | NEW | |
| 23 | GPN | Global Payments INC | Stock-Industrials | 0.60% | +0.60% | NEW | |
| 24 | NOW | Servicenow INC | Stock-Tech | 0.56% | +0.56% | NEW | |
| 25 | TFPM | Triple Flag Precious Met | Stock-Materials | 0.46% | — | — | |
| 26 | DVN | Devon Energy CORP | Stock-Energy | 0.45% | +0.45% | NEW | |
| 27 | SGOL | Abrdn Physical Gold Shares | ETF-Commodities | 0.44% | +0.02% | — | |
| 28 | GLIBK | Liberty Capital Corp-cl C | Stock-Other | 0.36% | -0.01% | — | |
| 29 | IMXI | International Money Express | Stock-Other | 0.33% | -1.70% | -83.92% | |
| 30 | SPGI | S&p Global INC | Stock-Financials | 0.29% | -0.07% | — | |
| 31 | CVX | Chevron CORP | Stock-Energy | 0.26% | +0.26% | NEW | |
| 32 | MTA | Metalla Royalty & Streaming | Stock-Other | 0.21% | -0.05% | — | |
| 33 | OXY | Occidental Petroleum CORP | Stock-Energy | 0.20% | +0.20% | NEW | |
| 34 | FRPH | Frp Holdings INC | Stock-Other | 0.19% | -1.42% | -87.50% | |
| 35 | BSM | Black Stone Minerals LP | Stock-Other | 0.14% | +0.02% | — | |
| 36 | MFIC | Midcap Financial Investment | Stock-Other | 0.10% | +0.10% | NEW | |
| 37 | CABO 1.125 03-15-28 | Cable One INC | Stock-Comm Services | 0.07% | +0.07% | NEW |
Performance for Q3 2026
+15.2%
Performance Last 4 Quarters
+34.3%
Based on 85% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 37 | $111.5M | 40 | |
| 2025-12-31 | 25 | $108.4M | 58 | |
| 2025-09-30 | 29 | $155.8M | 56 | |
| 2025-06-30 | 23 | $156.6M | 0 | |
| 2025-03-31 | 22 | $139.0M | 0 | |
| 2024-12-31 | 21 | $133.4M | 0 | |
| 2024-09-30 | 22 | $115.1M | 0 | |
| 2024-06-30 | 25 | $120.1M | 0 | |
| 2024-03-31 | 22 | $98.0M | 0 | |
| 2023-12-31 | 27 | $91.2M | 0 |
LB Partners LLC's most significant position changes for 2026-03-31: New buy: Pdd Holdings INC (PDD); Sold out: Thryv Holdings INC (THRY); New buy: Fiserv INC (FISV); New buy: Micron Technology INC (MU); New buy: Shift4 Payments Inc-class A (FOUR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RELY | Remitly Global INC | +5.6% | +22.44% | Add |
| 2 | GOGO | Gogo INC | +2.3% | +436.02% | Add |
| 3 | SPT | Sprout Social INC - Class A | +1.3% | +144.70% | Add |
| 4 | NIQ | NIQ Global Intelligence plc | +0.4% | +63.34% | Add |
| 5 | SGOL | Abrdn Physical Gold Shares | 0% | — | Unchanged |
| 6 | BSM | Black Stone Minerals LP | 0% | — | Unchanged |
| 7 | TFPM | Triple Flag Precious Met | — | — | Unchanged |
| 8 | GLIBK | Liberty Capital Corp-cl C | 0% | — | Unchanged |
| 9 | MTA | Metalla Royalty & Streaming | -0.1% | — | Unchanged |
| 10 | SPGI | S&p Global INC | -0.1% | — | Unchanged |
| 11 | AMZN | Amazon.com INC | -0.2% | — | Unchanged |
| 12 | GOOG | Alphabet Inc-cl C | -0.3% | — | Unchanged |
| 13 | KKR | Kkr & Co INC | -0.6% | — | Unchanged |
| 14 | GOOGL | Alphabet Inc-cl A | -0.6% | — | Unchanged |
| 15 | LBRDK | Liberty Broadband-c | -0.9% | -52.53% | Trim |
| 16 | OPFI | Oppfi INC | -1.4% | — | Unchanged |
| 17 | FRPH | Frp Holdings INC | -1.4% | -87.50% | Trim |
| 18 | LPRO | Open Lending CORP | -1.5% | +2.86% | Add |
| 19 | IMXI | International Money Express | -1.7% | -83.92% | Trim |
| 20 | TIGO | Millicom International Cellular S.A. | -2.3% | -38.36% | Trim |
| 21 | GTLB | Gitlab Inc-cl A | -2.3% | -40.64% | Trim |
| 22 | AXP | American Express Co | -2.8% | -6.25% | Trim |
| 23 | COF | Capital One Financial CORP | -2.9% | +9.37% | Add |
| 24 | PDD | Pdd Holdings INC | — | NEW | New buy |
| 25 | THRY | Thryv Holdings INC | — | EXIT | Sold out |
| 26 | FISV | Fiserv INC | — | NEW | New buy |
| 27 | MU | Micron Technology INC | — | NEW | New buy |
| 28 | FOUR | Shift4 Payments Inc-class A | — | NEW | New buy |
| 29 | TBBB | BBB Foods Inc. | — | NEW | New buy |
| 30 | NVDA | Nvidia CORP | — | NEW | New buy |
| 31 | PYPL | Paypal Holdings INC | — | NEW | New buy |
| 32 | GPN | Global Payments INC | — | NEW | New buy |
| 33 | NOW | Servicenow INC | — | NEW | New buy |
| 34 | DVN | Devon Energy CORP | — | NEW | New buy |
| 35 | CVX | Chevron CORP | — | NEW | New buy |
| 36 | OXY | Occidental Petroleum CORP | — | NEW | New buy |
| 37 | MFIC | Midcap Financial Investment | — | NEW | New buy |
| 38 | WU | Western Union Co | — | EXIT | Sold out |
| 39 | CABO 1.125 03-15-28 | Cable One INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-24 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-31 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-29 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-29 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-24 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-21 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-29 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-01 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-26 | 13F-HR | View on EDGAR |
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