CIK: 0001731530
Total reported value
$275.6M
Reporting period: 2026-03-31 · Number of holdings: 29
FIRST SABREPOINT CAPITAL MANAGEMENT LP disclosed 29 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $275.6M and a quarterly turnover rate of 65.7%.
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First Sabrepoint Capital Management LP's disclosed holdings carry a Herfindahl concentration index of 0.063 — mathematically equivalent to about 16 equally-sized positions, well below its 29 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.92), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
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 53% 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 90041L905
+305.6% $21.2M
Trim TPB
0.0% -$8.6M
Trim LAUR
-50.4% -$8.2M
Trim CVSA
-40.7% -$4.7M
Add BTU
+150.0% $5.3M
Add TH
+301.2% $4.4M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TPB | Turning Point Brands INC | Stock-Other | 12.60% | -4.13% | — | |
| 2 | FCFS | Firstcash Holdings INC | Stock-Financials | 12.08% | +0.09% | -9.16% | |
| 3 | ✓ | Turning Pt Brands INC | Stock-Other | 11.11% | +7.47% | +305.63% | |
| 4 | CVCO | Cavco Industries INC | Stock-Consumer Disc | 5.81% | -0.34% | +22.37% | |
| 5 | AMRZ | Amrize Ltd | Stock-Materials | 3.82% | -0.35% | -6.00% | |
| 6 | LOPE | Grand Canyon Education INC | Stock-Consumer Staples | 3.58% | +0.37% | +16.00% | |
| 7 | CVSA | Covista INC | Stock-Consumer Staples | 3.35% | -2.04% | -40.74% | |
| 8 | EGY | Vaalco Energy INC | Stock-Other | 3.22% | +1.10% | -7.28% | |
| 9 | BTI | British American Tob-sp Adr | Stock-Consumer Staples | 3.18% | -0.10% | — | |
| 10 | LAUR | Laureate Education INC | Stock-Other | 3.14% | -3.36% | -50.40% | |
| 11 | MTDR | Matador Resources Co | Stock-Energy | 3.09% | +3.09% | NEW | |
| 12 | AZO | Autozone INC | Stock-Consumer Disc | 3.06% | -0.87% | -16.67% | |
| 13 | BTU | Peabody Energy CORP | Stock-Energy | 2.99% | +1.84% | +150.00% | |
| 14 | STRL | Sterling Infrastructure INC | Stock-Industrials | 2.96% | -0.59% | -33.33% | |
| 15 | NPKI | Npk International INC | Stock-Other | 2.89% | -0.10% | -15.38% | |
| 16 | ICHR | Ichor Holdings, Ltd. | Stock-Other | 2.88% | +2.88% | NEW | |
| 17 | UCTT | Ultra Clean Holdings INC | Stock-Other | 2.82% | +2.82% | NEW | |
| 18 | BBW | Build-a-bear Workshop INC | Stock-Other | 2.56% | +2.56% | NEW | |
| 19 | TFIN | Triumph Financial INC | Stock-Other | 2.40% | +0.23% | +23.38% | |
| 20 | ENTG | Entegris INC | Stock-Tech | 2.34% | +2.34% | NEW | |
| 21 | TH | Target Hospitality CORP | Stock-Other | 2.03% | +1.57% | +301.18% | |
| 22 | VSNT | Versant Media Group INC | Stock-Comm Services | 2.01% | +2.01% | NEW | |
| 23 | SFM | Sprouts Farmers Market INC | Stock-Consumer Staples | 1.82% | +1.82% | NEW | |
| 24 | PARR | Par Pacific Holdings INC | Stock-Energy | 1.14% | +1.14% | NEW | |
| 25 | BLD | Topbuild CORP | Stock-Industrials | 1.02% | -0.27% | — | |
| 26 | KOS | Kosmos Energy LTD | Stock-Other | 1.01% | +1.01% | NEW | |
| 27 | COLD | Americold Realty Trust INC | Stock-Real Estate | 0.71% | +0.71% | NEW | |
| 28 | GBFH | Gbank Financial Holdings INC | Stock-Other | 0.27% | -1.17% | -74.27% | |
| 29 | ✓ | Proshares Tr Ii | Stock-Other | 0.12% | +0.12% | NEW |
Performance for Q3 2026
+15.8%
Performance Last 4 Quarters
+43.6%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 29 | $275.6M | 66 | |
| 2025-12-31 | 29 | $259.1M | 63 | |
| 2025-09-30 | 37 | $315.9M | 84 | |
| 2025-06-30 | 35 | $280.6M | 0 | |
| 2025-03-31 | 37 | $269.4M | 100 | |
| 2024-12-31 | 59 | $372.7M | 0 | |
| 2024-09-30 | 46 | $344.4M | 0 | |
| 2024-06-30 | 46 | $331.7M | 0 | |
| 2024-03-31 | 46 | $373.9M | 0 | 133768G246284V382489T |
| 2023-12-31 | 41 | $303.6M | 0 | |
| 2023-09-30 | 36 | $234.5M | 0 | |
| 2023-06-30 | 24 | $228.5M | 0 | |
| 2023-03-31 | 29 | $238.1M | 0 | |
| 2022-12-31 | 23 | $204.0M | 0 | |
| 2022-09-30 | 29 | $243.8M | 0 | |
| 2022-06-30 | 26 | $256.0M | 0 | |
| 2022-03-31 | 26 | $284.8M | 0 | |
| 2021-12-31 | 36 | $374.0M | 0 | |
| 2021-09-30 | 35 | $376.8M | 0 | |
| 2021-06-30 | 30 | $317.4M | 99 | |
| 2021-03-31 | 32 | $308.2M | 59 | |
| 2020-12-31 | 33 | $310.1M | 42 | |
| 2020-09-30 | 37 | $280.3M | 47 | |
| 2020-06-30 | 33 | $253.8M | 69 | |
| 2020-03-31 | 35 | $246.8M | 71 | |
| 2019-12-31 | 38 | $282.4M | 80 | |
| 2019-09-30 | 32 | $224.2M | 66 | |
| 2019-06-30 | 32 | $226.0M | 55 | |
| 2019-03-31 | 28 | $216.9M | 68 | |
| 2018-12-31 | 29 | $190.4M | 88 | |
| 2018-09-30 | 22 | $181.3M | 71 | |
| 2018-06-30 | 24 | $165.0M | 68 | |
| 2018-03-31 | 25 | $140.9M | 79 | |
| 2017-12-31 | 28 | $109.3M | 0 |
First Sabrepoint Capital Management LP's most significant position changes for 2026-03-31: Sold out: Microsoft CORP (MSFT); New buy: Matador Resources Co (MTDR); New buy: Ichor Holdings, Ltd. (ICHR); Sold out: Federal Agric Mtg Corp-cl C (AGM); New buy: Ultra Clean Holdings INC (UCTT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | Turning Pt Brands INC | +7.5% | +305.63% | Add |
| 2 | BTU | Peabody Energy CORP | +1.8% | +150.00% | Add |
| 3 | TH | Target Hospitality CORP | +1.6% | +301.18% | Add |
| 4 | EGY | Vaalco Energy INC | +1.1% | -7.28% | Trim |
| 5 | LOPE | Grand Canyon Education INC | +0.4% | +16.00% | Add |
| 6 | TFIN | Triumph Financial INC | +0.2% | +23.38% | Add |
| 7 | FCFS | Firstcash Holdings INC | +0.1% | -9.16% | Trim |
| 8 | BTI | British American Tob-sp Adr | -0.1% | — | Unchanged |
| 9 | NPKI | Npk International INC | -0.1% | -15.38% | Trim |
| 10 | BLD | Topbuild CORP | -0.3% | — | Unchanged |
| 11 | CVCO | Cavco Industries INC | -0.3% | +22.37% | Add |
| 12 | AMRZ | Amrize Ltd | -0.4% | -6.00% | Trim |
| 13 | STRL | Sterling Infrastructure INC | -0.6% | -33.33% | Trim |
| 14 | AZO | Autozone INC | -0.9% | -16.67% | Trim |
| 15 | GBFH | Gbank Financial Holdings INC | -1.2% | -74.27% | Trim |
| 16 | CVSA | Covista INC | -2% | -40.74% | Trim |
| 17 | LAUR | Laureate Education INC | -3.4% | -50.40% | Trim |
| 18 | TPB | Turning Point Brands INC | -4.1% | — | Unchanged |
| 19 | MSFT | Microsoft CORP | — | EXIT | Sold out |
| 20 | MTDR | Matador Resources Co | — | NEW | New buy |
| 21 | ICHR | Ichor Holdings, Ltd. | — | NEW | New buy |
| 22 | AGM | Federal Agric Mtg Corp-cl C | — | EXIT | Sold out |
| 23 | UCTT | Ultra Clean Holdings INC | — | NEW | New buy |
| 24 | HAS | Hasbro INC | — | EXIT | Sold out |
| 25 | EEFT | Euronet Worldwide INC | — | EXIT | Sold out |
| 26 | BBW | Build-a-bear Workshop INC | — | NEW | New buy |
| 27 | ENTG | Entegris INC | — | NEW | New buy |
| 28 | PGNY | Progyny INC | — | EXIT | Sold out |
| 29 | VSNT | Versant Media Group INC | — | NEW | New buy |
| 30 | SFM | Sprouts Farmers Market INC | — | NEW | New buy |
| 31 | PARR | Par Pacific Holdings INC | — | NEW | New buy |
| 32 | KOS | Kosmos Energy LTD | — | NEW | New buy |
| 33 | ✓ | Euronet Worldwide INC | — | EXIT | Sold out |
| 34 | ✓ | Ast Spacemobile INC | — | EXIT | Sold out |
| 35 | COLD | Americold Realty Trust INC | — | NEW | New buy |
| 36 | WD | Walker & Dunlop INC | — | EXIT | Sold out |
| 37 | ✓ | Amprius Technologies INC | — | EXIT | Sold out |
| 38 | COOK | Traeger, Inc. | — | EXIT | Sold out |
| 39 | ✓ | Unusual Machs INC | — | EXIT | Sold out |
| 40 | ✓ | Proshares Tr Ii | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-15 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | Amendment | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-15 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-11-15 | Amendment | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
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