CIK: 0001599170
Total reported value
$888.1M
Reporting period: 2026-03-31 · Number of holdings: 126
FJ Capital Management LLC disclosed 126 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $888.1M and a quarterly turnover rate of 69.0%.
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FJ Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.032 — mathematically equivalent to about 31 equally-sized positions, well below its 126 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 1.75), 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 33% 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 NIC
+1400.3% $43.1M
Add EBC
+87.9% $17.0M
Trim SBCF
-33.5% -$15.3M
Trim USB
-73.7% -$14.8M
Add BCAL
+61.6% $12.7M
Add TOWN
+206.6% $12.8M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SSB | Southstate Bank CORP | Stock-Financials | 8.11% | -0.34% | -4.23% | |
| 2 | HTB | Hometrust Bancshares INC | Stock-Other | 7.46% | -0.57% | -8.22% | |
| 3 | NIC | Nicolet Bankshares INC | Stock-Other | 5.13% | +4.86% | +1400.32% | |
| 4 | SFST | Southern First Bancshares | Stock-Other | 4.95% | — | — | |
| 5 | EQBK | Equity Bancshares INC - Cl A | Stock-Other | 4.61% | -1.43% | -24.85% | |
| 6 | BCAL | California Bancorp | Stock-Other | 4.10% | +1.48% | +61.57% | |
| 7 | EBC | Eastern Bankshares INC | Stock-Other | 3.84% | +1.95% | +87.94% | |
| 8 | RBB | Rbb Bancorp | Stock-Other | 3.64% | — | — | |
| 9 | OSBC | Old Second Bancorp INC | Stock-Other | 3.42% | -0.52% | -17.74% | |
| 10 | FRME | First Merchants CORP | Stock-Other | 3.10% | +0.48% | +12.27% | |
| 11 | SBCF | Seacoast Banking Corp/fl | Stock-Other | 3.09% | -1.63% | -33.46% | |
| 12 | HBNC | Horizon Bancorp Inc/in | Stock-Other | 2.41% | — | +19.13% | |
| 13 | TOWN | Towne Bank | Stock-Other | 2.12% | +1.45% | +206.58% | |
| 14 | HBAN | Huntington Bancshares INC | Stock-Financials | 1.97% | +1.97% | NEW | |
| 15 | BKU | Bankunited INC | Stock-Other | 1.94% | +1.94% | NEW | |
| 16 | CVBF | Cvb Financial CORP | Stock-Other | 1.86% | +1.30% | +209.46% | |
| 17 | ONB | Old National Bancorp | Stock-Financials | 1.78% | — | — | |
| 18 | SMBC | Southern Missouri Bancorp | Stock-Other | 1.46% | -0.50% | -32.74% | |
| 19 | INDB | Independent Bank Corp/ma | Stock-Other | 1.40% | -0.46% | -28.14% | |
| 20 | NTRS | Northern Trust CORP | Stock-Financials | 1.24% | +1.24% | NEW | |
| 21 | ABCB | Ameris Bancorp | Stock-Financials | 1.18% | +1.18% | NEW | |
| 22 | CBNA | Chain Bridge Bancorp Inc-a | Stock-Other | 1.15% | — | — | |
| 23 | XZO | Exzeo Group INC | Stock-Other | 1.13% | +0.49% | +186.91% | |
| 24 | AVBC | Avidia Bancorp INC | Stock-Other | 1.10% | — | — | |
| 25 | JLL | Jones Lang Lasalle INC | Stock-Real Estate | 1.09% | +0.65% | +170.77% | |
| 26 | BAC | Bank Of America CORP | Stock-Financials | 1.04% | +1.04% | NEW | |
| 27 | MS | Morgan Stanley | Stock-Financials | 1.04% | -0.43% | -24.97% | |
| 28 | WSBC | Wesbanco INC | Stock-Other | 0.95% | — | -29.76% | |
| 29 | JMSB | John Marshall Bancorp INC | Stock-Other | 0.94% | — | -0.16% | |
| 30 | CFG | Citizens Financial Group | Stock-Financials | 0.85% | +0.85% | NEW | |
| 31 | IBCP | Independent Bank CORP - Mich | Stock-Other | 0.76% | -0.62% | -47.13% | |
| 32 | HWBK | Hawthorn Bancshares INC | Stock-Other | 0.72% | — | — | |
| 33 | SYBT | Stock Yards Bancorp INC | Stock-Other | 0.69% | +0.64% | +1361.96% | |
| 34 | SFBS | Servisfirst Bancshares INC | Stock-Financials | 0.66% | +0.66% | NEW | |
| 35 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.65% | +0.65% | NEW | |
| 36 | HCI | Hci Group INC | Stock-Other | 0.65% | — | +96.05% | |
| 37 | VIRT | Virtu Financial Inc-class A | Stock-Financials | 0.62% | +0.62% | NEW | |
| 38 | PLMR | Palomar Holdings INC | Stock-Financials | 0.61% | +0.55% | +1075.80% | |
| 39 | AMTB | Amerant Bancorp INC | Stock-Other | 0.61% | +0.61% | NEW | |
| 40 | CNO | Cno Financial Group INC | Stock-Financials | 0.61% | +0.43% | +237.09% | |
| 41 | USB | US Bancorp | Stock-Financials | 0.57% | -1.63% | -73.73% | |
| 42 | UMBF | Umb Financial CORP | Stock-Financials | 0.56% | — | +64.75% | |
| 43 | ESNT | Essent Group Ltd. | Stock-Financials | 0.49% | +0.49% | NEW | |
| 44 | PHM | Pultegroup INC | Stock-Consumer Disc | 0.47% | — | +14.94% | |
| 45 | SKWD | Skyward Specialty Insurance | Stock-Other | 0.46% | — | -34.79% | |
| 46 | HTGC | Hercules Capital INC | Stock-Financials | 0.46% | — | +63.35% | |
| 47 | OMF | Onemain Holdings INC | Stock-Financials | 0.46% | +0.46% | NEW | |
| 48 | THG | Hanover Insurance Group Inc/ | Stock-Financials | 0.44% | — | -39.79% | |
| 49 | WELL | Welltower INC | Stock-Real Estate | 0.43% | — | -8.10% | |
| 50 | HYNE | Hoyne Bancorp INC | Stock-Other | 0.43% | — | — |
Performance for Q3 2026
+10.5%
Performance Last 4 Quarters
+32.5%
Based on 69% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 126 | $888.1M | 69 | |
| 2025-12-31 | 128 | $905.8M | 53 | |
| 2025-09-30 | 142 | $936.6M | 89 | |
| 2025-06-30 | 128 | $943.0M | 0 | |
| 2025-03-31 | 111 | $966.2M | 100 | |
| 2024-12-31 | 111 | $861.8M | 0 | |
| 2024-09-30 | 120 | $954.3M | 0 | |
| 2024-06-30 | 109 | $956.5M | 0 | |
| 2024-03-31 | 98 | $983.0M | 0 | |
| 2023-12-31 | 102 | $996.3M | 0 | |
| 2023-09-30 | 108 | $883.6M | 0 | |
| 2023-06-30 | 104 | $784.2M | 0 | |
| 2023-03-31 | 98 | $807.6M | 0 | |
| 2022-12-31 | 89 | $844.5M | 0 | |
| 2022-09-30 | 93 | $836.2M | 0 | |
| 2022-06-30 | 95 | $1.0B | 0 | |
| 2022-03-31 | 98 | $1.2B | 0 | |
| 2021-12-31 | 103 | $1.2B | 0 | |
| 2021-09-30 | 94 | $1.2B | 0 | |
| 2021-06-30 | 98 | $1.2B | 100 | |
| 2021-03-31 | 101 | $1.2B | 48 | |
| 2020-12-31 | 86 | $897.9M | 61 | |
| 2020-09-30 | 85 | $635.6M | 30 | |
| 2020-06-30 | 74 | $644.7M | 41 | |
| 2020-03-31 | 70 | $566.0M | 66 | |
| 2019-12-31 | 80 | $934.8M | 41 | |
| 2019-09-30 | 92 | $963.9M | 33 | |
| 2019-06-30 | 90 | $1.0B | 26 | |
| 2019-03-31 | 95 | $968.4M | 40 | |
| 2018-12-31 | 107 | $855.8M | 33 | |
| 2018-09-30 | 105 | $899.9M | 28 | |
| 2018-06-30 | 96 | $900.9M | 38 | |
| 2018-03-31 | 108 | $812.2M | 29 | |
| 2017-12-31 | 104 | $798.4M | 27 | |
| 2017-09-30 | 103 | $824.4M | 15 | |
| 2017-06-30 | 100 | $791.9M | 35 | |
| 2017-03-31 | 84 | $726.6M | 16 | |
| 2016-12-31 | 80 | $673.4M | 37 | |
| 2016-09-30 | 77 | $522.2M | 33 | |
| 2016-06-30 | 80 | $504.5M | 29 | |
| 2016-03-31 | 85 | $509.3M | 23 | |
| 2015-12-31 | 102 | $548.9M | 22 | |
| 2015-09-30 | 96 | $457.3M | 22 | |
| 2015-06-30 | 92 | $419.0M | 25 | |
| 2015-03-31 | 85 | $356.0M | 100 | |
| 2014-12-31 | 88 | $318.7M | 0 | |
| 2014-09-30 | 84 | $270.1M | 37 | |
| 2014-06-30 | 78 | $261.4M | 67 | |
| 2014-03-31 | 67 | $174.9M | 35 | |
| 2013-12-31 | 69 | $148.0M | 0 |
FJ Capital Management LLC's most significant position changes for 2026-03-31: Sold out: Western Alliance Bancorp (WAL); Sold out: Midwestone Financial Group I (MOFG); Sold out: Webster Financial CORP (WBS); New buy: Huntington Bancshares INC (HBAN); New buy: Bankunited INC (BKU).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NIC | Nicolet Bankshares INC | +4.9% | +1400.32% | Add |
| 2 | EBC | Eastern Bankshares INC | +2% | +87.94% | Add |
| 3 | BCAL | California Bancorp | +1.5% | +61.57% | Add |
| 4 | TOWN | Towne Bank | +1.5% | +206.58% | Add |
| 5 | CVBF | Cvb Financial CORP | +1.3% | +209.46% | Add |
| 6 | JLL | Jones Lang Lasalle INC | +0.7% | +170.77% | Add |
| 7 | SYBT | Stock Yards Bancorp INC | +0.6% | +1361.96% | Add |
| 8 | PLMR | Palomar Holdings INC | +0.6% | +1075.80% | Add |
| 9 | XZO | Exzeo Group INC | +0.5% | +186.91% | Add |
| 10 | FRME | First Merchants CORP | +0.5% | +12.27% | Add |
| 11 | CNO | Cno Financial Group INC | +0.4% | +237.09% | Add |
| 12 | SSB | Southstate Bank CORP | -0.3% | -4.23% | Trim |
| 13 | MS | Morgan Stanley | -0.4% | -24.97% | Trim |
| 14 | INDB | Independent Bank Corp/ma | -0.5% | -28.14% | Trim |
| 15 | RPC | Ridgepost Capital Inc-a | -0.5% | -97.57% | Trim |
| 16 | SMBC | Southern Missouri Bancorp | -0.5% | -32.74% | Trim |
| 17 | OSBC | Old Second Bancorp INC | -0.5% | -17.74% | Trim |
| 18 | HTB | Hometrust Bancshares INC | -0.6% | -8.22% | Trim |
| 19 | IBCP | Independent Bank CORP - Mich | -0.6% | -47.13% | Trim |
| 20 | QCRH | Qcr Holdings INC | -0.9% | -75.47% | Trim |
| 21 | EQBK | Equity Bancshares INC - Cl A | -1.4% | -24.85% | Trim |
| 22 | SBCF | Seacoast Banking Corp/fl | -1.6% | -33.46% | Trim |
| 23 | USB | US Bancorp | -1.6% | -73.73% | Trim |
| 24 | WAL | Western Alliance Bancorp | — | EXIT | Sold out |
| 25 | MOFG | Midwestone Financial Group I | — | EXIT | Sold out |
| 26 | WBS | Webster Financial CORP | — | EXIT | Sold out |
| 27 | HBAN | Huntington Bancshares INC | — | NEW | New buy |
| 28 | BKU | Bankunited INC | — | NEW | New buy |
| 29 | ZION | Zions Bancorp NA | — | EXIT | Sold out |
| 30 | NTRS | Northern Trust CORP | — | NEW | New buy |
| 31 | ABCB | Ameris Bancorp | — | NEW | New buy |
| 32 | BAC | Bank Of America CORP | — | NEW | New buy |
| 33 | CFG | Citizens Financial Group | — | NEW | New buy |
| 34 | SF | Stifel Financial CORP | — | EXIT | Sold out |
| 35 | NMRK | Newmark Group Inc-class A | — | EXIT | Sold out |
| 36 | SFBS | Servisfirst Bancshares INC | — | NEW | New buy |
| 37 | SCHW | Schwab (charles) CORP | — | NEW | New buy |
| 38 | VIRT | Virtu Financial Inc-class A | — | NEW | New buy |
| 39 | AMTB | Amerant Bancorp INC | — | NEW | New buy |
| 40 | CINF | Cincinnati Financial CORP | — | EXIT | Sold out |
| 41 | CME | Cme Group INC | — | EXIT | Sold out |
| 42 | LNKB | Linkbancorp INC | — | EXIT | Sold out |
| 43 | ESNT | Essent Group Ltd. | — | NEW | New buy |
| 44 | TCBK | Trico Bancshares | — | EXIT | Sold out |
| 45 | GABC | German American Bancorp | — | EXIT | Sold out |
| 46 | WLTH | Wealthfront CORP | — | EXIT | Sold out |
| 47 | LXP | Lxp Industrial Trust | — | EXIT | Sold out |
| 48 | OMF | Onemain Holdings INC | — | NEW | New buy |
| 49 | PFSI | Pennymac Financial Services | — | EXIT | Sold out |
| 50 | ETOR | eToro Group Ltd. | — | EXIT | Sold out |
| 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 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 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 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-09 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-06 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-18 | Amendment | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 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 | 2020-05-14 | 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 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | Amendment | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-10 | Amendment | View on EDGAR |
| 2015-09-30 | 2015-11-06 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-10 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-08 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | Amendment | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-20 | Amendment | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-13 | 13F-HR | View on EDGAR |
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