FS

First Sabrepoint Capital Management LP

Momentum followerQuality / disciplined sizingHigh-turnover trader

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%.

Personality snowflake

Concentration
25.01
Portfolio Stability
65.68
Momentum/Contrarian
100
Sector conviction
49.14
Diversification
58
Sizing Uniformity
90.82

Recent moves

  • 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

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1TPBTurning Point Brands INCStock-Other12.60%-4.13%—
2FCFSFirstcash Holdings INCStock-Financials12.08%+0.09%-9.16%
3✓ Turning Pt Brands INCStock-Other11.11%+7.47%+305.63%
4CVCOCavco Industries INCStock-Consumer Disc5.81%-0.34%+22.37%
5AMRZAmrize LtdStock-Materials3.82%-0.35%-6.00%
6LOPEGrand Canyon Education INCStock-Consumer Staples3.58%+0.37%+16.00%
7CVSACovista INCStock-Consumer Staples3.35%-2.04%-40.74%
8EGYVaalco Energy INCStock-Other3.22%+1.10%-7.28%
9BTIBritish American Tob-sp AdrStock-Consumer Staples3.18%-0.10%—
10LAURLaureate Education INCStock-Other3.14%-3.36%-50.40%
11MTDRMatador Resources CoStock-Energy3.09%+3.09%NEW
12AZOAutozone INCStock-Consumer Disc3.06%-0.87%-16.67%
13BTUPeabody Energy CORPStock-Energy2.99%+1.84%+150.00%
14STRLSterling Infrastructure INCStock-Industrials2.96%-0.59%-33.33%
15NPKINpk International INCStock-Other2.89%-0.10%-15.38%
16ICHRIchor Holdings, Ltd.Stock-Other2.88%+2.88%NEW
17UCTTUltra Clean Holdings INCStock-Other2.82%+2.82%NEW
18BBWBuild-a-bear Workshop INCStock-Other2.56%+2.56%NEW
19TFINTriumph Financial INCStock-Other2.40%+0.23%+23.38%
20ENTGEntegris INCStock-Tech2.34%+2.34%NEW
21THTarget Hospitality CORPStock-Other2.03%+1.57%+301.18%
22VSNTVersant Media Group INCStock-Comm Services2.01%+2.01%NEW
23SFMSprouts Farmers Market INCStock-Consumer Staples1.82%+1.82%NEW
24PARRPar Pacific Holdings INCStock-Energy1.14%+1.14%NEW
25BLDTopbuild CORPStock-Industrials1.02%-0.27%—
26KOSKosmos Energy LTDStock-Other1.01%+1.01%NEW
27COLDAmericold Realty Trust INCStock-Real Estate0.71%+0.71%NEW
28GBFHGbank Financial Holdings INCStock-Other0.27%-1.17%-74.27%
29✓ Proshares Tr IiStock-Other0.12%+0.12%NEW

Holding changes this quarter

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).

Position changes disclosed by First Sabrepoint Capital Management LP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1✓ Turning Pt Brands INC+7.5%+305.63%Add
2BTUPeabody Energy CORP+1.8%+150.00%Add
3THTarget Hospitality CORP+1.6%+301.18%Add
4EGYVaalco Energy INC+1.1%-7.28%Trim
5LOPEGrand Canyon Education INC+0.4%+16.00%Add
6TFINTriumph Financial INC+0.2%+23.38%Add
7FCFSFirstcash Holdings INC+0.1%-9.16%Trim
8BTIBritish American Tob-sp Adr-0.1%—Unchanged
9NPKINpk International INC-0.1%-15.38%Trim
10BLDTopbuild CORP-0.3%—Unchanged
11CVCOCavco Industries INC-0.3%+22.37%Add
12AMRZAmrize Ltd-0.4%-6.00%Trim
13STRLSterling Infrastructure INC-0.6%-33.33%Trim
14AZOAutozone INC-0.9%-16.67%Trim
15GBFHGbank Financial Holdings INC-1.2%-74.27%Trim
16CVSACovista INC-2%-40.74%Trim
17LAURLaureate Education INC-3.4%-50.40%Trim
18TPBTurning Point Brands INC-4.1%—Unchanged
19MSFTMicrosoft CORP—EXITSold out
20MTDRMatador Resources Co—NEWNew buy
21ICHRIchor Holdings, Ltd.—NEWNew buy
22AGMFederal Agric Mtg Corp-cl C—EXITSold out
23UCTTUltra Clean Holdings INC—NEWNew buy
24HASHasbro INC—EXITSold out
25EEFTEuronet Worldwide INC—EXITSold out
26BBWBuild-a-bear Workshop INC—NEWNew buy
27ENTGEntegris INC—NEWNew buy
28PGNYProgyny INC—EXITSold out
29VSNTVersant Media Group INC—NEWNew buy
30SFMSprouts Farmers Market INC—NEWNew buy
31PARRPar Pacific Holdings INC—NEWNew buy
32KOSKosmos Energy LTD—NEWNew buy
33✓ Euronet Worldwide INC—EXITSold out
34✓ Ast Spacemobile INC—EXITSold out
35COLDAmericold Realty Trust INC—NEWNew buy
36WDWalker & Dunlop INC—EXITSold out
37✓ Amprius Technologies INC—EXITSold out
38COOKTraeger, Inc.—EXITSold out
39✓ Unusual Machs INC—EXITSold out
40✓ Proshares Tr Ii—NEWNew buy

FAQ

What is First Sabrepoint Capital Management LP and what type of investor is it?
First Sabrepoint Capital Management LP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $275.6M, spread across 29 disclosed positions.
What are First Sabrepoint Capital Management LP's largest equity positions?
Based on the latest 13F filing, First Sabrepoint Capital Management LP's top holdings by market value are: 1. Turning Point Brands INC (TPB) — $34.7M (12.6%) 2. Firstcash Holdings INC (FCFS) — $33.3M (12.1%) 3. Turning Pt Brands INC — $30.6M (11.1%) 4. Cavco Industries INC (CVCO) — $16.0M (5.8%) 5. Amrize Ltd (AMRZ) — $10.5M (3.8%)
What changes did First Sabrepoint Capital Management LP make in its most recent portfolio filing?
In the latest reported quarter, First Sabrepoint Capital Management LP made 37 notable position adjustments: 11 new positions were initiated, 6 existing holdings were added to, 9 positions were partially reduced, and 11 were completely exited. The largest of these moves: 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)
What sectors does First Sabrepoint Capital Management LP focus on?
First Sabrepoint Capital Management LP is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 22.8% • Consumer Staples: 22.5% • Consumer Discretionary: 16.8% • Energy: 13.6% • Industrials: 7.5% • Materials: 7.2%