FIRST SABREPOINT CAPITAL MANAGEMENT LP

CIK

1731530

Location

DALLAS, TX

Portfolio Value

Small $244,642,592

Diversification

Diversified

Filing Date

Global Rank

#3,479 / 8,232 ▼ 232

Top Industry

Tobacco 17.8%

3Y Alpha vs SPY

-1.8%

Period ended 2 months ago

Filed May 15, 2026 · 30d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+68.4%

SPY

+76.3%

Annualised alpha

-1.8%

Max drawdown

−21.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

27 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

14.2%

−7.2 pts

Top 5

42.7%

−13.6 pts

Top 10

60.7%

−13.8 pts

HHI

637

Diversified−302

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Consumer Defensive	31.2%	$76,222,010	6
Financial Services	16.6%	$40,662,912	3
Energy	12.9%	$31,554,800	5
Consumer Cyclical	12.9%	$31,495,390	3
Industrials	10.0%	$24,509,790	4
Technology	9.1%	$22,144,400	3
Basic Materials	4.3%	$10,531,760	1
Communication Services	2.3%	$5,553,000	1
Real Estate	0.8%	$1,968,530	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

5 positions

Ticker	Company	Δ Shares	Shares	Value
TH	Target Hospitality Corp.	+451,777	601,777	$5,584,490
BTU	Peabody Energy Corp	+150,000	250,000	$8,237,500
TFIN	Triumph Financial, Inc.	+20,967	110,659	$6,601,915
LOPE	Grand Canyon Education, Inc.	+8,000	58,000	$9,861,740
CVCO	Cavco Industries, Inc.	+6,040	33,040	$16,000,941
No positions match the current search.

Trimmed

Positions the filer reduced

9 positions

Ticker	Company	Δ Shares	Shares	Value
LAUR	Laureate Education, Inc.	−252,000	248,000	$8,640,320
EGY	Vaalco Energy Inc /De/	−110,000	1,400,000	$8,876,000
NPKI	NPK International Inc.	−100,000	550,000	$7,969,500
GBFH	GBank Financial Holdings Inc.	−81,698	28,302	$757,361
CVSA	Covista Inc.	−55,000	80,000	$9,220,000
FCFS	FirstCash Holdings, Inc.	−17,853	177,147	$33,303,636
AMRZ	Amrize Ltd	−12,000	188,000	$10,531,760
STRL	Sterling Infrastructure, Inc.	−10,000	20,000	$8,145,400
AZO	Autozone Inc	−500	2,500	$8,444,450
No positions match the current search.

New Positions

Positions the filer opened this quarter

10 positions

Ticker	Company	Shares	Value
MTDR	Matador Resources Co	135,000	$8,529,300
ICHR	Ichor Holdings, Ltd.	170,000	$7,923,700
UCTT	Ultra Clean Holdings, Inc.	125,000	$7,772,500
BBW	Build-A-Bear Workshop Inc	188,251	$7,049,999
ENTG	Entegris Inc	55,000	$6,448,200
VSNT	Versant Media Group, Inc.	150,000	$5,553,000
SFM	Sprouts Farmers Market, Inc.	65,000	$5,013,450
PARR	Par Pacific Holdings, Inc.	50,000	$3,132,000
KOS	Kosmos Energy Ltd.	1,000,000	$2,780,000
COLD	Americold Realty Trust	171,774	$1,968,530
No positions match the current search.

Sold Out

Positions the filer fully exited

7 positions

Ticker	Company	Shares	Value
COOK	Traeger, Inc.	1,219,575	$65,857,050
MSFT	Microsoft Corp	25,000	$12,090,500
AGM	Federal Agricultural Mortgage Corp	44,500	$7,812,865
HAS	Hasbro, Inc.	94,765	$7,770,730
EEFT	Euronet Worldwide, Inc.	101,155	$7,698,907
PGNY	Progyny, Inc.	250,000	$6,420,000
WD	Walker & Dunlop, Inc.	30,000	$1,804,500
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

27 positions · $244,642,592 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
TPB	Turning Point Brands, Inc. Consumer Defensive	Held	400,000	0	$34,716,000	−19.9%	14.19%
FCFS	FirstCash Holdings, Inc. Financial Services	Reduced	177,147	-17,853	$33,303,636	+7.2%	13.61%
CVCO	Cavco Industries, Inc. Consumer Cyclical	Added	33,040	+6,040	$16,000,941	+0.3%	6.54%
AMRZ	Amrize Ltd Basic Materials	Reduced	188,000	-12,000	$10,531,760	−2.6%	4.30%
LOPE	Grand Canyon Education, Inc. Consumer Defensive	Added	58,000	+8,000	$9,861,740	+18.6%	4.03%
CVSA	Covista Inc. Consumer Defensive	Reduced	80,000	-55,000	$9,220,000	−34.0%	3.77%
EGY	Vaalco Energy Inc /De/ Energy	Reduced	1,400,000	-110,000	$8,876,000	+61.5%	3.63%
BTI	British American Tobacco p.l.c. Consumer Defensive	Held	150,000	0	$8,770,500	+3.3%	3.59%
LAUR	Laureate Education, Inc. Consumer Defensive	Reduced	248,000	-252,000	$8,640,320	−48.7%	3.53%
MTDR	Matador Resources Co Energy	NEW	135,000	NEW	$8,529,300	NEW	3.49%
AZO	Autozone Inc Consumer Cyclical	Reduced	2,500	-500	$8,444,450	−17.0%	3.45%
BTU	Peabody Energy Corp Energy	Added	250,000	+150,000	$8,237,500	+177.4%	3.37%
STRL	Sterling Infrastructure, Inc. Industrials	Reduced	20,000	-10,000	$8,145,400	−11.3%	3.33%
NPKI	NPK International Inc. Industrials	Reduced	550,000	-100,000	$7,969,500	+2.9%	3.26%
ICHR	Ichor Holdings, Ltd. Technology	NEW	170,000	NEW	$7,923,700	NEW	3.24%
UCTT	Ultra Clean Holdings, Inc. Technology	NEW	125,000	NEW	$7,772,500	NEW	3.18%
BBW	Build-A-Bear Workshop Inc Consumer Cyclical	NEW	188,251	NEW	$7,049,999	NEW	2.88%
TFIN	Triumph Financial, Inc. Financial Services	Added	110,659	+20,967	$6,601,915	+17.5%	2.70%
ENTG	Entegris Inc Technology	NEW	55,000	NEW	$6,448,200	NEW	2.64%
TH	Target Hospitality Corp. Industrials	Added	601,777	+451,777	$5,584,490	+364.8%	2.28%
VSNT	Versant Media Group, Inc. Communication Services	NEW	150,000	NEW	$5,553,000	NEW	2.27%
SFM	Sprouts Farmers Market, Inc. Consumer Defensive	NEW	65,000	NEW	$5,013,450	NEW	2.05%
PARR	Par Pacific Holdings, Inc. Energy	NEW	50,000	NEW	$3,132,000	NEW	1.28%
BLD	TopBuild Corp Industrials	Held	8,000	0	$2,810,400	−15.8%	1.15%
KOS	Kosmos Energy Ltd. Energy	NEW	1,000,000	NEW	$2,780,000	NEW	1.14%
COLD	Americold Realty Trust Real Estate	NEW	171,774	NEW	$1,968,530	NEW	0.80%
GBFH	GBank Financial Holdings Inc. Financial Services	Reduced	28,302	-81,698	$757,361	−79.7%	0.31%