FIRST SABREPOINT CAPITAL MANAGEMENT LP
13F Reported Value
ⓘ$275.6M
incl. option notional
Equity Holdings
ⓘ$244.6M
Option Notional
ⓘ$31.0M
$322,400 puts / $30.6M calls
Holdings
29
Latest Filing
2026-03-31
Filing Quarter
Q1 2026
Portfolio Overview
FIRST SABREPOINT CAPITAL MANAGEMENT LP disclosed 29 positions worth $275.6M in its Form 13F-HR for Q1 2026 — $244.6M in common stock plus $31.0M of put/call option positions (reported at underlying notional value, not premium at risk), led by $TPB (Turning Point Brands, Inc.) at 14.2% of the equity portfolio, followed by $FCFS. During the quarter the fund opened 11 new positions and exited 11 — including a new stake in $MTDR and a full exit from $MSFT. The portfolio is most concentrated in Consumer Discretionary (33.6% of disclosed assets). All figures are sourced directly from FIRST SABREPOINT CAPITAL MANAGEMENT LP’s Form 13F-HR filing with the SEC under CIK 1731530.
AI Fund Analysis
DiversifyingSector Allocation
AUM History
Top Equity Holdings by Value
Option Positions
13F rules report options at the value of the underlying shares (notional) — not the premium paid or capital at risk. Shown separately from the equity sleeve above.
Quarterly Activity — Q1 2026
Click any card to unlockTop Holdings
- 57.7#1,026
Quality
$34.7M400,000 sh - 73.8#182
Quality
$33.3M177,147 sh TURNING PT BRANDS INC CALL
—Quality
$30.6M352,900 sh- 65.1
Quality
$16.0M33,040 sh - —
Quality
$10.5M188,000 sh - 67.9
Quality
$9.9M58,000 sh - 72.6
Quality
$9.2M80,000 sh - 29.9
Quality
$8.9M1,400,000 sh - —
Quality
$8.8M150,000 sh - 58.4
Quality
$8.6M248,000 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 Turning Point Brands, Inc.$TPB | 57.7#1,026 | $34.7M | 400,000 |
 FirstCash Holdings, Inc.$FCFS | 73.8#182 | $33.3M | 177,147 |
| TURNING PT BRANDS INC CALL | — | $30.6M | 352,900 |
 CAVCO INDUSTRIES, INC.$CVCO | 65.1 | $16.0M | 33,040 |
 Amrize Ltd$AMRZ | — | $10.5M | 188,000 |
 Grand Canyon Education, Inc.$LOPE | 67.9 | $9.9M | 58,000 |
 Covista Inc.$CVSA | 72.6 | $9.2M | 80,000 |
 VAALCO ENERGY INC /DE/$EGY | 29.9 | $8.9M | 1,400,000 |
 British American Tobacco p.l.c.$BTI | — | $8.8M | 150,000 |
 LAUREATE EDUCATION, INC.$LAUR | 58.4 | $8.6M | 248,000 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of FIRST SABREPOINT CAPITAL MANAGEMENT LP's 29 positions.
Showing top 10 of 29 holdings.
Sector Allocation
Consumer Discretionary
$82.1M
Consumer Staples
$48.5M
Industrials
$34.9M
Energy
$31.6M
Materials
$17.0M
Technology
$15.7M
Financials
$7.4M
Communication Services
$5.6M
Full Holdings — FIRST SABREPOINT CAPITAL MANAGEMENT LP (Q1 2026)
All 29 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | $TPB | Turning Point Brands, Inc. | $34.7M | 14.2% | +0% | 57.7 |
| 2 | $FCFS | FirstCash Holdings, Inc. | $33.3M | 13.6% | -9% | 73.8 |
| 3 | — | TURNING PT BRANDS INC | $30.6M | — | +306% | — |
| 4 | $CVCO | CAVCO INDUSTRIES, INC. | $16.0M | 6.5% | +22% | 65.1 |
| 5 | $AMRZ | Amrize Ltd | $10.5M | 4.3% | -6% | — |
| 6 | $LOPE | Grand Canyon Education, Inc. | $9.9M | 4.0% | +16% | 67.9 |
| 7 | $CVSA | Covista Inc. | $9.2M | 3.8% | -41% | 72.6 |
| 8 | $EGY | VAALCO ENERGY INC /DE/ | $8.9M | 3.6% | -7% | 29.9 |
| 9 | $BTI | British American Tobacco p.l.c. | $8.8M | 3.6% | +0% | — |
| 10 | $LAUR | LAUREATE EDUCATION, INC. | $8.6M | 3.5% | -50% | 58.4 |
| 11 |  $MTDR | Matador Resources Co | $8.5M | 3.5% | NEW | 66.1 |
| 12 |  $AZO | AUTOZONE INC | $8.4M | 3.5% | -17% | 66.5 |
| 13 |  $BTU | PEABODY ENERGY CORP | $8.2M | 3.4% | +150% | 39.8 |
| 14 |  $STRL | STERLING INFRASTRUCTURE, INC. | $8.1M | 3.3% | -33% | 73.3 |
| 15 |  $NPKI | NPK International Inc. | $8.0M | 3.3% | -15% | 63.2 |
| 16 |  $ICHR | ICHOR HOLDINGS, LTD. | $7.9M | 3.2% | NEW | — |
| 17 |  $UCTT | Ultra Clean Holdings, Inc. | $7.8M | 3.2% | NEW | 36 |
| 18 |  $BBW | BUILD-A-BEAR WORKSHOP INC | $7.0M | 2.9% | NEW | 61.7 |
| 19 |  $TFIN | Triumph Financial, Inc. | $6.6M | 2.7% | +23% | — |
| 20 |  $ENTG | ENTEGRIS INC | $6.4M | 2.6% | NEW | 57.7 |
| 21 |  $TH | Target Hospitality Corp. | $5.6M | 2.3% | +301% | 29.5 |
| 22 |  $VSNT | Versant Media Group, Inc. | $5.6M | 2.3% | NEW | — |
| 23 |  $SFM | Sprouts Farmers Market, Inc. | $5.0M | 2.0% | NEW | 73.4 |
| 24 |  $PARR | PAR PACIFIC HOLDINGS, INC. | $3.1M | 1.3% | NEW | 54.3 |
| 25 |  $BLD | QXO Insulation, LLC | $2.8M | 1.1% | +0% | 62 |
| 26 |  $KOS | Kosmos Energy Ltd. | $2.8M | 1.1% | NEW | — |
| 27 |  $COLD | AMERICOLD REALTY TRUST | $2.0M | 0.8% | NEW | 37.1 |
| 28 |  $GBFH | GBank Financial Holdings Inc. | $757,362 | 0.3% | -74% | 35.5 |
| 29 | — | PROSHARES TR II | $322,400 | — | NEW | — |
New Positions (11)
$MTDR Matador Resources Co$8.5M$ICHR ICHOR HOLDINGS, LTD.$7.9M$UCTT Ultra Clean Holdings, Inc.$7.8M$BBW BUILD-A-BEAR WORKSHOP INC$7.0M$ENTG ENTEGRIS INC$6.4M$VSNT Versant Media Group, Inc.$5.6M$SFM Sprouts Farmers Market, Inc.$5.0M$PARR PAR PACIFIC HOLDINGS, INC.$3.1M$KOS Kosmos Energy Ltd.$2.8M$COLD AMERICOLD REALTY TRUST$2.0MExited Positions (11)
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