FIRST SABREPOINT CAPITAL MANAGEMENT LP
13F Reported Value
ⓘ$304.1M
incl. option notional
Equity Holdings
ⓘ$234.0M
Option Notional
ⓘ$70.1M
$2.9M puts / $67.2M calls
Holdings
27
Latest Filing
2026-06-30
Filing Quarter
Q2 2026
Portfolio Overview
FIRST SABREPOINT CAPITAL MANAGEMENT LP disclosed 27 positions worth $304.1M in its Form 13F-HR for Q2 2026 — $234.0M in common stock plus $70.1M of put/call option positions (reported at underlying notional value, not premium at risk), led by $TPB (Turning Point Brands, Inc.) at 17.4% of the equity portfolio, followed by $FCFS. During the quarter the fund opened 9 new positions and exited 11 and a full exit from $LOPE. The portfolio is most concentrated in Consumer Discretionary (32.0% 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
ConcentratingSector 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 — Q2 2026
Click any card to unlockTop Holdings
- 51.8#1,510
Quality
$40.7M480,000 sh - 69.3#275
Quality
$37.2M172,103 sh TURNING PT BRANDS INC - CALL CALL
—Quality
$33.1M389,800 shUNITED STS BRENT OIL FD LP - CALL CALL
—Quality
$18.3M450,000 sh- 70.6
Quality
$16.8M20,000 sh - 34.7
Quality
$16.8M3,300,000 sh - 48.0
Quality
$11.8M155,000 sh - 62.6
Quality
$11.4M18,500 sh - —
Quality
$10.7M200,000 sh - 40.1
Quality
$10.0M70,000 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 Turning Point Brands, Inc.$TPB | 51.8#1,510 | $40.7M | 480,000 |
 FirstCash Holdings, Inc.$FCFS | 69.3#275 | $37.2M | 172,103 |
| TURNING PT BRANDS INC - CALL CALL | — | $33.1M | 389,800 |
| UNITED STS BRENT OIL FD LP - CALL CALL | — | $18.3M | 450,000 |
 STERLING INFRASTRUCTURE, INC.$STRL | 70.6 | $16.8M | 20,000 |
 VAALCO ENERGY INC /DE/$EGY | 34.7 | $16.8M | 3,300,000 |
 Triumph Financial, Inc.$TFIN | 48.0 | $11.8M | 155,000 |
 CAVCO INDUSTRIES, INC.$CVCO | 62.6 | $11.4M | 18,500 |
 Amrize Ltd$AMRZ | — | $10.7M | 200,000 |
 Ultra Clean Holdings, Inc.$UCTT | 40.1 | $10.0M | 70,000 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of FIRST SABREPOINT CAPITAL MANAGEMENT LP's 27 positions.
Showing top 10 of 27 holdings.
Sector Allocation
Consumer Discretionary
$74.8M
Consumer Staples
$61.2M
Industrials
$37.7M
Energy
$27.8M
Financials
$11.8M
Materials
$10.7M
Technology
$10.0M
Full Holdings — FIRST SABREPOINT CAPITAL MANAGEMENT LP (Q2 2026)
All 27 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. | $40.7M | 17.4% | +20% | 51.8 |
| 2 | $FCFS | FirstCash Holdings, Inc. | $37.2M | 15.9% | -3% | 69.3 |
| 3 | — | TURNING PT BRANDS INC - CALL | $33.1M | — | +10% | — |
| 4 | — | UNITED STS BRENT OIL FD LP - CALL | $18.3M | — | NEW | — |
| 5 | $STRL | STERLING INFRASTRUCTURE, INC. | $16.8M | 7.2% | +0% | 70.6 |
| 6 | $EGY | VAALCO ENERGY INC /DE/ | $16.8M | 7.2% | +136% | 34.7 |
| 7 | $TFIN | Triumph Financial, Inc. | $11.8M | 5.1% | +40% | 48 |
| 8 | $CVCO | CAVCO INDUSTRIES, INC. | $11.4M | 4.9% | -44% | 62.6 |
| 9 | $AMRZ | Amrize Ltd | $10.7M | 4.6% | +6% | — |
| 10 | $UCTT | Ultra Clean Holdings, Inc. | $10.0M | 4.3% | -44% | 40.1 |
| 11 |  $BTI | British American Tobacco p.l.c. | $9.9M | 4.2% | +7% | — |
| 12 |  $NPKI | NPK International Inc. | $9.5M | 4.1% | +9% | 62.9 |
| 13 |  $LAUR | LAUREATE EDUCATION, INC. | $9.0M | 3.9% | +0% | 61.7 |
| 14 |  $MTDR | Matador Resources Co | $9.0M | 3.8% | +33% | 65.9 |
| 15 |  $TH | Target Hospitality Corp. | $8.6M | 3.6% | -30% | 40.4 |
| 16 | $TFINCALL | Triumph Financial, Inc. | $7.6M | — | NEW | 48 |
| 17 |  $BBW | BUILD-A-BEAR WORKSHOP INC | $6.4M | 2.8% | +12% | 46.2 |
| 18 | $FCFSCALL | FirstCash Holdings, Inc. | $6.3M | — | NEW | 69.3 |
| 19 |  $SFM | Sprouts Farmers Market, Inc. | $5.5M | 2.4% | +0% | 64.8 |
| 20 |  $RUSHA | RUSH ENTERPRISES INC \TX\ | $5.5M | 2.3% | NEW | 51.7 |
| 21 |  $LWAY | Lifeway Foods, Inc. | $5.1M | 2.2% | NEW | 49.1 |
| 22 |  $AZO | AUTOZONE INC | $4.8M | 2.0% | -40% | 66.2 |
| 23 |  $BOOT | Boot Barn Holdings, Inc. | $3.3M | 1.4% | NEW | 62.6 |
| 24 |  $ALKPUT | ALASKA AIR GROUP, INC. | $2.6M | — | NEW | 61.3 |
| 25 |  $KOS | Kosmos Energy Ltd. | $2.1M | 0.9% | +0% | — |
| 26 | — | UNITED STS OIL FD LP - CALL | $1.9M | — | NEW | — |
| 27 | — | PROSHARES TR II - PUT | $274,400 | — | NEW | — |
New Positions (9)
$TFINCALL Triumph Financial, Inc.$7.6M$FCFSCALL FirstCash Holdings, Inc.$6.3M$RUSHA RUSH ENTERPRISES INC \TX\$5.5M$LWAY Lifeway Foods, Inc.$5.1M$BOOT Boot Barn Holdings, Inc.$3.3M$ALKPUT ALASKA AIR GROUP, INC.$2.6MExited Positions (11)
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