13F Insight
DOSSIER · 13F-HR · Q1 2026

FIRST SABREPOINT CAPITAL MANAGEMENT LP

$276M in tracked AUM across 29 positions as of Q1 2026.

FS
CIK 0001731530 · last filed Mar 31, 2026
Total AUM
$276M
as of Q1 2026
Holdings
29
—
positions
Whale Score
62
62
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Portfolio Overview

First Sabrepoint Capital Management LP reported a significant portfolio contraction for the period ending September 30, 2025. The total portfolio value decreased by 36.1%, dropping from $280.63 million to $179.32 million. This reduction in assets under management (AUM) was driven by a combination of active portfolio rebalancing and likely market depreciation, as evidenced by the exit of several large, stable positions.

The fund currently holds 24 positions, indicating a c...

Key Holdings

The portfolio is dominated by Turning Point Brands Inc (TPB), which holds the top spot at $39.54 million, representing 22.05% of the portfolio. However, the data indicates a potential discrepancy or dual-class listing, as "Turning Point Brands Inc" appears again as the third largest holding with an additional $20.49 million (11.43%). Combined, the firm's exposure to this single entity exceeds 33%, highlighting an extreme concentration risk and high conviction in the consumer defensive sector.

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
TPB
TURNING PT BRANDS INC
$35M400K12.6%02
FCFS
FIRSTCASH HOLDINGS INC
$33M177K12.1%03
90041L905
TURNING PT BRANDS INC
$31M353K11.1%04
CVCO
CAVCO INDS INC DEL
$16M33K5.8%05
H2927K103
AMRIZE LTD
$11M188K3.8%06
LOPE
GRAND CANYON ED INC
$10M58K3.6%07
ATGE
COVISTA INC
$9M80K3.3%08
EGY
VAALCO ENERGY INC
$9M1.4M3.2%09
BTI
BRITISH AMERN TOB PLC
$9M150K3.2%10
LAUR
LAUREATE ED INC
$9M248K3.1%

Filing history

2026Q1Mar 31
$276M▲ 6.3%
29 positionsView →2025Q4Dec 31
$259M▲ 44.5%
29 positionsView →2025Q3Sep 30
$179M▼ 36.1%
24 positionsView →2025Q2Jun 30
$281M▲ 4.2%
35 positionsLocked2025Q1Mar 31
$269M▼ 27.7%
37 positionsLocked2024Q4Dec 31
$373M▲ 8.2%
59 positionsLocked2024Q3Sep 30
$344M▲ 3.8%
46 positionsLocked2024Q2Jun 30
$332M▼ 11.3%
46 positionsLocked2024Q1Mar 31
$374M▲ 23.2%
46 positionsLocked2023Q4Dec 31
$304M▲ 29.4%
41 positionsLocked2023Q3Sep 30
$235M▲ 2.6%
36 positionsLocked2023Q2Jun 30
$229M▼ 4.0%
24 positionsLocked
Showing 12 of 33