13F Insight
DOSSIER · 13F-HR · Q2 2026

FIRST SABREPOINT CAPITAL MANAGEMENT LP

$304M in tracked AUM across 27 positions as of Q2 2026.

FS
CIK 0001731530 · last filed Jun 30, 2026
Total AUM
$304M
as of Q2 2026
Holdings
27
—
positions
Whale Score
64
64
tracked
Activity
—
no data
changes this Q
AI Analysis · Q2 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.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
TPB
TURNING PT BRANDS INC
$41M480K13.4%02
FCFS
FIRSTCASH HOLDINGS INC
$37M172K12.2%03
90041L905
TURNING PT BRANDS INC
$33M390K10.9%04
91167Q900
UNITED STS BRENT OIL FD LP
$18M450K6.0%05
STRL
STERLING INFRASTRUCTURE INC
$17M20K5.5%06
EGY
VAALCO ENERGY INC
$17M3.3M5.5%07
TFIN
TRIUMPH FINANCIAL INC
$12M155K3.9%08
CVCO
CAVCO INDS INC DEL
$11M19K3.7%09
H2927K103
AMRIZE LTD
$11M200K3.5%10
UCTT
ULTRA CLEAN HLDGS INC
$10M70K3.3%

Filing history

2026Q2Jun 30
$304M▲ 10.3%
27 positionsView →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 positionsLocked
Showing 12 of 34