Institutional Manager · CIK 0001731530
FIRST SABREPOINT CAPITAL MANAGEMENT LP
DALLAS, TX · File #028-18558
Latest AUM
$259.1M
Positions
29
Top-10 Concentration
66.7%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| NEW | ADTALEM GLOBAL ED INC | ADT | +135,000 | +$14.0M | $0 |
| REDUCE | TURNING PT BRANDS INC | 90041L905 | -120,300 | -$13.0M | +$2.0M |
| REDUCE | LAUREATE EDUCATION INC | LAUR | -300,000 | -$10.1M | +$1.7M |
| REDUCE | BRITISH AMERN TOB PLC | 110448107 | -160,000 | -$9.1M | +$1.1M |
| NEW | FEDERAL AGRIC MTG CORP | 313148306 | +44,500 | +$7.8M | $0 |
| NEW | NPK INTERNATIONAL INC | NPKI | +650,000 | +$7.7M | $0 |
| NEW | EURONET WORLDWIDE INC | EEFT | +101,155 | +$7.7M | $0 |
| EXITED | MID-AMER APT CMNTYS INC | 59522J103 | -55,000 | -$7.7M | $0 |
| EXITED | CARVANA CO | 146869952 | -15,000 | -$5.7M | $0 |
| NEW | TRIUMPH FINANCIAL INC | TFIN-P | +89,692 | +$5.6M | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202529 pos · $259.1M
- 13F HOLDINGS REPORTQ/E Sep 202537 pos · $315.9M
- 13F HOLDINGS REPORTQ/E Jun 202535 pos · $280.6M
- 13F HOLDINGS REPORTQ/E Mar 202537 pos · $269.4M
- 13F HOLDINGS REPORTQ/E Dec 202459 pos · $372.7M
- 13F HOLDINGS REPORTQ/E Sep 202446 pos · $344.4M
- 13F HOLDINGS REPORTQ/E Jun 202446 pos · $331.7M
- 13F HOLDINGS REPORTQ/E Mar 202446 pos · $373.9M
- 13F HOLDINGS REPORTQ/E Dec 202336 pos · $234.5M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | TURNING PT BRANDS INC | 90041L105 | 400,000 | $43.4M | 16.73% |
| 2 | FIRSTCASH HOLDINGS INC | FCFS | 195,000 | $31.1M | 11.99% |
| 3 | LAUREATE EDUCATION INC | LAUR | 500,000 | $16.8M | 6.50% |
| 4 | CAVCO INDS INC DEL | 149568107 | 27,000 | $15.9M | 6.15% |
| 5 | ADTALEM GLOBAL ED INC | ADT | 135,000 | $14.0M | 5.39% |
| 6 | MICROSOFT CORP | MSFT | 25,000 | $12.1M | 4.67% |
| 7 | AMRIZE LTD | AMRZ | 200,000 | $10.8M | 4.17% |
| 8 | AUTOZONE INC | AZO | 3,000 | $10.2M | 3.93% |
| 9 | TURNING PT BRANDS INC | 90041L905 | 87,000 | $9.4M | 3.64% |
| 10 | STERLING INFRASTRUCTURE INC | STRL | 30,000 | $9.2M | 3.55% |
| 11 | BRITISH AMERN TOB PLC | 110448107 | 150,000 | $8.5M | 3.28% |
| 12 | GRAND CANYON ED INC | LOPE | 50,000 | $8.3M | 3.21% |
| 13 | FEDERAL AGRIC MTG CORP | 313148306 | 44,500 | $7.8M | 3.01% |
| 14 | HASBRO INC | HAS | 94,765 | $7.8M | 3.00% |
| 15 | NPK INTERNATIONAL INC | NPKI | 650,000 | $7.7M | 2.99% |
| 16 | EURONET WORLDWIDE INC | EEFT | 101,155 | $7.7M | 2.97% |
| 17 | PROGYNY INC | PGNY | 250,000 | $6.4M | 2.48% |
| 18 | TRIUMPH FINANCIAL INC | TFIN-P | 89,692 | $5.6M | 2.17% |
| 19 | VAALCO ENERGY INC | EGY | 1,510,000 | $5.5M | 2.12% |
| 20 | GBANK FINL HLDGS INC | 36166F100 | 110,000 | $3.7M | 1.44% |