# FJ Capital Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1599170. Source: https://holderbook.com/funds/1599170-fj-capital-management-llc/

- Reported value: $770.4M
- Positions: 120
- Weight of the ten largest: 53.4%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SOUTHERN FIRST BANCSHARES | [SFST](https://holderbook.com/stocks/SFST/) | $54.5M | 892,223 | 7.1% | 23 |
| EQUITY BANCSHARES INC | [EQBK](https://holderbook.com/stocks/EQBK/) | $47.1M | 961,492 | 6.1% | 31 |
| NICOLET BANKSHARES INC | [NIC](https://holderbook.com/stocks/NIC/) | $45.9M | 277,243 | 6.0% | 4 |
| SOUTHSTATE BK CORP | [SSB](https://holderbook.com/stocks/SSB/) | $43.9M | 438,973 | 5.7% | 4 |
| CALIFORNIA BANCORP | [BCAL](https://holderbook.com/stocks/BCAL/) | $42.8M | 2,054,534 | 5.6% | 13 |
| HOMETRUST BANCSHARES INC | [HTB](https://holderbook.com/stocks/HTB/) | $41.9M | 839,115 | 5.4% | 23 |
| TOWNEBANK PORTSMOUTH VA | [TOWN](https://holderbook.com/stocks/TOWN/) | $36.5M | 1,008,071 | 4.7% | 5 |
| OLD SECOND BANCORP INC DEL | [OSBC](https://holderbook.com/stocks/OSBC/) | $34.1M | 1,460,413 | 4.4% | 31 |
| SEACOAST BKG CORP FLA | [SBCF](https://holderbook.com/stocks/SBCF/) | $33.5M | 1,006,363 | 4.3% | 6 |
| FIRST MERCHANTS CORP | [FRME](https://holderbook.com/stocks/FRME/) | $31.1M | 711,425 | 4.0% | 4 |
| CVB FINL CORP | [CVBF](https://holderbook.com/stocks/CVBF/) | $29.2M | 1,295,322 | 3.8% | 3 |
| BANK HAWAII CORP | [BOH](https://holderbook.com/stocks/BOH/) | $25.5M | 312,693 | 3.3% | 1 |
| HORIZON BANCORP IND | [HBNC](https://holderbook.com/stocks/HBNC/) | $24.9M | 1,246,550 | 3.2% | 4 |
| HUNTINGTON BANCSHARES INC | [HBAN](https://holderbook.com/stocks/HBAN/) | $24.2M | 1,364,029 | 3.1% | 2 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $22.2M | 446,477 | 2.9% | 1 |
| UMB FINL CORP | [UMBF](https://holderbook.com/stocks/UMBF/) | $18.2M | 127,486 | 2.4% | 4 |
| CHAIN BRIDGE BANCORP INC | [CBNA](https://holderbook.com/stocks/CBNA/) | $12.4M | 293,788 | 1.6% | 7 |
| AVIDIA BANCORP INC | [AVBC](https://holderbook.com/stocks/AVBC/) | $10.4M | 497,258 | 1.4% | 4 |
| LPL FINL HLDGS INC | [LPLA](https://holderbook.com/stocks/LPLA/) | $8.4M | 29,967 | 1.1% | 1 |
| ANNALY CAPITAL MANAGEMENT IN | [NLY](https://holderbook.com/stocks/NLY/) | $8.2M | 376,036 | 1.1% | 5 |
| HAWTHORN BANCSHARES INC | [HWBK](https://holderbook.com/stocks/HWBK/) | $7.5M | 190,710 | 1.0% | 31 |
| INDEPENDENT BK CORP MICH | [IBCP](https://holderbook.com/stocks/IBCP/) | $7.3M | 203,607 | 1.0% | 31 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $6.7M | 80,810 | 0.9% | 1 |
| AMERICAN HEALTHCARE REIT INC | [AHR](https://holderbook.com/stocks/AHR/) | $6.6M | 127,389 | 0.9% | 9 |
| FIRST AMERN FINL CORP | [FAF](https://holderbook.com/stocks/FAF/) | $6.3M | 91,643 | 0.8% | 1 |
| STOCK YDS BANCORP INC | [SYBT](https://holderbook.com/stocks/SYBT/) | $6.2M | 81,359 | 0.8% | 3 |
| JONES LANG LASALLE INC | [JLL](https://holderbook.com/stocks/JLL/) | $5.8M | 18,851 | 0.8% | 11 |
| FIRSTCASH HOLDINGS INC | [FCFS](https://holderbook.com/stocks/FCFS/) | $4.9M | 22,683 | 0.6% | 2 |
| CHAMPION HOMES INC | [SKY](https://holderbook.com/stocks/SKY/) | $4.4M | 50,348 | 0.6% | 1 |
| MIAMI INTL HLDGS INC | [MIAX](https://holderbook.com/stocks/MIAX/) | $4.4M | 119,299 | 0.6% | 1 |
| HOYNE BANCORP INC | [HYNE](https://holderbook.com/stocks/HYNE/) | $4.4M | 261,000 | 0.6% | 3 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $4.3M | 19,095 | 0.6% | 12 |
| MARKETAXESS HLDGS INC | [MKTX](https://holderbook.com/stocks/MKTX/) | $4.2M | 37,237 | 0.5% | 1 |
| CNO FINL GROUP INC | [CNO](https://holderbook.com/stocks/CNO/) | $4.2M | 82,078 | 0.5% | 4 |
| HERCULES CAPITAL INC | [HTGC](https://holderbook.com/stocks/HTGC/) | $3.9M | 249,039 | 0.5% | 7 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $3.9M | 17,754 | 0.5% | 1 |
| EXZEO GROUP INC | [XZO](https://holderbook.com/stocks/XZO/) | $3.8M | 223,788 | 0.5% | 3 |
| ENCORE CAP GROUP INC | [ECPG](https://holderbook.com/stocks/ECPG/) | $3.6M | 38,144 | 0.5% | 2 |
| REINSURANCE GROUP AMER INC | [RGA](https://holderbook.com/stocks/RGA/) | $3.4M | 16,077 | 0.4% | 14 |
| TOLL BROTHERS INC | [TOL](https://holderbook.com/stocks/TOL/) | $3.1M | 19,047 | 0.4% | 2 |
| ETORO GROUP LTD | [ETOR](https://holderbook.com/stocks/ETOR/) | $2.9M | 73,077 | 0.4% | 1 |
| MAIN STR CAP CORP | [MAIN](https://holderbook.com/stocks/MAIN/) | $2.8M | 53,085 | 0.4% | 2 |
| FIRST INDL RLTY TR INC | [FR](https://holderbook.com/stocks/FR/) | $2.7M | 44,161 | 0.4% | 4 |
| GALLAGHER ARTHUR J & CO | [AJG](https://holderbook.com/stocks/AJG/) | $2.7M | 11,571 | 0.3% | 1 |
| CTO RLTY GROWTH INC NEW | [CTO](https://holderbook.com/stocks/CTO/) | $2.6M | 120,922 | 0.3% | 3 |
| MSC INCOME FUND INC | [MSIF](https://holderbook.com/stocks/MSIF/) | $2.4M | 206,254 | 0.3% | 2 |
| AMERIS BANCORP | [ABCB](https://holderbook.com/stocks/ABCB/) | $2.4M | 26,377 | 0.3% | 2 |
| UDR INC | [UDR](https://holderbook.com/stocks/UDR/) | $2.4M | 59,259 | 0.3% | 1 |
| INVENTRUST PPTYS CORP | [IVT](https://holderbook.com/stocks/IVT/) | $2.4M | 66,542 | 0.3% | 4 |
| HOULIHAN LOKEY INC | [HLI](https://holderbook.com/stocks/HLI/) | $2.3M | 17,497 | 0.3% | 1 |
| BRIXMOR PPTY GROUP INC | [BRX](https://holderbook.com/stocks/BRX/) | $2.2M | 71,166 | 0.3% | 2 |
| SKYWARD SPECIALTY INS GROUP | [SKWD](https://holderbook.com/stocks/SKWD/) | $2.2M | 36,966 | 0.3% | 8 |
| TPG RE FIN TR INC | [TRTX](https://holderbook.com/stocks/TRTX/) | $2.1M | 249,738 | 0.3% | 1 |
| FEDERATED HERMES INC | [FHI](https://holderbook.com/stocks/FHI/) | $2.1M | 37,556 | 0.3% | 4 |
| GLOBE LIFE INC | [GL](https://holderbook.com/stocks/GL/) | $2.1M | 11,558 | 0.3% | 9 |
| ALLY FINL INC | [ALLY](https://holderbook.com/stocks/ALLY/) | $1.9M | 42,195 | 0.3% | 1 |
| EASTGROUP PPTYS INC | [EGP](https://holderbook.com/stocks/EGP/) | $1.9M | 9,402 | 0.2% | 3 |
| DAVE INC | [DAVE](https://holderbook.com/stocks/DAVE/) | $1.5M | 3,900 | 0.2% | 5 |
| REDWOOD TRUST INC | [RWT](https://holderbook.com/stocks/RWT/) | $1.4M | 304,416 | 0.2% | 1 |
| HCI GROUP INC | [HCI](https://holderbook.com/stocks/HCI/) | $1.4M | 7,787 | 0.2% | 14 |
| SYNCHRONY FINANCIAL | [SYF](https://holderbook.com/stocks/SYF/) | $1.3M | 16,838 | 0.2% | 6 |
| BLOCK INC | [XYZ](https://holderbook.com/stocks/XYZ/) | $1.2M | 16,318 | 0.2% | 1 |
| FRANKLIN RESOURCES INC | [BEN](https://holderbook.com/stocks/BEN/) | $1.1M | 33,415 | 0.1% | 2 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $946.5K | 4,718 | 0.1% | 3 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $929.6K | 1,810 | 0.1% | 4 |
| PIEDMONT REALTY TRUST INC | [PDM](https://holderbook.com/stocks/PDM/) | $917.4K | 100,262 | 0.1% | 1 |
| DIAMONDROCK HOSPITALITY CO | [DRH](https://holderbook.com/stocks/DRH/) | $847.9K | 69,618 | 0.1% | 1 |
| HANOVER INS GROUP INC | [THG](https://holderbook.com/stocks/THG/) | $847.3K | 3,957 | 0.1% | 8 |
| AFFIRM HLDGS INC | [AFRM](https://holderbook.com/stocks/AFRM/) | $846.3K | 10,378 | 0.1% | 1 |
| POSTAL REALTY TRUST INC | [PSTL](https://holderbook.com/stocks/PSTL/) | $835.8K | 33,921 | 0.1% | 3 |
| ROCKET COS INC | [RKT](https://holderbook.com/stocks/RKT/) | $783.8K | 49,765 | 0.1% | 1 |
| SLIDE INS HLDGS INC | [SLDE](https://holderbook.com/stocks/SLDE/) | $770.1K | 39,757 | 0.1% | 1 |
| EVEREST GROUP LTD | [EG](https://holderbook.com/stocks/EG/) | $767.0K | 2,147 | 0.1% | 1 |
| CHIME FINL INC | [CHYM](https://holderbook.com/stocks/CHYM/) | $749.9K | 36,618 | 0.1% | 1 |
| NEPTUNE INS HLDGS INC | [NP](https://holderbook.com/stocks/NP/) | $724.3K | 22,993 | 0.1% | 3 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $693.0K | 2,020 | 0.1% | 7 |
| AMERICAN HOMES 4 RENT | [AMH](https://holderbook.com/stocks/AMH/) | $679.2K | 20,264 | 0.1% | 1 |
| SIRIUSPOINT LTD | [SPNT](https://holderbook.com/stocks/SPNT/) | $676.7K | 28,197 | 0.1% | 4 |
| ENTERPRISE FINL SVCS CORP | [EFSC](https://holderbook.com/stocks/EFSC/) | $670.8K | 10,182 | 0.1% | 2 |
| AMERICAN FINANCIAL GROUP INC | [AFG](https://holderbook.com/stocks/AFG/) | $669.2K | 4,782 | 0.1% | 1 |
| JANUS LIVING INC | [JAN](https://holderbook.com/stocks/JAN/) | $618.5K | 21,522 | 0.1% | 1 |
| ACI WORLDWIDE INC | [ACIW](https://holderbook.com/stocks/ACIW/) | $600.9K | 11,949 | 0.1% | 5 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $554.2K | 1,433 | 0.1% | 1 |
| BREAD FINANCIAL HOLDINGS INC | [BFH](https://holderbook.com/stocks/BFH/) | $542.5K | 5,007 | 0.1% | 3 |
| XENIA HOTELS & RESORTS INC | [XHR](https://holderbook.com/stocks/XHR/) | $535.5K | 26,301 | 0.1% | 2 |
| RIDGEPOST CAP INC | [RPC](https://holderbook.com/stocks/RPC/) | $526.7K | 66,926 | 0.1% | 9 |
| RYMAN HOSPITALITY PPTYS INC | [RHP](https://holderbook.com/stocks/RHP/) | $524.2K | 4,078 | 0.1% | 2 |
| CAMDEN PPTY TR | [CPT](https://holderbook.com/stocks/CPT/) | $519.7K | 4,539 | 0.1% | 1 |
| CARLYLE GROUP INC | [CG](https://holderbook.com/stocks/CG/) | $511.6K | 12,149 | 0.1% | 2 |
| COPT DEFENSE PROPERTIES | [CDP](https://holderbook.com/stocks/CDP/) | $505.8K | 13,900 | 0.1% | 2 |
| MERCURY GENL CORP NEW | [MCY](https://holderbook.com/stocks/MCY/) | $499.2K | 4,682 | 0.1% | 1 |
| KLARNA GROUP PLC | [KLAR](https://holderbook.com/stocks/KLAR/) | $496.7K | 24,539 | 0.1% | 1 |
| LXP INDUSTRIAL TRUST | [LXP](https://holderbook.com/stocks/LXP/) | $493.0K | 9,150 | 0.1% | 1 |
| RLJ LODGING TR | [RLJ](https://holderbook.com/stocks/RLJ/) | $491.9K | 41,508 | 0.1% | 1 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $490.2K | 251 | 0.1% | 2 |
| IRON MTN INC DEL | [IRM](https://holderbook.com/stocks/IRM/) | $481.7K | 3,814 | 0.1% | 1 |
| TRANSUNION | [TRU](https://holderbook.com/stocks/TRU/) | $441.0K | 6,113 | 0.1% | 2 |
| ASSURANT INC | [AIZ](https://holderbook.com/stocks/AIZ/) | $423.2K | 1,576 | 0.1% | 1 |
| UNIVERSAL HEALTH RLTY INCOME | [UHT](https://holderbook.com/stocks/UHT/) | $412.7K | 9,409 | 0.1% | 5 |
| GOOSEHEAD INS INC | [GSHD](https://holderbook.com/stocks/GSHD/) | $384.4K | 7,925 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +14.2% | +14.8% | -0.6% | 100% |
| Q1 2026 | -1.5% | -4.6% | +3.1% | 96% |
| Q4 2025 | +7.3% | +2.4% | +4.9% | 100% |
| Q3 2025 | +6.4% | +7.8% | -1.4% | 99% |
| Q2 2025 | +2.1% | +10.5% | -8.4% | 100% |
| Q1 2025 | -5.4% | -4.6% | -0.8% | 98% |
| Q4 2024 | +4.1% | +2.1% | +2.0% | 99% |
| Q3 2024 | +17.9% | +5.4% | +12.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $770.4M | 120 |
| Q1 2026 | $888.1M | 126 |
| Q4 2025 | $905.8M | 128 |
| Q3 2025 | $936.6M | 142 |
| Q2 2025 | $943.0M | 128 |
| Q1 2025 | $966.2M | 111 |
| Q4 2024 | $861.8M | 111 |
| Q3 2024 | $954.3M | 120 |
| Q2 2024 | $956.5M | 109 |
| Q1 2024 | $983.0M | 98 |
| Q4 2023 | $996.3M | 102 |
| Q3 2023 | $883.6M | 108 |