# FIRST SABREPOINT CAPITAL MANAGEMENT LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1731530. Source: https://holderbook.com/funds/1731530-first-sabrepoint-capital-management-lp/

- Reported value: $304.1M
- Positions: 27
- Weight of the ten largest: 68.0%
- 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 |
|---|---|---|---|---|---|
| TURNING PT BRANDS INC | [TPB](https://holderbook.com/stocks/TPB/) | $40.7M | 480,000 | 13.4% | 8 |
| FIRSTCASH HOLDINGS INC | [FCFS](https://holderbook.com/stocks/FCFS/) | $37.2M | 172,103 | 12.2% | 13 |
| TURNING PT BRANDS INC | [TPB](https://holderbook.com/stocks/TPB/) | $33.1M | 0 | 10.9% | 7 |
| UNITED STS BRENT OIL FD LP | [BNO](https://holderbook.com/stocks/BNO/) | $18.3M | 0 | 6.0% | 1 |
| STERLING INFRASTRUCTURE INC | [STRL](https://holderbook.com/stocks/STRL/) | $16.8M | 20,000 | 5.5% | 13 |
| VAALCO ENERGY INC | [EGY](https://holderbook.com/stocks/EGY/) | $16.8M | 3,300,000 | 5.5% | 15 |
| TRIUMPH FINANCIAL INC | [TFIN](https://holderbook.com/stocks/TFIN/) | $11.8M | 155,000 | 3.9% | 3 |
| CAVCO INDS INC DEL | [CVCO](https://holderbook.com/stocks/CVCO/) | $11.4M | 18,500 | 3.7% | 11 |
| AMRIZE LTD | [AMRZ](https://holderbook.com/stocks/AMRZ/) | $10.7M | 200,000 | 3.5% | 5 |
| ULTRA CLEAN HLDGS INC | [UCTT](https://holderbook.com/stocks/UCTT/) | $10.0M | 70,000 | 3.3% | 2 |
| BRITISH AMERN TOB PLC | [BTI](https://holderbook.com/stocks/BTI/) | $9.9M | 160,000 | 3.2% | 6 |
| NPK INTERNATIONAL INC | [NPKI](https://holderbook.com/stocks/NPKI/) | $9.5M | 600,000 | 3.1% | 3 |
| LAUREATE ED INC | [LAUR](https://holderbook.com/stocks/LAUR/) | $9.0M | 248,640 | 3.0% | 9 |
| MATADOR RES CO | [MTDR](https://holderbook.com/stocks/MTDR/) | $9.0M | 180,000 | 2.9% | 2 |
| TARGET HOSPITALITY CORP | [TH](https://holderbook.com/stocks/TH/) | $8.6M | 420,000 | 2.8% | 3 |
| TRIUMPH FINANCIAL INC | [TFIN](https://holderbook.com/stocks/TFIN/) | $7.6M | 0 | 2.5% | 1 |
| BUILD-A-BEAR WORKSHOP INC | [BBW](https://holderbook.com/stocks/BBW/) | $6.4M | 210,645 | 2.1% | 2 |
| FIRSTCASH HOLDINGS INC | [FCFS](https://holderbook.com/stocks/FCFS/) | $6.3M | 0 | 2.1% | 1 |
| SPROUTS FMRS MKT INC | [SFM](https://holderbook.com/stocks/SFM/) | $5.5M | 65,000 | 1.8% | 2 |
| RUSH ENTERPRISES INC | [RUSHA](https://holderbook.com/stocks/RUSHA/) | $5.5M | 75,000 | 1.8% | 1 |
| LIFEWAY FOODS INC | [LWAY](https://holderbook.com/stocks/LWAY/) | $5.1M | 170,000 | 1.7% | 1 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $4.8M | 1,500 | 1.6% | 16 |
| BOOT BARN HLDGS INC | [BOOT](https://holderbook.com/stocks/BOOT/) | $3.3M | 20,000 | 1.1% | 1 |
| ALASKA AIR GROUP INC | [ALK](https://holderbook.com/stocks/ALK/) | $2.6M | 0 | 0.9% | 1 |
| KOSMOS ENERGY LTD | [KOS](https://holderbook.com/stocks/KOS/) | $2.1M | 1,000,000 | 0.7% | 2 |
| UNITED STS OIL FD LP | [USO](https://holderbook.com/stocks/USO/) | $1.9M | 0 | 0.6% | 1 |
| PROSHARES TR II | [UCO](https://holderbook.com/stocks/UCO/) | $274.4K | 0 | 0.1% | 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 | +17.6% | +14.8% | +2.8% | 100% |
| Q1 2026 | -0.8% | -4.6% | +3.9% | 99% |
| Q4 2025 | +0.0% | +2.4% | -2.3% | 100% |
| Q3 2025 | +15.9% | +7.8% | +8.1% | 100% |
| Q2 2025 | +10.8% | +10.5% | +0.4% | 100% |
| Q1 2025 | -1.9% | -4.6% | +2.7% | 100% |
| Q4 2024 | -1.7% | +2.1% | -3.9% | 100% |
| Q3 2024 | +9.7% | +5.4% | +4.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $304.1M | 27 |
| Q1 2026 | $275.6M | 29 |
| Q4 2025 | $259.1M | 29 |
| Q3 2025 | $315.9M | 37 |
| Q2 2025 | $280.6M | 35 |
| Q1 2025 | $269.4M | 37 |
| Q4 2024 | $372.7M | 59 |
| Q3 2024 | $344.4M | 46 |
| Q2 2024 | $331.7M | 46 |
| Q1 2024 | $373.9M | 46 |
| Q4 2023 | $303.6M | 41 |
| Q3 2023 | $234.5M | 36 |