# Full18 Capital LLC

> Institutional holdings reported to the SEC as of Q1 2022 on Form 13F. CIK 1797673. Source: https://holderbook.com/funds/1797673-full18-capital-llc/

- Reported value: $433.8M
- Positions: 76
- Weight of the ten largest: 44.7%
- Filed: 2022-04-29

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 |
|---|---|---|---|---|---|
| CARLYLE GROUP INC | [CG](https://holderbook.com/stocks/CG/) | $34.4M | 699,514 | 7.9% | 3 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $32.3M | 516,212 | 7.4% | 6 |
| GLOBAL PMTS INC | [GPN](https://holderbook.com/stocks/GPN/) | $23.9M | 169,305 | 5.5% | 6 |
| AMERIPRISE FINL INC | [AMP](https://holderbook.com/stocks/AMP/) | $22.1M | 73,313 | 5.1% | 6 |
| INVESCO LTD | [IVZ](https://holderbook.com/stocks/IVZ/) | $19.0M | 848,724 | 4.4% | 6 |
| KITE REALTY GROUP TRUST | [KRG](https://holderbook.com/stocks/KRG/) | $15.3M | 702,883 | 3.5% | 3 |
| SVB FINANCIAL GROUP | [SIVB](https://holderbook.com/stocks/SIVB/) | $12.9M | 22,314 | 3.0% | 1 |
| VIRTUS INVT PARTNERS INC | [VRTS](https://holderbook.com/stocks/VRTS/) | $11.8M | 47,686 | 2.7% | 6 |
| NUVEI CORPORATION | [NVEI](https://holderbook.com/stocks/NVEI/) | $11.1M | 176,376 | 2.6% | 2 |
| URBAN EDGE PPTYS | [UE](https://holderbook.com/stocks/UE/) | $11.0M | 594,061 | 2.5% | 6 |
| SIGNATURE BANK | [SBNY](https://holderbook.com/stocks/SBNY/) | $10.4M | 33,215 | 2.4% | 1 |
| ARCH CAP GROUP LTD | [ACGL](https://holderbook.com/stocks/ACGL/) | $10.2M | 219,722 | 2.4% | 2 |
| I3 VERTICALS INC | [IIIV](https://holderbook.com/stocks/IIIV/) | $10.0M | 392,153 | 2.3% | 3 |
| ONEMAIN HLDGS INC | [OMF](https://holderbook.com/stocks/OMF/) | $9.6M | 190,565 | 2.2% | 2 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $9.3M | 139,563 | 2.1% | 1 |
| THE BALDWIN INSURANCE GRP IN | [BWIN](https://holderbook.com/stocks/BWIN/) | $8.6M | 305,176 | 2.0% | 6 |
| REPAY HLDGS CORP | [RPAY](https://holderbook.com/stocks/RPAY/) | $8.6M | 507,940 | 2.0% | 1 |
| LPL FINL HLDGS INC | [LPLA](https://holderbook.com/stocks/LPLA/) | $7.9M | 44,023 | 1.8% | 1 |
| M & T BK CORP | [MTB](https://holderbook.com/stocks/MTB/) | $7.2M | 42,698 | 1.7% | 1 |
| ALLY FINL INC | [ALLY](https://holderbook.com/stocks/ALLY/) | $6.9M | 140,062 | 1.6% | 3 |
| EAST WEST BANCORP INC | [EWBC](https://holderbook.com/stocks/EWBC/) | $6.8M | 81,036 | 1.6% | 1 |
| VICTORY CAP HLDGS INC DEL | [VCTR](https://holderbook.com/stocks/VCTR/) | $6.1M | 195,716 | 1.4% | 6 |
| PATRIA INVESTMENTS LIMITED | [PAX](https://holderbook.com/stocks/PAX/) | $6.0M | 348,583 | 1.4% | 4 |
| TASKUS INC | [TASK](https://holderbook.com/stocks/TASK/) | $5.8M | 166,532 | 1.3% | 3 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $5.7M | 44,781 | 1.3% | 1 |
| FIDELITY NATL FINL INC | [FNF](https://holderbook.com/stocks/FNF/) | $5.4M | 110,339 | 1.2% | 2 |
| RITHM CAPITAL CORP | [RITM](https://holderbook.com/stocks/RITM/) | $5.1M | 476,605 | 1.2% | 3 |
| INNOVATIVE INDL PPTYS INC | [IIPR](https://holderbook.com/stocks/IIPR/) | $5.0M | 25,106 | 1.1% | 1 |
| JANUS HENDERSON GROUP PLC | [JHG](https://holderbook.com/stocks/JHG/) | $5.0M | 139,511 | 1.1% | 1 |
| UNUM GROUP | [UNM](https://holderbook.com/stocks/UNM/) | $5.0M | 165,841 | 1.1% | 1 |
| EVERCORE INC | [EVR](https://holderbook.com/stocks/EVR/) | $4.4M | 34,941 | 1.0% | 4 |
| EVERI HLDGS INC | [EVRI](https://holderbook.com/stocks/EVRI/) | $4.3M | 200,144 | 1.0% | 3 |
| TRANSUNION | [TRU](https://holderbook.com/stocks/TRU/) | $4.1M | 44,839 | 0.9% | 1 |
| SYNOVUS FINL CORP | [SNV](https://holderbook.com/stocks/SNV/) | $4.0M | 79,439 | 0.9% | 1 |
| CANNAE HLDGS INC | [CNNE](https://holderbook.com/stocks/CNNE/) | $3.9M | 134,404 | 0.9% | 6 |
| HOST HOTELS & RESORTS INC | [HST](https://holderbook.com/stocks/HST/) | $3.8M | 200,442 | 0.9% | 1 |
| FIVE STAR BANCORP | [FSBC](https://holderbook.com/stocks/FSBC/) | $3.7M | 124,867 | 0.9% | 4 |
| AERCAP HOLDINGS NV | [AER](https://holderbook.com/stocks/AER/) | $3.6M | 62,078 | 0.8% | 2 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $3.6M | 16,105 | 0.8% | 1 |
| FIDELITY NATL INFORMATION SV | [FIS](https://holderbook.com/stocks/FIS/) | $3.4M | 28,265 | 0.8% | 1 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $2.8M | 21,104 | 0.6% | 1 |
| PERELLA WEINBERG PARTNERS | [PWP](https://holderbook.com/stocks/PWP/) | $2.6M | 245,463 | 0.6% | 4 |
| RLJ LODGING TR | [RLJ](https://holderbook.com/stocks/RLJ/) | $2.5M | 174,159 | 0.6% | 1 |
| FIRST INTST BANCSYSTEM INC | [FIBK](https://holderbook.com/stocks/FIBK/) | $2.4M | 60,700 | 0.6% | 1 |
| ENVESTNET INC | [ENV](https://holderbook.com/stocks/ENV/) | $2.3M | 31,157 | 0.5% | 1 |
| PAGSEGURO DIGITAL LTD | [PAGS](https://holderbook.com/stocks/PAGS/) | $2.2M | 97,919 | 0.5% | 1 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $2.2M | 6,888 | 0.5% | 1 |
| RYAN SPECIALTY HOLDINGS INC | [RYAN](https://holderbook.com/stocks/RYAN/) | $2.1M | 54,850 | 0.5% | 1 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $2.1M | 31,326 | 0.5% | 1 |
| CBOE GLOBAL MKTS INC | [CBOE](https://holderbook.com/stocks/CBOE/) | $2.0M | 17,458 | 0.5% | 3 |
| ROOT INC | [ROOT](https://holderbook.com/stocks/ROOT/) | $2.0M | 1,045,955 | 0.5% | 1 |
| SHIFT4 PMTS INC | [FOUR](https://holderbook.com/stocks/FOUR/) | $2.0M | 37,868 | 0.5% | 3 |
| PHILLIPS EDISON & CO INC | [PECO](https://holderbook.com/stocks/PECO/) | $1.9M | 57,098 | 0.4% | 3 |
| FINWISE BANCORP | [FINW](https://holderbook.com/stocks/FINW/) | $1.9M | 103,690 | 0.4% | 1 |
| ACADIAN ASSET MANAGEMENT INC | [AAMI](https://holderbook.com/stocks/AAMI/) | $1.9M | 80,090 | 0.4% | 6 |
| THIRD COAST BANCSHARES INC | [TCBX](https://holderbook.com/stocks/TCBX/) | $1.9M | 81,122 | 0.4% | 1 |
| QUINSTREET INC | [QNST](https://holderbook.com/stocks/QNST/) | $1.9M | 133,141 | 0.4% | 6 |
| HEALTHCARE TR AMER INC | [HTA](https://holderbook.com/stocks/HTA/) | $1.9M | 60,808 | 0.4% | 3 |
| CBRE GROUP INC | [CBRE](https://holderbook.com/stocks/CBRE/) | $1.9M | 18,788 | 0.4% | 1 |
| CADENCE BANK | [CADE](https://holderbook.com/stocks/CADE/) | $1.8M | 58,939 | 0.4% | 1 |
| ARGO GROUP INTL HLDGS LTD | [ARGO](https://holderbook.com/stocks/ARGO/) | $1.6M | 27,359 | 0.4% | 2 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $1.4M | 7,088 | 0.3% | 1 |
| MBIA INC | [MBI](https://holderbook.com/stocks/MBI/) | $1.2M | 86,148 | 0.3% | 4 |
| INTL GNRL INSURANCE HLDNGS L | [IGIC](https://holderbook.com/stocks/IGIC/) | $1.1M | 144,660 | 0.3% | 6 |
| MONEYGRAM INTL INC | [MGI](https://holderbook.com/stocks/MGI/) | $1.1M | 126,623 | 0.3% | 1 |
| MARQETA INC | [MQ](https://holderbook.com/stocks/MQ/) | $1.1M | 93,444 | 0.3% | 1 |
| COSTAR GROUP INC | [CSGP](https://holderbook.com/stocks/CSGP/) | $994.0K | 16,299 | 0.2% | 1 |
| APARTMENT INCOME REIT CORP | [AIRC](https://holderbook.com/stocks/AIRC/) | $977.0K | 18,936 | 0.2% | 1 |
| FOCUS FINL PARTNERS INC | [FOCS](https://holderbook.com/stocks/FOCS/) | $966.0K | 19,301 | 0.2% | 1 |
| PALOMAR HLDGS INC | [PLMR](https://holderbook.com/stocks/PLMR/) | $956.0K | 16,318 | 0.2% | 1 |
| STONECO LTD | [STNE](https://holderbook.com/stocks/STNE/) | $908.0K | 58,302 | 0.2% | 1 |
| SILVERGATE CAP CORP | [SICP](https://holderbook.com/stocks/SICP/) | $609.0K | 4,754 | 0.1% | 1 |
| BRIXMOR PPTY GROUP INC | [BRX](https://holderbook.com/stocks/BRX/) | $588.0K | 23,196 | 0.1% | 1 |
| MID PENN BANCORP INC | [MPB](https://holderbook.com/stocks/MPB/) | $538.0K | 18,499 | 0.1% | 4 |
| TREAN INS GROUP INC | [TIG](https://holderbook.com/stocks/TIG/) | $265.0K | 35,010 | 0.1% | 6 |
| ENJOY TECHNOLOGY INC | [ENJWQ](https://holderbook.com/stocks/ENJWQ/) | $7.0K | 29,486 | 0.0% | 2 |

## 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 |
|---|---|---|---|---|
| Q1 2022 | -8.9% | -4.9% | -4.0% | 95% |
| Q4 2021 | +2.3% | +10.7% | -8.4% | 100% |
| Q3 2021 | +1.1% | +0.3% | +0.8% | 100% |
| Q2 2021 | +6.4% | +8.0% | -1.6% | 111% |
| Q1 2021 | +11.0% | +6.0% | +5.0% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2022 | $433.8M | 76 |
| Q4 2021 | $236.1M | 100 |
| Q3 2021 | $248.3M | 101 |
| Q2 2021 | $240.3M | 101 |
| Q1 2021 | $205.4M | 92 |
| Q4 2020 | $228.1M | 86 |