SEC 13F Intelligence

Managers / Q1 2026

FIRST SABREPOINT CAPITAL MANAGEMENT LP

CIK 0001731530 · 8750 NORTH CENTRAL EXPRESSWAY, SUITE 920, DALLAS, TX, 75231 · 214 432 1593

Reported Value
$276M
Q1 2026
Positions
29
Filings on Record
31
2019–present window
Filed
May 15, 2026
original filing

Summary

First Sabrepoint Capital Management LP reported $276M in U.S.-listed holdings across 29 positions for Q1 2026.

Its largest position, TPB, represents 12.6% of the portfolio.

Compared with Q4 2025, the fund opened 11 new positions and exited 11.

Portfolio Metrics

Turnover
+29.8%
vs prior filed quarter
Top-10 Concentration
+53.9%
share of reported value
Largest Position
+12.6%
Turning Pt Brands
New / Exited
11 / 11
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $190MQ4 ’18Q1 ’19: $217MQ2 ’19: $226MQ3 ’19: $224MQ4 ’19: $282MQ4 ’19Q1 ’20: $247MQ2 ’20: $254MQ3 ’20: $280MQ4 ’20: $310MQ4 ’20Q1 ’21: $308MQ2 ’21: $317MQ3 ’21: $377MQ4 ’21: $374MQ4 ’21Q1 ’22: $285MQ2 ’22: $256MQ3 ’22: $244MQ4 ’22: $204MQ4 ’22Q1 ’23: $238MQ2 ’23: $229MQ3 ’23: $235MQ4 ’23: $304MQ4 ’23Q1 ’24: $374MQ2 ’24: $332MQ3 ’24: $344MQ4 ’24: $373MQ4 ’24Q1 ’25: $269MQ2 ’25: $281MQ3 ’25: $316MQ4 ’25: $259MQ4 ’25Q1 ’26: $276Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 78.9%Other: 17.9%ADR: 3.2%
  • Common Stock · 78.9% · $217M
  • Other · 17.9% · $49M
  • ADR · 3.2% · $9M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MTDRMATADOR RES CONEW+135.0K135.0K+$9M$9M
ICHOR HOLDINGSNEW+170.0K170.0K+$8M$8M
UCTTULTRA CLEAN HLDGS INCNEW+125.0K125.0K+$8M$8M
BBWBUILD-A-BEAR WORKSHOP INCNEW+188.3K188.3K+$7M$7M
ENQENTEGRIS INCNEW+55.0K55.0K+$6M$6M
VSNTVERSANT MEDIA GROUP INCNEW+150.0K150.0K+$6M$6M
SFMSPROUTS FMRS MKT INCNEW+65.0K65.0K+$5M$5M
PARRPAR PAC HOLDINGS INCNEW+50.0K50.0K+$3M$3M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

27 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TPBTURNING PT BRANDS INChistory →COM12.60%$35M400.0K
2FCFSFIRSTCASH HOLDINGS INChistory →COM12.08%$33M177.1K
3CVCOCAVCO INDS INC DELhistory →COM5.81%$16M33.0K
4AMRIZE LTDSHS3.82%$11M188.0K
5GKDGRAND CANYON ED INChistory →COM3.58%$10M58.0K
6CVSACOVISTA INChistory →COM3.35%$9M80.0K
7EGYVAALCO ENERGY INChistory →COM NEW3.22%$9M1.40M
8BMTABRITISH AMERN TOB PLChistory →SPONSORED ADR3.18%$9M150.0K
9LAURLAUREATE ED INChistory →COMMON STOCK3.14%$9M248.0K
10MTDRMATADOR RES COhistory →COM3.09%$9M135.0K
11AZOAUTOZONE INChistory →COM3.06%$8M2.5K
12BTUPEABODY ENGR CORPhistory →COM2.99%$8M250.0K
13UAOSTERLING INFRASTRUCTURE INChistory →COM2.96%$8M20.0K
14NPKINPK INTERNATIONAL INChistory →COM SHS2.89%$8M550.0K
15ICHOR HOLDINGSSHS2.88%$8M170.0K
16UCTTULTRA CLEAN HLDGS INChistory →COM2.82%$8M125.0K
17BBWBUILD-A-BEAR WORKSHOP INChistory →COM2.56%$7M188.3K
18TFINTRIUMPH FINANCIAL INChistory →COM2.40%$7M110.7K
19ENQENTEGRIS INChistory →COM2.34%$6M55.0K
20THTARGET HOSPITALITY CORPhistory →COM2.03%$6M601.8K
21VSNTVERSANT MEDIA GROUP INChistory →COM CL A2.01%$6M150.0K
22SFMSPROUTS FMRS MKT INChistory →COM1.82%$5M65.0K
23PARRPAR PAC HOLDINGS INChistory →COM NEW1.14%$3M50.0K
24BLD*TOPBUILD CORhistory →COM1.02%$3M8.0K
25KOSKOSMOS ENERGY LTDhistory →COM1.01%$3M1.00M
26COLDEURAMERICOLD REALTY TRUST INCCOM0.71%$2M171.8K
27GBFHGBANK FINL HLDGS INCCOM0.27%$757,36228.3K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$276M29May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$259M29Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$316M37Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$281M35Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$269M37May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$373M59Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$344M46Nov 15, 202413F-HRchanges · EDGAR ↗
Q2 2024$332M46Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$374M46May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$304M41Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$235M36Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$229M24Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$238M29May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$204M23Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$244M29Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$256M26Aug 15, 2022RESTATEMENTchanges · EDGAR ↗
Q1 2022$285M26May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$374M36Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$377M35Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$317M30Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$308M32May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$310M33Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$280M37Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$254M33Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$247M35May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$282M38Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$224M32Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$226M32Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$217M28May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$190M29Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.