First Sabrepoint Capital Management LP
DALLAS, TX
$234m in 20 US stocks at the end of 30 June 2026. The top 10 are 74.7% of the money. It changed about 26.3% of the portfolio this quarter.
Value
$234m
Stocks
20
Top 10 share
74.7%
Turnover
26.3%
What changed this quarter
New
Bought for the first time this quarter.
- Rush EnterprisesRUSHA2.3% of the fund
- Lifeway FoodsLWAY2.2% of the fund
- Boot Barn HoldingsBOOT1.4% of the fund
Added
Bought more of a stock they already held.
- Turning Point BrandsTPB17.4% of the fund+20%
- Vaalco EnergyEGY7.2% of the fund+136%
- Triumph FinancialTFIN5.1% of the fund+40%
- AmrizeAMRZ4.6% of the fund+6%
- British American Tobacco p.l.c.BTI4.2% of the fund+7%
- NPK InternationalNPKI4.1% of the fund+9%
- Matador ResourcesMTDR3.8% of the fund+33%
- Build-A-Bear WorkshopBBW2.8% of the fund+12%
Cut
Sold some of their stake.
- FirstCash HoldingsFCFS15.9% of the fund-3%
- Cavco IndustriesCVCO4.9% of the fund-44%
- Ultra Clean HoldingsUCTT4.3% of the fund-44%
- Target HospitalityTH3.7% of the fund-30%
- AutozoneAZO2.0% of the fund-40%
Sold out
Sold their entire stake.
- Grand Canyon EducationLOPE-100%
- CovistaCVSA-100%
- Peabody EnergyBTU-100%
- Ichor HoldingsICHR-100%
- EntegrisENTG-100%
- Versant Media GroupVSNT-100%
- PAR Pacific HoldingsPARR-100%
- Topbuild COR-100%
- Americold Realty TrustCOLD-100%
- GBank Financial HoldingsGBFH-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Turning Point BrandsTPB | 17.4% | $41m | 480,000 | +20% |
| FirstCash HoldingsFCFS | 15.9% | $37m | 172,103 | -3% |
| Sterling InfrastructureSTRL | 7.2% | $17m | 20,000 | Held |
| Vaalco EnergyEGY | 7.2% | $17m | 3,300,000 | +136% |
| Triumph FinancialTFIN | 5.1% | $12m | 155,000 | +40% |
| Cavco IndustriesCVCO | 4.9% | $11m | 18,500 | -44% |
| AmrizeAMRZ | 4.6% | $11m | 200,000 | +6% |
| Ultra Clean HoldingsUCTT | 4.3% | $10m | 70,000 | -44% |
| British American Tobacco p.l.c.BTI | 4.2% | $10m | 160,000 | +7% |
| NPK InternationalNPKI | 4.1% | $10m | 600,000 | +9% |
| Laureate EducationLAUR | 3.9% | $9m | 248,640 | Held |
| Matador ResourcesMTDR | 3.8% | $9m | 180,000 | +33% |
| Target HospitalityTH | 3.7% | $9m | 420,000 | -30% |
| Build-A-Bear WorkshopBBW | 2.8% | $6m | 210,645 | +12% |
| Sprouts Farmers MarketSFM | 2.3% | $5m | 65,000 | Held |
| Rush EnterprisesRUSHA | 2.3% | $5m | 75,000 | New |
| Lifeway FoodsLWAY | 2.2% | $5m | 170,000 | New |
| AutozoneAZO | 2.0% | $5m | 1,500 | -40% |
| Boot Barn HoldingsBOOT | 1.4% | $3m | 20,000 | New |
| Kosmos EnergyKOS | 0.9% | $2m | 1,000,000 | Held |
Options (7)
- Turning PT Brands
- Type
- Call
- Value
- $33m
- Contracts
- 389,800
- United STS Brent Oil FD LP
- Type
- Call
- Value
- $18m
- Contracts
- 450,000
- Triumph Financial
- Type
- Call
- Value
- $8m
- Contracts
- 100,000
- Firstcash Holdings
- Type
- Call
- Value
- $6m
- Contracts
- 29,300
- Alaska Air Group
- Type
- Put
- Value
- $3m
- Contracts
- 50,000
- United STS Oil FD LP
- Type
- Call
- Value
- $2m
- Contracts
- 17,400
- Proshares TR II
- Type
- Put
- Value
- $274,400
- Contracts
- 10,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| Turning PT Brands | Call | $33m | 389,800 |
| United STS Brent Oil FD LP | Call | $18m | 450,000 |
| Triumph Financial | Call | $8m | 100,000 |
| Firstcash Holdings | Call | $6m | 29,300 |
| Alaska Air Group | Put | $3m | 50,000 |
| United STS Oil FD LP | Call | $2m | 17,400 |
| Proshares TR II | Put | $274,400 | 10,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 0.1% since 30 June 2025.
Where the money is
Everyday goods26.1%
Financial services21.0%
Retail & consumer16.1%
Energy11.9%
Materials9.4%
Technology8.3%
Industrials7.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.