First Sabrepoint Capital Management LP
First Sabrepoint Capital Management LP reported 20 US-listed holdings worth $234.0 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Turning PT Brands Inc. (17.4%), FirstCash Holdings, Inc. (15.9%) and Sterling Infrastructure, Inc. (7.2%). Against the quarter before, it opened 3 positions, added to 9, trimmed 5 and sold out of 10.
The 14 largest of its 20 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +44.7% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 3
- Rush Enterprises Inc. RUSHA$5.5 million
- Lifeway Foods Inc. LWAY$5.1 million
- Boot Barn Holdings, Inc. BOOT$3.3 million
Added to 9
- Vaalco Energy Inc. EGY+1.9 million shares · +136%
- Turning PT Brands Inc. TPB+80,000 shares · +20%
- Triumph Financial, Inc. TFIN+44,341 shares · +40%
- Matador Resources Co. MTDR+45,000 shares · +33%
- Newpark Res Inc. NPKI+50,000 shares · +9%
- Build-A-Bear Workshop Inc. BBW+22,394 shares · +12%
- Amrize Ltd. AMRZ+12,000 shares · +6%
- British American Tobacco p.l.c. BTI+10,000 shares · +7%
and 1 more in the table below
Trimmed 5
- Cavco Industries, Inc. CVCO-14,540 shares · -44%
- Ultra Clean Holdings, Inc. UCTT-55,000 shares · -44%
- Target Hospitality Corp. TH-181,777 shares · -30%
- Autozone Inc. AZO-1,000 shares · -40%
- FirstCash Holdings, Inc. FCFS-5,044 shares · -3%
Sold out of 10
- Grand Canyon Education, Inc. LOPE$9.9 million last quarter
- Covista Inc. CVSA$9.2 million last quarter
- Peabody Energy Corp. BTU$8.2 million last quarter
- Ichor Holdings, Ltd. ICHR$7.9 million last quarter
- Entegris Inc. ENTG$6.4 million last quarter
- Versant Media Group, Inc. VSNT$5.6 million last quarter
- Par Pacific Holdings, Inc. PARR$3.1 million last quarter
- Topbuild Corp. BLD$2.8 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Turning PT Brands Inc. TPB | 480.0K | $40.7 million | 17.40% | +80.0K |
| FirstCash Holdings, Inc. FCFS | 172.1K | $37.2 million | 15.91% | -5.0K |
| Sterling Infrastructure, Inc. STRL | 20.0K | $16.8 million | 7.17% | no change |
| Vaalco Energy Inc. EGY | 3.3M | $16.8 million | 7.16% | +1.9M |
| Triumph Financial, Inc. TFIN | 155.0K | $11.8 million | 5.06% | +44.3K |
| Cavco Industries, Inc. CVCO | 18.5K | $11.4 million | 4.86% | -14.5K |
| Amrize Ltd. AMRZ | 200.0K | $10.7 million | 4.56% | +12.0K |
| Ultra Clean Holdings, Inc. UCTT | 70.0K | $10.0 million | 4.27% | -55.0K |
| British American Tobacco p.l.c. BTI | 160.0K | $9.9 million | 4.22% | +10.0K |
| Newpark Res Inc. NPKI | 600.0K | $9.5 million | 4.08% | +50.0K |
| Laureate Education, Inc. LAUR | 248.6K | $9.0 million | 3.86% | +640 |
| Matador Resources Co. MTDR | 180.0K | $9.0 million | 3.83% | +45.0K |
| Target Hospitality Corp. TH | 420.0K | $8.6 million | 3.65% | -181.8K |
| Build-A-Bear Workshop Inc. BBW | 210.6K | $6.4 million | 2.76% | +22.4K |
| Sprouts Farmers Market, Inc. SFM | 65.0K | $5.5 million | 2.35% | no change |
| Rush Enterprises Inc. RUSHA | 75.0K | $5.5 million | 2.34% | new |
| Lifeway Foods Inc. LWAY | 170.0K | $5.1 million | 2.17% | new |
| Autozone Inc. AZO | 1.5K | $4.8 million | 2.05% | -1.0K |
| Boot Barn Holdings, Inc. BOOT | 20.0K | $3.3 million | 1.40% | new |
| Kosmos Energy Ltd. KOS | 1.0M | $2.1 million | 0.90% | no change |
Read more
Change is shares against its 13F for the quarter before; the 10 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| Turning PT Brands Inc. | Calls | 389.8K | $33.1 million |
| United STS Brent Oil FD LP | Calls | 450.0K | $18.3 million |
| Triumph Financial Inc. | Calls | 100.0K | $7.6 million |
| Firstcash Holdings Inc. | Calls | 29.3K | $6.3 million |
| Alaska Air Group Inc. | Puts | 50.0K | $2.6 million |
| United STS Oil FD LP | Calls | 17.4K | $1.9 million |
| ProShares Trust II | Puts | 10.0K | $274,400 |
7 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.