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FJ Capital Management LLC

CIK 1599170 · latest 13F filed 14 August 2026 · Read the filing on EDGAR

FJ Capital Management LLC reported 120 US-listed holdings worth $770.4 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Southern First Bancshares Com (7.1%), Equity Bancshares Inc. (6.1%) and Nicolet Bankshares Inc. (6.0%). Against the quarter before, it opened 47 positions, added to 30, trimmed 27 and sold out of 53.

Reported holdings$770.4M-13.3% on Q1 2026
Positions120-6 on Q1 2026
The largest ten53.4%of its reported holdings
Latest 13FQ2 2026filed 14 August 2026
Where the money is
OpenedAdded toHeldTrimmed
SFST7.1%EQBK6.1%NIC6.0%SSB5.7%BCAL5.6%HTB5.4%TOWN4.7%OSBC4.4%SBCF4.3%FRME4.0%CVBF3.8%BOH3.3%HBNC3.2%HBAN106 more33.2%

The 14 largest of its 120 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $954.3 million in 120 positions$954MQ3 24Q4 2024: $861.8 million in 111 positions$862MQ4 24Q1 2025: $966.2 million in 111 positions$966MQ1 25Q2 2025: $943.0 million in 128 positions$943MQ2 25Q3 2025: $936.6 million in 142 positions$937MQ3 25Q4 2025: $905.8 million in 128 positions$906MQ4 25Q1 2026: $888.1 million in 126 positions$888MQ1 26Q2 2026: $770.4 million in 120 positions$770MQ2 26

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 +29.2% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.

Its reported holdingsThe S&P 500
100110120130Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Its holdings +29.2%S&P 500 +30.2%

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

Opened 47Added 30Held 16Trimmed 27Sold out 53
Opened: 47Added: 30Held: 16Trimmed: 27Sold out: 53

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 47

  1. Bank of Hawaii Corp. BOH$25.5 million
  2. Truist Financial Corp. TFC$22.2 million
  3. LPL Finl Hldgs Inc. LPLA$8.4 million
  4. Wells Fargo & Company WFC$6.7 million
  5. First American Financial Corp. FAF$6.3 million
  6. Champion Homes, Inc. SKY$4.4 million
  7. Miami Intl Hldgs Inc. MIAX$4.4 million
  8. Marketaxess Holdings Inc. MKTX$4.2 million

and 39 more in the table below

Added to 30

  1. Townebank Portsmouth Va TOWN+448,299 shares · +80%
  2. UMB Financial Corp. UMBF+83,746 shares · +191%
  3. CVB Financial Corp. CVBF+443,896 shares · +52%
  4. Southern First Bancshares Com SFST+85,000 shares · +11%
  5. Annaly Capital Management Inc. NLY+210,786 shares · +128%
  6. Huntington Bancshares Inc. HBAN+247,213 shares · +22%
  7. FirstCash Holdings, Inc. FCFS+17,192 shares · +313%
  8. American Healthcare REIT, Inc. AHR+68,797 shares · +117%

and 22 more in the table below

Trimmed 27

  1. Hometrust Bancshares Inc. HTB-715,310 shares · -46%
  2. SouthState Bank Corp. SSB-339,654 shares · -44%
  3. Ameris Bancorp ABCB-108,491 shares · -80%
  4. Exzeo Group Inc. XZO-458,652 shares · -67%
  5. HCI Group, Inc. HCI-29,500 shares · -79%
  6. Nicolet Bankshares Inc. NIC-29,138 shares · -10%
  7. Jones Lang Lasalle Inc. JLL-13,030 shares · -41%
  8. Hanover Insurance Group, Inc. THG-18,578 shares · -82%

and 19 more in the table below

Sold out of 53

  1. Eastern Bankshares, Inc. EBC$34.1 million last quarter
  2. RBB Bancorp RBB$32.3 million last quarter
  3. BankUnited, Inc. BKU$17.2 million last quarter
  4. Old National Bancorp ONB$15.8 million last quarter
  5. Southern Mo Bancorp Inc. SMBC$12.9 million last quarter
  6. Independent Bank Corp. INDB$12.5 million last quarter
  7. Northern Trust Corp. NTRS$11.0 million last quarter
  8. Bank of America Corp. BAC$9.2 million last quarter

What it holds

CompanySharesValueOf its bookChange in shares
Southern First Bancshares Com SFST892.2K$54.5 million7.08%+85.0K
Equity Bancshares Inc. EQBK961.5K$47.1 million6.11%+40.4K
Nicolet Bankshares Inc. NIC277.2K$45.9 million5.95%-29.1K
SouthState Bank Corp. SSB439.0K$43.9 million5.69%-339.7K
California Bancorp BCAL2.1M$42.8 million5.56%no change
Hometrust Bancshares Inc. HTB839.1K$41.9 million5.43%-715.3K
Townebank Portsmouth Va TOWN1.0M$36.5 million4.74%+448.3K
Old Second Bancorp Inc. Ill OSBC1.5M$34.1 million4.42%-44.7K
Seacoast Banking Corp. of Florida SBCF1.0M$33.5 million4.34%+100.3K
First Merchants Corp. FRME711.4K$31.1 million4.03%no change
CVB Financial Corp. CVBF1.3M$29.2 million3.79%+443.9K
Bank of Hawaii Corp. BOH312.7K$25.5 million3.31%new
Horizon Bancorp Inc. HBNC1.2M$24.9 million3.23%-44.7K
Huntington Bancshares Inc. HBAN1.4M$24.2 million3.14%+247.2K
Truist Financial Corp. TFC446.5K$22.2 million2.89%new
UMB Financial Corp. UMBF127.5K$18.2 million2.36%+83.7K
Chain Bridge Bancorp Inc. CBNA293.8K$12.4 million1.60%no change
Avidia Bancorp Inc. AVBC497.3K$10.4 million1.35%no change
LPL Finl Hldgs Inc. LPLA30.0K$8.4 million1.10%new
Annaly Capital Management Inc. NLY376.0K$8.2 million1.07%+210.8K
Hawthorn Bancshares Inc. HWBK190.7K$7.5 million0.97%no change
Independent BK Corp. Mich IBCP203.6K$7.3 million0.95%no change
Wells Fargo & Company WFC80.8K$6.7 million0.87%new
American Healthcare REIT, Inc. AHR127.4K$6.6 million0.86%+68.8K
First American Financial Corp. FAF91.6K$6.3 million0.82%new
Stock Yards Bancorp Inc. SYBT81.4K$6.2 million0.81%-11.5K
Jones Lang Lasalle Inc. JLL18.9K$5.8 million0.76%-13.0K
FirstCash Holdings, Inc. FCFS22.7K$4.9 million0.64%+17.2K
Champion Homes, Inc. SKY50.3K$4.4 million0.58%new
Miami Intl Hldgs Inc. MIAX119.3K$4.4 million0.58%new
Hoyne Bancorp Inc. HYNE261.0K$4.4 million0.57%no change
Welltower Inc. WELL19.1K$4.3 million0.56%-182
Marketaxess Holdings Inc. MKTX37.2K$4.2 million0.55%new
CNO Financial Group, Inc. CNO82.1K$4.2 million0.54%-49.6K
Hercules Capital Inc. HTGC249.0K$3.9 million0.51%-28.6K
CME Group Inc. CME17.8K$3.9 million0.51%new
Exzeo Group Inc. XZO223.8K$3.8 million0.49%-458.7K
Encore Capital Group Inc. ECPG38.1K$3.6 million0.46%-2.6K
Reinsurance Group of America Inc. RGA16.1K$3.4 million0.44%+6.4K
Toll Brothers, Inc. TOL19.0K$3.1 million0.41%+7.2K
Etoro Group Ltd ETOR73.1K$2.9 million0.37%new
Main STR Cap Corp. MAIN53.1K$2.8 million0.36%-14.6K
First Industrial Realty Trust Inc. FR44.2K$2.7 million0.35%+1.7K
Arthur J. Gallagher & Co. AJG11.6K$2.7 million0.34%new
Cto Rlty Growth Inc. New CTO120.9K$2.6 million0.34%+4.6K
MSC Income Fund Inc. MSIF206.3K$2.4 million0.31%+35.2K
Ameris Bancorp ABCB26.4K$2.4 million0.31%-108.5K
Udr, Inc. UDR59.3K$2.4 million0.31%new
InvenTrust Properties Corp. IVT66.5K$2.4 million0.31%-45.4K
Houlihan Lokey, Inc. HLI17.5K$2.3 million0.30%new
Brixmor Property Group Inc. BRX71.2K$2.2 million0.29%+24.4K
Skyward Specialty Ins Group SKWD37.0K$2.2 million0.28%-57.4K
TPG Re Fin Trust Inc. TRTX249.7K$2.1 million0.27%new
Federated Hermes, Inc. FHI37.6K$2.1 million0.27%+27.2K
Globe Life Inc. GL11.6K$2.1 million0.27%+1.2K
Ally Financial Inc. ALLY42.2K$1.9 million0.25%new
Eastgroup Properties Inc. EGP9.4K$1.9 million0.25%+1.5K
Dave Inc. DAVE3.9K$1.5 million0.19%-4.4K
Redwood Trust Inc. RWT304.4K$1.4 million0.19%new
HCI Group, Inc. HCI7.8K$1.4 million0.18%-29.5K
Synchrony Financial SYF16.8K$1.3 million0.17%+8.2K
Block, Inc. XYZ16.3K$1.2 million0.16%new
Franklin Templeton Inc. BEN33.4K$1.1 million0.14%-52.3K
Capital One Financial Corp. COF4.7K$946,5250.12%+442
Mastercard Inc. MA1.8K$929,6160.12%+292
Piedmont Office Realty Trust in PDM100.3K$917,3970.12%new
DiamondRock Hospitality Co. DRH69.6K$847,9470.11%new
Hanover Insurance Group, Inc. THG4.0K$847,2730.11%-18.6K
Affirm Hldgs Inc. AFRM10.4K$846,3260.11%new
Postal Realty Trust Inc. PSTL33.9K$835,8130.11%no change
Rocket Cos Inc. RKT49.8K$783,7990.10%new
Slide Ins Hldgs Inc. SLDE39.8K$770,0930.10%new
Everest Group, Ltd. EG2.1K$766,9730.10%new
Chime Finl Inc CHYM36.6K$749,9370.10%new
Neptune Insurance Holdings Inc. NP23.0K$724,2800.09%+1.2K
Visa Inc. V2.0K$693,0420.09%no change
American Homes 4 Rent AMH20.3K$679,2490.09%new
SiriusPoint Ltd. SPNT28.2K$676,7280.09%-15.9K
Enterprise Finl Svcs Corp. EFSC10.2K$670,7900.09%no change
American Financial Group Inc. AFG4.8K$669,1930.09%new
Janus Living Inc. JAN21.5K$618,5420.08%new
ACI Worldwide, Inc. ACIW11.9K$600,9150.08%no change
Elevance Health, Inc. ELV1.4K$554,1840.07%new
Bread Financial Holdings, Inc. BFH5.0K$542,5080.07%+1.5K
Xenia Hotels & Resorts, Inc. XHR26.3K$535,4880.07%+2.8K
P10 Inc. RPC66.9K$526,7080.07%+55.8K
Ryman Hospitality Properties, Inc. RHP4.1K$524,2270.07%-1.3K
Camden Property Trust CPT4.5K$519,6700.07%new
Carlyle Group Inc. CG12.1K$511,5940.07%+5.1K
Copt Defense Properties CDP13.9K$505,8210.07%no change
Mercury General Corp. MCY4.7K$499,1950.06%new
Klarna Group PLC KLAR24.5K$496,6690.06%new
LXP Industrial Trust LXP9.2K$493,0020.06%new
RLJ Lodging Trust RLJ41.5K$491,8700.06%new
Markel CP Hldg Co. MKL251$490,2060.06%+49
Iron Mountain Inc. IRM3.8K$481,7460.06%new
TransUnion TRU6.1K$440,9920.06%-6.3K
Assurant, Inc. AIZ1.6K$423,2030.05%new
Universal Health Rlty Income UHT9.4K$412,6790.05%no change
Goosehead Insurance Inc GSHD7.9K$384,3630.05%new
Janus Henderson Group PLC JHG7.2K$375,2870.05%no change
Frontview REIT Inc. FVR18.5K$374,0320.05%new
Ambac Finl Group Inc. OSG57.9K$361,5270.05%new
Curbline Properties Corp. CURB11.8K$358,9020.05%-12.8K
Sunstone Hotel Investors, Inc. SHO28.8K$330,1610.04%+15.6K
Essential Properties Realty Trust, Inc. EPRT10.5K$314,5890.04%-7.1K
Broadstone Net Lease, Inc. BNL14.8K$306,2670.04%no change
Bowhead Specialty Hldgs Inc. BOW8.4K$251,5620.03%new
Macerich Co. MAC9.7K$245,3000.03%new
Chubb Ltd. CB712$242,6070.03%new
Mid-America Apartment Communities, Inc. MAA1.7K$238,0040.03%-9.2K
Principal Financial Group Inc. PFG2.2K$235,0680.03%new
Bxp, Inc. BXP3.5K$234,2730.03%new
CubeSmart CUBE5.8K$230,9050.03%-6.3K
Centene Corp. CNC3.5K$224,4720.03%new
Park Hotels & Resorts Inc. PK15.6K$221,7160.03%new
Jackson Financial Inc. JXN2.1K$219,9340.03%no change
Gen Digital Inc. GEN8.7K$215,5720.03%new
SBA Communications Corp. SBAC1.2K$211,7520.03%new
Braemar Hotels &amp Resorts INC BHR44.9K$97,0190.01%+3.5K
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 53 it sold out of are in the box above.