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FIRST SABREPOINT CAPITAL MANAGEMENT LP

Q2 2025 · Filed 2025-08-14
Market Value
$229M
-4.3%
Holdings
30
-4
New Purchases
3
Added To
5
Closed
8
Reduced
11
Top 10 Concentration
74.9%
Turnover
36.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
HAS 6.62% 0.00% +6.62% $15M
BTI 7.24% 3.20% +4.04% $17M
TPB 13.25% 9.37% +3.88% $30M
FCFS 11.82% 8.30% +3.51% $27M
BL 2.48% 0.00% +2.48% $6M
CVCO 5.70% 3.26% +2.44% $13M
MSFT 7.61% 5.50% +2.12% $17M
STRL 5.04% 3.43% +1.61% $12M
LAUR 9.20% 7.83% +1.37% $21M
WD 3.61% 3.39% +0.21% $8M
AZO 3.00% 2.95% +0.05% $7M
BBW 0.05% 0.00% +0.05% $117K
EGY 3.16% 3.15% +0.01% $7M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PM 0.00% 6.64% -6.64% $0
EEFT 0.00% 4.02% -4.02% $0
GRBK 2.19% 4.38% -2.19% $5M
WDAY 0.00% 2.10% -2.10% $0
TFIN 0.00% 1.93% -1.93% $0
MAA 4.85% 6.66% -1.81% $11M
NVGS 0.00% 1.37% -1.37% $0
GOGO 1.09% 2.34% -1.25% $2M
BLD 1.13% 2.30% -1.16% $3M
PGNY 2.21% 3.36% -1.15% $5M
LOPE 3.31% 4.34% -1.04% $8M
CIEN 0.00% 1.01% -1.01% $0
IMXI 0.00% 0.82% -0.82% $0
AESI 2.05% 2.80% -0.75% $5M
CPT 3.20% 3.84% -0.63% $7M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 2 $17M 7.6%
Large Cap 10 $74M 32.3%
Mid Cap 7 $78M 34.3%
Small Cap 11 $59M 25.8%

Portfolio Analytics

Avg Market Cap
$128.3B
Median Market Cap
$4.1B
Avg P/E
40.2
Median P/E
24.2
Avg Dividend Yield
0.01%
Avg Beta
0.90
# Stocks
30
# ETFs / Funds
0

Top Holdings (30 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TPB 13.25% 400,000 $30M $75.77 $8M +23,200 +6.2%
2 FCFS 11.82% 200,000 $27M $135.14 $7M +34,999 +21.2%
3 LAUR 9.20% 900,000 $21M $23.38 $2M -15,000 -1.6%
4 MSFT 7.61% 35,000 $17M $497.41 $4M
5 BTI 7.24% 350,000 $17M $47.33 $9M +165,000 +89.2%
6 HAS 6.62% 205,000 $15M $73.82 +205,000 NEW
7 CVCO 5.70% 30,000 $13M $434.43 $5M +15,000 +100.0%
8 STRL 5.04% 50,000 $12M $230.73 $3M -22,500 -31.0%
9 MAA 4.85% 75,000 $11M $148.01 -$5M -20,000 -21.1%
10 WD 3.61% 117,000 $8M $70.48 $131K +21,932 +23.1%
11 LOPE 3.31% 40,000 $8M $189.00 -$3M -20,000 -33.3%
12 CPT 3.20% 65,000 $7M $112.69 -$2M -10,000 -13.3%
13 EGY 3.16% 2,000,000 $7M $3.61 -$300K
14 AZO 3.00% 1,850 $7M $3,712.23 -$186K
15 BL 2.48% 100,000 $6M $56.62 +100,000 NEW
16 PGNY 2.21% 230,000 $5M $22.00 -$3M -130,000 -36.1%
17 GRBK 2.19% 79,679 $5M $62.88 -$5M -99,799 -55.6%
18 AESI 2.05% 350,000 $5M $13.37 -$2M -25,000 -6.7%
19 NVR 1.19% 370 $3M $7,385.66 -$382K -60 -13.9%
20 BLD 1.13% 8,000 $3M $323.74 -$3M -10,000 -55.6%
21 GOGO 1.09% 170,000 $2M $14.68 -$3M -480,000 -73.8%
22 BBW 0.05% 2,262 $117K $51.56 +2,262 NEW
23 EEFT —% -$10M -90,000 -100.0% SOLD
24 OABI —% -$984K -410,000 -100.0% SOLD
25 IMXI —% -$2M -154,599 -100.0% SOLD
26 WDAY —% -$5M -21,500 -100.0% SOLD
27 CIEN —% -$2M -40,000 -100.0% SOLD
28 TFIN —% -$5M -80,000 -100.0% SOLD
29 NVGS —% -$3M -246,204 -100.0% SOLD
30 PM —% -$16M -100,000 -100.0% SOLD

New Positions

SymbolValue% Port
HAS $15M 6.62%
BL $6M 2.48%
BBW $117K 0.05%

Sold Out Positions

SymbolValue% Port
NVGS —%
PM —%
TFIN —%
CIEN —%
IMXI —%
EEFT —%
WDAY —%
OABI —%
View SEC EDGAR Filings for FIRST SABREPOINT CAPITAL MANAGEMENT LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms