FIRST SABREPOINT CAPITAL MANAGEMENT LP

CIK 0001731530 · Q1 2026

13F Equity AUM

$275.6M

+6.3% QoQ

Positions

0 QoQ

AUM Rank

#6,181

Top 50%

Skill Alpha (FF)

-3.0%/yr^ns

No Clear Edge

Rank #6,317 · Top 77%

vs S&P -8.1%/yr (unadj.)

Quarters Tracked

~8 years

Portfolio Concentration

Top 5: 45.4%Top 10: 61.9%Top 20: 89.9%

TPB12.6%

FCFS12.1%

TURNING PT BRANDS INC11.1%

CVCO5.8%

AMRZ3.8%

GKD3.6%

CVSA3.4%

EGY3.2%

BMTA3.2%

LAUR3.1%

Others (19)38.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Consumer Defensive20.7%

Consumer Cyclical14.8%

Financial Services14.8%

Energy14.3%

Industrials11.6%

Unclassified11.1%

Technology8.0%

Basic Materials3.8%

Other0.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 29Median: 2.89%Avg: 3.45%

0–0.5%

2(0.4%)

0.5–1%

1(0.7%)

1–3%

14(30.9%)

3–5%

8(26.4%)

5%+

4(41.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 27Unique: 2vs 20 funds

0.4%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

0.7%

STATE STREET CORP

0.8%

VANGUARD CAPITAL MANAGEMENT LLC

0.8%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.9%

GEODE CAPITAL MANAGEMENT, LLC

0.8%

BANK OF AMERICA CORP /DE/

0.6%

MORGAN STANLEY

0.5%

JPMORGAN CHASE & CO

0.5%

FMR LLC

0.6%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New11Increased6Decreased9Exited11

New Positions

MTDR3.1%

+135K

ICHR2.9%

+170K

UCTT2.8%

+125K

BBW2.6%

+188K

ENQ2.3%

+55K

VSNT2.0%

+150K

SFM1.8%

+65K

PARR1.1%

+50K

KOS1.0%

+1.0M

COLDEUR0.7%

+172K

Increased

TH2.0%

+452K(+301%)

TURNING PT BRANDS IN…11.1%

+266K(+306%)

BTU3.0%

+150K(+150%)

TFIN2.4%

+21K(+23%)

GKD3.6%

+8K(+16%)

CVCO5.8%

+6K(+22%)

Decreased

LAUR3.1%

-252,000(-50%)

EGY3.2%

-110,000(-7%)

NPKI2.9%

-100,000(-15%)

GBFH0.3%

-81,698(-74%)

CVSA3.4%

-55,000(-41%)

FCFS12.1%

-17,853(-9%)

AMRZ3.8%

-12,000(-6%)

UAO3.0%

-10,000(-33%)

AZO3.1%

-500(-17%)

Exited

-25,000

-44,500

-94,765

-101,155

-250,000

-30,000

-30,000

-180,600

-1,219,575

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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