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FJ Capital Management LLC — 13F Holdings & Portfolio

CIK 1599170 · latest 13F-HR filed 2026-08-14

Backtest portfolio

FJ Capital Management LLC manages $770.4M in 13F-reported U.S. long-equity assets across 121 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are SFST (7.08%), EQBK (6.11%), NIC (5.95%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 47 new positions and exited 53; 48 existing positions rose in reported value and 18 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$770.4M

Long-equity book

Holdings
121

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+47 / −53 / ↑48 / ↓18

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
SFST7.1% · +10%EQBK6.1% · +4%NIC6.0% · -10%SSB5.7% · -44%BCAL5.6% · 0%HTB5.4% · -46%TOWN4.7% · +80%OSBC4.4% · -3%SBCF4.3% · +11%FRME4.0% · 0%CVBF3.8% · +52%BOH3.3% · newHBNC3.2% · -4%HBAN3.1% · +22%TFC2.9% · newUMBF2.4% · +192%CBNA1.6% · 0%AVBC1.4% · 0%LPLA1.1% · newNLY1.1% · +128%HWBK1.0% · 0%IBCP1.0% · 0%WFC0.9% · newAHR0.9% · +117%FAF0.8% · newSYBT0.8% · -12%JLL0.8% · -41%FCFS0.6% · +313%SKY0.6% · newMIAX0.6% · newHYNE0.6% · 0%WELL0.6% · -1%MKTX0.5% · newCNO0.5% · -38%HTGC0.5% · -10%CME0.5% · newXZO0.5% · -67%ECPG0.5% · -6%RGA0.4% · +65%TOL0.4% · +60%ETOR0.4% · newMAIN0.4% · -22%FR0.4% · +4%AJG0.3% · newCTO0.3% · +4%MSIF0.3% · +21%ABCB0.3% · -80%UDR0.3% · newIVT0.3% · -41%HLI0.3% · newBRX0.3% · +52%SKWD0.3% · -61%TRTX0.3% · newFHI0.3% · +262%GL0.3% · +12%ALLY0.3% · newEGP0.2% · +19%DAVE0.2% · -53%RWT0.2% · newHCI0.2% · -79%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 53.4%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 30, 2026.

Assets Under Management
$1.08B
Discretionary
$1.08B
Employees
18
Accounts
10
Address
7901 JONES BRANCH DRIVE
SUITE 210
MCLEAN, VA 22102-3340
Phone
(703) 331-5500
Website
Name Title / Status Ownership Type
FRIEDMAN, MARTIN, SAUL ControlCO-FOUNDER, CHIEF INVESTMENT OFFICER & MANAGING MEMBER
since Dec 2007
75% or moreIndividual
JOSE, ANDREW, FRANK ControlCO-FOUNDER, CHIEF COMPLIANCE OFFICER & MANAGING PARTNER
since Dec 2007
10–25%Individual
KASHDIN, JEFFREY, ALANCHIEF FINANCIAL OFFICER AND CHIEF OPERATING OFFICER
since Dec 2013
5–10%Individual
Ownership & leadership changes · 2 filings with changes since Nov 20, 2013

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 30, 2016 filing
  • ChangedKASHDIN, JEFFREY, ALAN · ownership Less than 5% → 5–10%
Mar 31, 2014 filing
  • AddedKASHDIN, JEFFREY, ALAN · CHIEF FINANCIAL OFFICER AND CHIEF OPERATING OFFICER · Less than 5%
  • ChangedJOSE, ANDREW, FRANK · title CO-FOUNDER, CHIEF COMPLIANCE OFFICER & CHIEF OPERATING OFFICER → CO-FOUNDER, CHIEF COMPLIANCE OFFICER & MANAGING PARTNER
Nov 20, 2013 filing (earliest on record)
  • ListedFRIEDMAN, MARTIN, SAUL · CO-FOUNDER, CHIEF INVESTMENT OFFICER & MANAGING MEMBER · 75% or more · control person
  • ListedJOSE, ANDREW, FRANK · CO-FOUNDER, CHIEF COMPLIANCE OFFICER & CHIEF OPERATING OFFICER · 10–25% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 48 →

Top Trims

Show all 18 →

New Positions

Show all 47 →

Exited Positions

Show all 53 →

FJ Capital Management LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 SOUTHERN FIRST BANCSHARES SFST 842873101 $54.5M 7.08% 892,223 SH
2 EQUITY BANCSHARES EQBK 29460X109 $47.1M 6.11% 961,492 SH
3 NICOLET BANKSHARES NIC 65406E102 $45.9M 5.95% 277,243 SH
4 SOUTHSTATE BANK SSB 84472E102 $43.9M 5.69% 438,973 SH
5 CALIFORNIA BANCORP BCAL 84252A106 $42.8M 5.56% 2,054,534 SH
6 HOMETRUST BANCSHARES HTB 437872104 $41.9M 5.43% 839,115 SH
7 TOWNEBANK TOWN 89214P109 $36.5M 4.74% 1,008,071 SH
8 OLD SECOND BANCORP INC DEL OSBC 680277100 $34.1M 4.42% 1,460,413 SH
9 SEACOAST BANKING OF FLORIDA SBCF 811707801 $33.5M 4.34% 1,006,363 SH
10 FIRST MERCHANTS FRME 320817109 $31.1M 4.03% 711,425 SH
11 CVB FINL CORP CVBF 126600105 $29.2M 3.79% 1,295,322 SH
12 BANK OF HAWAII CORP BOH 062540109 $25.5M 3.31% 312,693 SH
13 HORIZON BANCORP HBNC 440407104 $24.9M 3.23% 1,246,550 SH
14 HUNTINGTON BANCSHARES HBAN 446150104 $24.2M 3.14% 1,364,029 SH
15 TRUIST FINL CORP TFC 89832Q109 $22.2M 2.89% 446,477 SH
16 UMB FINL UMBF 902788108 $18.2M 2.36% 127,486 SH
17 CHAIN BRIDGE BANCORP CBNA 15746L100 $12.4M 1.60% 293,788 SH
18 AVIDIA BANCORP INC AVBC 05369T100 $10.4M 1.35% 497,258 SH
19 LPL FINL HLDGS INC LPLA 50212V100 $8.4M 1.10% 29,967 SH
20 HAWTHORN BANCSHARES HWBK 420476103 $7.5M 0.97% 190,710 SH
21 INDEPENDENT BANK MICH IBCP 453838609 $7.3M 0.95% 203,607 SH
22 WELLS FARGO & CO WFC 949746101 $6.7M 0.87% 80,810 SH
23 AMERICAN HEALTHCARE REIT AHR 398182303 $6.6M 0.86% 127,389 SH
24 FIRST AMERICAN FINL CORP FAF 31847R102 $6.3M 0.82% 91,643 SH
25 STOCK YARDS BANCORP SYBT 861025104 $6.2M 0.81% 81,359 SH
26 JONES LANG LASALLE JLL 48020Q107 $5.8M 0.76% 18,851 SH
27 FIRSTCASH HLDGS FCFS 33768G107 $4.9M 0.64% 22,683 SH
28 ANNALY CAPITAL MGMT IN NLY 035710839 $4.7M 0.61% 210,786 SH
29 CHAMPION HOMES INC SKY 830830105 $4.4M 0.58% 50,348 SH
30 MIAMI INTL HLDGS INC MIAX 59356Q108 $4.4M 0.58% 119,299 SH
31 HOYNE BANCORP HYNE 44326H107 $4.4M 0.57% 261,000 SH
32 WELLTOWER WELL 95040Q104 $4.3M 0.56% 19,095 SH
33 MARKETAXESS HLDGS INC MKTX 57060D108 $4.2M 0.55% 37,237 SH
34 CNO FINL GROUP CNO 12621E103 $4.2M 0.54% 82,078 SH
35 HERCULES CAPITAL INC HTGC 427096508 $3.9M 0.51% 249,039 SH
36 CME GROUP INC CME 12572Q105 $3.9M 0.51% 17,754 SH
37 EXZEO GROUP XZO 30234F101 $3.8M 0.49% 223,788 SH
38 ENCORE CAPITAL GROUP INC ECPG 292554102 $3.6M 0.46% 38,144 SH
39 ANNALY CAPITAL MGMT NLY 035710839 $3.5M 0.45% 165,250 SH
40 REINSURANCE GROUP OF AMERICA RGA 759351604 $3.4M 0.44% 16,077 SH
41 TOLL BROTHERS TOL 889478103 $3.1M 0.41% 19,047 SH
42 ETORO GROUP LTD ETOR G32089107 $2.9M 0.37% 73,077 SH
43 MAIN STREET CAPITAL MAIN 56035L104 $2.8M 0.36% 53,085 SH
44 FIRST INDL RLTY TR FR 32054K103 $2.7M 0.35% 44,161 SH
45 ARTHUR J GALLAGHER & CO AJG 363576109 $2.7M 0.34% 11,571 SH
46 CTO RLTY GROWTH INC NEW CTO 22948Q101 $2.6M 0.34% 120,922 SH
47 MSC INCOME FUND MSIF 55374X208 $2.4M 0.31% 206,254 SH
48 AMERIS BANCORP ABCB 03076K108 $2.4M 0.31% 26,377 SH
49 UDR INC UDR 902653104 $2.4M 0.31% 59,259 SH
50 INVENTRUST PPTYS IVT 46124J201 $2.4M 0.31% 66,542 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $770.4M 121 0001420506-26-001821
2026-03-31 2026-05-15 $888.1M 126 0001420506-26-001153
2025-12-31 2026-02-13 $905.8M 128 0001420506-26-000417
2025-09-30 2025-11-14 $936.6M 142 0001420506-25-003437
Filer Information
Address
7901 JONES BRANCH DR.
SUITE 210
MCLEAN, VA 22102
Phone
(703) 875-8378
Filing Manager
FJ Capital Management LLC
MCLEAN, VA
Signatory
Andrew Jose
Co-Founder and Managing Partner