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FCM

FJ Capital Management Portfolio holdings

AUM $888M
1-Year Est. Return 18.97%
This Fund
S&P 500
This Quarter Est. Return
+6%
1 Year Est. Return
+18.97%
3 Year Est. Return
+63.88%
5 Year Est. Return
+48.18%
10 Year Est. Return
+191.97%
AUM
$906M
AUM Growth
-$30.8M
Cap. Flow
-$82.7M
Cap. Flow %
-9.13%
Top 10 Hldgs %
49.3%
Holding
182
New
40
Increased
29
Reduced
40
Closed
54

Top Buys

Rank Stock Value
1
SSB icon
SouthState Bank Corp
SSB
+$26.4M
2
WAL icon
Western Alliance Bancorporation
WAL
+$20.9M
3
HBNC icon
Horizon Bancorp
HBNC
+$13.6M
4
FRME icon
First Merchants
FRME
+$12.6M
5
MS icon
Morgan Stanley
MS
+$12.5M

Top Sells

Rank Stock Value
1
LNKB
LINKBANCORP
LNKB
+$18.1M
2
WBS icon
Webster Financial
WBS
+$14.2M
3
FFWM
First Foundation Inc
FFWM
+$11.5M
4
BAC icon
Bank of America
BAC
+$11.2M
5
INDB icon
Independent Bank
INDB
+$10.5M

Sector Composition

Rank Sector Weight
1 Financials 92.33%
2 Real Estate 5.97%
3 Technology 0.83%
4 Consumer Discretionary 0.73%
5 Healthcare 0.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MKTX icon
51
MarketAxess Holdings
MKTX
$5.72B
$3.67M 0.41%
+20,252
New +$3.46M
HCI icon
52
HCI Group
HCI
$2.28B
$3.65M 0.4%
19,019
-10,548
-36% -$1.99M
PHM icon
53
Pultegroup
PHM
$25.3B
$3.64M 0.4%
+31,075
New +$3.81M
IVT icon
54
InvenTrust Properties
IVT
$2.61B
$3.51M 0.39%
124,373
– –
HTGC icon
55
Hercules Capital
HTGC
$3.12B
$3.2M 0.35%
169,984
-34,007
-17% -$613K
AII
56
American Integrity Insurance
AII
$407M
$3.2M 0.35%
153,491
+142,218
+1,262% +$3.16M
MRX
57
Marex Group Limited Ordinary Shares
MRX
$4.62B
$3.11M 0.34%
81,199
-14,484
-15% -$493K
UMBF icon
58
UMB Financial
UMBF
$11.2B
$3.05M 0.34%
26,549
– –
SKY icon
59
Champion Homes
SKY
$5B
$3M 0.33%
+35,462
New +$2.79M
FSFG
60
DELISTED
First Savings Financial Group
FSFG
$2.91M 0.32%
91,479
– –
FR icon
61
First Industrial Realty Trust
FR
$8.51B
$2.66M 0.29%
46,421
+12,806
+38% +$715K
VOYA icon
62
Voya Financial
VOYA
$9.08B
$2.63M 0.29%
35,315
-8,192
-19% -$597K
EZPW icon
63
Ezcorp Inc
EZPW
$1.83B
$2.59M 0.29%
+133,526
New +$2.52M
ADC icon
64
Agree Realty
ADC
$9.46B
$2.58M 0.29%
35,873
+8,166
+29% +$597K
NIC icon
65
Nicolet Bankshares
NIC
$3.65B
$2.48M 0.27%
20,421
+4,668
+30% +$590K
AHR icon
66
American Healthcare REIT
AHR
$10.7B
$2.39M 0.26%
50,798
-27,083
-35% -$1.26M
CSWC icon
67
Capital Southwest
CSWC
$1.52B
$2.05M 0.23%
+92,685
New +$1.96M
CNO icon
68
CNO Financial Group
CNO
$5.16B
$1.66M 0.18%
39,063
-12,945
-25% -$527K
CTO
69
CTO Realty Growth
CTO
$817M
$1.65M 0.18%
+89,709
New +$1.53M
NLY icon
70
Annaly Capital Management
NLY
$17.1B
$1.62M 0.18%
72,486
-112,747
-61% -$2.45M
MRP
71
Millrose Properties Inc
MRP
$4.87B
$1.61M 0.18%
53,978
+24,583
+84% +$771K
SPNT icon
72
SiriusPoint
SPNT
$2.74B
$1.55M 0.17%
70,841
+3,571
+5% +$71.6K
MAA icon
73
Mid-America Apartment Communities
MAA
$15.7B
$1.54M 0.17%
11,112
-4,762
-30% -$635K
ALRS icon
74
Alerus Financial
ALRS
$844M
$1.51M 0.17%
+67,134
New +$1.46M
FBP icon
75
First Bancorp
FBP
$4.44B
$1.38M 0.15%
+66,625
New +$1.37M
1 2
3
4 5

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FJ Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, FJ Capital Management held 182 positions worth $906M, down 3.3% from $937M the previous quarter. Its ten largest holdings account for 49% of the portfolio.

FJ Capital Management withdrew a net $82.7M in Q4 2025, closing 54 positions and reducing 40 holdings. Its most notable exit was First Foundation Inc, an estimated $11.5M position sold in full.

By sector, the portfolio is most concentrated in Financials at 92% of assets, up from 90% a quarter earlier, followed by Real Estate and Technology.

Against the trend, FJ Capital Management opened a new position in Morgan Stanley worth $13.3M.

  • FJ Capital Management's largest Q4 2025 buy was Morgan Stanley: 74,759 shares worth $13.3M.
  • FJ Capital Management added most to SouthState Bank Corp in Q4 2025, an estimated $26.4M increase.
  • FJ Capital Management's biggest Q4 2025 reduction was LINKBANCORP, cutting an estimated $18.1M.
  • FJ Capital Management fully exited First Foundation Inc in Q4 2025, selling an estimated $11.5M.
  • FJ Capital Management's ten largest holdings make up 49% of its $906M portfolio in Q4 2025.
  • FJ Capital Management opened 40 new positions and closed 54 in Q4 2025.
  • FJ Capital Management's portfolio value fell 3.3% quarter-over-quarter to $906M.

Based on FJ Capital Management's 13F filing for Q4 2025, filed 13 Feb 2026.