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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
KINS icon
76
Kingstone Companies
KINS
$295M
$1.32M 0.15%
78,256
+36,927
+89% +$562K
TSLX icon
77
Sixth Street Specialty
TSLX
$1.72B
$1.27M 0.14%
58,423
-33,404
-36% -$729K
HQY icon
78
HealthEquity
HQY
$8.73B
$1.24M 0.14%
13,556
+5,180
+62% +$496K
EQR icon
79
Equity Residential
EQR
$25.4B
$1.13M 0.12%
17,935
– –
CURB
80
Curbline Properties
CURB
$3.46B
$1.12M 0.12%
48,374
+21,309
+79% +$497K
BOW
81
Bowhead Specialty Holdings
BOW
$1.1B
$1.12M 0.12%
+39,317
New +$1.04M
APAM icon
82
Artisan Partners
APAM
$3.04B
$1.02M 0.11%
25,129
– –
ELME
83
Elme Communities
ELME
$146M
$940K 0.1%
54,049
+23,547
+77% +$399K
SKT icon
84
Tanger
SKT
$4.66B
$929K 0.1%
+27,829
New +$928K
DX
85
Dynex Capital
DX
$3.19B
$884K 0.1%
+63,085
New +$852K
ACIW icon
86
ACI Worldwide
ACIW
$5.88B
$861K 0.1%
17,999
+2,695
+18% +$131K
EGP icon
87
EastGroup Properties
EGP
$10.9B
$853K 0.09%
+4,789
New +$851K
DLR icon
88
Digital Realty Trust
DLR
$72.1B
$834K 0.09%
+5,391
New +$885K
AMG icon
89
Affiliated Managers Group
AMG
$9.92B
$737K 0.08%
2,557
– –
LADR
90
Ladder Capital
LADR
$1.2B
$732K 0.08%
+66,561
New +$723K
PLD icon
91
Prologis
PLD
$131B
$730K 0.08%
5,722
-2,971
-34% -$370K
FICO icon
92
Fair Isaac
FICO
$23.6B
$715K 0.08%
+423
New +$728K
V icon
93
Visa
V
$688B
$689K 0.08%
1,965
-1,660
-46% -$566K
MA icon
94
Mastercard
MA
$500B
$607K 0.07%
1,064
-830
-44% -$464K
BXMT icon
95
Blackstone Mortgage Trust
BXMT
$2.35B
$606K 0.07%
+31,685
New +$601K
JHG
96
DELISTED
Janus Henderson
JHG
$575K 0.06%
12,090
-19,951
-62% -$883K
KKR icon
97
KKR & Co
KKR
$94.9B
$549K 0.06%
+4,308
New +$536K
AXS icon
98
AXIS Capital
AXS
$7.61B
$526K 0.06%
+4,914
New +$488K
EPRT icon
99
Essential Properties Realty Trust
EPRT
$6.65B
$524K 0.06%
17,665
-20,332
-54% -$620K
BRK.B icon
100
Berkshire Hathaway Class B
BRK.B
$1.12T
$523K 0.06%
+1,041
New +$518K
2 3
4
5 6

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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.