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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
FOUR icon
126
Shift4
FOUR
$3.45B
$215K 0.02%
3,409
– –
BFH icon
127
Bread Financial
BFH
$4.49B
$201K 0.02%
+2,717
New +$179K
HPP
128
Hudson Pacific Properties
HPP
$766M
$157K 0.02%
+14,534
New +$216K
ABR icon
129
Arbor Realty Trust
ABR
$965M
– –
-268,673
Closed -$3.28M
ACIC icon
130
American Coastal Insurance
ACIC
$477M
– –
-22,756
Closed -$259K
ADP icon
131
Automatic Data Processing
ADP
$108B
– –
-787
Closed -$231K
AJG icon
132
Arthur J. Gallagher & Co
AJG
$64B
– –
-1,371
Closed -$425K
AMT icon
133
American Tower
AMT
$80B
– –
-3,507
Closed -$6.74M
AON icon
134
Aon
AON
$76B
– –
-4,176
Closed -$1.49M
ARI
135
Apollo Commercial Real Estate
ARI
$879M
– –
-299,904
Closed -$3.04M
BAC icon
136
Bank of America
BAC
$440B
– –
-216,409
Closed -$11.2M
BDN
137
Brandywine Realty Trust
BDN
$561M
– –
-27,281
Closed -$114K
BEN icon
138
Franklin Resources
BEN
$17.4B
– –
-31,236
Closed -$722K
BFC icon
139
Bank First Corp
BFC
$1.71B
– –
-17,662
Closed -$2.14M
BHF icon
140
Brighthouse Financial
BHF
$3.56B
– –
-10,158
Closed -$539K
BRO icon
141
Brown & Brown
BRO
$23.7B
– –
-47,837
Closed -$4.49M
BRX icon
142
Brixmor Property Group
BRX
$9.33B
– –
-9,164
Closed -$254K
BUSE icon
143
First Busey Corp
BUSE
$2.59B
– –
-366,020
Closed -$8.47M
C icon
144
Citigroup
C
$227B
– –
-31,975
Closed -$3.25M
CG icon
145
Carlyle Group
CG
$17.6B
– –
-10,696
Closed -$671K
CUBE icon
146
CubeSmart
CUBE
$9.46B
– –
-15,225
Closed -$619K
CUZ icon
147
Cousins Properties
CUZ
$4.98B
– –
-34,262
Closed -$992K
FAF icon
148
First American
FAF
$7.7B
– –
-118,691
Closed -$7.62M
FFWM
149
DELISTED
First Foundation Inc
FFWM
– –
-2,057,660
Closed -$11.5M
GCMG icon
150
GCM Grosvenor
GCMG
$813M
– –
-50,728
Closed -$612K
4 5
6
7 8

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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.