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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
GPN icon
151
Global Payments
GPN
$23.9B
– –
-2,353
Closed -$195K
HFBL icon
152
Home Federal Bancorp
HFBL
$70.9M
– –
-24,866
Closed -$342K
HLI icon
153
Houlihan Lokey
HLI
$8.96B
– –
-11,860
Closed -$2.44M
HLNE icon
154
Hamilton Lane
HLNE
$5.56B
– –
-1,612
Closed -$217K
HOMB icon
155
Home BancShares
HOMB
$6.26B
– –
-42,191
Closed -$1.19M
HOUS
156
DELISTED
Anywhere Real Estate
HOUS
– –
-107,971
Closed -$1.14M
HRTG icon
157
Heritage Insurance Holdings
HRTG
$915M
– –
-37,745
Closed -$950K
HUM icon
158
Humana
HUM
$43.7B
– –
-1,716
Closed -$446K
ICE icon
159
Intercontinental Exchange
ICE
$84.1B
– –
-23,146
Closed -$3.9M
KRC icon
160
Kilroy Realty
KRC
$4.5B
– –
-5,499
Closed -$232K
MBIN icon
161
Merchants Bancorp
MBIN
$2.55B
– –
-297,156
Closed -$9.45M
MCY icon
162
Mercury Insurance
MCY
$6.07B
– –
-83,592
Closed -$7.09M
MHO icon
163
M/I Homes
MHO
$3.81B
– –
-53,553
Closed -$7.74M
NNN icon
164
NNN REIT
NNN
$9.01B
– –
-11,568
Closed -$492K
O icon
165
Realty Income
O
$58.5B
– –
-26,865
Closed -$1.63M
PB icon
166
Prosperity Bancshares
PB
$8.94B
– –
-144,985
Closed -$9.62M
PECO icon
167
Phillips Edison & Co
PECO
$5.34B
– –
-47,768
Closed -$1.64M
PGRE
168
DELISTED
Paramount Group
PGRE
– –
-46,975
Closed -$307K
PK icon
169
Park Hotels & Resorts
PK
$3.01B
– –
-23,519
Closed -$261K
QNST icon
170
QuinStreet
QNST
$889M
– –
-8,720
Closed -$135K
RDN icon
171
Radian Group
RDN
$5.21B
– –
-98,159
Closed -$3.56M
RYAN icon
172
Ryan Specialty Holdings
RYAN
$5.83B
– –
-47,822
Closed -$2.7M
SCHW
173
Charles Schwab
SCHW
$188B
– –
-76,650
Closed -$7.32M
SHO icon
174
Sunstone Hotel Investors
SHO
$2.18B
– –
-13,116
Closed -$123K
SLF icon
175
Sun Life Financial
SLF
$45.3B
– –
-16,324
Closed -$980K
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.