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FCM

FJ Capital Management Portfolio holdings

AUM $770M
1-Year Est. Return 28.42%
This Fund
S&P 500
This Quarter Est. Return
+6%
1 Year Est. Return
+28.42%
3 Year Est. Return
+97.95%
5 Year Est. Return
+61.17%
10 Year Est. Return
+221.15%
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
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
SSB icon
1
SouthState Bank Corp
SSB
$10.3B
$76.5M 8.45%
813,033
+285,091
+54% +$26.4M
HTB
2
HomeTrust Bancshares
HTB
$786M
$72.7M 8.03%
1,693,553
+13,084
+0.8% +$540K
EQBK icon
3
Equity Bancshares
EQBK
$1.03B
$54.7M 6.04%
1,225,687
+2,896
+0.2% +$124K
SBCF icon
4
Seacoast Banking Corp of Florida
SBCF
$3.34B
$42.8M 4.72%
1,361,677
+151,681
+13% +$4.73M
SFST icon
5
Southern First Bancshares
SFST
$595M
$41.6M 4.59%
807,223
– –
WAL icon
6
Western Alliance Bancorporation
WAL
$8.72B
$36.4M 4.02%
432,672
+257,283
+147% +$20.9M
OSBC icon
7
Old Second Bancorp
OSBC
$1.3B
$35.7M 3.94%
1,829,665
-90,269
-5% -$1.69M
RBB icon
8
RBB Bancorp
RBB
$449M
$31.2M 3.44%
1,511,408
– –
MOFG
9
DELISTED
MidWestOne Financial Group
MOFG
$30.7M 3.39%
797,816
+933
+0.1% +$34K
WBS
10
DELISTED
Webster Financial
WBS
$24.2M 2.67%
384,743
-239,721
-38% -$14.2M
FRME icon
11
First Merchants
FRME
$2.59B
$23.7M 2.62%
633,668
+338,950
+115% +$12.6M
BCAL icon
12
Southern California Bancorp
BCAL
$699M
$23.7M 2.62%
1,271,636
– –
USB icon
13
US Bancorp
USB
$97.4B
$19.9M 2.2%
373,433
+25,507
+7% +$1.25M
HBNC icon
14
Horizon Bancorp
HBNC
$1.01B
$18.4M 2.03%
1,083,840
+819,189
+310% +$13.6M
SMBC icon
15
Southern Missouri Bancorp
SMBC
$810M
$17.8M 1.96%
300,944
– –
EBC icon
16
Eastern Bankshares
EBC
$4.97B
$17.1M 1.89%
926,841
-49,501
-5% -$906K
INDB icon
17
Independent Bank
INDB
$3.91B
$16.8M 1.86%
230,533
-148,206
-39% -$10.5M
ONB icon
18
Old National Bancorp
ONB
$9.8B
$16M 1.77%
717,018
-60,208
-8% -$1.3M
ZION icon
19
Zions Bancorporation
ZION
$9.98B
$14M 1.55%
239,124
-28,987
-11% -$1.58M
MS icon
20
Morgan Stanley
MS
$340B
$13.3M 1.47%
+74,759
New +$12.5M
IBCP icon
21
Independent Bank Corp
IBCP
$821M
$12.5M 1.38%
385,088
-165,106
-30% -$5.31M
WSBC icon
22
WesBanco
WSBC
$3.89B
$11.5M 1.27%
347,136
-307,160
-47% -$9.93M
QCRH icon
23
QCR Holdings
QCRH
$1.67B
$11.1M 1.22%
132,898
-87,249
-40% -$6.87M
CBNA
24
Chain Bridge Bancorp
CBNA
$305M
$10.2M 1.12%
293,788
– –
AVBC
25
Avidia Bancorp
AVBC
$405M
$8.36M 0.92%
497,258
– –
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.