First Sabrepoint Capital Management LP

Name: FIRST SABREPOINT CAPITAL MANAGEMENT LP 13F holdings, Q1 2026
Creator: FIRST SABREPOINT CAPITAL MANAGEMENT LP
Published: 2026-05-15

Q2 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), First Sabrepoint Capital Management LP reported 27 stock positions worth $244.6 million. Its top holding was Turning Point Brands (TPB) at 14.2% of the portfolio, followed by Firstcash (FCFS, 13.6%) and Cavco Industries (CVCO, 6.5%). Compared with Q4 2025, it opened 10 new positions, sold out of 7, added to 5 and reduced 9. The biggest buy was a new position in Matador Resources (MTDR) and the biggest sale an exit from Microsoft (MSFT).

Most Recent 13F: Q2 2026
Location: DALLAS, TX
CIK: 0001731530
Portfolio Value: $244.6M (Q1 2026)
SEC Filing: 0001731530-26-000003 ↗ filed May 15, 2026

Holdings Value

Holdings 27 stocks · $244.6M


TPB Turning Point Brands Inc.	14.19%	400,000	$34.7M	No change
FCFS Firstcash Holdings Inc.	13.61%	177,147	$33.3M	Reduce -9.2%
CVCO Cavco Industries Inc.	6.54%	33,040	$16.0M	Add +22.4%
AMRZ Amrize Ltd.	4.30%	188,000	$10.5M	Reduce -6.0%
LOPE Grand Canyon Education Inc.	4.03%	58,000	$9.9M	Add +16.0%
CVSA Covista Inc.	3.77%	80,000	$9.2M	Reduce -40.7%
EGY Vaalco Energy Inc.	3.63%	1,400,000	$8.9M	Reduce -7.3%
BTI British American Tob-SP ADR	3.58%	150,000	$8.8M	No change
LAUR Laureate Education Inc.	3.53%	248,000	$8.6M	Reduce -50.4%
MTDR Matador Resources Co.	3.49%	135,000	$8.5M	New
AZO AutoZone Inc.	3.45%	2,500	$8.4M	Reduce -16.7%
BTU Peabody Energy Corp.	3.37%	250,000	$8.2M	Add +150.0%
STRL Sterling Infrastructure Inc.	3.33%	20,000	$8.1M	Reduce -33.3%
NPKI NPK International Inc.	3.26%	550,000	$8.0M	Reduce -15.4%
ICHR Ichor Holdings Ltd.	3.24%	170,000	$7.9M	New
UCTT Ultra Clean Holdings Inc.	3.18%	125,000	$7.8M	New
BBW Build-A-Bear Workshop Inc.	2.88%	188,251	$7.0M	New
TFIN Triumph Financial Inc.	2.70%	110,659	$6.6M	Add +23.4%
ENTG Entegris Inc.	2.64%	55,000	$6.4M	New
TH Target Hospitality Corp.	2.28%	601,777	$5.6M	Add +301.2%
VSNT Versant Media Group Inc.	2.27%	150,000	$5.6M	New
SFM Sprouts Farmers Market Inc.	2.05%	65,000	$5.0M	New
PARR Par Pacific Holdings Inc.	1.28%	50,000	$3.1M	New
BLD Topbuild Corp.	1.15%	8,000	$2.8M	No change
KOS Kosmos Energy Ltd.	1.14%	1,000,000	$2.8M	New
COLD Americold Realty Trust Inc.	0.80%	171,774	$2.0M	New
GBFH Gbank Financial Holdings Inc.	0.31%	28,302	$757K	Reduce -74.3%

Options reported separately and not counted above: TURNING PT BRANDS INC calls ($30.6M), PROSHARES TR II puts ($322K).

Portfolio Sells Q4 2025 → Q1 2026


MSFT Microsoft Corp.	Sold out	0.00%	−4.97
LAUR Laureate Education Inc.	Reduce -50.4%	3.53%	−3.39
AGM Federal Agric MTG Corp. Class C	Sold out	0.00%	−3.21
HAS Hasbro Inc.	Sold out	0.00%	−3.20
EEFT Euronet Worldwide Inc.	Sold out	0.00%	−3.17
PGNY Progyny Inc.	Sold out	0.00%	−2.64
CVSA Covista Inc.	Reduce -40.7%	3.77%	−1.98
GBFH Gbank Financial Holdings Inc.	Reduce -74.3%	0.31%	−1.22
WD Walker & Dunlop Inc.	Sold out	0.00%	−0.74
AZO AutoZone Inc.	Reduce -16.7%	3.45%	−0.73
COOK Traeger Inc.	Sold out	0.00%	−0.54
STRL Sterling Infrastructure Inc.	Reduce -33.3%	3.33%	−0.45
AMRZ Amrize Ltd.	Reduce -6.0%	4.30%	−0.14
NPKI NPK International Inc.	Reduce -15.4%	3.26%	+0.07
FCFS Firstcash Holdings Inc.	Reduce -9.2%	13.61%	+0.83
EGY Vaalco Energy Inc.	Reduce -7.3%	3.63%	+1.37

Portfolio Buys Q4 2025 → Q1 2026


MTDR Matador Resources Co.	New	3.49%	+3.49
ICHR Ichor Holdings Ltd.	New	3.24%	+3.24
UCTT Ultra Clean Holdings Inc.	New	3.18%	+3.18
BBW Build-A-Bear Workshop Inc.	New	2.88%	+2.88
ENTG Entegris Inc.	New	2.64%	+2.64
VSNT Versant Media Group Inc.	New	2.27%	+2.27
BTU Peabody Energy Corp.	Add +150.0%	3.37%	+2.15
SFM Sprouts Farmers Market Inc.	New	2.05%	+2.05
TH Target Hospitality Corp.	Add +301.2%	2.28%	+1.79
PARR Par Pacific Holdings Inc.	New	1.28%	+1.28
KOS Kosmos Energy Ltd.	New	1.14%	+1.14
COLD Americold Realty Trust Inc.	New	0.80%	+0.80
LOPE Grand Canyon Education Inc.	Add +16.0%	4.03%	+0.61
TFIN Triumph Financial Inc.	Add +23.4%	2.70%	+0.39
CVCO Cavco Industries Inc.	Add +22.4%	6.54%	−0.02

Options Activity Q4 2025 → Q1 2026


TURNING PT BRANDS INC	call	Add +305.6%	352,900	$30.6M
EURONET WORLDWIDE INC	call	Sold out	30,000	$2.3Mbefore exit
AST SPACEMOBILE INC	put	Sold out	30,000	$2.2Mbefore exit
AMPRIUS TECHNOLOGIES INC	put	Sold out	180,600	$1.4Mbefore exit
UNUSUAL MACHS INC	put	Sold out	50,000	$637Kbefore exit
PROSHARES TR II	put	New	20,000	$322K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	20	$234.0M	TPB, FCFS, STRL, EGY, TFIN
Q1 2026	27	$244.6M	TPB, FCFS, CVCO, AMRZ, LOPE
Q4 2025	24	$243.2M	TPB, FCFS, LAUR, CVCO, CVSA
Q3 2025	18	$247.7M	TPB, FCFS, LAUR, CVCO, MSFT
Q2 2025	23	$233.7M	TPB, FCFS, LAUR, MSFT, BTI
Q1 2025	27	$239.1M	TPB, FCFS, LAUR, MAA, PM
Q4 2024	32	$267.1M	LAUR, TPB, MSFT, FCFS, MAA
Q3 2024	29	$259.4M	FCFS, VST, WD, LAUR, MAA
Q2 2024	27	$236.5M	MAA, LAUR, FCFS, MSFT, TFIN
Q1 2024	26	$224.6M	AESI, CRH, WSC, MSFT, FCFS