FJ Capital Management LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), FJ Capital Management LLC reported 98 stock positions worth $983.0 million. Its top holding was Independent Bank (IBTX) at 5.3% of the portfolio, followed by Hometrust Bancshares (HTB, 4.6%) and First Bancshares (FBMS, 4.0%). Compared with Q4 2023, it opened 27 new positions, sold out of 31, added to 31 and reduced 18. The biggest buy was Heritage Commerce (HTBK, shares +147%) and the biggest sale Banc of California (BANC, shares −43%).
- Most Recent 13F
- Q2 2026
- Location
- MCLEAN, VA
- CIK
- 0001599170
- Portfolio Value
- $983.0M (Q1 2024)
- SEC Filing
- 0001420506-24-000863 ↗ filed May 14, 2024
Holdings Value
Holdings 98 stocks · $983.0M
| IBTX Independent Bank Group Inc. | 5.33% | 1,148,531 | $52.4M | Add +19.1% |
| HTB Hometrust Bancshares Inc. | 4.64% | 1,668,388 | $45.6M | Reduce -0.6% |
| FBMS First Bancshares Inc. | 4.02% | 1,522,420 | $39.5M | Add +10.3% |
| IBCP Independent Bank Corp. - Mich | 3.97% | 1,539,427 | $39.0M | Add +19.5% |
| WAL Western Alliance Bancorp | 3.86% | 590,441 | $37.9M | Add +7.1% |
| WTFC Wintrust Financial Corp. | 3.80% | 358,151 | $37.4M | Reduce -18.0% |
| HTBK Heritage Commerce Corp. | 3.69% | 4,230,449 | $36.3M | Add +146.6% |
| ABCB Ameris Bancorp | 3.54% | 719,495 | $34.8M | Add +37.0% |
| BANC Banc of California Inc. | 3.41% | 2,206,208 | $33.6M | Reduce -43.5% |
| MSBI Midland States Bancorp Inc. | 3.34% | 1,305,573 | $32.8M | Add +2.9% |
| RBB RBB Bancorp | 3.24% | 1,765,953 | $31.8M | Add +4.4% |
| OSBC Old Second Bancorp Inc. | 3.22% | 2,289,475 | $31.7M | Reduce -13.5% |
| EQBK Equity Bancshares Inc. Class A | 3.22% | 920,747 | $31.6M | Add +18.0% |
| HBCP Home Bancorp Inc. | 3.07% | 788,106 | $30.2M | No change |
| QCRH QCR Holdings Inc. | 3.00% | 484,993 | $29.5M | Reduce -11.5% |
| SMBC Southern Missouri Bancorp | 2.69% | 604,993 | $26.4M | Reduce -0.5% |
| SFST Southern First Bancshares | 2.61% | 807,223 | $25.6M | Add +2.0% |
| EBC Eastern Bankshares Inc. | 2.56% | 1,826,023 | $25.2M | Add +314.8% |
| SBT Sterling Bancorp Inc. | 2.20% | 4,191,841 | $21.6M | Add +3.8% |
| LNKB Linkbancorp Inc. | 2.18% | 3,086,741 | $21.4M | Add +5.1% |
| CVLY Codorus Valley Bancorp Inc. | 1.98% | 855,131 | $19.5M | No change |
| FVCB Fvcbankcorp Inc. | 1.79% | 1,445,771 | $17.6M | Add +12.6% |
| ESSA Essa Bancorp Inc. | 1.75% | 941,992 | $17.2M | No change |
| EVBN Evans Bancorp Inc. | 1.64% | 540,233 | $16.1M | No change |
| PBFS Pioneer Bancorp Inc. | 1.60% | 1,607,359 | $15.8M | No change |
| CZWI Citizens Community Bancorp I | 1.18% | 951,594 | $11.6M | No change |
| BANR Banner Corporation | 1.14% | 232,750 | $11.2M | Reduce -22.3% |
| VBTX Veritex Holdings Inc. | 1.10% | 529,907 | $10.9M | No change |
| FSBC Five Star Bancorp | 1.10% | 480,216 | $10.8M | New |
| RVSB Riverview Bancorp Inc. | 1.04% | 2,173,569 | $10.3M | No change |
| HWBK Hawthorn Bancshares Inc. | 0.98% | 469,902 | $9.6M | Add +287.2% |
| PFC Premier Financial Corp. | 0.84% | 408,947 | $8.3M | No change |
| SFBC Sound Financial Bancorp Inc. | 0.84% | 203,574 | $8.3M | No change |
| BCAL California Bancorp filed as SOUTHERN CALIF BANCORP | 0.82% | 542,252 | $8.1M | Reduce -3.0% |
| FSFG First Savings Financial Grp | 0.67% | 394,472 | $6.6M | No change |
| OPOF Old Point Financial Corp. | 0.65% | 360,015 | $6.4M | No change |
| STEL Stellar Bancorp Inc. | 0.61% | 246,560 | $6.0M | No change |
| HMNF HMN Financial Inc. | 0.61% | 283,453 | $6.0M | No change |
| MYFW First Western Financial Inc. | 0.55% | 369,263 | $5.4M | No change |
| HCI Hci Group Inc. | 0.53% | 44,625 | $5.2M | Add +16.4% |
| SBFG SB Financial Group Inc. filed as SB FINL GROUP INC | 0.52% | 373,521 | $5.1M | No change |
| UBFO United Security Bancshare | 0.48% | 615,032 | $4.7M | No change |
| RGA Reinsurance Group of America | 0.46% | 23,688 | $4.6M | Add +3.1% |
| JMSB John Marshall Bancorp Inc. | 0.39% | 215,655 | $3.9M | Add +120.0% |
| AGNC AGNC Investment Corp. | 0.39% | 383,869 | $3.8M | Add +39.2% |
| SSNC Ss&c Technologies Holdings | 0.33% | 51,070 | $3.3M | Reduce -11.8% |
| MOFG Midwestone Financial Group I | 0.32% | 136,086 | $3.2M | No change |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 0.29% | 87,165 | $2.8M | Add +19.2% |
| TSLX Sixth Street Specialty Lendi | 0.29% | 131,032 | $2.8M | New |
| WD Walker & Dunlop Inc. | 0.28% | 27,515 | $2.8M | New |
| COOP Mr Cooper Group Inc. | 0.28% | 34,942 | $2.7M | Reduce -20.7% |
| BRO Brown & Brown Inc. | 0.27% | 30,473 | $2.7M | Add +96.0% |
| JLL Jones Lang Lasalle Inc. | 0.27% | 13,612 | $2.7M | Reduce -12.1% |
| PGR Progressive Corp. | 0.27% | 12,817 | $2.7M | Add +32.7% |
| PFSI Pennymac Financial Services | 0.25% | 27,137 | $2.5M | New |
| FBRT Franklin BSP Realty Trust Inc. | 0.25% | 182,641 | $2.4M | New |
| ALL Allstate Corp. | 0.23% | 13,327 | $2.3M | Reduce -27.7% |
| MHO M/I Homes Inc. | 0.21% | 15,222 | $2.1M | New |
| FDUS Fidus Investment Corp. | 0.21% | 104,004 | $2.1M | New |
| TMHC Taylor Morrison Home Corp. | 0.21% | 33,007 | $2.1M | New |
| CSWC Capital Southwest Corp. | 0.21% | 82,205 | $2.1M | New |
| MTH Meritage Homes Corp. | 0.21% | 11,587 | $2.0M | Add +6.7% |
| ELV Elevance Health Inc. | 0.20% | 3,784 | $2.0M | New |
| STT State Street Corp. | 0.20% | 25,337 | $2.0M | Add +125.9% |
| TRIN Trinity Capital Inc. | 0.20% | 133,447 | $2.0M | New |
| KMPR Kemper Corp. | 0.20% | 31,623 | $2.0M | Reduce -25.8% |
| WELL Welltower Inc. | 0.19% | 19,946 | $1.9M | Add +12.3% |
| LADR Ladder Capital Corp.-REIT | 0.19% | 167,219 | $1.9M | New |
| AKR Acadia Realty Trust | 0.19% | 109,260 | $1.9M | Add +167.8% |
| ACGL Arch Capital Group Ltd. | 0.19% | 19,692 | $1.8M | Add +5.7% |
| SHBI Shore Bancshares Inc. | 0.18% | 152,641 | $1.8M | No change |
| PECO Phillips Edison & Company Inc. | 0.18% | 48,696 | $1.7M | Add +26.7% |
| PLD Prologis Inc. | 0.17% | 12,622 | $1.6M | Add +49.8% |
| LAZ Lazard Inc. | 0.17% | 38,900 | $1.6M | New |
| CWAN Clearwater Analytics HDS-A | 0.16% | 89,050 | $1.6M | New |
| HOV Hovnanian Enterprises-A | 0.16% | 9,836 | $1.5M | New |
| Z Zillow Group Inc. Class C | 0.15% | 30,018 | $1.5M | New |
| CWBC Community West Bancshares | 0.15% | 93,344 | $1.4M | No change |
| HBAN Huntington Bancshares Inc. | 0.15% | 103,179 | $1.4M | Reduce -48.1% |
| BCML Baycom Corp. | 0.14% | 64,836 | $1.3M | No change |
| HTLF Heartland Financial USA Inc. | 0.13% | 36,010 | $1.3M | Reduce -27.3% |
| CG The Carlyle Group Inc. | 0.12% | 24,849 | $1.2M | New |
| UMBF Umb Financial Corp. | 0.12% | 13,301 | $1.2M | New |
| GSHD Goosehead Insurance Inc. Class A | 0.10% | 15,306 | $1.0M | Reduce -29.3% |
| EQIX Equinix Inc. | 0.10% | 1,192 | $984K | New |
| TFSL TFS Financial Corp. | 0.08% | 63,493 | $797K | New |
| EVER Everquote Inc. Class A | 0.07% | 35,553 | $660K | New |
| CBNK Capital Bancorp Inc. | 0.06% | 29,508 | $615K | Add +8.4% |
| AIG American International Group | 0.06% | 7,579 | $592K | New |
| OWL Blue Owl Capital Inc. | 0.05% | 27,578 | $520K | Reduce -79.1% |
| COLD Americold Realty Trust Inc. | 0.05% | 20,782 | $518K | Reduce -65.1% |
| SYF Synchrony Financial | 0.05% | 11,615 | $501K | New |
| FHN First Horizon Corp. | 0.05% | 32,495 | $500K | New |
| PK Park Hotels & Resorts Inc. | 0.04% | 24,268 | $424K | New |
| SPNT Siriuspoint Ltd. | 0.04% | 32,996 | $419K | Add +2.3% |
| CRBG Corebridge Financial Inc. | 0.04% | 11,978 | $344K | New |
| PGY Pagaya Technologies Ltd. Class A | 0.03% | 30,000 | $303K | New |
| HFBL Home Federal Bancorp Inc. | 0.02% | 14,855 | $181K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| BANC Banc of California Inc. | Reduce -43.5% | 3.41% | −1.85 |
| OSBC Old Second Bancorp Inc. | Reduce -13.5% | 3.22% | −0.88 |
| NBHC National Bank Hold Class A | Sold out | 0.00% | −0.60 |
| SMBC Southern Missouri Bancorp | Reduce -0.5% | 2.69% | −0.57 |
| ONB Old National Bancorp | Sold out | 0.00% | −0.57 |
| BANR Banner Corporation | Reduce -22.3% | 1.14% | −0.47 |
| CCNE CNB Financial Corp. | Sold out | 0.00% | −0.38 |
| COLB Columbia Banking System Inc. | Sold out | 0.00% | −0.38 |
| SBCF Seacoast Banking Corp. | Sold out | 0.00% | −0.37 |
| ICE Intercontinental Exchange Inc. | Sold out | 0.00% | −0.27 |
| WTFC Wintrust Financial Corp. | Reduce -18.0% | 3.80% | −0.26 |
| HTGC Hercules Capital Inc. | Sold out | 0.00% | −0.23 |
| FNF Fidelity National Financial | Sold out | 0.00% | −0.23 |
| QCRH QCR Holdings Inc. | Reduce -11.5% | 3.00% | −0.21 |
| BZH Beazer Homes USA Inc. | Sold out | 0.00% | −0.20 |
| CINF Cincinnati Financial Corp. | Sold out | 0.00% | −0.20 |
| FSK FS KKR Capital Corp. | Sold out | 0.00% | −0.19 |
| MBIN Merchants Bancorp | Sold out | 0.00% | −0.19 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.19 |
| KNSL Kinsale Capital Group Inc. | Sold out | 0.00% | −0.18 |
| AVB Avalonbay Communities Inc. | Sold out | 0.00% | −0.17 |
| STAG Stag Industrial Inc. | Sold out | 0.00% | −0.17 |
| PHM Pultegroup Inc. | Sold out | 0.00% | −0.16 |
| RMBI Richmond Mutual Bancorporati | Sold out | 0.00% | −0.15 |
| BCAL California Bancorp | Reduce -3.0% | 0.82% | −0.15 |
| OWL Blue Owl Capital Inc. | Reduce -79.1% | 0.05% | −0.14 |
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −0.14 |
| AER Aercap Holdings NV | Sold out | 0.00% | −0.14 |
| COLD Americold Realty Trust Inc. | Reduce -65.1% | 0.05% | −0.13 |
| RWAY Runway Growth Finance Corp. | Sold out | 0.00% | −0.12 |
| PEBO Peoples Bancorp Inc. | Sold out | 0.00% | −0.11 |
| HBAN Huntington Bancshares Inc. | Reduce -48.1% | 0.15% | −0.11 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.11 |
| UE Urban Edge Properties | Sold out | 0.00% | −0.09 |
| NDAQ Nasdaq Inc. | Sold out | 0.00% | −0.07 |
| AGO Assured Guaranty Ltd. | Sold out | 0.00% | −0.07 |
| RPC Ridgepost Capital Inc. Class A | Sold out | 0.00% | −0.06 |
| GSHD Goosehead Insurance Inc. Class A | Reduce -29.3% | 0.10% | −0.06 |
| HTLF Heartland Financial USA Inc. | Reduce -27.3% | 0.13% | −0.06 |
| PCTY Paylocity Holding Corp. | Sold out | 0.00% | −0.05 |
| CWK Cushman & Wakefield UK Holdc | Sold out | 0.00% | −0.04 |
| FHI Federated Hermes Inc. | Sold out | 0.00% | −0.04 |
| VCTR Victory Capital Holding - A | Sold out | 0.00% | −0.03 |
| ALL Allstate Corp. | Reduce -27.7% | 0.23% | −0.02 |
| JLL Jones Lang Lasalle Inc. | Reduce -12.1% | 0.27% | −0.02 |
| SSNC Ss&c Technologies Holdings | Reduce -11.8% | 0.33% | −0.02 |
| COOP Mr Cooper Group Inc. | Reduce -20.7% | 0.28% | −0.01 |
| KMPR Kemper Corp. | Reduce -25.8% | 0.20% | −0.01 |
| HTB Hometrust Bancshares Inc. | Reduce -0.6% | 4.64% | +0.10 |
Portfolio Buys Q4 2023 → Q1 2024
| HTBK Heritage Commerce Corp. | Add +146.6% | 3.69% | +1.98 |
| EBC Eastern Bankshares Inc. | Add +314.8% | 2.56% | +1.93 |
| FSBC Five Star Bancorp | New | 1.10% | +1.10 |
| ABCB Ameris Bancorp | Add +37.0% | 3.54% | +0.74 |
| HWBK Hawthorn Bancshares Inc. | Add +287.2% | 0.98% | +0.67 |
| IBCP Independent Bank Corp. - Mich | Add +19.5% | 3.97% | +0.60 |
| EQBK Equity Bancshares Inc. Class A | Add +18.0% | 3.22% | +0.56 |
| IBTX Independent Bank Group Inc. | Add +19.1% | 5.33% | +0.41 |
| TSLX Sixth Street Specialty Lendi | New | 0.29% | +0.29 |
| WD Walker & Dunlop Inc. | New | 0.28% | +0.28 |
| PFSI Pennymac Financial Services | New | 0.25% | +0.25 |
| FBRT Franklin BSP Realty Trust Inc. | New | 0.25% | +0.25 |
| WAL Western Alliance Bancorp | Add +7.1% | 3.86% | +0.22 |
| MHO M/I Homes Inc. | New | 0.21% | +0.21 |
| FDUS Fidus Investment Corp. | New | 0.21% | +0.21 |
| TMHC Taylor Morrison Home Corp. | New | 0.21% | +0.21 |
| CSWC Capital Southwest Corp. | New | 0.21% | +0.21 |
| ELV Elevance Health Inc. | New | 0.20% | +0.20 |
| TRIN Trinity Capital Inc. | New | 0.20% | +0.20 |
| HCI Hci Group Inc. | Add +16.4% | 0.53% | +0.19 |
| LADR Ladder Capital Corp.-REIT | New | 0.19% | +0.19 |
| JMSB John Marshall Bancorp Inc. | Add +120.0% | 0.39% | +0.17 |
| LAZ Lazard Inc. | New | 0.17% | +0.17 |
| BRO Brown & Brown Inc. | Add +96.0% | 0.27% | +0.16 |
| CWAN Clearwater Analytics HDS-A | New | 0.16% | +0.16 |
| HOV Hovnanian Enterprises-A | New | 0.16% | +0.16 |
| Z Zillow Group Inc. Class C | New | 0.15% | +0.15 |
| AKR Acadia Realty Trust | Add +167.8% | 0.19% | +0.12 |
| CG The Carlyle Group Inc. | New | 0.12% | +0.12 |
| UMBF Umb Financial Corp. | New | 0.12% | +0.12 |
| PGR Progressive Corp. | Add +32.7% | 0.27% | +0.12 |
| AGNC AGNC Investment Corp. | Add +39.2% | 0.39% | +0.12 |
| STT State Street Corp. | Add +125.9% | 0.20% | +0.11 |
| EQIX Equinix Inc. | New | 0.10% | +0.10 |
| RGA Reinsurance Group of America | Add +3.1% | 0.46% | +0.09 |
| TFSL TFS Financial Corp. | New | 0.08% | +0.08 |
| NMIH Nmi Holdings Inc. | Add +19.2% | 0.29% | +0.07 |
| EVER Everquote Inc. Class A | New | 0.07% | +0.07 |
| AIG American International Group | New | 0.06% | +0.06 |
| PLD Prologis Inc. | Add +49.8% | 0.17% | +0.05 |
| FHN First Horizon Corp. | New | 0.05% | +0.05 |
| SYF Synchrony Financial | New | 0.05% | +0.05 |
| ACGL Arch Capital Group Ltd. | Add +5.7% | 0.19% | +0.05 |
| PK Park Hotels & Resorts Inc. | New | 0.04% | +0.04 |
| PECO Phillips Edison & Company Inc. | Add +26.7% | 0.18% | +0.04 |
| CRBG Corebridge Financial Inc. | New | 0.04% | +0.04 |
| PGY Pagaya Technologies Ltd. Class A | New | 0.03% | +0.03 |
| WELL Welltower Inc. | Add +12.3% | 0.19% | +0.03 |
| MTH Meritage Homes Corp. | Add +6.7% | 0.21% | +0.02 |
| SPNT Siriuspoint Ltd. | Add +2.3% | 0.04% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 120 | $770.4M | SFST, EQBK, NIC, SSB, BCAL |
| Q1 2026 | 126 | $888.1M | SSB, HTB, NIC, SFST, EQBK |
| Q4 2025 | 128 | $905.8M | SSB, HTB, EQBK, SBCF, SFST |
| Q3 2025 | 142 | $936.6M | HTB, SSB, EQBK, WBS, SBCF |
| Q2 2025 | 128 | $943.0M | HTB, SSB, EQBK, WAL, INDB |
| Q1 2025 | 111 | $966.2M | HTB, SSB, EQBK, ABCB, WAL |
| Q4 2024 | 111 | $861.8M | HTB, EQBK, RBB, SFST, OSBC |
| Q3 2024 | 120 | $954.3M | HTB, IBTX, EQBK, RBB, HTBK |
| Q2 2024 | 109 | $956.5M | HTBK, HTB, IBTX, BANC, WAL |
| Q1 2024 | 98 | $983.0M | IBTX, HTB, FBMS, IBCP, WAL |