FJ Capital Management LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 30 quarters, returned +2.5% per quarter — versus +2.6% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = -0.20, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 126 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| SSB | $72M | | TRIM |
| HTB | $66M | | TRIM |
| NIC | $46M | | ADD |
| SFST | $44M | | HOLD |
| EQBK | $41M | | TRIM |
| BCAL | $36M | | ADD |
| EBC | $34M | | ADD |
| RBB | $32M | | HOLD |
| OSBC | $30M | | TRIM |
| FRME | $28M | | ADD |
| SBCF | $27M | | TRIM |
| HBNC | $21M | | ADD |
| TOWN | $19M | | ADD |
| HBAN | $17M | | NEW |
| BKU | $17M | | NEW |
| CVBF | $17M | | ADD |
| ONB | $16M | | HOLD |
| SMBC | $13M | | TRIM |
| INDB | $12M | | TRIM |
| NTRS | $11M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.