Q2 2026 13F · SEC CIK 1599170

FJ Capital Management LLC

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $770.4M
Reported positions: 120
Top holdings a year, 3 yrs: +23.5%
Assets under management: $1.1B

FJ Capital Management LLC is a hedge fund that reported 120 positions worth $770.4M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Southern First Bancshares (SFST, 7.1%), Equity Bancshares Inc (EQBK, 6.1%), Nicolet Bankshares Inc (NIC, 6.0%). A portfolio copying its top holdings returned 23.5% a year over the last 3 years, against 22.3% for the S&P 500.

FJ Capital Management LLC holdings largest 50 of 120 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

FJ Capital Management LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
SFSTSouthern First Bancshares	7.1%	5.0%	892,223	+10.5%	$54.5M
EQBKEquity Bancshares Inc	6.1%	4.6%	961,492	+4.4%	$47.1M
NICNicolet Bankshares Inc	6.0%	5.1%	277,243	-9.5%	$45.9M
SSBSouthstate Bk Corp	5.7%	8.1%	438,973	-43.6%	$43.9M
BCALCalifornia BanCorp	5.6%	4.1%	2,054,534	+0.0%	$42.8M
HTBIHometrust Bancshares Inc	5.4%	7.5%	839,115	-46.0%	$41.9M
TOWNTownebank	4.7%	2.1%	1,008,071	+80.1%	$36.5M
OSBCOld Second Bancorp Inc D	4.4%	3.4%	1,460,413	-3.0%	$34.1M
SBCFSeacoast Bkg Corp Fla	4.3%	3.1%	1,006,363	+11.1%	$33.5M
FRMEFirst Merchants Corp	4.0%	3.1%	711,425	+0.0%	$31.1M
CVBFCvb Finl Corp	3.8%	1.9%	1,295,322	+52.1%	$29.2M
BOHBank of Hi Corp	3.3%	—	312,693	—	$25.5M
HBNCHorizon Bancorp Ind	3.2%	2.4%	1,246,550	-3.5%	$24.9M
HBANHuntington Bancshares Inc	3.1%	2.0%	1,364,029	+22.1%	$24.2M
TFCTruist Finl Corp	2.9%	—	446,477	—	$22.2M
UMBFUmb Finl Corp	2.4%	0.6%	127,486	+191.5%	$18.2M
CBNAChain Bridge Bancorp Inc	1.6%	1.2%	293,788	+0.0%	$12.4M
AVBCAvidia Bancorp Inc	1.4%	1.1%	497,258	+0.0%	$10.4M
LPLALpl Finl Hldgs Inc	1.1%	—	29,967	—	$8.4M
NLYAnnaly Capital Management in	1.1%	—	376,036	—	$8.2M
HWBKHawthorn Bancshares Inc	1.0%	0.7%	190,710	+0.0%	$7.5M
IBCPIndependent Bk Corp Mich	1.0%	0.8%	203,607	+0.0%	$7.3M
WFCWells Fargo & Co	0.9%	—	80,810	—	$6.7M
AHRAmerican Healthcare REIT Inc	0.9%	—	127,389	—	$6.6M
FAFFirst American Financial	0.8%	—	91,643	—	$6.3M
SYBTStock Yds Bancorp Inc	0.8%	0.7%	81,359	-12.4%	$6.2M
JLLJones Lang LaSalle Inc	0.8%	1.1%	18,851	-40.9%	$5.8M
FCFSFirstcash Holdings Inc	0.6%	—	22,683	—	$4.9M
SKYChampion Homes Inc	0.6%	—	50,348	—	$4.4M
MIAXMiami Intl Hldgs Inc	0.6%	—	119,299	—	$4.4M
HYNEHoyne Bancorp Inc	0.6%	0.4%	261,000	+0.0%	$4.4M
WELLWelltower Inc	0.6%	0.4%	19,095	-0.9%	$4.3M
MKTXMarketaxess Hldgs Inc	0.5%	—	37,237	—	$4.2M
CNOCno Finl Group Inc	0.5%	0.6%	82,078	-37.7%	$4.2M
HTGCHercules Capital Inc	0.5%	0.5%	249,039	-10.3%	$3.9M
CMECme Group Inc	0.5%	—	17,754	—	$3.9M
XZOExzeo Group Inc	0.5%	1.1%	223,788	-67.2%	$3.8M
ECPGEncore Cap Group Inc	0.5%	—	38,144	—	$3.6M
RGAReinsurance Group America	0.4%	—	16,077	—	$3.4M
TOLToll Brothers Inc	0.4%	—	19,047	—	$3.1M
ETOReToro Group Ltd	0.4%	—	73,077	—	$2.9M
MAINMain Str Cap Corp	0.4%	—	53,085	—	$2.8M
FRFirst Industrial Realty Trus Co	0.4%	—	44,161	—	$2.7M
AJGGallagher Arthur J & Co	0.3%	—	11,571	—	$2.7M
CTOCto Realty Growth Inc Com	0.3%	—	120,922	—	$2.6M
MSIFMsc Income Fund Inc	0.3%	—	206,254	—	$2.4M
ABCBAmeris Bancorp	0.3%	1.2%	26,377	-80.4%	$2.4M
UDRUdr Inc	0.3%	—	59,259	—	$2.4M
46124J201InvenTrust Properties Corporation	0.3%	—	66,542	—	$2.4M
HLIHoulihan Lokey Inc	0.3%	—	17,497	—	$2.3M

What FJ Capital Management LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +26.6% /yr; S&P 500 +11.7%
3 years: +23.5% /yr; S&P 500 +22.3%
5 years: +4.6% /yr; S&P 500 +10.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$770.4M	120
Q1 2026	$888.1M	126
Q4 2025	$905.8M	128
Q3 2025	$936.6M	142
Q2 2025	$943.0M	128
Q1 2025	$966.2M	111
Q4 2024	$861.8M	111
Q3 2024	$954.3M	120
Q2 2024	$956.5M	109
Q1 2024	$983.0M	98
Q4 2023	$996.3M	102
Q3 2023	$883.6M	108

Questions about FJ Capital Management LLC's portfolio

What stocks does FJ Capital Management LLC own?

FJ Capital Management LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 120 positions worth $770.4M. The largest are Southern First Bancshares (SFST) at 7.1%, Equity Bancshares Inc (EQBK) at 6.1%, Nicolet Bankshares Inc (NIC) at 6.0%, Southstate Bk Corp (SSB) at 5.7% and California BanCorp (BCAL) at 5.6%.

What did FJ Capital Management LLC buy last quarter?

In Q2 2026, FJ Capital Management LLC added Umb Finl Corp (UMBF) (+191.5% shares), Townebank (TOWN) (+80.1% shares) and Cvb Finl Corp (CVBF) (+52.1% shares), compared with its Q1 2026 filing.

What did FJ Capital Management LLC sell last quarter?

In Q2 2026, FJ Capital Management LLC cut from its top 50 Eastern Bankshares Inc (EBC), cut from its top 50 Rbb Bancorp (RBB), cut from its top 50 Bankunited Inc (BKU), cut from its top 50 Old Natl Bancorp Ind (ONB), cut from its top 50 Southern Missouri Bancorp Inc (SMBC), Ameris Bancorp (ABCB) (-80.4% shares), Exzeo Group Inc (XZO) (-67.2% shares) and Hometrust Bancshares Inc (HTBI) (-46.0% shares), compared with its Q1 2026 filing.

How has FJ Capital Management LLC's portfolio performed?

A portfolio copying FJ Capital Management LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +23.5% a year over the last 3 years, against +22.3% for the S&P 500. Over 1 year: +26.6% against +11.7%. Over 5 years: +4.6% a year against +10.6%.

When is FJ Capital Management LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. FJ Capital Management LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does FJ Capital Management LLC manage?

FJ Capital Management LLC reported $1.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $770.4M.