1y return+27.5%S&P 500 +20.9%
3y return+91.2%S&P 500 +68.5%
5y return+45.3%S&P 500 +74.5%
10y return+146.6%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $247 against $357 in the S&P 500.2
FJ Capital Management LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| SFSTSouthern First Bancshares | $54.5M | 7.1% | +10.5% |
| EQBKEquity Bancshares | $47.1M | 6.1% | +4.4% |
| NICNicolet Bankshares | $45.9M | 6.0% | −9.5% |
| SSBSouthstate Bank | $43.9M | 5.7% | −43.6% |
| BCALCalifornia Bancorp | $42.8M | 5.6% | |
| HTBHometrust Bancshares | $41.9M | 5.4% | −46.0% |
| TOWNTownebank | $36.5M | 4.7% | +80.1% |
| OSBCOld Second Bancorp Inc Del | $34.1M | 4.4% | −3.0% |
| SBCFSeacoast Banking Of Florida | $33.5M | 4.3% | +11.1% |
| FRMEFirst Merchants | $31.1M | 4.0% | |
| CVBFCvb Finl Corp | $29.2M | 3.8% | +52.1% |
| BOHBank Of Hawaii Corp | $25.5M | 3.3% | New |
| HBNCHorizon Bancorp | $24.9M | 3.2% | −3.5% |
| HBANHuntington Bancshares | $24.2M | 3.1% | +22.1% |
| TFCTruist Finl Corp | $22.2M | 2.9% | New |
| UMBFUmb Finl | $18.2M | 2.4% | +191.5% |
| CBNAChain Bridge Bancorp | $12.4M | 1.6% | |
| AVBCAvidia Bancorp Inc | $10.4M | 1.4% | |
| LPLALpl Finl Hldgs Inc | $8.4M | 1.1% | New |
| NLYAnnaly Capital Mgmt | $8.2M | 1.1% | +127.6% |
| HWBKHawthorn Bancshares | $7.5M | 1.0% | |
| IBCPIndependent Bank Mich | $7.3M | 1.0% | |
| WFCWells Fargo & Co | $6.7M | 0.9% | New |
| AHRAmerican Healthcare Reit | $6.6M | 0.9% | +117.4% |
| FAFFirst American Finl Corp | $6.3M | 0.8% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| AHRAmerican Healthcare Reit | June 30, 2024 | +256.9% | $6.6M |
| OSBCOld Second Bancorp Inc Del | June 30, 2020 | +199.7% | $34.1M |
| EQBKEquity Bancshares | June 30, 2020 | +180.9% | $47.1M |
| WELLWelltower | September 30, 2023 | +177.1% | $4.3M |
| HTBHometrust Bancshares | December 31, 2020 | +158.4% | $41.9M |
| IBCPIndependent Bank Mich | June 30, 2020 | +142.9% | $7.3M |
| HWBKHawthorn Bancshares | June 30, 2020 | +99.6% | $7.5M |
| SFSTSouthern First Bancshares | December 31, 2020 | +72.8% | $54.5M |
| CBNAChain Bridge Bancorp | December 31, 2024 | +67.7% | $12.4M |
| JLLJones Lang Lasalle | December 31, 2023 | +64.1% | $5.8M |
Sold off last quarter
- EBCEastern Bankshares was $34.1M
- RBBRbb Bancorp was $32.3M
- BKUBankunited was $17.2M
- ONBOld National Bancorp was $15.8M
- SMBCSouthern Missouri Bancorp was $12.9M
- INDBIndependent Bank Group Ma was $12.5M
- NTRSNorthern Tr was $11.0M
- BACBank Of America was $9.2M
- MSMorgan Stanley was $9.2M
- WSBCWesbanco was $8.4M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +14.2% | +14.8% |
| March 31, 2026 | −0.7% | −4.6% |
| December 31, 2025 | +5.7% | +2.4% |
| September 30, 2025 | +6.4% | +7.8% |
| June 30, 2025 | +4.0% | +10.5% |
| March 31, 2025 | −5.4% | −4.6% |
| December 31, 2024 | +4.1% | +2.1% |
| September 30, 2024 | +17.9% | +5.4% |
| June 30, 2024 | −0.6% | +4.0% |
| March 31, 2024 | −4.7% | +10.0% |
| December 31, 2023 | +24.8% | +11.2% |
| September 30, 2023 | +5.0% | −3.6% |
| June 30, 2023 | −7.3% | +8.3% |
| March 31, 2023 | −18.8% | +7.0% |
| December 31, 2022 | +7.1% | +7.1% |
| September 30, 2022 | −0.3% | −5.3% |
| June 30, 2022 | −11.9% | −16.5% |
| March 31, 2022 | −2.0% | −4.9% |
| December 31, 2021 | +6.1% | +10.7% |
| September 30, 2021 | +3.3% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: FJ Capital Management LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1599170&type=13F-HR&dateb=&owner=include&count=40CIK 1599170
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1599170/000142050626001821/Filed August 14, 2026 · accession 0001420506-26-001821