FIRST SABREPOINT CAPITAL MANAGEMENT LP

CIK 0001731530 · Q2 2026

13F Equity AUM

$304.1M

+10.3% QoQ

Positions

-2 QoQ

AUM Rank

#5,008

Top 57%

Skill Alpha (FF)

-2.7%/yr^ns

No Clear Edge

Rank #6,606 · Top 80%

vs S&P -6.4%/yr (unadj.)

Quarters Tracked

~8 years

Portfolio Concentration

Top 5: 48.0%Top 10: 68.0%Top 20: 93.4%

TPB13.4%

FCFS12.2%

TURNING PT BRANDS INC10.9%

UNITED STS BRENT OIL FD LP6.0%

UAO5.5%

EGY5.5%

TFIN3.9%

CVCO3.7%

AMRZ3.5%

UCTT3.3%

Others (17)32.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Consumer Defensive23.1%

Unclassified20.0%

Financial Services18.2%

Energy12.3%

Consumer Cyclical10.3%

Industrials9.2%

Basic Materials3.5%

Technology3.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 27Median: 2.95%Avg: 3.70%

0–0.5%

1(0.1%)

0.5–1%

3(2.2%)

1–3%

11(23.4%)

3–5%

6(20.8%)

5%+

6(53.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 27vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New9Increased10Decreased5Exited11

New Positions

UNITED STS BRENT OIL…6.0%

+450K

TFIN-P2.5%

+100K

FCFS2.1%

+29K

RUSHA1.8%

+75K

LWAY1.7%

+170K

BOOT1.1%

+20K

ALK0.9%

+50K

UNITED STS OIL FD LP0.6%

+17K

PROSHARES TR II0.1%

+10K

Increased

EGY5.5%

+1.9M(+136%)

TPB13.4%

+80K(+20%)

NPKI3.1%

+50K(+9%)

MTDR3.0%

+45K(+33%)

TFIN3.9%

+44K(+40%)

TURNING PT BRANDS IN…10.9%

+37K(+10%)

BBW2.1%

+22K(+12%)

AMRZ3.5%

+12K(+6%)

BMTA3.3%

+10K(+7%)

LAUR3.0%

+640(+0%)

Decreased

TH2.8%

-181,777(-30%)

UCTT3.3%

-55,000(-44%)

CVCO3.7%

-14,540(-44%)

FCFS12.2%

-5,044(-3%)

AZO1.6%

-1,000(-40%)

Exited

-58,000

-80,000

-250,000

-170,000

-55,000

-150,000

-50,000

-8,000

-171,774

-28,302

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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