Equal-WT
WhaleScore 2.0
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FJ Capital Management is based out of Mclean. FJ Capital Management is a hedge fund with 17 clients and discretionary assets under management (AUM) of $1,049,196,000 (Form ADV from 2024-03-26). Their last reported 13F filing for Q3 2024 included $954,286,838 in managed 13F securities
and a top 10 holdings concentration of 40.2%. FJ Capital Management's largest holding is HomeTrust Bancshares Inc with shares held of 1,711,539. Whalewisdom has at least 49 13F filings, 2 13D filings, and 267 13G filings
Business Description
The advisory firm provides discretionary investment management services to clients, acting as their investment manager. They follow a similar investment strategy across all clients, focusing primarily on the financial services industry, particularly community banks and thrifts. This strategy is outlined in detail in Item 8.
The firm prioritizes fair and equitable allocation of investment opportunities among its clients, ensuring no client receives preferential treatment. However, individual client investment objectives and restrictions are respected, meaning not all opportunities may be suitable for every client. The firm may aggregate orders for clients with similar investment goals, aiming to achieve economic benefits for all.
Investment Strategy
FJ Capital primarily focuses on investments in the financial services industry, particularly community banks and thrifts. They invest in equity securities of undervalued or under-followed, publicly traded U.S. community banks and financial technology companies. Their investment strategy includes focusing on mutual-to-stock bank conversions, turnarounds, recapitalizations, and growth-at-a-reasonable-price opportunities. They generally take long positions in companies with high quality and the prospect of above-average growth at attractive valuation multiples. They may also take short positions in companies that are believed to be underperforming relative to the market or have declining market share and/or eroding profit margins.
FJ Capital utilizes a combination of top-down and bottom-up investment analysis. For their Long/Short Fund, they consider macro forces such as national, regional, and local demographic and economic trends, the regulatory environment, consumer and business trends, interest rates, and competitive environment. For the Master Fund, they emphasize individual security selection through fundamental analysis to determine whether a security is overvalued or undervalued. This analysis is guided by their extensive experience in analyzing, investing, and trading in banks and thrift institutions.
Owners
- FRIEDMAN, MARTIN, SAUL - CO-FOUNDER, CHIEF INVESTMENT OFFICER & MANAGING MEMBER
- JOSE, ANDREW, FRANK - CO-FOUNDER, CHIEF COMPLIANCE OFFICER & MANAGING PARTNER
- KASHDIN, JEFFREY, ALAN - CHIEF FINANCIAL OFFICER AND CHIEF OPERATING OFFICER Click on the Ownership/Private Fund Data tab for more details.
Known Email Addresses
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Other Contact Information
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2024-09-30
Top Buys (13F)
| Name | % Change |
|---|---|
| BRKL Brookline Bancorp, I | 2.42% |
| SFNC Simmons First Nation | 1.85% |
| CMA Comerica, Inc. | 1.83% |
| MOFG MidWestOne Financial | 1.48% |
| WSBC WesBanco Inc | 1.09% |
2024-09-30
Top Sells (13F)
| Name | % Change |
|---|---|
| FBMS First Bancshares Inc | 2.9% |
| MSBI Midland States Banco | 2.59% |
| EBC Eastern Bankshares, | 2.13% |
| WAL Western Alliance Ban | 1.71% |
| HTBK Heritage Commerce Co | 1.68% |
2024-09-30
13F Holdings Summary
| Name | $ Change |
|---|---|
| HTBI HomeTrust Bancshares | 6.11% |
| IBTX Independent Bank Gro | 5.96% |
| EQBK Equity Bancshares In | 4.4% |
| RBB RBB Bancorp | 4.16% |
| HTBK Heritage Commerce Co | 3.76% |
2024-09-30
13F Activity
| Market Value | $0.95b, Prior: $0.96b |
| Inflows (Outflows) as % of Total MV | (-16.7959)% |
| New Purchases | 49 stocks |
| Added To | 22 stocks |
| Sold out of | 38 stocks |
| Reduced holdings in | 38 stocks |
| Top 10 Holdings % | 40.2% |
| Turnover %[1] | 55.06% |
| Turnover Alt %[2] | 18.63% |
| Time Held Top 20 | 8.2 quarters |
| Time Held Top 10 | 2 quarters |
| Time Held All | 7.41 quarters |
[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.
[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.
2024-09-30
13F Sector Allocation Over Time
limited to past 4 quarters. Subscribe to see all available data
2024-09-30
Analysis
Top 20 equal-weighted holdings. Performance numbers calculated through 2024-09-30