FJ Capital Management LLC

Hedge Fund • Long/Short

FJ Capital Management LLC is a Long/Short Hedge Fund based in Mclean, VA led by Martin Saul Friedman, reporting $1.0B in AUM as of Q3 2025 with 83% Financial Services concentration and minimal technology exposure.

FounderMartin Saul Friedman

Portfolio Value: $999.9M
Positions: 144
Top Holding: HTB at 6.88%
Last Reported: Q3 2025

Address7901 Jones Branch Drive, Suite 210, Mclean, VA, 22102-3340, United States

Top Holdings

Largest long holdings in FJ Capital Management LLC's portfolio (43.7% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 HTB HomeTrust Bancshares, Inc. HTB	Banks - Regional Financial Services	$68.8M	6.88%	-$2.1M Sold	— 1.7M shares	Q4 2020 Held for 4y 11m
2 HTB HSBC Finance Corp HTB	Unknown Unknown	$68.8M	6.88%	-$2.1M Sold	— 1.7M shares	Q1 2025 Held for 8 months
3 SouthState SSB	Banks - Regional Financial Services	$52.2M	5.22%	-$17.2M Sold	0.52% 527.9K shares	Q2 2024 Held for 1y 5m
4 Equity Bancshares EQBK	Banks - Regional Financial Services	$49.8M	4.98%	+$3.9M Bought	6.36% 1.2M shares	Q4 2015 Held for 9y 11m
5 Webster Financial Corporation WBS	Banks - Regional Financial Services	$37.1M	3.71%	-$3.3M Sold	0.38% 624.5K shares	Q4 2024 Held for 11 months
6 Seacoast Banking Corporation of Florida SBCF	Banks - Regional Financial Services	$36.8M	3.68%	+$1.7M Bought	1.38% 1.2M shares	Q1 2025 Held for 8 months
7 Southern First Bancshares SFST	Banks - Regional Financial Services	$35.6M	3.56%	—	9.87% 807.2K shares	Q4 2020 Held for 4y 11m
8 Old Second Bancorp OSBC	Banks - Regional Financial Services	$33.2M	3.32%	+$1.4M Bought	3.65% 1.9M shares	Q2 2014 Held for 11y 5m
9 RBB Bancorp RBB	Banks - Regional Financial Services	$28.4M	2.84%	-$4.8M Sold	8.76% 1.5M shares	Q2 2021 Held for 4y 5m
10 Independent Bank Corp INDB	Banks - Regional Financial Services	$26.2M	2.62%	-$18.7M Sold	0.76% 378.7K shares	Q1 2025 Held for 8 months

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in FJ Capital Management LLC's latest filing

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Market Value

$999.9M

Prior: $1.0B

Q/Q Change

-0.971%

-$9.8M

Net Flows % of MV

-19.35%

Turnover Ratio

29.72%

New Purchases

27 stocks

$42.7M

Added To

44 stocks

+$92.5M

Sold Out Of

52 stocks

$197.6M

Reduced Holdings

29 stocks

-$131.0M

Increased Positions

Position	Shares Δ	Change
1 Bank of America BAC	New	0 → 216.4K +$11.2M
2 AVBC Avidia Bancorp, Inc. AVBC	New	0 → 497.3K +$7.4M
3 InvenTrust Properties IVT	New	0 → 124.4K +$3.6M
4 LXP Industrial Trust LXP	New	0 → 394.5K +$3.5M
5 Ryan Specialty Holdings RYAN	New	0 → 47.8K +$2.7M

Decreased Positions

Position	Shares Δ	Change
1 Ameris Bancorp ABCB	Sold	602.3K → 0 −$39.0M
2 Heritage Commerce HTBK	Sold	2.3M → 0 −$23.3M
3 Banc of California BANC	Sold	1.4M → 0 −$19.2M
4 Community Financial System CBU	Sold	270.2K → 0 −$15.4M
5 ESSA Bancorp ESSA	Sold	685.0K → 0 −$13.3M