LB Partners LLC

CIK 2007877 · View on SEC EDGAR ↗

Portfolio value QoQ: +31.5% 13F does not disclose cash

Top 10 holdings weight80.07%

Top 25 holdings weight98.75%

Positions above 1%19

Effective number of positions11.1

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 20.48% Est. buys $29,568,338 · sells $26,443,674

Median holding: 3.0 quarters Tracked Q1 2025–Q2 2026 · 70.8% still held

New positions3

Increased8

Decreased5

Closed6

Portfolio value $146.6M #7,518 of 9,337 by 13F value · top 80.5%

Positions 34

As of June 30, 2026 Data as of Q2 2026

Performance vs S&P 500

Tracked Q3 2025–Q2 2026 +8.5%

S&P 500 total return (same window) +13.0%

Excess return -4.5%

Annualized: +11.5% · S&P 500: +17.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 94.5% · Options excluded: 0.0%

Sector breakdown

Financials 59.2%

Communication Services 27.6%

Technology 8.3%

Retail 3.4%

Energy 0.5%

Materials 0.3%

Real Estate 0.2%

Other/Unmapped 0.5%

Full portfolio 34 positions

					Streak
RELY Remitly Global, Inc. - Common stock	$28,415,880	19.38%	1,268,000	$4,453,394	Down ×1
NIQ NIQ Global Intelligence plc Ordinary Shares	$18,065,771	12.32%	1,932,168	$13,521,182	Up ×3
LPRO Open Lending Corporation - Common Stock	$15,086,116	10.29%	4,850,841	$8,335,065	Down ×1
COF Capital One Financial Corporation Common Stock	$14,054,635	9.58%	70,056	$1,274,319
AXP American Express Company Common Stock	$10,147,500	6.92%	30,000	$1,073,100
TIGO Millicom International Cellular S.A. - Common Stock	$6,988,520	4.77%	77,000	$-3,727,900	Down ×5
MU Micron Technology, Inc. - Common Stock	$6,925,740	4.72%	6,000	$5,574,380	Up ×1
GOOGL Alphabet Inc. - Class A Common Stock	$6,790,030	4.63%	19,000	$1,326,390
OPFI OppFi Inc. Class A Common Stock	$6,280,725	4.28%	632,500	$2,425,725	Up ×1
FOUR Shift4 Payments, Inc. Class A Common Stock	$4,669,440	3.18%	96,000	$3,357,540	Up ×1
TOST Toast, Inc. Class A Common Stock	$4,312,100	2.94%	155,000		Up ×1
LBRDK Liberty Broadband Corporation - Class C Common Stock	$3,661,095	2.50%	110,075	$2,751,922	Up ×1
SPT Sprout Social, Inc - Class A Common Stock	$3,621,984	2.47%	479,733	$-4,990,596	Down ×1
GOOG Alphabet Inc. - Class C Capital Stock	$2,826,640	1.93%	8,000	$531,760
GOGO Gogo Inc. - Common Stock	$2,117,505	1.44%	683,066	$-1,114,712	Down ×1
AMZN Amazon.com, Inc. - Common Stock	$1,906,720	1.30%	8,000	$240,560
PDD PDD Holdings Inc. - American Depositary Shares	$1,678,160	1.14%	22,000	$-569,800
NVDA NVIDIA Corporation - Common Stock	$1,600,720	1.09%	8,000	$554,320	Up ×1
KKR KKR & Co. Inc. Common Stock	$1,569,438	1.07%	17,100	$-12,312
TBBB BBB Foods Inc. Class A Common Shares	$1,458,450	0.99%	35,000	$220,500
PYPL PayPal Holdings, Inc. - Common Stock	$971,550	0.66%	22,500	$66,950	Up ×1
TFPM Triple Flag Precious Metals Corp. Common Shares	$446,943	0.30%	14,913	$-70,687
SGOL abrdn Physical Gold Shares ETF	$420,530	0.29%	11,000	$-70,290
DVN Devon Energy Corporation Common Stock	$413,200	0.28%	10,000	$-90,000
FDS FactSet Research Systems Inc. Common Stock	$387,685	0.26%	1,685		Up ×1
IMXI International Money Express, Inc. - Common Stock	$332,350	0.23%	23,000	$-31,050
SPGI S&P Global Inc. Common Stock	$305,445	0.21%	750	$-13,560
MTA CUSIP: 59124U605	$273,960	0.19%	36,000	$35,280
FRPH FRP Holdings, Inc. - Common Stock	$239,454	0.16%	9,582	$29,800
CVX Chevron Corporation Common Stock	$232,064	0.16%	1,400	$-57,596
BSM Black Stone Minerals, L.P. Common units representing limited partner interests	$139,700	0.10%	10,000	$-11,500
MFIC MidCap Financial Investment Corporation - Closed End Fund	$120,960	0.08%	12,000	$8,560	Up ×1
FSK FS KKR Capital Corp. Common Stock	$117,222	0.08%	11,164		Up ×1
Unknown issuer (CUSIP: 12685JAG0)	$67,500	0.05%	100,000	$-7,500
No matches

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security	Value	% of portfolio	Streak
NIQ	$18,065,771	12.32%	up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
TOST	$4,312,100	155,000	2.94%
FDS	$387,685	1,685	0.26%
FSK	$117,222	11,164	0.08%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
NIQ	Bought more	+1.5M	+$13.5M
LPRO	Trimmed	-550K	+$8.3M
SPT	Trimmed	-1.0M	-$5.0M
RELY	Trimmed	-261K	+$4.5M
TIGO	Trimmed	-66K	-$3.7M
FOUR	Bought more	+66K	+$3.4M
LBRDK	Bought more	+92K	+$2.8M
OPFI	Bought more	+132K	+$2.4M
GOOGL	Price move only	+0	+$1.3M
COF	Price move only	+0	+$1.3M

1 position hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
WOW	Dec. 31, 2025	3,877,126	$20,005,970	No longer tracked
DFS	June 30, 2025	62,850	$10,632,334	No longer tracked
LQDA	Dec. 31, 2025	200,000	$4,548,000	-17.0%
DBRG	Dec. 31, 2025	210,000	$2,457,000	4.3%
THRY	March 31, 2026	249,705	$1,510,715	-44.5%
FISV	June 30, 2026	27,000	$1,506,600	-9.6%
GTLB	June 30, 2026	60,000	$1,298,400	63.1%
GPN	June 30, 2026	10,000	$673,000	8.0%
APP	June 30, 2025	2,500	$666,363	-23.4%
NOW	June 30, 2026	6,000	$627,300	35.4%
AMRZ	Dec. 31, 2025	10,000	$485,300	-31.1%
GLIBK	June 30, 2026	10,815	$402,426	7.8%
OXY	June 30, 2026	3,400	$221,000	19.6%
WU	March 31, 2026	10,000	$93,100	-31.3%