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NRCM
North Reef Capital Management Portfolio holdings
AUM
$2.61B
1-Year Est. Return
11.5%
This Fund
S&P 500
This Quarter
Est. Return
+7.55%
1 Year Est. Return
+11.5%
3 Year Est. Return
+81.85%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.61B
AUM Growth
-$298M
(-10%)
Cap. Flow
-$444M
Cap. Flow
% of AUM
-17.02%
Top 10 Holdings %
Top 10 Hldgs %
73%
Holding
64
New
4
Increased
21
Reduced
18
Closed
21
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
MarketAxess Holdings
MKTX
|
+$217M |
| 2 |
Pinnacle Financial Partners Inc
PNFP
|
+$60.5M |
| 3 |
Global Payments
GPN
|
+$33M |
| 4 |
Piper Sandler
PIPR
|
+$31.2M |
| 5 |
Alkami Technology
ALKT
|
+$26M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
First Horizon
FHN
|
+$128M |
| 2 |
Visa
V
|
+$109M |
| 3 |
KeyCorp
KEY
|
+$95.9M |
| 4 |
Prosperity Bancshares
PB
|
+$68M |
| 5 |
Ameris Bancorp
ABCB
|
+$58.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 83.12% |
| 2 | Technology | 15.26% |
| 3 | Industrials | 1.61% |
| 4 | Consumer Discretionary | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
MarketAxess Holdings
MKTX
$5.75B
| $385M | 14.77% |
3,395,000
+1,520,000
| +81% | +$217M |
|
|
2
Ameris Bancorp
ABCB
$5.76B
| $247M | 9.46% |
2,732,243
-691,000
| -20% | -$58.8M |
|
|
3
First Horizon
FHN
$11.8B
| $236M | 9.05% |
9,201,256
-5,251,952
| -36% | -$128M |
|
|
4
KeyCorp
KEY
$23.6B
| $190M | 7.29% |
8,250,000
-4,400,000
| -35% | -$95.9M |
|
|
5
Alkami Technology
ALKT
$2.15B
| $167M | 6.41% |
9,225,000
+1,575,000
| +21% | +$26M |
|
6
Seacoast Banking Corp of Florida
SBCF
$3.33B
| $159M | 6.09% |
4,775,000
-1,050,000
| -18% | -$32.8M |
|
7
Atlantic Union Bankshares
AUB
$5.82B
| $151M | 5.78% |
3,565,000
-720,000
| -17% | -$27.5M |
|
|
CBC
8
Central Bancompany Inc
CBC
$7.83B
| $140M | 5.36% |
4,600,000
+525,000
| +13% | +$14.3M |
|
9
ACI Worldwide
ACIW
$5.34B
| $132M | 5.05% |
2,617,000
+387,000
| +17% | +$16.8M |
|
|
10
Piper Sandler
PIPR
$5.49B
| $97.7M | 3.74% |
1,350,000
+385,368
| +40% | +$31.2M |
|
|
11
Pinnacle Financial Partners Inc
PNFP
$15.3B
| $73.8M | 2.83% |
731,537
+630,602
| +625% | +$60.5M |
|
12
Trustmark
TRMK
$2.67B
| $72M | 2.76% |
1,565,551
-387,379
| -20% | -$17.3M |
|
13
Northern Trust
NTRS
$34.3B
| $60M | 2.3% |
345,000
+46,441
| +16% | +$7.65M |
|
14
Eagle Bancorp
EGBN
$846M
| $48.6M | 1.87% |
1,713,535
-992,490
| -37% | -$26.6M |
|
15
Amerant Bancorp
AMTB
$1.15B
| $47.4M | 1.82% |
1,855,507
+695,019
| +60% | +$16.2M |
|
|
FLG
16
Flagstar Bank National Association
FLG
$5.6B
| $45.6M | 1.75% |
3,050,000
+260,000
| +9% | +$3.69M |
|
|
17
Global Payments
GPN
$24.3B
| $42.1M | 1.61% |
580,000
+480,000
| +480% | +$33M |
|
18
TriCo Bancshares
TCBK
$1.74B
| $35.9M | 1.38% |
667,061
+293,920
| +79% | +$14.9M |
|
19
Marqeta
MQ
$1.77B
| $32.1M | 1.23% |
1,975,000
+125,000
| +7% | +$2.03M |
|
20
First Western Financial
MYFW
$307M
| $23.8M | 0.91% |
742,630
+26,021
| +4% | +$741K |
|
21
i3 Verticals
IIIV
$298M
| $23M | 0.88% |
1,075,000
+50,000
| +5% | +$1.04M |
|
|
WLTH
22
Wealthfront Corp
WLTH
$1.39B
| $21.9M | 0.84% |
2,444,253
-441,004
| -15% | -$4.59M |
|
23
Primis Financial Corp
FRST
$400M
| $20.1M | 0.77% |
1,226,283
+91,002
| +8% | +$1.33M |
|
24
National Bank Holdings
NBHC
$1.86B
| $19.4M | 0.74% |
437,241
+116,889
| +36% | +$4.94M |
|
25
Banner Corp
BANR
$2.61B
| $17.3M | 0.66% |
260,156
+64,707
| +33% | +$4.2M |
|
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North Reef Capital Management's Q2 2026 Portfolio in Review
As of Q2 2026, North Reef Capital Management held 64 positions worth $2.61B, down 10% from $2.91B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
North Reef Capital Management withdrew a net $444M in Q2 2026, closing 21 positions and reducing 18 holdings. Its most notable exit was Visa, an estimated $109M position sold in full.
By sector, the portfolio is most concentrated in Financials at 83% of assets, down from 86% a quarter earlier, followed by Technology and Industrials.
Against the trend, North Reef Capital Management opened a new position in Forbright Inc worth $11.9M.
- North Reef Capital Management's largest Q2 2026 buy was Forbright Inc: 649,999 shares worth $11.9M.
- North Reef Capital Management added most to MarketAxess Holdings in Q2 2026, an estimated $217M increase.
- North Reef Capital Management's biggest Q2 2026 reduction was First Horizon, cutting an estimated $128M.
- North Reef Capital Management fully exited Visa in Q2 2026, selling an estimated $109M.
- North Reef Capital Management's ten largest holdings make up 73% of its $2.61B portfolio in Q2 2026.
- North Reef Capital Management opened 4 new positions and closed 21 in Q2 2026.
- North Reef Capital Management's portfolio value fell 10% quarter-over-quarter to $2.61B.
Based on North Reef Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.