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NRCM
North Reef Capital Management Portfolio holdings
AUM
$2.91B
1-Year Est. Return
11.03%
This Fund
S&P 500
This Quarter
Est. Return
-10.42%
1 Year Est. Return
+11.03%
3 Year Est. Return
+68.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$893M
AUM Growth
-$19.8M
(-2.2%)
Cap. Flow
+$102M
Cap. Flow
% of AUM
11.46%
Top 10 Holdings %
Top 10 Hldgs %
58.3%
Holding
49
New
12
Increased
21
Reduced
7
Closed
9
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Global Payments
GPN
|
+$42.5M |
| 2 |
Citigroup
C
|
+$33.5M |
| 3 |
CMA
Comerica
CMA
|
+$33M |
| 4 |
Seacoast Banking Corp of Florida
SBCF
|
+$32.4M |
| 5 |
Ameris Bancorp
ABCB
|
+$30.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FRC
First Republic Bank
FRC
|
+$65.8M |
| 2 |
Texas Capital Bancshares
TCBI
|
+$54.2M |
| 3 |
SCHW
Charles Schwab
SCHW
|
+$34.9M |
| 4 |
PAYA
Paya Holdings Inc. Class A Common Stock
PAYA
|
+$23.3M |
| 5 |
BNY
Bank of New York Mellon
BNY
|
+$18.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 83.52% |
| 2 | Technology | 10.23% |
| 3 | Industrials | 6.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
State Street
STT
$50.7B
| $8.4M | 0.94% |
111,036
+1,714
| +2% | +$144K |
|
27
Columbia Banking Systems
COLB
$8.84B
| $8.03M | 0.9% |
+375,000
| New | +$10.4M |
|
28
Goldman Sachs
GS
$303B
| $7.2M | 0.81% |
+22,012
| New | +$7.66M |
|
29
Peapack-Gladstone Financial
PGC
$812M
| $6.52M | 0.73% |
220,102
+21,169
| +11% | +$750K |
|
|
AMNB
30
DELISTED
American National Bankshares Inc
AMNB
| $6.32M | 0.71% |
199,227
+47,335
| +31% | +$1.6M |
|
|
IBTX
31
DELISTED
Independent Bank Group, Inc.
IBTX
| $6.26M | 0.7% |
135,135
+17,047
| +14% | +$968K |
|
32
M&T Bank
MTB
$36.2B
| $5.85M | 0.66% |
+48,951
| New | +$7.11M |
|
33
GCM Grosvenor
GCMG
$820M
| $4.48M | 0.5% |
573,650
-72,198
| -11% | -$599K |
|
|
CADE
34
DELISTED
Cadence Bank
CADE
| $4.36M | 0.49% |
+210,000
| New | +$5.22M |
|
35
Victory Capital Holdings
VCTR
$6.65B
| $3.65M | 0.41% |
124,761
+12,059
| +11% | +$367K |
|
36
Piper Sandler
PIPR
$5.29B
| $3.47M | 0.39% |
+100,000
| New | +$3.56M |
|
|
SF
37
Stifel
SF
$12.6B
| $3.25M | 0.36% |
+82,500
| New | +$3.47M |
|
38
Fidelity National Information Services
FIS
$22.1B
| $2.99M | 0.33% |
+55,000
| New | +$3.58M |
|
39
CNB Financial Corp
CCNE
$1.03B
| $1.26M | 0.14% |
65,528
+6,132
| +10% | +$140K |
|
40
Repay Holdings
RPAY
$327M
| $1.08M | 0.12% |
+164,118
| New | +$1.35M |
|
41
Bank of America
BAC
$442B
| – | – |
-521,435
| Closed | -$17.3M |
|
42
Banc of California
BANC
$2.97B
| – | – |
-201,420
| Closed | -$3.21M |
|
|
MCHB
43
Mechanics Bancorp
MCHB
$3.68B
| – | – |
-62,344
| Closed | -$1.72M |
|
44
PayPal
PYPL
$50.5B
| – | – |
-73,426
| Closed | -$5.23M |
|
|
SCHW
45
Charles Schwab
SCHW
$187B
| – | – |
-419,414
| Closed | -$34.9M |
|
|
PACW
46
DELISTED
PacWest Bancorp
PACW
| – | – |
-121,270
| Closed | -$2.78M |
|
|
FRC
47
DELISTED
First Republic Bank
FRC
| – | – |
-540,209
| Closed | -$65.8M |
|
|
PAYA
48
DELISTED
Paya Holdings Inc. Class A Common Stock
PAYA
| – | – |
-2,965,715
| Closed | -$23.3M |
|
|
SIVB
49
DELISTED
SVB Financial Group
SIVB
| – | – |
-38,660
| Closed | -$8.9M |
|
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North Reef Capital Management's Q1 2023 Portfolio in Review
As of Q1 2023, North Reef Capital Management held 49 positions worth $893M, down 2.2% from $912M the previous quarter. Its ten largest holdings account for 58% of the portfolio.
North Reef Capital Management deployed $102M of net new capital in Q1 2023, opening 12 new positions and adding to 21 existing holdings. Its largest new stake was Comerica: 515,000 shares worth $22.4M.
By sector, the portfolio is most concentrated in Financials at 84% of assets, up from 77% a quarter earlier, followed by Technology and Industrials.
On the sell side, the largest reduction was Texas Capital Bancshares, an estimated $54.2M trimmed.
- North Reef Capital Management's largest Q1 2023 buy was Comerica: 515,000 shares worth $22.4M.
- North Reef Capital Management added most to Global Payments in Q1 2023, an estimated $42.5M increase.
- North Reef Capital Management's biggest Q1 2023 reduction was Texas Capital Bancshares, cutting an estimated $54.2M.
- North Reef Capital Management fully exited First Republic Bank in Q1 2023, selling an estimated $65.8M.
- North Reef Capital Management's ten largest holdings make up 58% of its $893M portfolio in Q1 2023.
- North Reef Capital Management opened 12 new positions and closed 9 in Q1 2023.
- North Reef Capital Management's portfolio value fell 2.2% quarter-over-quarter to $893M.
Based on North Reef Capital Management's 13F filing for Q1 2023, filed 12 May 2023.