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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
-0.56%
1 Year Est. Return
+11.03%
3 Year Est. Return
+68.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.3B
AUM Growth
+$408M
(+46%)
Cap. Flow
+$400M
Cap. Flow
% of AUM
30.75%
Top 10 Holdings %
Top 10 Hldgs %
58.52%
Holding
44
New
4
Increased
28
Reduced
4
Closed
8
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CMA
Comerica
CMA
|
+$60.6M |
| 2 |
Cboe Global Markets
CBOE
|
+$53.2M |
| 3 |
First Horizon
FHN
|
+$39.4M |
| 4 |
PNC Financial Services
PNC
|
+$36.3M |
| 5 |
ACI Worldwide
ACIW
|
+$36.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Citigroup
C
|
+$36.3M |
| 2 |
Global Payments
GPN
|
+$32.9M |
| 3 |
US Bancorp
USB
|
+$16.5M |
| 4 |
AVDX
AvidXchange
AVDX
|
+$14.2M |
| 5 |
FITB
Fifth Third Bancorp
FITB
|
+$13.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 87.05% |
| 2 | Technology | 11.36% |
| 3 | Industrials | 1.59% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
CVB Financial
CVBF
$4B
| $9.45M | 0.73% |
+711,433
| New | +$9.81M |
|
|
AMNB
27
DELISTED
American National Bankshares Inc
AMNB
| $8.99M | 0.69% |
310,304
+111,077
| +56% | +$3.19M |
|
28
First Western Financial
MYFW
$310M
| $8.43M | 0.65% |
453,186
+23,186
| +5% | +$406K |
|
29
Peapack-Gladstone Financial
PGC
$812M
| $7.65M | 0.59% |
282,354
+62,252
| +28% | +$1.7M |
|
30
Columbia Banking Systems
COLB
$8.83B
| $6.24M | 0.48% |
307,500
-67,500
| -18% | -$1.43M |
|
31
Victory Capital Holdings
VCTR
$6.67B
| $4.76M | 0.37% |
150,796
+26,035
| +21% | +$804K |
|
|
SF
32
Stifel
SF
$12.7B
| $4.6M | 0.35% |
115,530
+33,030
| +40% | +$1.29M |
|
33
GCM Grosvenor
GCMG
$824M
| $3.32M | 0.26% |
440,732
-132,918
| -23% | -$990K |
|
34
Repay Holdings
RPAY
$326M
| $1.55M | 0.12% |
198,349
+34,231
| +21% | +$230K |
|
35
CNB Financial Corp
CCNE
$1.03B
| $1.4M | 0.11% |
79,185
+13,657
| +21% | +$245K |
|
36
NCR Voyix
VYX
$1.14B
| $1.01M | 0.08% |
+65,200
| New | +$941K |
|
|
37
Citigroup
C
$226B
| – | – |
-775,000
| Closed | -$36.3M |
|
38
First Citizens BancShares
FCNCA
$25.3B
| – | – |
-13,283
| Closed | -$12.9M |
|
|
FITB
39
Fifth Third Bancorp
FITB
$51.7B
| – | – |
-519,163
| Closed | -$13.8M |
|
40
Goldman Sachs
GS
$303B
| – | – |
-22,012
| Closed | -$7.2M |
|
41
M&T Bank
MTB
$36.1B
| – | – |
-48,951
| Closed | -$5.85M |
|
42
State Street
STT
$51B
| – | – |
-111,036
| Closed | -$8.4M |
|
|
43
US Bancorp
USB
$99.6B
| – | – |
-456,888
| Closed | -$16.5M |
|
|
IBTX
44
DELISTED
Independent Bank Group, Inc.
IBTX
| – | – |
-135,135
| Closed | -$6.26M |
|
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North Reef Capital Management's Q2 2023 Portfolio in Review
As of Q2 2023, North Reef Capital Management held 44 positions worth $1.3B, up 46% from $893M the previous quarter. Its ten largest holdings account for 59% of the portfolio.
North Reef Capital Management deployed $400M of net new capital in Q2 2023, opening 4 new positions and adding to 28 existing holdings. Its largest new stake was Charles Schwab: 553,500 shares worth $31.4M.
By sector, the portfolio is most concentrated in Financials at 87% of assets, up from 84% a quarter earlier, followed by Technology and Industrials.
On the sell side, the largest reduction was Global Payments, an estimated $32.9M trimmed.
- North Reef Capital Management's largest Q2 2023 buy was Charles Schwab: 553,500 shares worth $31.4M.
- North Reef Capital Management added most to Comerica in Q2 2023, an estimated $60.6M increase.
- North Reef Capital Management's biggest Q2 2023 reduction was Global Payments, cutting an estimated $32.9M.
- North Reef Capital Management fully exited Citigroup in Q2 2023, selling an estimated $36.3M.
- North Reef Capital Management's ten largest holdings make up 59% of its $1.3B portfolio in Q2 2023.
- North Reef Capital Management opened 4 new positions and closed 8 in Q2 2023.
- North Reef Capital Management's portfolio value rose 46% quarter-over-quarter to $1.3B.
Based on North Reef Capital Management's 13F filing for Q2 2023, filed 14 Aug 2023.