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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
+26.23%
1 Year Est. Return
+11.03%
3 Year Est. Return
+68.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.72B
AUM Growth
+$133M
Cap. Flow
-$224M
Cap. Flow %
-13.06%
Top 10 Hldgs %
62.94%
Holding
48
New
4
Increased
16
Reduced
16
Closed
12

Top Buys

Rank Stock Value
1
PNFP icon
Pinnacle Financial Partners Inc
PNFP
+$52.9M
2
CBOE icon
Cboe Global Markets
CBOE
+$26.6M
3
TCBI icon
Texas Capital Bancshares
TCBI
+$23.5M
4
NTRS icon
Northern Trust
NTRS
+$22M
5
FHN icon
First Horizon
FHN
+$15.2M

Top Sells

Rank Stock Value
1
CMA
Comerica
CMA
+$67.1M
2
WTFC icon
Wintrust Financial
WTFC
+$51.2M
3
WFC icon
Wells Fargo
WFC
+$42.3M
4
PNC icon
PNC Financial Services
PNC
+$38.1M
5
SCHW
Charles Schwab
SCHW
+$36M

Sector Composition

Rank Sector Weight
1 Financials 86.86%
2 Technology 13.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CBSH icon
26
Commerce Bancshares
CBSH
$8.5B
$14M 0.81%
+288,304
New +$12.4M
PGC icon
27
Peapack-Gladstone Financial
PGC
$812M
$11.4M 0.66%
381,914
-118,086
-24% -$3.07M
FOUR icon
28
Shift4
FOUR
$3.26B
$9.75M 0.57%
+131,189
New +$7.82M
MQ icon
29
Marqeta
MQ
$1.66B
$8.94M 0.52%
320,351
+232,851
+266% +$5.58M
MYFW icon
30
First Western Financial
MYFW
$306M
$8.79M 0.51%
443,491
-20,814
-4% -$351K
WTFC icon
31
Wintrust Financial
WTFC
$10.7B
$6.49M 0.38%
70,000
-619,287
-90% -$51.2M
VCTR icon
32
Victory Capital Holdings
VCTR
$6.65B
$4.54M 0.26%
131,875
+5,794
+5% +$185K
BMRC icon
33
Bank of Marin Bancorp
BMRC
$459M
$2.6M 0.15%
118,141
+63,141
+115% +$1.21M
GCMG icon
34
GCM Grosvenor
GCMG
$820M
$2.42M 0.14%
270,456
-99,544
-27% -$829K
CPF icon
35
Central Pacific Financial
CPF
$1B
$986K 0.06%
50,077
+22,193
+80% +$388K
CCNE icon
36
CNB Financial Corp
CCNE
$1.03B
$709K 0.04%
31,376
-49,868
-61% -$999K
AUB icon
37
Atlantic Union Bankshares
AUB
$5.97B
– –
-82,628
Closed -$2.38M
BAC icon
38
Bank of America
BAC
$442B
– –
-375,000
Closed -$10.3M
BNY
39
Bank of New York Mellon
BNY
$107B
– –
-315,000
Closed -$13.4M
CADE
40
DELISTED
Cadence Bank
CADE
– –
-1,190,350
Closed -$25.3M
ICE icon
41
Intercontinental Exchange
ICE
$84.4B
– –
-10,000
Closed -$1.1M
MKTX icon
42
MarketAxess Holdings
MKTX
$5.72B
– –
-4,000
Closed -$855K
PNC icon
43
PNC Financial Services
PNC
$101B
– –
-310,000
Closed -$38.1M
RPAY icon
44
Repay Holdings
RPAY
$327M
– –
-202,662
Closed -$1.54M
SCHW
45
Charles Schwab
SCHW
$187B
– –
-655,000
Closed -$36M
STT icon
46
State Street
STT
$50.7B
– –
-70,000
Closed -$4.69M
V icon
47
Visa
V
$677B
– –
-80,000
Closed -$18.4M
CSTR
48
DELISTED
CapStar Financial Holdings, Inc
CSTR
– –
-94,901
Closed -$1.35M
1
2

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North Reef Capital Management's Q4 2023 Portfolio in Review

As of Q4 2023, North Reef Capital Management held 48 positions worth $1.72B, up 8.4% from $1.58B the previous quarter. Its ten largest holdings account for 63% of the portfolio.

North Reef Capital Management withdrew a net $224M in Q4 2023, closing 12 positions and reducing 16 holdings. Its most notable exit was PNC Financial Services, an estimated $38.1M position sold in full.

By sector, the portfolio is most concentrated in Financials at 87% of assets, down from 88% a quarter earlier, followed by Technology.

Against the trend, North Reef Capital Management opened a new position in Northern Trust worth $25.2M.

  • North Reef Capital Management's largest Q4 2023 buy was Northern Trust: 298,107 shares worth $25.2M.
  • North Reef Capital Management added most to Pinnacle Financial Partners Inc in Q4 2023, an estimated $52.9M increase.
  • North Reef Capital Management's biggest Q4 2023 reduction was Comerica, cutting an estimated $67.1M.
  • North Reef Capital Management fully exited PNC Financial Services in Q4 2023, selling an estimated $38.1M.
  • North Reef Capital Management's ten largest holdings make up 63% of its $1.72B portfolio in Q4 2023.
  • North Reef Capital Management opened 4 new positions and closed 12 in Q4 2023.
  • North Reef Capital Management's portfolio value rose 8.4% quarter-over-quarter to $1.72B.

Based on North Reef Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.