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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
+11.56%
1 Year Est. Return
+11.03%
3 Year Est. Return
+68.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.23B
AUM Growth
+$84.6M
Cap. Flow
-$119M
Cap. Flow %
-5.33%
Top 10 Hldgs %
69.59%
Holding
54
New
6
Increased
18
Reduced
16
Closed
13

Top Buys

Rank Stock Value
1
WFC icon
Wells Fargo
WFC
+$85.7M
2
AUB icon
Atlantic Union Bankshares
AUB
+$82.6M
3
PNFP icon
Pinnacle Financial Partners Inc
PNFP
+$79.5M
4
CMA
Comerica
CMA
+$35.8M
5
PB icon
Prosperity Bancshares
PB
+$29.9M

Top Sells

Rank Stock Value
1
SNV
Synovus
SNV
+$106M
2
CBOE icon
Cboe Global Markets
CBOE
+$96.3M
3
SASR
Sandy Spring Bancorp Inc
SASR
+$69.8M
4
TCBI icon
Texas Capital Bancshares
TCBI
+$60.5M
5
FIS icon
Fidelity National Information Services
FIS
+$32.2M

Sector Composition

Rank Sector Weight
1 Financials 78.74%
2 Technology 16.31%
3 Industrials 4.44%
4 Consumer Discretionary 0.52%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FOUR icon
26
Shift4
FOUR
$3.26B
$13M 0.58%
+124,998
New +$12.4M
WAL icon
27
Western Alliance Bancorporation
WAL
$8.87B
$12.5M 0.56%
+150,000
New +$13.2M
CRMT icon
28
America's Car Mart
CRMT
$26.9M
$11.6M 0.52%
227,000
+16,593
+8% +$756K
BMRC icon
29
Bank of Marin Bancorp
BMRC
$459M
$11.2M 0.5%
470,956
+148,020
+46% +$3.49M
MYFW icon
30
First Western Financial
MYFW
$306M
$6.11M 0.27%
312,423
+9,002
+3% +$184K
HTH icon
31
Hilltop Holdings
HTH
$2.24B
$5.69M 0.26%
198,575
-331,425
-63% -$10.4M
VYX icon
32
NCR Voyix
VYX
$1.14B
$5.55M 0.25%
401,200
+324,132
+421% +$4.5M
CPF icon
33
Central Pacific Financial
CPF
$1B
$5.48M 0.25%
188,558
+136,843
+265% +$4.07M
ALKT icon
34
Alkami Technology
ALKT
$2.11B
$5.11M 0.23%
139,416
-60,584
-30% -$2.26M
AMG icon
35
Affiliated Managers Group
AMG
$9.76B
$5.06M 0.23%
+27,386
New +$5.11M
FSBC icon
36
Five Star Bancorp
FSBC
$1.13B
$3.35M 0.15%
111,320
– –
MPB icon
37
Mid Penn Bancorp
MPB
$952M
$2.34M 0.1%
+81,000
New +$2.5M
RPAY icon
38
Repay Holdings
RPAY
$327M
$2.14M 0.1%
280,684
-119,301
-30% -$953K
IIIV icon
39
i3 Verticals
IIIV
$342M
$1.06M 0.05%
46,069
-2,294
-5% -$53.8K
BILL icon
40
BILL Holdings
BILL
$4.78B
$800K 0.04%
9,442
-280,558
-97% -$20.9M
FCFS icon
41
FirstCash
FCFS
$8.78B
$585K 0.03%
5,650
-4,346
-43% -$468K
AMTB icon
42
Amerant Bancorp
AMTB
$1.13B
– –
-225,000
Closed -$4.81M
C icon
43
Citigroup
C
$226B
– –
-400,000
Closed -$25M
CADE
44
DELISTED
Cadence Bank
CADE
– –
-400,000
Closed -$12.7M
CBOE icon
45
Cboe Global Markets
CBOE
$29.9B
– –
-470,000
Closed -$96.3M
FIS icon
46
Fidelity National Information Services
FIS
$22.1B
– –
-385,000
Closed -$32.2M
GCMG icon
47
GCM Grosvenor
GCMG
$820M
– –
-100,000
Closed -$1.13M
IBOC icon
48
International Bancshares
IBOC
$4.57B
– –
-397,744
Closed -$23.8M
MOFG
49
DELISTED
MidWestOne Financial Group
MOFG
– –
-24,746
Closed -$706K
RNST icon
50
Renasant Corp
RNST
$3.91B
– –
-634,990
Closed -$20.6M
1
2
3

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North Reef Capital Management's Q4 2024 Portfolio in Review

As of Q4 2024, North Reef Capital Management held 54 positions worth $2.23B, up 3.9% from $2.14B the previous quarter. Its ten largest holdings account for 70% of the portfolio.

North Reef Capital Management withdrew a net $119M in Q4 2024, closing 13 positions and reducing 16 holdings. Its most notable exit was Cboe Global Markets, an estimated $96.3M position sold in full.

By sector, the portfolio is most concentrated in Financials at 79% of assets, down from 80% a quarter earlier, followed by Technology and Industrials.

Against the trend, North Reef Capital Management opened a new position in Atlantic Union Bankshares worth $78.9M.

  • North Reef Capital Management's largest Q4 2024 buy was Atlantic Union Bankshares: 2,083,999 shares worth $78.9M.
  • North Reef Capital Management added most to Wells Fargo in Q4 2024, an estimated $85.7M increase.
  • North Reef Capital Management's biggest Q4 2024 reduction was Synovus, cutting an estimated $106M.
  • North Reef Capital Management fully exited Cboe Global Markets in Q4 2024, selling an estimated $96.3M.
  • North Reef Capital Management's ten largest holdings make up 70% of its $2.23B portfolio in Q4 2024.
  • North Reef Capital Management opened 6 new positions and closed 13 in Q4 2024.
  • North Reef Capital Management's portfolio value rose 3.9% quarter-over-quarter to $2.23B.

Based on North Reef Capital Management's 13F filing for Q4 2024, filed 14 Feb 2025.