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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 | |
|---|---|---|---|---|---|---|
51
First Interstate BancSystem
FIBK
$3.57B
| – | – |
-325,157
| Closed | -$10.9M |
|
52
Fidelity National Information Services
FIS
$21.8B
| – | – |
-775,000
| Closed | -$36.4M |
|
53
Q2 Holdings
QTWO
$4B
| – | – |
-620,814
| Closed | -$29.4M |
|
54
RBB Bancorp
RBB
$451M
| – | – |
-64,150
| Closed | -$1.37M |
|
55
Raymond James Financial
RJF
$34.8B
| – | – |
-159,162
| Closed | -$23M |
|
56
Renasant Corp
RNST
$3.77B
| – | – |
-14,923
| Closed | -$539K |
|
|
SF
57
Stifel
SF
$12.4B
| – | – |
-57,230
| Closed | -$4.23M |
|
58
Tradeweb Markets
TW
$22.2B
| – | – |
-337,071
| Closed | -$39.7M |
|
59
USCB Financial Holdings
USCB
$428M
| – | – |
-128,093
| Closed | -$2.37M |
|
|
60
Visa
V
$707B
| – | – |
-360,000
| Closed | -$109M |
|
61
NCR Voyix
VYX
$1.24B
| – | – |
-810,732
| Closed | -$5.13M |
|
|
AVBH
62
Avidbank Holdings
AVBH
$348M
| – | – |
-123,022
| Closed | -$3.51M |
|
|
KLAR
63
Klarna Group
KLAR
$5.44B
| – | – |
-223,820
| Closed | -$2.93M |
|
|
FIGR
64
Figure Technology Solutions
FIGR
$8.12B
| – | – |
-119,398
| Closed | -$4.05M |
|
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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.