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NRCM
North Reef Capital Management Portfolio holdings
AUM
$2.61B
Turnover
39.06%
1-Year Est. Return
11.5%
This Fund
S&P 500
This Quarter
Est. Return
-10.42%
1 Year Est. Return
+11.5%
3 Year Est. Return
+81.85%
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
Avg Time Held
0.5
years
Top 10 Avg Time Held
0.3
years
Top 20 Avg Time Held
0.5
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Global Payments
GPN
|
+$42.5M |
| 2 |
Citigroup
C
|
+$33.5M |
| 3 |
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 |
Charles Schwab
SCHW
|
+$34.9M |
| 4 |
PAYA
Paya Holdings Inc. Class A Common Stock
PAYA
|
+$23.3M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
1
DELISTED
Synovus
SNV
| $73.5M | 8.24% |
2,385,000
+768,621
| +48% | +$29.3M |
2021 Q4
5 quarters
|
|
|
2
Ameris Bancorp
ABCB
$5.35B
| $65.3M | 7.32% |
1,785,000
+676,484
| +61% | +$30.4M |
2022 Q4
1 quarter
|
|
|
3
Seacoast Banking Corp of Florida
SBCF
$3.15B
| $64.9M | 7.27% |
2,737,713
+1,090,538
| +66% | +$32.4M |
2021 Q4
5 quarters
|
|
|
4
Global Payments
GPN
$22.1B
| $55.8M | 6.25% |
530,000
+392,041
| +284% | +$42.5M |
2022 Q4
1 quarter
|
|
5
International Bancshares
IBOC
$4.19B
| $55.2M | 6.19% |
1,289,463
+159,576
| +14% | +$7.25M |
2022 Q3
2 quarters
|
|
6
Wells Fargo
WFC
$252B
| $52.3M | 5.86% |
1,400,000
+639,177
| +84% | +$27.9M |
2021 Q4
5 quarters
|
|
7
Cboe Global Markets
CBOE
$32.9B
| $46M | 5.16% |
342,850
+42,713
| +14% | +$5.36M |
2021 Q4
5 quarters
|
|
8
Wintrust Financial
WTFC
$9.72B
| $37.3M | 4.18% |
510,968
-199,105
| -28% | -$17M |
2022 Q2
3 quarters
|
|
|
9
Citigroup
C
$208B
| $36.3M | 4.07% |
775,000
+682,758
| +740% | +$33.5M |
2022 Q4
1 quarter
|
|
10
DELISTED
AvidXchange
AVDX
| $33.7M | 3.77% |
4,315,000
+612,117
| +17% | +$5.89M |
2022 Q3
2 quarters
|
|
11
Q2 Holdings
QTWO
$3.86B
| $33.2M | 3.73% |
1,350,437
-347,335
| -20% | -$10.3M |
2022 Q2
3 quarters
|
|
|
12
Bank of New York Mellon
BNY
$97.2B
| $32.4M | 3.63% |
712,438
-387,889
| -35% | -$18.8M |
2022 Q4
1 quarter
|
|
13
Acadian Asset Management
AAMI
$3.27B
| $28.4M | 3.19% |
1,206,187
+134,849
| +13% | +$3.17M |
2021 Q4
5 quarters
|
|
14
Pinnacle Financial Partners Inc
PNFP
$14.3B
| $24.3M | 2.72% |
440,000
+58,910
| +15% | +$4.13M |
2022 Q1
4 quarters
|
|
15
PNC Financial Services
PNC
$86.7B
| $24.1M | 2.71% |
190,000
+102,665
| +118% | +$15.5M |
2022 Q4
1 quarter
|
|
|
16
DELISTED
Comerica
CMA
| $22.4M | 2.51% |
+515,000
| New | +$33M |
2023 Q1
0 quarters
|
|
17
DELISTED
The First Bancshares, Inc.
FBMS
| $21.8M | 2.44% |
842,260
+283,354
| +51% | +$8.35M |
2022 Q1
4 quarters
|
|
18
ACI Worldwide
ACIW
$5.33B
| $20.3M | 2.28% |
753,665
-234,997
| -24% | -$6.22M |
2022 Q3
2 quarters
|
|
19
Hilltop Holdings
HTH
$2.11B
| $17.2M | 1.93% |
579,599
+354,993
| +158% | +$11.2M |
2022 Q4
1 quarter
|
|
20
US Bancorp
USB
$91.5B
| $16.5M | 1.85% |
456,888
-199,569
| -30% | -$8.89M |
2022 Q4
1 quarter
|
|
21
First Horizon
FHN
$10.8B
| $14.2M | 1.59% |
+800,000
| New | +$17.8M |
2023 Q1
0 quarters
|
|
22
Fifth Third Bancorp
FITB
$45.7B
| $13.8M | 1.55% |
+519,163
| New | +$17.2M |
2023 Q1
0 quarters
|
|
23
First Citizens BancShares
FCNCA
$24B
| $12.9M | 1.45% |
+13,283
| New | +$9.87M |
2023 Q1
0 quarters
|
|
|
24
Texas Capital Bancshares
TCBI
$3.96B
| $8.97M | 1% |
183,156
-882,408
| -83% | -$54.2M |
2021 Q4
5 quarters
|
|
25
First Western Financial
MYFW
$288M
| $8.51M | 0.95% |
430,000
+18,908
| +5% | +$467K |
2022 Q2
3 quarters
|
|
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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, down from 84% 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.