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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
FHN icon
1
First Horizon
FHN
$12.1B
$144M 8.38%
10,162,500
+1,262,500
+14% +$15.2M
PNFP icon
2
Pinnacle Financial Partners Inc
PNFP
$16.1B
$143M 8.33%
1,640,000
+729,892
+80% +$52.9M
SNV
3
DELISTED
Synovus
SNV
$128M 7.48%
3,410,000
-1,075,000
-24% -$32.9M
TCBI icon
4
Texas Capital Bancshares
TCBI
$4.33B
$120M 7%
1,858,750
+408,750
+28% +$23.5M
ABCB icon
5
Ameris Bancorp
ABCB
$5.92B
$118M 6.9%
2,233,203
+255,203
+13% +$10.9M
SBCF icon
6
Seacoast Banking Corp of Florida
SBCF
$3.35B
$118M 6.84%
4,130,000
+305,000
+8% +$7.18M
CBOE icon
7
Cboe Global Markets
CBOE
$30.2B
$84.9M 4.94%
475,200
+155,200
+49% +$26.6M
CMA
8
DELISTED
Comerica
CMA
$77.9M 4.54%
1,396,250
-1,483,750
-52% -$67.1M
TFC icon
9
Truist Financial
TFC
$64.3B
$73.8M 4.3%
2,000,000
-335,000
-14% -$10.5M
QTWO icon
10
Q2 Holdings
QTWO
$3.94B
$72.7M 4.23%
1,675,000
-395,000
-19% -$14M
WFC icon
11
Wells Fargo
WFC
$263B
$65M 3.78%
1,320,000
-980,000
-43% -$42.3M
IBOC icon
12
International Bancshares
IBOC
$4.63B
$64.2M 3.74%
1,181,250
-468,750
-28% -$21.8M
ACIW icon
13
ACI Worldwide
ACIW
$5.41B
$64M 3.73%
2,091,993
-753,007
-26% -$18.8M
HTH icon
14
Hilltop Holdings
HTH
$2.24B
$61.9M 3.6%
1,757,500
-767,500
-30% -$23.2M
AVDX
15
DELISTED
AvidXchange
AVDX
$55.7M 3.25%
4,497,800
-12,200
-0.3% -$122K
PIPR icon
16
Piper Sandler
PIPR
$5.26B
$45.7M 2.66%
1,045,984
+65,984
+7% +$2.51M
FBMS
17
DELISTED
The First Bancshares, Inc.
FBMS
$36.3M 2.12%
1,238,991
+132,210
+12% +$3.54M
AAMI
18
Acadian Asset Management
AAMI
$3.24B
$35.9M 2.09%
1,875,725
+175,725
+10% +$3.1M
NTRS icon
19
Northern Trust
NTRS
$33.8B
$25.2M 1.46%
+298,107
New +$22M
C icon
20
Citigroup
C
$226B
$24.2M 1.41%
470,700
-129,300
-22% -$5.72M
BOH icon
21
Bank of Hawaii
BOH
$3.13B
$22.9M 1.33%
315,428
+144,791
+85% +$8.31M
SF
22
Stifel
SF
$12.6B
$19.7M 1.15%
428,264
+68,264
+19% +$2.81M
SASR
23
DELISTED
Sandy Spring Bancorp Inc
SASR
$15.5M 0.9%
568,301
+133,421
+31% +$3.01M
USB icon
24
US Bancorp
USB
$99.7B
$15.1M 0.88%
+349,995
New +$12.8M
FIS icon
25
Fidelity National Information Services
FIS
$21.8B
$14.5M 0.84%
240,580
-4,420
-2% -$242K
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.