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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
CMA
1
DELISTED
Comerica
CMA
$250M 11.24%
4,050,000
+550,000
+16% +$35.8M
FHN icon
2
First Horizon
FHN
$12.1B
$242M 10.87%
12,022,000
-178,000
-1% -$3.35M
PNFP icon
3
Pinnacle Financial Partners Inc
PNFP
$16.1B
$222M 9.96%
1,940,000
+705,000
+57% +$79.5M
ABCB icon
4
Ameris Bancorp
ABCB
$5.92B
$158M 7.11%
2,533,000
+208,000
+9% +$13.6M
WFC icon
5
Wells Fargo
WFC
$263B
$149M 6.7%
2,125,000
+1,255,000
+144% +$85.7M
SNV
6
DELISTED
Synovus
SNV
$119M 5.34%
2,321,000
-2,046,500
-47% -$106M
SBCF icon
7
Seacoast Banking Corp of Florida
SBCF
$3.35B
$116M 5.23%
4,230,000
+150,000
+4% +$4.22M
ACIW icon
8
ACI Worldwide
ACIW
$5.41B
$111M 4.99%
2,141,000
+331,000
+18% +$17.6M
GPN icon
9
Global Payments
GPN
$22.6B
$98.8M 4.44%
881,999
+36,999
+4% +$4.05M
AVDX
10
DELISTED
AvidXchange
AVDX
$82.7M 3.71%
7,994,000
+194,000
+2% +$1.89M
AUB icon
11
Atlantic Union Bankshares
AUB
$5.96B
$78.9M 3.54%
+2,083,999
New +$82.6M
QTWO icon
12
Q2 Holdings
QTWO
$3.94B
$78.5M 3.52%
780,189
-224,811
-22% -$21.4M
TCBI icon
13
Texas Capital Bancshares
TCBI
$4.33B
$72.6M 3.26%
928,439
-746,561
-45% -$60.5M
MKTX icon
14
MarketAxess Holdings
MKTX
$5.72B
$61.3M 2.75%
271,318
+111,318
+70% +$29.3M
CME icon
15
CME Group
CME
$95.5B
$42.9M 1.92%
184,561
-40,439
-18% -$9.3M
FLYW icon
16
Flywire
FLYW
$2.2B
$33.8M 1.52%
1,638,914
+313,113
+24% +$6.12M
MQ icon
17
Marqeta
MQ
$1.67B
$29.5M 1.32%
1,946,750
+971,750
+100% +$17.1M
PB icon
18
Prosperity Bancshares
PB
$8.92B
$29.2M 1.31%
+387,670
New +$29.9M
SCHW
19
Charles Schwab
SCHW
$186B
$27.8M 1.25%
374,999
-225,000
-38% -$16.8M
FFWM
20
DELISTED
First Foundation Inc
FFWM
$27.2M 1.22%
4,386,861
+2,835,000
+183% +$20.5M
PIPR icon
21
Piper Sandler
PIPR
$5.26B
$25.6M 1.15%
341,392
-146,248
-30% -$11.4M
EGBN icon
22
Eagle Bancorp
EGBN
$845M
$25.2M 1.13%
967,593
+692,593
+252% +$18.6M
CBSH icon
23
Commerce Bancshares
CBSH
$8.52B
$20M 0.9%
336,258
-33,224
-9% -$2M
BOH icon
24
Bank of Hawaii
BOH
$3.13B
$19.6M 0.88%
275,000
-289,980
-51% -$20.9M
AAMI
25
Acadian Asset Management
AAMI
$3.24B
$13.8M 0.62%
525,000
-554,325
-51% -$15.5M
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.