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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
+11.56%
1 Year Est. Return
+11.5%
3 Year Est. Return
+81.85%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.23B
AUM Growth
+$84.6M
(+3.9%)
Cap. Flow
-$119M
Cap. Flow
% of AUM
-5.33%
Top 10 Holdings %
Top 10 Hldgs %
69.59%
Holding
54
New
6
Increased
18
Reduced
16
Closed
13
Avg Time Held
1.2
years
Top 10 Avg Time Held
1.1
years
Top 20 Avg Time Held
1.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wells Fargo
WFC
|
+$85.7M |
| 2 |
Atlantic Union Bankshares
AUB
|
+$82.6M |
| 3 |
Pinnacle Financial Partners Inc
PNFP
|
+$79.5M |
| 4 |
Comerica
CMA
|
+$35.8M |
| 5 |
Prosperity Bancshares
PB
|
+$29.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Synovus
SNV
|
+$106M |
| 2 |
Cboe Global Markets
CBOE
|
+$96.3M |
| 3 |
Sandy Spring Bancorp Inc
SASR
|
+$69.8M |
| 4 |
Texas Capital Bancshares
TCBI
|
+$60.5M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
DELISTED
Comerica
CMA
| $250M | 11.24% |
4,050,000
+550,000
| +16% | +$35.8M |
2023 Q1
7 quarters
|
|
2
First Horizon
FHN
$10.9B
| $242M | 10.87% |
12,022,000
-178,000
| -1% | -$3.35M |
2023 Q1
7 quarters
|
|
|
3
Pinnacle Financial Partners Inc
PNFP
$14.3B
| $222M | 9.96% |
1,940,000
+705,000
| +57% | +$79.5M |
2022 Q1
11 quarters
|
|
4
Ameris Bancorp
ABCB
$5.34B
| $158M | 7.11% |
2,533,000
+208,000
| +9% | +$13.6M |
2022 Q4
8 quarters
|
|
|
5
Wells Fargo
WFC
$250B
| $149M | 6.7% |
2,125,000
+1,255,000
| +144% | +$85.7M |
2021 Q4
12 quarters
|
|
|
6
DELISTED
Synovus
SNV
| $119M | 5.34% |
2,321,000
-2,046,500
| -47% | -$106M |
2021 Q4
12 quarters
|
|
7
Seacoast Banking Corp of Florida
SBCF
$3.14B
| $116M | 5.23% |
4,230,000
+150,000
| +4% | +$4.22M |
2021 Q4
12 quarters
|
|
8
ACI Worldwide
ACIW
$5.25B
| $111M | 4.99% |
2,141,000
+331,000
| +18% | +$17.6M |
2022 Q3
9 quarters
|
|
9
Global Payments
GPN
$22.1B
| $98.8M | 4.44% |
881,999
+36,999
| +4% | +$4.05M |
2024 Q2
2 quarters
|
|
10
DELISTED
AvidXchange
AVDX
| $82.7M | 3.71% |
7,994,000
+194,000
| +2% | +$1.89M |
2022 Q3
9 quarters
|
|
|
11
Atlantic Union Bankshares
AUB
$5.43B
| $78.9M | 3.54% |
+2,083,999
| New | +$82.6M |
2024 Q4
0 quarters
|
|
12
Q2 Holdings
QTWO
$3.86B
| $78.5M | 3.52% |
780,189
-224,811
| -22% | -$21.4M |
2022 Q2
10 quarters
|
|
|
13
Texas Capital Bancshares
TCBI
$3.94B
| $72.6M | 3.26% |
928,439
-746,561
| -45% | -$60.5M |
2021 Q4
12 quarters
|
|
14
MarketAxess Holdings
MKTX
$5.79B
| $61.3M | 2.75% |
271,318
+111,318
| +70% | +$29.3M |
2024 Q1
3 quarters
|
|
15
CME Group
CME
$105B
| $42.9M | 1.92% |
184,561
-40,439
| -18% | -$9.3M |
2024 Q3
1 quarter
|
|
16
Flywire
FLYW
$2.28B
| $33.8M | 1.52% |
1,638,914
+313,113
| +24% | +$6.12M |
2024 Q3
1 quarter
|
|
17
Marqeta
MQ
$1.94B
| $29.5M | 1.32% |
1,946,750
+971,750
| +100% | +$17.1M |
2023 Q3
5 quarters
|
|
|
18
Prosperity Bancshares
PB
$8.13B
| $29.2M | 1.31% |
+387,670
| New | +$29.9M |
2024 Q4
0 quarters
|
|
19
Charles Schwab
SCHW
$159B
| $27.8M | 1.25% |
374,999
-225,000
| -38% | -$16.8M |
2024 Q1
3 quarters
|
|
20
DELISTED
First Foundation Inc
FFWM
| $27.2M | 1.22% |
4,386,861
+2,835,000
| +183% | +$20.5M |
2024 Q3
1 quarter
|
|
21
Piper Sandler
PIPR
$4.57B
| $25.6M | 1.15% |
341,392
-146,248
| -30% | -$11.4M |
2023 Q1
7 quarters
|
|
22
Eagle Bancorp
EGBN
$858M
| $25.2M | 1.13% |
967,593
+692,593
| +252% | +$18.6M |
2024 Q3
1 quarter
|
|
23
Commerce Bancshares
CBSH
$7.99B
| $20M | 0.9% |
336,258
-33,224
| -9% | -$2M |
2023 Q4
4 quarters
|
|
24
Bank of Hawaii
BOH
$2.64B
| $19.6M | 0.88% |
275,000
-289,980
| -51% | -$20.9M |
2023 Q3
5 quarters
|
|
25
Acadian Asset Management
AAMI
$3.26B
| $13.8M | 0.62% |
525,000
-554,325
| -51% | -$15.5M |
2021 Q4
12 quarters
|
|
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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.