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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
+6.82%
1 Year Est. Return
+11.03%
3 Year Est. Return
+68.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.14B
AUM Growth
-$118M
(-5.2%)
Cap. Flow
-$217M
Cap. Flow
% of AUM
-10.17%
Top 10 Holdings %
Top 10 Hldgs %
77.08%
Holding
56
New
16
Increased
13
Reduced
14
Closed
13
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CADE
Cadence Bank
CADE
|
+$254M |
| 2 |
MarketAxess Holdings
MKTX
|
+$96.1M |
| 3 |
Q2 Holdings
QTWO
|
+$69.8M |
| 4 |
Eagle Bancorp
EGBN
|
+$43.3M |
| 5 |
Atlantic Union Bankshares
AUB
|
+$32.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SNV
Synovus
SNV
|
+$185M |
| 2 |
Pinnacle Financial Partners Inc
PNFP
|
+$129M |
| 3 |
Texas Capital Bancshares
TCBI
|
+$122M |
| 4 |
Wells Fargo
WFC
|
+$118M |
| 5 |
CMA
Comerica
CMA
|
+$40.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 86.47% |
| 2 | Technology | 12.94% |
| 3 | Consumer Discretionary | 0.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
First Horizon
FHN
$12.1B
| $280M | 13.08% |
12,370,000
-205,000
| -2% | -$4.56M |
|
|
CADE
2
DELISTED
Cadence Bank
CADE
| $265M | 12.39% |
+7,055,000
| New | +$254M |
|
|
CMA
3
DELISTED
Comerica
CMA
| $245M | 11.44% |
3,570,000
-605,000
| -14% | -$40.7M |
|
|
4
MarketAxess Holdings
MKTX
$4.15B
| $159M | 7.43% |
911,358
+491,358
| +117% | +$96.1M |
|
5
Seacoast Banking Corp of Florida
SBCF
$3.26B
| $152M | 7.11% |
4,995,000
-755,000
| -13% | -$22.4M |
|
6
Ameris Bancorp
ABCB
$5.89B
| $145M | 6.79% |
1,981,061
+91,043
| +5% | +$6.41M |
|
|
7
Atlantic Union Bankshares
AUB
$5.99B
| $131M | 6.13% |
3,713,604
+963,604
| +35% | +$32.8M |
|
|
8
Q2 Holdings
QTWO
$3.42B
| $122M | 5.72% |
1,690,000
+849,480
| +101% | +$69.8M |
|
9
ACI Worldwide
ACIW
$5.72B
| $94.1M | 4.4% |
1,783,851
-756,149
| -30% | -$35.7M |
|
|
STEL
10
DELISTED
Stellar Bancorp
STEL
| $55.5M | 2.6% |
1,829,937
+289,937
| +19% | +$8.81M |
|
|
11
Eagle Bancorp
EGBN
$867M
| $53.2M | 2.49% |
2,632,918
+2,232,918
| +558% | +$43.3M |
|
12
Piper Sandler
PIPR
$5.14B
| $52.6M | 2.46% |
606,828
-313,172
| -34% | -$25.5M |
|
|
13
Texas Capital Bancshares
TCBI
$4.31B
| $46.9M | 2.19% |
555,000
-1,429,977
| -72% | -$122M |
|
|
FFWM
14
DELISTED
First Foundation Inc
FFWM
| $38.4M | 1.8% |
6,900,306
-714,694
| -9% | -$3.94M |
|
15
Visa
V
$677B
| $35.8M | 1.68% |
105,000
-35,000
| -25% | -$12.1M |
|
|
MIAX
16
Miami International Holdings
MIAX
$4.14B
| $29.2M | 1.37% |
+725,804
| New | +$26.6M |
|
17
First Interstate BancSystem
FIBK
$3.7B
| $27.1M | 1.27% |
+850,000
| New | +$26.4M |
|
18
Northern Trust
NTRS
$22.2B
| $25.6M | 1.2% |
190,000
+5,000
| +3% | +$643K |
|
|
AAMI
19
Acadian Asset Management
AAMI
$2.88B
| $24.6M | 1.15% |
511,452
+31,452
| +7% | +$1.4M |
|
20
Marqeta
MQ
$1.8B
| $24.6M | 1.15% |
1,162,500
-462,500
| -28% | -$11M |
|
21
First Western Financial
MYFW
$311M
| $14.2M | 0.67% |
617,824
+72,102
| +13% | +$1.65M |
|
22
NCR Voyix
VYX
$1.06B
| $10.5M | 0.49% |
840,395
-59,606
| -7% | -$785K |
|
23
Primis Financial Corp
FRST
$382M
| $10.2M | 0.48% |
+974,870
| New | +$10.9M |
|
24
Flywire
FLYW
$1.96B
| $8.8M | 0.41% |
650,000
-450,000
| -41% | -$5.53M |
|
|
FIGR
25
Figure Technology Solutions
FIGR
$6.1B
| $8.73M | 0.41% |
+240,000
| New | +$9.32M |
|
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North Reef Capital Management's Q3 2025 Portfolio in Review
As of Q3 2025, North Reef Capital Management held 56 positions worth $2.14B, down 5.2% from $2.26B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
North Reef Capital Management withdrew a net $217M in Q3 2025, closing 13 positions and reducing 14 holdings. Its most notable exit was Synovus, an estimated $185M position sold in full.
By sector, the portfolio is most concentrated in Financials at 86% of assets, down from 88% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, North Reef Capital Management opened a new position in Cadence Bank worth $265M.
- North Reef Capital Management's largest Q3 2025 buy was Cadence Bank: 7,055,000 shares worth $265M.
- North Reef Capital Management added most to MarketAxess Holdings in Q3 2025, an estimated $96.1M increase.
- North Reef Capital Management's biggest Q3 2025 reduction was Texas Capital Bancshares, cutting an estimated $122M.
- North Reef Capital Management fully exited Synovus in Q3 2025, selling an estimated $185M.
- North Reef Capital Management's ten largest holdings make up 77% of its $2.14B portfolio in Q3 2025.
- North Reef Capital Management opened 16 new positions and closed 13 in Q3 2025.
- North Reef Capital Management's portfolio value fell 5.2% quarter-over-quarter to $2.14B.
Based on North Reef Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.