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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
+2.77%
1 Year Est. Return
+11.03%
3 Year Est. Return
+68.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.48B
AUM Growth
+$346M
(+16%)
Cap. Flow
+$290M
Cap. Flow
% of AUM
11.67%
Top 10 Holdings %
Top 10 Hldgs %
63.74%
Holding
61
New
18
Increased
26
Reduced
11
Closed
5
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
MarketAxess Holdings
MKTX
|
+$119M |
| 2 |
Columbia Banking Systems
COLB
|
+$97.5M |
| 3 |
Ameris Bancorp
ABCB
|
+$56.3M |
| 4 |
Visa
V
|
+$56.2M |
| 5 |
FB Financial Corp
FBK
|
+$49.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CADE
Cadence Bank
CADE
|
+$265M |
| 2 |
CMA
Comerica
CMA
|
+$245M |
| 3 |
Texas Capital Bancshares
TCBI
|
+$45.7M |
| 4 |
Q2 Holdings
QTWO
|
+$32.6M |
| 5 |
First Horizon
FHN
|
+$19M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 87.38% |
| 2 | Technology | 12.37% |
| 3 | Consumer Discretionary | 0.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
MarketAxess Holdings
MKTX
$4.04B
| $292M | 11.74% |
1,609,330
+697,972
| +77% | +$119M |
|
|
2
First Horizon
FHN
$12.2B
| $275M | 11.08% |
11,516,840
-853,160
| -7% | -$19M |
|
|
3
Ameris Bancorp
ABCB
$6.21B
| $203M | 8.18% |
2,737,028
+755,967
| +38% | +$56.3M |
|
4
Seacoast Banking Corp of Florida
SBCF
$3.3B
| $183M | 7.37% |
5,832,075
+837,075
| +17% | +$26.1M |
|
5
Atlantic Union Bankshares
AUB
$6.1B
| $161M | 6.5% |
4,572,090
+858,486
| +23% | +$29.5M |
|
|
6
Columbia Banking Systems
COLB
$9.62B
| $103M | 4.16% |
3,700,000
+3,600,000
| +3,600% | +$97.5M |
|
|
7
Visa
V
$682B
| $94.7M | 3.81% |
270,000
+165,000
| +157% | +$56.2M |
|
8
ACI Worldwide
ACIW
$5.9B
| $94.2M | 3.79% |
1,970,000
+186,149
| +10% | +$9.03M |
|
|
STEL
9
DELISTED
Stellar Bancorp
STEL
| $89M | 3.58% |
2,875,245
+1,045,308
| +57% | +$32.1M |
|
|
10
Q2 Holdings
QTWO
$3.43B
| $87.7M | 3.53% |
1,215,000
-475,000
| -28% | -$32.6M |
|
11
Piper Sandler
PIPR
$5.16B
| $69.6M | 2.8% |
819,600
+212,772
| +35% | +$18M |
|
12
First Interstate BancSystem
FIBK
$3.81B
| $68.3M | 2.75% |
1,974,999
+1,124,999
| +132% | +$36.8M |
|
13
Eagle Bancorp
EGBN
$835M
| $63M | 2.53% |
2,940,000
+307,082
| +12% | +$5.92M |
|
|
MIAX
14
Miami International Holdings
MIAX
$4.1B
| $56.1M | 2.26% |
1,265,000
+539,196
| +74% | +$24M |
|
|
15
FB Financial Corp
FBK
$3B
| $49.8M | 2% |
+892,685
| New | +$49.9M |
|
16
Alkami Technology
ALKT
$1.92B
| $48.4M | 1.95% |
2,100,000
+1,972,396
| +1,546% | +$43.5M |
|
|
FFWM
17
DELISTED
First Foundation Inc
FFWM
| $48.1M | 1.94% |
7,812,475
+912,169
| +13% | +$5.11M |
|
18
Northern Trust
NTRS
$34.2B
| $42.4M | 1.71% |
310,611
+120,611
| +63% | +$15.8M |
|
|
FITB
19
Fifth Third Bancorp
FITB
$52.6B
| $39.8M | 1.6% |
+850,000
| New | +$37.4M |
|
20
Truist Financial
TFC
$64.1B
| $37.7M | 1.52% |
+765,774
| New | +$35.3M |
|
21
Tradeweb Markets
TW
$21.3B
| $34M | 1.37% |
316,039
+274,839
| +667% | +$29.5M |
|
|
CBC
22
Central Bancompany Inc
CBC
$7.6B
| $31.6M | 1.27% |
+1,310,673
| New | +$30.8M |
|
23
Prosperity Bancshares
PB
$8.81B
| $30.8M | 1.24% |
+445,000
| New | +$30M |
|
24
Marqeta
MQ
$1.84B
| $28.5M | 1.15% |
1,500,000
+337,500
| +29% | +$6.48M |
|
25
TriCo Bancshares
TCBK
$1.93B
| $23M | 0.93% |
+485,423
| New | +$22.3M |
|
Similar funds
CWM
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HCC
AG
CCPM
SCM
North Reef Capital Management's Q4 2025 Portfolio in Review
As of Q4 2025, North Reef Capital Management held 61 positions worth $2.48B, up 16% from $2.14B the previous quarter. Its ten largest holdings account for 64% of the portfolio.
North Reef Capital Management deployed $290M of net new capital in Q4 2025, opening 18 new positions and adding to 26 existing holdings. Its largest new stake was FB Financial Corp: 892,685 shares worth $49.8M.
By sector, the portfolio is most concentrated in Financials at 87% of assets, up from 86% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was Texas Capital Bancshares, an estimated $45.7M trimmed.
- North Reef Capital Management's largest Q4 2025 buy was FB Financial Corp: 892,685 shares worth $49.8M.
- North Reef Capital Management added most to MarketAxess Holdings in Q4 2025, an estimated $119M increase.
- North Reef Capital Management's biggest Q4 2025 reduction was Texas Capital Bancshares, cutting an estimated $45.7M.
- North Reef Capital Management fully exited Cadence Bank in Q4 2025, selling an estimated $265M.
- North Reef Capital Management's ten largest holdings make up 64% of its $2.48B portfolio in Q4 2025.
- North Reef Capital Management opened 18 new positions and closed 5 in Q4 2025.
- North Reef Capital Management's portfolio value rose 16% quarter-over-quarter to $2.48B.
Based on North Reef Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.