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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
-5.56%
1 Year Est. Return
+11.5%
3 Year Est. Return
+81.85%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.91B
AUM Growth
+$421M
(+17%)
Cap. Flow
+$601M
Cap. Flow
% of AUM
20.7%
Top 10 Holdings %
Top 10 Hldgs %
65.6%
Holding
73
New
17
Increased
23
Reduced
20
Closed
13
Avg Time Held
0.9
years
Top 10 Avg Time Held
1.2
years
Top 20 Avg Time Held
1.1
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
KeyCorp
KEY
|
+$265M |
| 2 |
Alkami Technology
ALKT
|
+$102M |
| 3 |
Trustmark
TRMK
|
+$82.4M |
| 4 |
First Horizon
FHN
|
+$70.2M |
| 5 |
Central Bancompany Inc
CBC
|
+$66.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Columbia Banking Systems
COLB
|
+$103M |
| 2 |
Stellar Bancorp
STEL
|
+$89M |
| 3 |
First Interstate BancSystem
FIBK
|
+$59M |
| 4 |
Fifth Third Bancorp
FITB
|
+$39.8M |
| 5 |
Truist Financial
TFC
|
+$37.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 86.11% |
| 2 | Technology | 13.54% |
| 3 | Industrials | 0.23% |
| 4 | Consumer Discretionary | 0.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
First Horizon
FHN
$10.8B
| $329M | 11.32% |
14,453,208
+2,936,368
| +25% | +$70.2M |
2023 Q1
12 quarters
|
|
2
MarketAxess Holdings
MKTX
$5.79B
| $309M | 10.65% |
1,875,000
+265,670
| +17% | +$46.5M |
2024 Q1
8 quarters
|
|
3
Ameris Bancorp
ABCB
$5.35B
| $267M | 9.19% |
3,423,243
+686,215
| +25% | +$54.5M |
2022 Q4
13 quarters
|
|
|
4
KeyCorp
KEY
$21.3B
| $254M | 8.73% |
+12,650,000
| New | +$265M |
2026 Q1
0 quarters
|
|
5
Seacoast Banking Corp of Florida
SBCF
$3.15B
| $176M | 6.07% |
5,825,000
-7,075
| -0.1% | -$228K |
2021 Q4
17 quarters
|
|
6
Atlantic Union Bankshares
AUB
$5.44B
| $153M | 5.27% |
4,285,000
-287,090
| -6% | -$10.8M |
2024 Q4
5 quarters
|
|
|
7
Alkami Technology
ALKT
$1.47B
| $120M | 4.13% |
7,650,000
+5,550,000
| +264% | +$102M |
2024 Q2
7 quarters
|
|
8
Visa
V
$756B
| $109M | 3.74% |
360,000
+90,000
| +33% | +$28.9M |
2025 Q1
4 quarters
|
|
|
9
Central Bancompany Inc
CBC
$8B
| $97.6M | 3.36% |
4,075,000
+2,764,327
| +211% | +$66.9M |
2025 Q4
1 quarter
|
|
10
ACI Worldwide
ACIW
$5.33B
| $91.5M | 3.15% |
2,230,000
+260,000
| +13% | +$10.9M |
2022 Q3
14 quarters
|
|
|
11
Trustmark
TRMK
$2.61B
| $82.3M | 2.83% |
+1,952,930
| New | +$82.4M |
2026 Q1
0 quarters
|
|
12
Prosperity Bancshares
PB
$8.15B
| $74.4M | 2.56% |
1,107,877
+662,877
| +149% | +$46.5M |
2025 Q4
1 quarter
|
|
13
Piper Sandler
PIPR
$4.57B
| $73.8M | 2.54% |
964,632
+145,032
| +18% | +$11.9M |
2023 Q1
12 quarters
|
|
14
Eagle Bancorp
EGBN
$864M
| $67.3M | 2.32% |
2,706,025
-233,975
| -8% | -$5.84M |
2024 Q3
6 quarters
|
|
15
Northern Trust
NTRS
$30.3B
| $41.7M | 1.43% |
298,559
-12,052
| -4% | -$1.73M |
2025 Q2
3 quarters
|
|
16
Tradeweb Markets
TW
$23.9B
| $39.7M | 1.36% |
337,071
+21,032
| +7% | +$2.41M |
2025 Q3
2 quarters
|
|
17
Miami International Holdings
MIAX
$3.07B
| $39.5M | 1.36% |
1,014,274
-250,726
| -20% | -$10.3M |
2025 Q3
2 quarters
|
|
18
Flagstar Bank National Association
FLG
$4.6B
| $36.7M | 1.26% |
+2,790,000
| New | +$36.6M |
2026 Q1
0 quarters
|
|
19
Fidelity National Information Services
FIS
$18.6B
| $36.4M | 1.25% |
+775,000
| New | +$41.7M |
2026 Q1
0 quarters
|
|
20
DELISTED
First Foundation Inc
FFWM
| $34.9M | 1.2% |
5,911,778
-1,900,697
| -24% | -$11.5M |
2024 Q3
6 quarters
|
|
21
Charles Schwab
SCHW
$159B
| $32.9M | 1.13% |
+350,000
| New | +$34.3M |
2026 Q1
0 quarters
|
|
22
Marqeta
MQ
$1.95B
| $30.2M | 1.04% |
1,850,000
+350,000
| +23% | +$5.9M |
2023 Q3
10 quarters
|
|
23
Q2 Holdings
QTWO
$3.86B
| $29.4M | 1.01% |
620,814
-594,186
| -49% | -$33.5M |
2022 Q2
15 quarters
|
|
24
Wealthfront Corp
WLTH
$1.66B
| $26.7M | 0.92% |
2,885,257
+1,658,624
| +135% | +$15.2M |
2025 Q4
1 quarter
|
|
25
Banc of California
BANC
$2.72B
| $26.4M | 0.91% |
1,500,000
+343,320
| +30% | +$6.55M |
2025 Q4
1 quarter
|
|
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North Reef Capital Management's Q1 2026 Portfolio in Review
As of Q1 2026, North Reef Capital Management held 73 positions worth $2.91B, up 17% from $2.48B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
North Reef Capital Management deployed $601M of net new capital in Q1 2026, opening 17 new positions and adding to 23 existing holdings. Its largest new stake was KeyCorp: 12,650,000 shares worth $254M.
By sector, the portfolio is most concentrated in Financials at 86% of assets, down from 87% a quarter earlier, followed by Technology and Industrials.
On the sell side, the largest reduction was First Interstate BancSystem, an estimated $59M trimmed.
- North Reef Capital Management's largest Q1 2026 buy was KeyCorp: 12,650,000 shares worth $254M.
- North Reef Capital Management added most to Alkami Technology in Q1 2026, an estimated $102M increase.
- North Reef Capital Management's biggest Q1 2026 reduction was First Interstate BancSystem, cutting an estimated $59M.
- North Reef Capital Management fully exited Columbia Banking Systems in Q1 2026, selling an estimated $103M.
- North Reef Capital Management's ten largest holdings make up 66% of its $2.91B portfolio in Q1 2026.
- North Reef Capital Management opened 17 new positions and closed 13 in Q1 2026.
- North Reef Capital Management's portfolio value rose 17% quarter-over-quarter to $2.91B.
Based on North Reef Capital Management's 13F filing for Q1 2026, filed 15 May 2026.