North Reef Capital Management LP
CIK 1867831 · View on SEC EDGAR ↗
- Portfolio value
- $2.6B
- Positions
- 43
- As of
- June 30, 2026
#1,281 of 9,443 by 13F value · top 13.6%
Portfolio value QoQ: -10.2% 13F does not disclose cash
- Top 10 holdings weight
- 73.00%
- Top 25 holdings weight
- 95.35%
- Positions above 1%
- 19
- Effective number of positions
- 15.0
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 16.08% Est. buys $443,235,691 · sells $940,906,920
Median holding: 2.0 quarters Tracked Q4 2024–Q2 2026 · 38.7% still held
- New positions
- 4
- Increased
- 21
- Decreased
- 18
- Closed
- 21
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Performance vs S&P 500
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 97.1% · Options excluded: 0.0%
Sector breakdown
Financials
59.8%
Financial Services
23.6%
Technology
12.3%
Other/Unmapped
4.2%
Full portfolio 43 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| MKTX MarketAxess Holdings, Inc. - Common Stock | $385,298,550 | 14.77% | 3,395,000 | $75,961,050 | Up ×6 | ||
| ABCB Ameris Bancorp Common Stock | $246,612,253 | 9.46% | 2,732,243 | $-20,366,469 | Down ×1 | ||
| FHN First Horizon Corporation Common Stock | $235,920,204 | 9.05% | 9,201,256 | $-93,034,810 | Down ×1 | ||
| KEY KeyCorp Common Stock | $190,162,500 | 7.29% | 8,250,000 | $-63,470,000 | Down ×1 | ||
| ALKT Alkami Technology, Inc. - Common Stock | $167,157,000 | 6.41% | 9,225,000 | $47,281,500 | Up ×3 | ||
| SBCF Seacoast Banking Corporation of Florida - Common Stock | $158,768,750 | 6.09% | 4,775,000 | $-17,670,500 | Down ×2 | ||
| AUB Atlantic Union Bankshares Corporation Common Stock | $150,835,150 | 5.78% | 3,565,000 | $-2,310,750 | Down ×2 | ||
| CBC Central Bancompany, Inc. - Class A Common Stock | $139,748,000 | 5.36% | 4,600,000 | $42,151,750 | Up ×2 | ||
| ACIW ACI Worldwide, Inc. - Common Stock | $131,608,930 | 5.05% | 2,617,000 | $40,156,630 | Up ×3 | ||
| Unknown issuer (CUSIP: 724078209) | $97,659,000 | 3.74% | 1,350,000 | $23,816,420 | Up ×1 | ||
| PNFP Pinnacle Financial Partners, Inc. - Common Stock | $73,797,453 | 2.83% | 731,537 | $65,102,912 | Up ×1 | ||
| TRMK Trustmark Corporation - Common Stock | $72,031,002 | 2.76% | 1,565,551 | $-10,265,468 | Down ×1 | ||
| NTRS Northern Trust Corporation - Common Stock | $59,974,800 | 2.30% | 345,000 | $18,304,920 | Up ×1 | ||
| EGBN Eagle Bancorp, Inc. - Common Stock | $48,647,259 | 1.87% | 1,713,535 | $-18,651,583 | Down ×2 | ||
| AMTB Amerant Bancorp Inc. Class A Common Stock | $47,352,539 | 1.82% | 1,855,507 | $21,775,383 | Up ×1 | ||
| FLG Flagstar Bank, N.A. Common Stock | $45,567,000 | 1.75% | 3,050,000 | $8,822,700 | Up ×1 | ||
| GPN Global Payments Inc. Common Stock | $42,084,800 | 1.61% | 580,000 | $35,354,800 | Up ×1 | ||
| TCBK TriCo Bancshares - Common Stock | $35,921,235 | 1.38% | 667,061 | $18,182,112 | Up ×1 | ||
| MQ Marqeta, Inc. - Class A Common Stock | $32,074,000 | 1.23% | 7,900,000 | $1,882,000 | Up ×3 | ||
| MYFW First Western Financial, Inc. - Common Stock | $23,845,849 | 0.91% | 742,630 | $6,231,600 | Up ×6 | ||
| IIIV i3 Verticals, Inc. - Common Stock | $22,962,000 | 0.88% | 1,075,000 | $43,000 | Up ×2 | ||
| WLTH Wealthfront Corporation - Common Stock | $21,851,622 | 0.84% | 2,444,253 | $-4,837,005 | Down ×1 | ||
| FRST Primis Financial Corp. - Common Stock | $20,074,253 | 0.77% | 1,226,283 | $4,997,721 | Up ×1 | ||
| NBHC National Bank Holdings Corporation Common Stock | $19,426,618 | 0.74% | 437,241 | $6,881,634 | Up ×1 | ||
| BANR Banner Corporation - Common Stock | $17,284,765 | 0.66% | 260,156 | $5,424,920 | Up ×1 | ||
| SCHW Charles Schwab Corporation (The) Common Stock | $16,147,250 | 0.62% | 175,000 | $-16,745,750 | Down ×1 | ||
| PAY Paymentus Holdings, Inc. Class A Common Stock | $14,496,000 | 0.56% | 600,000 | $-4,161,595 | Down ×1 | ||
| Unknown issuer (CUSIP: 34520K105) | $11,888,482 | 0.46% | 649,999 | Up ×1 | |||
| JCAP Jefferson Capital, Inc. - Common Stock | $10,330,743 | 0.40% | 530,598 | $97,479 | Down ×1 | ||
| COSO CoastalSouth Bancshares, Inc. Common Stock | $9,960,867 | 0.38% | 370,982 | $2,067,920 | Up ×3 | ||
| PB Prosperity Bancshares, Inc. Common Stock | $9,493,900 | 0.36% | 130,000 | $-64,933,277 | Down ×1 | ||
| MIAX Miami International Holdings, Inc. Common Stock | $9,340,315 | 0.36% | 251,354 | $-30,135,229 | Down ×2 | ||
| FLYW Flywire Corporation - Voting Common Stock | $7,906,500 | 0.30% | 450,000 | $-4,897,500 | Down ×1 | ||
| GCMG GCM Grosvenor Inc. - Class A Common Stock | $7,751,214 | 0.30% | 630,180 | $1,575,460 | Up ×3 | ||
| SMBK SmartFinancial, Inc. Common Stock | $6,432,216 | 0.25% | 137,089 | $1,074,817 | Up ×4 | ||
| AAMI Acadian Asset Management Inc. Common Stock | $6,193,346 | 0.24% | 86,596 | $-5,792,060 | Down ×3 | ||
| SFNC Simmons First National Corporation - Common Stock | $3,397,500 | 0.13% | 150,000 | Up ×1 | |||
| NEWT NewtekOne, Inc. - Common Stock | $2,305,636 | 0.09% | 155,681 | $127,090 | Down ×3 | ||
| NPB Northpointe Bancshares, Inc. Common Stock | $1,918,000 | 0.07% | 100,000 | $-2,093,155 | Down ×5 | ||
| IBOC International Bancshares Corporation - Common Stock | $1,898,750 | 0.07% | 25,000 | Up ×1 | |||
| BOTJ Bank of the James Financial Group, Inc. - Common Stock | $1,279,369 | 0.05% | 50,132 | Up ×1 | |||
| GEMI Gemini Space Station, Inc. - Class A Common Stock | $426,004 | 0.02% | 100,001 | $206,162 | Up ×1 | ||
| UWMC UWM Holdings Corporation Class A Common Stock | $229,000 | 0.01% | 100,000 | $-1,050,413 | Down ×1 | ||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| FHN | Trimmed | -5.3M | -$93.0M |
| MKTX | Bought more | +1.5M | +$76.0M |
| KEY | Trimmed | -4.4M | -$63.5M |
| ALKT | Bought more | +1.6M | +$47.3M |
| CBC | Bought more | +525K | +$42.2M |
| ACIW | Bought more | +387K | +$40.2M |
| MIAX | Trimmed | -763K | -$30.1M |
| — | Bought more | +385K | +$23.8M |
| AMTB | Bought more | +695K | +$21.8M |
| ABCB | Trimmed | -691K | -$20.4M |
3 positions hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| CADE | Dec. 31, 2025 | 7,055,000 | $264,844,700 | No longer tracked |
| CMA | Dec. 31, 2025 | 3,570,000 | $244,616,400 | No longer tracked |
| GPN | June 30, 2025 | 2,014,700 | $197,279,424 | 15.7% |
| SNV | Sept. 30, 2025 | 3,575,000 | $185,006,250 | No longer tracked |
| PNFP | Sept. 30, 2025 | 1,165,000 | $128,627,650 | 9.1% |
| WFC | Sept. 30, 2025 | 1,475,000 | $118,177,000 | 1.0% |
| V | June 30, 2026 | 360,000 | $108,806,400 | 7.2% |
| COLB | March 31, 2026 | 3,700,000 | $103,415,000 | 13.0% |
| STEL | March 31, 2026 | 2,875,245 | $88,960,080 | No longer tracked |
| AVDX | June 30, 2025 | 8,675,000 | $73,564,000 | No longer tracked |
| PIPR | March 31, 2026 | 204,900 | $69,606,579 | -2.7% |
| CME | March 31, 2025 | 184,561 | $42,860,601 | 2.9% |
| FITB | March 31, 2026 | 850,000 | $39,788,500 | 18.5% |
| TW | June 30, 2026 | 337,071 | $39,659,774 | 6.8% |
| C | Sept. 30, 2025 | 450,000 | $38,304,000 | 29.8% |
| TFC | March 31, 2026 | 765,774 | $37,683,739 | 10.3% |
| FIS | June 30, 2026 | 775,000 | $36,355,250 | 4.9% |
| HTH | Sept. 30, 2025 | 1,185,000 | $35,964,750 | 16.4% |
| FFWM | June 30, 2026 | 5,911,778 | $34,879,490 | No longer tracked |
| QTWO | June 30, 2026 | 620,814 | $29,364,502 | 31.4% |
| PB | March 31, 2025 | 387,670 | $29,210,934 | 2.3% |
| BANC | June 30, 2026 | 1,500,000 | $26,370,000 | -7.7% |
| FBK | June 30, 2026 | 500,000 | $25,970,000 | 6.5% |
| RJF | June 30, 2026 | 159,162 | $23,045,066 | 15.3% |
| CBSH | March 31, 2025 | 320,246 | $19,954,528 | -5.2% |
| BOH | March 31, 2025 | 275,000 | $19,591,000 | 13.4% |
| UCB | June 30, 2025 | 625,000 | $17,581,250 | 20.0% |
| AXP | June 30, 2026 | 50,000 | $15,124,000 | -0.9% |
| EBC | March 31, 2026 | 796,451 | $14,678,592 | 17.0% |
| TFC | Sept. 30, 2025 | 325,000 | $13,971,750 | 10.9% |
| BMRC | Sept. 30, 2025 | 600,000 | $13,704,000 | 11.9% |
| SCHW | Sept. 30, 2025 | 150,000 | $13,686,000 | 16.5% |
| PPBI | June 30, 2025 | 605,856 | $12,916,850 | No longer tracked |
| WAL | March 31, 2025 | 150,000 | $12,531,000 | 3.8% |
| FIBK | June 30, 2026 | 325,157 | $10,860,244 | -1.3% |
| FOUR | March 31, 2026 | 155,929 | $9,818,849 | 8.0% |
| KEY | June 30, 2025 | 600,000 | $9,594,000 | 26.7% |
| BAC | Sept. 30, 2025 | 200,000 | $9,464,000 | 21.0% |
| SSB | March 31, 2026 | 90,000 | $8,469,900 | 15.5% |
| AMG | June 30, 2025 | 50,000 | $8,401,500 | 82.5% |
| CPF | June 30, 2025 | 298,482 | $8,070,953 | 34.5% |
| MRX | March 31, 2026 | 190,000 | $7,288,400 | 59.6% |
| JHG | March 31, 2026 | 150,000 | $7,135,500 | No longer tracked |
| BUSE | June 30, 2025 | 269,929 | $5,830,466 | 32.8% |
| BRBS | Sept. 30, 2025 | 1,515,107 | $5,439,234 | No longer tracked |
| VYX | June 30, 2026 | 810,732 | $5,131,934 | -6.4% |
| KRE | Dec. 31, 2025 | 75,000 | $4,747,500 | No longer tracked |
| SF | June 30, 2026 | 57,230 | $4,230,442 | 16.7% |
| FIGR | June 30, 2026 | 119,398 | $4,053,562 | 26.1% |
| AVBH | June 30, 2026 | 123,022 | $3,506,127 | -2.6% |
| COF | June 30, 2026 | 18,659 | $3,403,961 | 8.5% |
| VBTX | Sept. 30, 2025 | 130,187 | $3,397,881 | No longer tracked |
| FSBC | March 31, 2025 | 111,320 | $3,349,619 | 61.4% |
| PYPL | Sept. 30, 2025 | 45,000 | $3,344,400 | -7.2% |
| CRMT | June 30, 2026 | 258,637 | $3,292,449 | 3.2% |
| TCBI | March 31, 2026 | 34,570 | $3,129,968 | 4.1% |
| BLSH | March 31, 2026 | 81,280 | $3,078,074 | -15.3% |
| CME | Dec. 31, 2025 | 11,198 | $3,025,588 | 0.0% |
| KLAR | June 30, 2026 | 223,820 | $2,929,804 | -29.5% |
| PRTH | June 30, 2025 | 350,000 | $2,385,250 | -28.0% |
| USCB | June 30, 2026 | 128,093 | $2,374,844 | 10.7% |
| MPB | March 31, 2025 | 81,000 | $2,336,040 | 44.2% |
| FFIC | March 31, 2026 | 135,000 | $2,047,950 | No longer tracked |
| BILL | June 30, 2025 | 42,335 | $1,942,753 | 2.4% |
| CVBF | June 30, 2026 | 100,000 | $1,939,000 | 0.3% |
| EBC | June 30, 2025 | 100,000 | $1,640,000 | 49.8% |
| RPAY | June 30, 2025 | 280,683 | $1,563,404 | -19.7% |
| FSUN | June 30, 2025 | 40,679 | $1,470,546 | 15.3% |
| NCNO | June 30, 2025 | 50,000 | $1,373,500 | -28.1% |
| RBB | June 30, 2026 | 64,150 | $1,370,886 | -2.8% |
| BBT | March 31, 2026 | 50,344 | $1,327,571 | 6.1% |
| IIIV | March 31, 2025 | 46,069 | $1,061,430 | -32.7% |
| CIVB | Dec. 31, 2025 | 29,776 | $604,751 | 24.8% |
| FCFS | March 31, 2025 | 5,650 | $585,340 | 73.5% |
| RNST | June 30, 2026 | 14,923 | $539,168 | -1.3% |
| GNTY | Sept. 30, 2025 | 10,000 | $424,400 | No longer tracked |