1y return+13.6%S&P 500 +20.9%
3y return+80.7%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2021: $140 against $157 in the S&P 500.2
North Reef Capital Management LPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| MKTXMarketaxess Hldgs Inc | $385.3M | 14.8% | +81.1% |
| ABCBAmeris Bancorp | $246.6M | 9.5% | −20.2% |
| FHNFirst Horizon Corporation | $235.9M | 9.0% | −36.3% |
| KEYKeycorp | $190.2M | 7.3% | −34.8% |
| ALKTAlkami Technology Inc | $167.2M | 6.4% | +20.6% |
| SBCFSeacoast Bkg Corp Fla | $158.8M | 6.1% | −18.0% |
| AUBAtlantic Un Bankshares Corp | $150.8M | 5.8% | −16.8% |
| CBCCentral Bancompany | $139.7M | 5.4% | +12.9% |
| ACIWAci Worldwide Inc | $131.6M | 5.0% | +17.4% |
| PIPRPiper Sandler Companies | $97.7M | 3.7% | +39.9% |
| PNFPPinnacle Finl Partners Inc | $73.8M | 2.8% | +624.8% |
| TRMKTrustmark Corp | $72.0M | 2.8% | −19.8% |
| NTRSNorthern Tr Corp | $60.0M | 2.3% | +15.6% |
| EGBNEagle Bancorporation Inc | $48.6M | 1.9% | −36.7% |
| AMTBAmerant Bancorp Inc | $47.4M | 1.8% | +59.9% |
| FLGFlagstar Bank National Assoc | $45.6M | 1.7% | +9.3% |
| GPNGlobal Pmts Inc | $42.1M | 1.6% | +480.0% |
| TCBKTrico Bancshares | $35.9M | 1.4% | +78.8% |
| Marqeta IncCUSIP 57142B104 | $32.1M | 1.2% | +6.8% |
| MYFWFirst Westn Finl Inc | $23.8M | 0.9% | +3.6% |
| IIIVI3 Verticals Inc | $23.0M | 0.9% | +4.9% |
| WLTHWealthfront Corp | $21.9M | 0.8% | −15.3% |
| FRSTPrimis Financial Corp | $20.1M | 0.8% | +8.0% |
| NBHCNational Bk Hldgs Corp | $19.4M | 0.7% | +36.5% |
| BANRBanner Corp | $17.3M | 0.7% | +33.1% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| AAMIAcadian Asset Management Inc | December 31, 2021 | +179.4% | $6.2M |
| ACIWAci Worldwide Inc | September 30, 2022 | +140.6% | $131.6M |
| ABCBAmeris Bancorp | December 31, 2022 | +91.5% | $246.6M |
| FRSTPrimis Financial Corp | September 30, 2025 | +55.8% | $20.1M |
| FHNFirst Horizon Corporation | March 31, 2023 | +44.2% | $235.9M |
| SMBKSmartfinancial Inc | June 30, 2025 | +38.9% | $6.4M |
| NTRSNorthern Tr Corp | June 30, 2025 | +37.1% | $60.0M |
| NPBNorthpointe Bancshares Inc. | March 31, 2025 | +32.8% | $1.9M |
| NEWTNewtekone Inc | September 30, 2025 | +29.3% | $2.3M |
| CBCCentral Bancompany | December 31, 2025 | +26.0% | $139.7M |
Sold off last quarter
- VVisa Inc was $108.8M
- TWTradeweb Mkts Inc was $39.7M
- FISFidelity Natl Information Sv was $36.4M
- First Fndtn IncCUSIP 32026V104 was $34.9M
- QTWOQ2 Hldgs Inc was $29.4M
- BANCBanc Of California Inc was $26.4M
- FBKFb Finl Corp was $26.0M
- RJFRaymond James Finl Inc was $23.0M
- AXPAmerican Express Co was $15.1M
- FIBKFirst Intst Bancsystem Inc was $10.9M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +7.6% | +14.8% |
| March 31, 2026 | −5.1% | −4.6% |
| December 31, 2025 | +6.4% | +2.4% |
| September 30, 2025 | +4.6% | +7.8% |
| June 30, 2025 | +4.5% | +10.5% |
| March 31, 2025 | −7.0% | −4.6% |
| December 31, 2024 | +10.5% | +2.1% |
| September 30, 2024 | +12.4% | +5.4% |
| June 30, 2024 | +0.1% | +4.0% |
| March 31, 2024 | +2.2% | +10.0% |
| December 31, 2023 | +26.2% | +11.2% |
| September 30, 2023 | +2.1% | −3.6% |
| June 30, 2023 | +0.4% | +8.3% |
| March 31, 2023 | −13.0% | +7.0% |
| December 31, 2022 | +2.7% | +7.1% |
| September 30, 2022 | +1.9% | −5.3% |
| June 30, 2022 | −14.6% | −16.5% |
| March 31, 2022 | −0.9% | −4.9% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: North Reef Capital Management LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1867831&type=13F-HR&dateb=&owner=include&count=40CIK 1867831
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1867831/000121465926010377/Filed August 14, 2026 · accession 0001214659-26-010377