NG
North Ground Capital — 13F Portfolio Analysis & Stock Picks (Q2 2026)
North Ground CapitalCIK: 0002055446
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$83.4M
Reporting period: 2026-06-30 · Number of holdings: 33
North Ground Capital disclosed 33 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $83.4M and a quarterly turnover rate of 65.8%.
Browse other institutions with under $100M AUMBrowse other institutions starting with "N"
Personality snowflake
- Concentration
- 22.54
- Portfolio Stability
- 65.82
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 66
- Sizing Uniformity
- 90.59
North Ground Capital's disclosed holdings carry a Herfindahl concentration index of 0.056 — mathematically equivalent to about 18 equally-sized positions, well below its 33 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.94), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 9% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out GBDC
Add FSSL
+227.0% $6.0M
Sold out TCPC
Trim BRSP
-31.8% -$3.0M
Trim RWAY
-24.3% -$2.5M
Trim FSCO
-82.9% -$2.2M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | FSSL | Fs Specialty Lending Fund | Stock-Other | 10.94% | +7.17% | +227.04% | |
| 2 | CGBD | Carlyle Secured Lending Inc | Stock-Other | 7.78% | +2.67% | +58.96% | |
| 3 | MSIF | Msc Income Fund Inc | Stock-Other | 7.46% | +0.87% | +19.75% | |
| 4 | BRSP | Brightspire Capital Inc | Stock-Other | 7.14% | -3.65% | -31.75% | |
| 5 | CCAP | Crescent Capital Bdc Inc | Stock-Other | 6.82% | +1.86% | +53.67% | |
| 6 | ACRE | Ares Commercial Real Estate | Stock-Other | 6.65% | +0.17% | +10.00% | |
| 7 | MRP | Millrose Properties | Stock-Real Estate | 6.46% | +2.08% | +37.85% | |
| 8 | GLO | Clough Global Opportunities | Stock-Other | 5.35% | +1.80% | +37.48% | |
| 9 | RWAY | Runway Growth Finance CORP | Stock-Other | 4.90% | -3.06% | -24.27% | |
| 10 | NRK | Nuveen Ny Amt-fr Muni Inc | Stock-Other | 4.16% | -0.20% | -8.67% | |
| 11 | MXF | Mexico Fund Inc | Stock-Other | 3.58% | +1.78% | +91.05% | |
| 12 | OTF | Blue Owl Technology Finance | Stock-Other | 3.45% | +0.63% | +47.06% | |
| 13 | BCSF | Bain Capital Specialty Finan | Stock-Other | 3.36% | -1.63% | -32.93% | |
| 14 | SLRC | Slr Investment CORP | Stock-Other | 2.49% | +2.49% | NEW | |
| 15 | GLAD | Gladstone Capital CORP | Stock-Other | 2.45% | -0.54% | -26.32% | |
| 16 | TYG | Tortoise Energy Infrastruct | Stock-Other | 2.30% | +2.30% | NEW | |
| 17 | BXMT | Blackstone Mortgage Tru-cl A | Stock-Real Estate | 2.16% | +2.16% | NEW | |
| 18 | JFR | Nuveen Floating Rate Income | Stock-Other | 2.05% | +2.05% | NEW | |
| 19 | AOMR | Angel Oak Mortgage Reit Inc | Stock-Other | 1.79% | +0.44% | +20.48% | |
| 20 | NFJ | Virtus Dvd Intrst & Prm Str | Stock-Other | 1.63% | +1.63% | NEW | |
| 21 | IQI | Invesco Quality Muni Inc Tr | Stock-Other | 1.46% | -0.05% | -7.96% | |
| 22 | NMZ | Nuveen Muni Hi Inc Opport | Stock-Other | 1.14% | +1.14% | NEW | |
| 23 | XGLQX | Clough Global Equity Fund | Stock-Other | 0.92% | +0.60% | +150.59% | |
| 24 | GLV | Clough Global Dividend & Inc | Stock-Other | 0.73% | +0.39% | +93.21% | |
| 25 | FSCO | Fs Credit Opportunities CORP | Stock-Other | 0.54% | -2.69% | -82.93% | |
| 26 | ECAT | Blackrock Esg Cap All Trm Tr | Stock-Other | 0.53% | -1.11% | -72.00% | |
| 27 | BRW | Saba Capital Income & Opport | Stock-Other | 0.44% | -0.33% | -40.70% | |
| 28 | XJQCX | Nuveen Credit Strategies Inc | Stock-Other | 0.44% | +0.44% | NEW | |
| 29 | DMA | Destra Multi-alternative | Stock-Other | 0.27% | -0.27% | -45.51% | |
| 30 | FMN | Federated Herm Prem Muni Inc | Stock-Other | 0.22% | — | -7.05% | |
| 31 | HFRO | Highland Opport & Income | Stock-Other | 0.21% | +0.06% | +12.00% | |
| 32 | JOF | Japan Smaller Capitalization | Stock-Other | 0.14% | +0.14% | NEW | |
| 33 | ICMB | Investcorp Credit Management | Stock-Other | 0.04% | -0.01% | +10.30% |
Portfolio Performance
Performance for Q3 2026
+1.1%
Performance Last 4 Quarters
-2.7%
- Stdev
- +12.6%
- Beta
- +0.62
- Alpha
- -9.7%
- Max Drawdown
- -8.5%
- Annualized Perf
- +1.4%
- Batting Avg vs S&P
- +27.8%
- Sortino
- +0.28
- Stutzer
- +0.05
- Treynor
- +0.03
- Sterling
- +0.08
- Calmar
- +0.17
- Information Ratio
- -1.57
- Tracking Error
- +10.8%
- Stdev Down
- +7.7%
- Winning Months %
- +44.4%
- Losing Months %
- +55.6%
- Best 12 Months
- +13.5%
- Worst 12 Months
- -3.7%
- Efficiency Ratio
- +0.04
- Sharpe
- +0.17
- Stdev Sectors
- 0%
- Skewness
- +0.34
- Kurtosis
- -0.89
- Upside Potential
- +2.41
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
North Ground Capital's most significant position changes for 2026-06-30: Sold out: Golub Capital Bdc Inc (GBDC); Sold out: Blackrock Tcp Capital CORP (TCPC); New buy: Slr Investment CORP (SLRC); New buy: Tortoise Energy Infrastruct (TYG); New buy: Blackstone Mortgage Tru-cl A (BXMT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | FSSL | Fs Specialty Lending Fund | +7.2% | +227.04% | Add |
| 2 | CGBD | Carlyle Secured Lending Inc | +2.7% | +58.96% | Add |
| 3 | SLRC | Slr Investment CORP | +2.5% | NEW | New buy |
| 4 | TYG | Tortoise Energy Infrastruct | +2.3% | NEW | New buy |
| 5 | BXMT | Blackstone Mortgage Tru-cl A | +2.2% | NEW | New buy |
| 6 | MRP | Millrose Properties | +2.1% | +37.85% | Add |
| 7 | JFR | Nuveen Floating Rate Income | +2.1% | NEW | New buy |
| 8 | CCAP | Crescent Capital Bdc Inc | +1.9% | +53.67% | Add |
| 9 | GLO | Clough Global Opportunities | +1.8% | +37.48% | Add |
| 10 | MXF | Mexico Fund Inc | +1.8% | +91.05% | Add |
| 11 | NFJ | Virtus Dvd Intrst & Prm Str | +1.6% | NEW | New buy |
| 12 | NMZ | Nuveen Muni Hi Inc Opport | +1.1% | NEW | New buy |
| 13 | MSIF | Msc Income Fund Inc | +0.9% | +19.75% | Add |
| 14 | OTF | Blue Owl Technology Finance | +0.6% | +47.06% | Add |
| 15 | XGLQX | Clough Global Equity Fund | +0.6% | +150.59% | Add |
| 16 | AOMR | Angel Oak Mortgage Reit Inc | +0.4% | +20.48% | Add |
| 17 | XJQCX | Nuveen Credit Strategies Inc | +0.4% | NEW | New buy |
| 18 | GLV | Clough Global Dividend & Inc | +0.4% | +93.21% | Add |
| 19 | ACRE | Ares Commercial Real Estate | +0.2% | +10.00% | Add |
| 20 | JOF | Japan Smaller Capitalization | +0.1% | NEW | New buy |
| 21 | HFRO | Highland Opport & Income | +0.1% | +12.00% | Add |
| 22 | FMN | Federated Herm Prem Muni Inc | — | -7.05% | Trim |
| 23 | ICMB | Investcorp Credit Management | 0% | +10.30% | Add |
| 24 | IQI | Invesco Quality Muni Inc Tr | -0.1% | -7.96% | Trim |
| 25 | NRK | Nuveen Ny Amt-fr Muni Inc | -0.2% | -8.67% | Trim |
| 26 | NMFC | New Mountain Finance CORP | -0.2% | EXIT | Sold out |
| 27 | DMA | Destra Multi-alternative | -0.3% | -45.51% | Trim |
| 28 | OXLC | Oxford Lane Capital CORP | -0.3% | EXIT | Sold out |
| 29 | FSK | Fs Kkr Capital CORP | -0.3% | EXIT | Sold out |
| 30 | ARI | Apollo Commercial Real Estat | -0.3% | EXIT | Sold out |
| 31 | BRW | Saba Capital Income & Opport | -0.3% | -40.70% | Trim |
| 32 | SWZ | Total Return Securities Fund | -0.3% | EXIT | Sold out |
| 33 | ARCC | Ares Capital CORP | -0.4% | EXIT | Sold out |
| 34 | GLAD | Gladstone Capital CORP | -0.5% | -26.32% | Trim |
| 35 | ACP | Abrdn Income Credit Strat | -0.6% | EXIT | Sold out |
| 36 | CION | Cion Investment CORP | -0.6% | EXIT | Sold out |
| 37 | VPV | Invesco Pa Val Muni Inc | -0.6% | EXIT | Sold out |
| 38 | BXSL | Blackstone Secured Lending F | -0.8% | EXIT | Sold out |
| 39 | XNXJX | Nuveen Nj Qlty Muni Inc | -0.9% | EXIT | Sold out |
| 40 | ECAT | Blackrock Esg Cap All Trm Tr | -1.1% | -72.00% | Trim |
| 41 | XNQPX | Nuveen Pa Qlty Muni Inc | -1.2% | EXIT | Sold out |
| 42 | BCSF | Bain Capital Specialty Finan | -1.6% | -32.93% | Trim |
| 43 | NVG | Nuveen Amt-fr Muni Crdt | -1.7% | EXIT | Sold out |
| 44 | FSCO | Fs Credit Opportunities CORP | -2.7% | -82.93% | Trim |
| 45 | RWAY | Runway Growth Finance CORP | -3.1% | -24.27% | Trim |
| 46 | BRSP | Brightspire Capital Inc | -3.7% | -31.75% | Trim |
| 47 | TCPC | Blackrock Tcp Capital CORP | -3.7% | EXIT | Sold out |
| 48 | GBDC | Golub Capital Bdc Inc | -7.3% | EXIT | Sold out |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Filing History
FAQ
What is North Ground Capital and what type of investor is it?
North Ground Capital is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $83.4M, spread across 33 disclosed positions.
What are North Ground Capital's largest equity positions?
Based on the latest 13F filing, North Ground Capital's top holdings by market value are:
1. Fs Specialty Lending Fund (FSSL) — $9.1M (10.9%)
2. Carlyle Secured Lending Inc (CGBD) — $6.5M (7.8%)
3. Msc Income Fund Inc (MSIF) — $6.2M (7.5%)
4. Brightspire Capital Inc (BRSP) — $6.0M (7.1%)
5. Crescent Capital Bdc Inc (CCAP) — $5.7M (6.8%)
What changes did North Ground Capital make in its most recent portfolio filing?
In the latest reported quarter, North Ground Capital made 48 notable position adjustments: 8 new positions were initiated, 14 existing holdings were added to, 11 positions were partially reduced, and 15 were completely exited. The largest of these moves: Sold out: Golub Capital Bdc Inc (GBDC); Sold out: Blackrock Tcp Capital CORP (TCPC); New buy: Slr Investment CORP (SLRC); New buy: Tortoise Energy Infrastruct (TYG); New buy: Blackstone Mortgage Tru-cl A (BXMT)
What sectors does North Ground Capital focus on?
North Ground Capital is concentrated in the following sectors based on its current disclosed equity portfolio:
• Real Estate: 100.0%
Investment Profile
North Ground Capital returned an annualized 1.4% over the trailing 18 months — underperforming the S&P 500 by 9.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.62 (less volatile than the market) and a 28% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 100.0% of the portfolio concentrated in Real Estate.
Its turnover score has risen from 0 to 66 over the past 4 quarters — a shift toward more active trading.
It has added to its FSSL position over the past two quarters (+$7.2M, now $9.1M), while trimming BRSP over the same stretch (-$11.2M, still holding $6.0M).
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Developer Access
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