NR
North Reef Capital Management LP 13F Filing (Q2 2026) — Top Positions & Stock Picks
North Reef Capital Management LPCIK: 0001867831
Sector-focusedMomentum followerDiversified strategy
Total reported value
$2.6B
Reporting period: 2026-06-30 · Number of holdings: 43
North Reef Capital Management LP disclosed 43 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $2.6B and a quarterly turnover rate of 43.2%.
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Personality snowflake
- Concentration
- 26.6
- Portfolio Stability
- 43.15
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 86
- Sizing Uniformity
- 86.2
North Reef Capital Management LP's disclosed holdings carry a Herfindahl concentration index of 0.066 — mathematically equivalent to about 15 equally-sized positions, well below its 43 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.38), with a handful of outsized bets alongside many smaller positions.
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 65% 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.govAdd MKTX
+81.1% $76.0M
Sold out V
Add PNFP
+624.8% $65.1M
Add ALKT
+20.6% $47.3M
Trim FHN
-36.3% -$93.0M
Trim PB
-88.3% -$64.9M
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 | MKTX | Marketaxess Holdings Inc | Stock-Financials | 14.77% | +4.12% | +81.07% | |
| 2 | ABCB | Ameris Bancorp | Stock-Financials | 9.46% | +0.27% | -20.19% | |
| 3 | FHN | First Horizon CORP | Stock-Financials | 9.05% | -2.27% | -36.34% | |
| 4 | KEY | Keycorp | Stock-Financials | 7.29% | -1.44% | -34.78% | |
| 5 | ALKT | Alkami Technology Inc | Stock-Other | 6.41% | +2.28% | +20.59% | |
| 6 | SBCF | Seacoast Banking Corp/fl | Stock-Other | 6.09% | +0.02% | -18.03% | |
| 7 | AUB | Atlantic Union Bankshares Co | Stock-Financials | 5.78% | +0.51% | -16.80% | |
| 8 | CBC | Central Bancompany | Stock-Other | 5.36% | +2.00% | +12.88% | |
| 9 | ACIW | Aci Worldwide Inc | Stock-Tech | 5.05% | +1.90% | +17.35% | |
| 10 | PIPR | Piper Sandler Cos | Stock-Financials | 3.74% | +1.20% | +39.95% | |
| 11 | PNFP | Pinnacle Financial Partners | Stock-Financials | 2.83% | +2.53% | +624.76% | |
| 12 | TRMK | Trustmark CORP | Stock-Other | 2.76% | -0.07% | -19.84% | |
| 13 | NTRS | Northern Trust CORP | Stock-Financials | 2.30% | +0.87% | +15.55% | |
| 14 | EGBN | Eagle Bancorp Inc | Stock-Other | 1.87% | -0.45% | -36.68% | |
| 15 | AMTB | Amerant Bancorp Inc | Stock-Other | 1.82% | +0.94% | +59.89% | |
| 16 | FLG | Flagstar Bank NA | Stock-Financials | 1.75% | +0.49% | +9.32% | |
| 17 | GPN | Global Payments Inc | Stock-Industrials | 1.61% | +1.38% | +480.00% | |
| 18 | TCBK | Trico Bancshares | Stock-Other | 1.38% | +0.77% | +78.77% | |
| 19 | MQ | Marqeta Inc-a | Stock-Other | 1.23% | +0.19% | +6.76% | |
| 20 | MYFW | First Western Financial Inc | Stock-Other | 0.91% | +0.30% | +3.63% | |
| 21 | IIIV | I3 Verticals Inc-class A | Stock-Other | 0.88% | +0.09% | +4.88% | |
| 22 | WLTH | Wealthfront CORP | Stock-Other | 0.84% | -0.08% | -15.28% | |
| 23 | FRST | Primis Financial CORP | Stock-Other | 0.77% | +0.25% | +8.02% | |
| 24 | NBHC | National Bank Hold-cl A | Stock-Other | 0.74% | +0.31% | +36.49% | |
| 25 | BANR | Banner Corporation | Stock-Other | 0.66% | +0.25% | +33.11% | |
| 26 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.62% | -0.51% | -50.00% | |
| 27 | PAY | Paymentus Holdings Inc-a | Stock-Other | 0.56% | -0.08% | -18.32% | |
| 28 | ✓ | Stock-Other | 0.46% | +0.46% | NEW | ||
| 29 | JCAP | Jefferson Capital Inc | Stock-Other | 0.40% | +0.05% | -0.29% | |
| 30 | COSO | Coastal South Bancshares Inc | Stock-Other | 0.38% | +0.11% | +15.58% | |
| 31 | PB | Prosperity Bancshares Inc | Stock-Financials | 0.36% | -2.20% | -88.27% | |
| 32 | MIAX | Miami International Holdings | Stock-Other | 0.36% | -1.00% | -75.22% | |
| 33 | FLYW | Flywire Corp-voting | Stock-Other | 0.30% | -0.14% | -59.09% | |
| 34 | GCMG | Gcm Grosvenor Inc - Class A | Stock-Other | 0.30% | +0.09% | +0.00% | |
| 35 | SMBK | Smartfinancial Inc | Stock-Other | 0.25% | +0.07% | +0.00% | |
| 36 | AAMI | Acadian Asset Management Inc | Stock-Other | 0.24% | -0.17% | -60.68% | |
| 37 | SFNC | Simmons First Natl Corp-cl A | Stock-Other | 0.13% | +0.13% | NEW | |
| 38 | NEWT | Newtekone Inc | Stock-Other | 0.09% | +0.01% | -21.75% | |
| 39 | NPB | Northpointe Bancshares Inc | Stock-Other | 0.07% | -0.07% | -56.97% | |
| 40 | IBOC | International Bancshares Crp | Stock-Other | 0.07% | +0.07% | NEW | |
| 41 | BOTJ | Bank Of THE James Financial | Stock-Other | 0.05% | +0.05% | NEW | |
| 42 | GEMI | Gemini Space Station Inc-a | Stock-Other | 0.02% | +0.01% | +101.06% | |
| 43 | UWMC | Uwm Holdings CORP | Stock-Other | 0.01% | -0.03% | -71.71% |
Portfolio Performance
Performance for Q3 2026
+8.7%
Performance Last 4 Quarters
+6.2%
- Stdev
- +18.7%
- Beta
- +0.89
- Alpha
- +3.9%
- Max Drawdown
- -14.1%
- Annualized Perf
- +22%
- Batting Avg vs S&P
- +50%
- Sortino
- +2.59
- Stutzer
- +0.35
- Treynor
- +0.24
- Sterling
- +1.19
- Calmar
- +1.56
- Information Ratio
- +0.12
- Tracking Error
- +14.8%
- Stdev Down
- +8.4%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +62.1%
- Worst 12 Months
- -0.2%
- Efficiency Ratio
- +0.49
- Sharpe
- +1.16
- Stdev Sectors
- +39.9%
- Skewness
- +0.44
- Kurtosis
- -0.53
- Upside Potential
- +4.58
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 43 | $2.6B | 43 | ||
| 2026 Q1 | 60 | $2.9B | 61 | ||
| 2025 Q4 | 56 | $2.5B | 68 | ||
| 2025 Q3 | 43 | $2.1B | 85 | ||
| 2025 Q2 | 40 | $2.3B | 0 | ||
| 2025 Q1 | 46 | $2.3B | 0 | ||
| 2024 Q4 | 41 | $2.2B | 0 | ||
| 2024 Q3 | 48 | $2.1B | 0 | ||
| 2024 Q2 | 46 | $2.2B | 0 | ||
| 2024 Q1 | 44 | $1.9B | 0 | ||
| 2023 Q4 | 36 | $1.7B | 0 | ||
| 2023 Q3 | 44 | $1.6B | 0 | ||
| 2023 Q2 | 36 | $1.3B | 0 | ||
| 2023 Q1 | 40 | $892.5M | 0 | ||
| 2022 Q4 | 37 | $912.3M | 0 | ||
| 2022 Q3 | 37 | $400.7M | 0 | ||
| 2022 Q2 | 34 | $355.8M | 0 | ||
| 2022 Q1 | 34 | $244.5M | 0 | ||
| 2021 Q4 | 33 | $216.9M | 0 |
* 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.
Holding changes this quarter
North Reef Capital Management LP's most significant position changes for 2026-06-30: Sold out: Visa Inc-class A Shares (V); Sold out: Tradeweb Markets Inc-class A (TW); Sold out: Fidelity National Info Serv (FIS); Sold out: First Foundation Inc (FFWM); Sold out: Q2 Holdings Inc (QTWO).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MKTX | Marketaxess Holdings Inc | +4.1% | +81.07% | Add |
| 2 | PNFP | Pinnacle Financial Partners | +2.5% | +624.76% | Add |
| 3 | ALKT | Alkami Technology Inc | +2.3% | +20.59% | Add |
| 4 | CBC | Central Bancompany | +2% | +12.88% | Add |
| 5 | ACIW | Aci Worldwide Inc | +1.9% | +17.35% | Add |
| 6 | GPN | Global Payments Inc | +1.4% | +480.00% | Add |
| 7 | PIPR | Piper Sandler Cos | +1.2% | +39.95% | Add |
| 8 | AMTB | Amerant Bancorp Inc | +0.9% | +59.89% | Add |
| 9 | NTRS | Northern Trust CORP | +0.9% | +15.55% | Add |
| 10 | TCBK | Trico Bancshares | +0.8% | +78.77% | Add |
| 11 | AUB | Atlantic Union Bankshares Co | +0.5% | -16.80% | Trim |
| 12 | FLG | Flagstar Bank NA | +0.5% | +9.32% | Add |
| 13 | ✓ | +0.5% | NEW | New buy | |
| 14 | NBHC | National Bank Hold-cl A | +0.3% | +36.49% | Add |
| 15 | MYFW | First Western Financial Inc | +0.3% | +3.63% | Add |
| 16 | ABCB | Ameris Bancorp | +0.3% | -20.19% | Trim |
| 17 | BANR | Banner Corporation | +0.3% | +33.11% | Add |
| 18 | FRST | Primis Financial CORP | +0.3% | +8.02% | Add |
| 19 | MQ | Marqeta Inc-a | +0.2% | +6.76% | Add |
| 20 | SFNC | Simmons First Natl Corp-cl A | +0.1% | NEW | New buy |
| 21 | COSO | Coastal South Bancshares Inc | +0.1% | +15.58% | Add |
| 22 | GCMG | Gcm Grosvenor Inc - Class A | +0.1% | +0.00% | Add |
| 23 | IIIV | I3 Verticals Inc-class A | +0.1% | +4.88% | Add |
| 24 | IBOC | International Bancshares Crp | +0.1% | NEW | New buy |
| 25 | SMBK | Smartfinancial Inc | +0.1% | +0.00% | Add |
| 26 | BOTJ | Bank Of THE James Financial | +0.1% | NEW | New buy |
| 27 | JCAP | Jefferson Capital Inc | +0.1% | -0.29% | Trim |
| 28 | SBCF | Seacoast Banking Corp/fl | 0% | -18.03% | Trim |
| 29 | GEMI | Gemini Space Station Inc-a | 0% | +101.06% | Add |
| 30 | NEWT | Newtekone Inc | 0% | -21.75% | Trim |
| 31 | RNST | Renasant CORP | 0% | EXIT | Sold out |
| 32 | UWMC | Uwm Holdings CORP | 0% | -71.71% | Trim |
| 33 | RBB | Rbb Bancorp | -0.1% | EXIT | Sold out |
| 34 | TRMK | Trustmark CORP | -0.1% | -19.84% | Trim |
| 35 | NPB | Northpointe Bancshares Inc | -0.1% | -56.97% | Trim |
| 36 | CVBF | Cvb Financial CORP | -0.1% | EXIT | Sold out |
| 37 | WLTH | Wealthfront CORP | -0.1% | -15.28% | Trim |
| 38 | PAY | Paymentus Holdings Inc-a | -0.1% | -18.32% | Trim |
| 39 | USCB | Uscb Financial Holdings Inc | -0.1% | EXIT | Sold out |
| 40 | KLAR | Klarna Group plc | -0.1% | EXIT | Sold out |
| 41 | CRMT | America's Car-mart Inc | -0.1% | EXIT | Sold out |
| 42 | AVBH | Avidbank Holdings Inc | -0.1% | EXIT | Sold out |
| 43 | COF | Capital One Financial CORP | -0.1% | EXIT | Sold out |
| 44 | FLYW | Flywire Corp-voting | -0.1% | -59.09% | Trim |
| 45 | FIGR | Figure Technology Solut-cl A | -0.1% | EXIT | Sold out |
| 46 | SF | Stifel Financial CORP | -0.2% | EXIT | Sold out |
| 47 | AAMI | Acadian Asset Management Inc | -0.2% | -60.68% | Trim |
| 48 | VYX | Ncr Voyix CORP | -0.2% | EXIT | Sold out |
| 49 | FIBK | First Interstate Bancsys-a | -0.4% | EXIT | Sold out |
| 50 | EGBN | Eagle Bancorp Inc | -0.5% | -36.68% | Trim |
1–50 of 64
Filing History
FAQ
What is North Reef Capital Management LP and what type of investor is it?
North Reef Capital Management LP 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 $2.6B, spread across 43 disclosed positions.
What are North Reef Capital Management LP's largest equity positions?
Based on the latest 13F filing, North Reef Capital Management LP's top holdings by market value are:
1. Marketaxess Holdings Inc (MKTX) — $385.3M (14.8%)
2. Ameris Bancorp (ABCB) — $246.6M (9.5%)
3. First Horizon CORP (FHN) — $235.9M (9.1%)
4. Keycorp (KEY) — $190.2M (7.3%)
5. Alkami Technology Inc (ALKT) — $167.2M (6.4%)
What changes did North Reef Capital Management LP make in its most recent portfolio filing?
In the latest reported quarter, North Reef Capital Management LP made 64 notable position adjustments: 4 new positions were initiated, 21 existing holdings were added to, 18 positions were partially reduced, and 21 were completely exited. The largest of these moves: Sold out: Visa Inc-class A Shares (V); Sold out: Tradeweb Markets Inc-class A (TW); Sold out: Fidelity National Info Serv (FIS); Sold out: First Foundation Inc (FFWM); Sold out: Q2 Holdings Inc (QTWO)
What sectors does North Reef Capital Management LP focus on?
North Reef Capital Management LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 89.7%
• Information Technology: 7.8%
• Industrials: 2.5%
Investment Profile
North Reef Capital Management LP returned an annualized 22.0% over the trailing 36 months — outperforming the S&P 500 by 3.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.89 (less volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 89.7% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 43 over the past 4 quarters — a shift toward more active trading.
It has added to its ALKT position over the past two quarters (+$118.7M, now $167.2M), while trimming MIAX over the same stretch (-$46.8M, still holding $9.3M).
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Developer Access
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REST API
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