NFC Investments, LLC
Long book
$359.2M
Q1 2026
Positions
41
Top-10 weight
67%
concentration
Last quarter
+11.0%
SPY +14.8%
Turnover
21%
of book per quarter
Strategy in plain words
auto-generated from filingsNFC Investments, LLC is a concentrated fundamental stock-picker, running a $359.2M US long book across 41 positions.
The portfolio is concentrated: the top 10 names carry 67% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: MGIC INVESTMENT CORP, APOLLO GLOBAL MANAGEMENT INC, DARLING INGREDIENTS INC, ALPHABET INC-CL C, PROGRESSIVE CORP.
Over the last 9 quarters its long book ran on average 1.8pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.1%
Q2 2024
+5.5%
Q3 2024
+4.3%
Q4 2024
-1.0%
Q1 2025
+2.7%
Q2 2025
+1.2%
Q3 2025
+2.1%
Q4 2025
-0.6%
Q1 2026
+11.0%
Sector allocation
Financials 52%
Consumer staples 13%
Utilities 10%
Technology 8%
Consumer discretionary 6%
Energy 5%
Industrials 3%
Services media 2%
Long book by quarter
What does NFC Investments, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MTG MGIC INVESTMENT CORP | Financials | 1.8M | $46.4M | 12.9% | -1.1% |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 303.1K | $33.8M | 9.4% | +3.0% |
| DAR DARLING INGREDIENTS INC | Consumer staples | 449.7K | $27.8M | 7.7% | -2.7% |
| GOOG ALPHABET INC-CL C | Technology | 90.7K | $26.0M | 7.2% | -16.2% |
| PGR PROGRESSIVE CORP | Financials | 129.6K | $25.7M | 7.2% | +57.3% |
| AZO AUTOZONE INC | Consumer discretionary | 5.6K | $19.0M | 5.3% | -0.2% |
| PLGO PELAGOS INSURANCE CAPITAL LT | Financials | 916.4K | $17.5M | 4.9% | +13.2% |
| TRGP TARGA RESOURCES CORP | Utilities | 66.5K | $16.7M | 4.6% | -1.3% |
| WEST WESTROCK COFFEE CO | Consumer staples | 3.5M | $15.0M | 4.2% | -5.8% |
| RRC RANGE RESOURCES CORP | Energy | 265.0K | $12.0M | 3.3% | -1.7% |
| AXP AMERICAN EXPRESS CO | Financials | 38.1K | $11.6M | 3.2% | -1.7% |
| TOL TOLL BROTHERS INC | Industrials | 79.1K | $10.8M | 3.0% | New |
| EG EVEREST GROUP LTD | Financials | 29.1K | $9.5M | 2.7% | -0.3% |
| ET ENERGY TRANSFER LP | Utilities | 477.8K | $9.2M | 2.6% | +1.4% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 45.0K | $8.2M | 2.3% | New |
| UHAL/B U-HAUL HOLDING CO-NON VOTING | Services media | 178.4K | $8.0M | 2.2% | +23.7% |
| TFIN TRIUMPH FINANCIAL INC | Financials | 127.5K | $7.6M | 2.1% | +0.3% |
| KMI KINDER MORGAN INC | Utilities | 212.6K | $7.1M | 2.0% | -5.8% |
| ORI OLD REPUBLIC INTL CORP | Financials | 153.3K | $6.1M | 1.7% | -2.7% |
| VNOM VIPER ENERGY INC-CL A | Energy | 122.5K | $5.8M | 1.6% | -4.0% |
| HIG HARTFORD INSURANCE GROUP INC | Financials | 35.0K | $4.7M | 1.3% | Held |
| ESNT ESSENT GROUP LTD | Financials | 49.1K | $2.9M | 0.8% | -5.4% |
| ARLP ALLIANCE RESOURCE PARTNERS | Materials | 65.7K | $1.8M | 0.5% | -5.7% |
| FHN FIRST HORIZON CORP | Financials | 60.5K | $1.4M | 0.4% | +537.2% |
| KO COCA-COLA CO/THE | Consumer staples | 12.5K | $951K | 0.3% | Held |
| NMIH NMI HOLDINGS INC | Financials | 16.6K | $623K | 0.2% | -31.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 1.2K | $563K | 0.2% | Held |
| RF REGIONS FINANCIAL CORP | Financials | 19.2K | $502K | 0.1% | Held |
| MSFT MICROSOFT CORP | Technology | 1.2K | $457K | 0.1% | -16.9% |
| KKR KKR & CO INC | Financials | 4.8K | $439K | 0.1% | +0.2% |
| BAC BANK OF AMERICA CORP | Financials | 8.3K | $407K | 0.1% | New |
| FDX FEDEX CORP | Industrials | 1.1K | $384K | 0.1% | +0.2% |
| AAPL APPLE INC | Technology | 1.4K | $366K | 0.1% | -30.8% |
| GOOGL ALPHABET INC-CL A | Technology | 930 | $268K | 0.1% | Held |
| PNFP PINNACLE FINANCIAL PARTNERS | Financials | 3.0K | $260K | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 12, 2026 | 41 | $359.16B | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 43 | $354.16B | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 43 | $345.49B | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 36 | $349.74B | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 36 | $336.37B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 37 | $362.4M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 35 | $348.14B | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 36 | $348.62B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 32 | $347.75B | $K fixed canonical | SEC ↗ |
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