North Ground Capital
Long book
$83.0M
Q1 2026
Positions
40
Top-10 weight
63%
concentration
Last quarter
+0.9%
SPY +14.8%
Turnover
27%
of book per quarter
Strategy in plain words
auto-generated from filingsNorth Ground Capital is a concentrated fundamental stock-picker, specialised in real_estate (100% of the long book), running a $83.0M US long book across 40 positions.
The portfolio is concentrated: the top 10 names carry 63% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: BRIGHTSPIRE CAPITAL INC, RUNWAY GROWTH FINANCE CORP, GOLUB CAPITAL BDC INC, MSC INCOME FUND INC, ARES COMMERCIAL REAL ESTATE.
Over the last 6 quarters its long book ran on average 4.2pp per quarter behind the S&P 500, beating the index in 1 of 6 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
Q4 2024
-0.1%
Q1 2025
+5.0%
Q2 2025
+5.3%
Q3 2025
+0.7%
Q4 2025
-9.6%
Q1 2026
+0.9%
Sector allocation
Other 100%
Long book by quarter
What does North Ground own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RWAY RUNWAY GROWTH FINANCE CORP | — | 961.3K | $6.6M | 8.0% | -38.7% |
| GBDC GOLUB CAPITAL BDC INC | — | 478.9K | $6.1M | 7.3% | +46.9% |
| MSIF MSC INCOME FUND INC | — | 448.9K | $5.5M | 6.6% | -10.5% |
| CGBD CARLYLE SECURED LENDING INC | — | 387.5K | $4.2M | 5.1% | -57.5% |
| BCSF BAIN CAPITAL SPECIALTY FINAN | — | 334.0K | $4.1M | 5.0% | -46.7% |
| CCAP CRESCENT CAPITAL BDC INC | — | 338.9K | $4.1M | 5.0% | -59.4% |
| TCPC BLACKROCK TCP CAPITAL CORP | — | 850.0K | $3.1M | 3.7% | +7.9% |
| GLAD GLADSTONE CAPITAL CORP | — | 142.9K | $2.5M | 3.0% | New |
| OTF BLUE OWL TECHNOLOGY FINANCE | — | 188.7K | $2.3M | 2.8% | -30.5% |
| BXSL BLACKSTONE SECURED LENDING F | — | 27.0K | $641K | 0.8% | New |
| CION CION INVESTMENT CORP | — | 75.0K | $513K | 0.6% | -93.1% |
| ARCC ARES CAPITAL CORP | — | 17.8K | $320K | 0.4% | New |
| FSK FS KKR CAPITAL CORP | — | 25.0K | $255K | 0.3% | -97.2% |
| NMFC NEW MOUNTAIN FINANCE CORP | — | 25.0K | $194K | 0.2% | New |
| ICMB INVESTCORP CREDIT MANAGEMENT | — | 25.4K | $41K | 0.0% | -53.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 40 | $83.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 45 | $201.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 29, 2025 | 51 | $163.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 38 | $78.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 42 | $98.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 46 | $92.9M | canonical | SEC ↗ |
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