North Reef Capital Management LP
Long book
$2.91B
Q1 2026
Positions
60
Top-10 weight
66%
concentration
Last quarter
+9.8%
SPY +14.8%
Turnover
43%
of book per quarter
Strategy in plain words
auto-generated from filingsNorth Reef Capital Management LP is a concentrated fundamental stock-picker, specialised in financials (84% of the long book), running a $2.91B US long book across 60 positions.
The portfolio is concentrated: the top 10 names carry 66% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: FIRST HORIZON CORP, MARKETAXESS HOLDINGS INC, AMERIS BANCORP, KEYCORP, SEACOAST BANKING CORP/FL.
Over the last 9 quarters its long book ran on average 0.4pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.8%
Q2 2024
+13.0%
Q3 2024
+11.0%
Q4 2024
-6.1%
Q1 2025
+3.9%
Q2 2025
+5.5%
Q3 2025
+2.6%
Q4 2025
-4.4%
Q1 2026
+9.8%
Sector allocation
Financials 83%
Technology 9%
Services media 6%
Other 1%
Consumer discretionary 0%
Long book by quarter
What does North Reef own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| FHN FIRST HORIZON CORP | Financials | 14.5M | $329.0M | 11.3% | +25.5% |
| MKTX MARKETAXESS HOLDINGS INC | Financials | 1.9M | $309.3M | 10.6% | +16.5% |
| ABCB AMERIS BANCORP | Financials | 3.4M | $267.0M | 9.2% | +25.1% |
| KEY KEYCORP | Financials | 12.7M | $253.6M | 8.7% | New |
| SBCF SEACOAST BANKING CORP/FL | Financials | 5.8M | $176.4M | 6.1% | -0.1% |
| AUB ATLANTIC UNION BANKSHARES CO | Financials | 4.3M | $153.1M | 5.3% | -6.3% |
| ALKT ALKAMI TECHNOLOGY INC | Technology | 7.7M | $119.9M | 4.1% | +264.3% |
| V VISA INC-CLASS A SHARES | Services media | 360.0K | $108.8M | 3.7% | +33.3% |
| CBC CENTRAL BANCOMPANY | Financials | 4.1M | $97.6M | 3.4% | +210.9% |
| ACIW ACI WORLDWIDE INC | Technology | 2.2M | $91.5M | 3.1% | +13.2% |
| TRMK TRUSTMARK CORP | Financials | 2.0M | $82.3M | 2.8% | New |
| PB PROSPERITY BANCSHARES INC | Financials | 1.1M | $74.4M | 2.6% | +149.0% |
| PIPR PIPER SANDLER COS | Financials | 964.6K | $73.8M | 2.5% | New |
| EGBN EAGLE BANCORP INC | Financials | 2.7M | $67.3M | 2.3% | -8.0% |
| NTRS NORTHERN TRUST CORP | Financials | 298.6K | $41.7M | 1.4% | -3.9% |
| TW TRADEWEB MARKETS INC-CLASS A | Financials | 337.1K | $39.7M | 1.4% | +6.7% |
| MIAX MIAMI INTERNATIONAL HOLDINGS | Financials | 1.0M | $39.5M | 1.4% | -19.8% |
| FLG FLAGSTAR BANK NA | Financials | 2.8M | $36.7M | 1.3% | New |
| FIS FIDELITY NATIONAL INFO SERV | Services media | 775.0K | $36.4M | 1.3% | New |
| FFWM FIRST FOUNDATION INC | — | 5.9M | $34.9M | 1.2% | -24.3% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 350.0K | $32.9M | 1.1% | New |
| QTWO Q2 HOLDINGS INC | Technology | 620.8K | $29.4M | 1.0% | -48.9% |
| WLTH WEALTHFRONT CORP | Financials | 2.9M | $26.7M | 0.9% | +135.2% |
| BANC BANC OF CALIFORNIA INC | Financials | 1.5M | $26.4M | 0.9% | +29.7% |
| FBK FB FINANCIAL CORP | Financials | 500.0K | $26.0M | 0.9% | -44.0% |
| AMTB AMERANT BANCORP INC | Financials | 1.2M | $25.6M | 0.9% | New |
| RJF RAYMOND JAMES FINANCIAL INC | Financials | 159.2K | $23.0M | 0.8% | New |
| IIIV I3 VERTICALS INC-CLASS A | Technology | 1.0M | $22.9M | 0.8% | +1253.8% |
| PAY PAYMENTUS HOLDINGS INC-A | Services media | 734.6K | $18.7M | 0.6% | New |
| TCBK TRICO BANCSHARES | Financials | 373.1K | $17.7M | 0.6% | -23.1% |
| MYFW FIRST WESTERN FINANCIAL INC | Financials | 716.6K | $17.6M | 0.6% | +4.5% |
| AXP AMERICAN EXPRESS CO | Financials | 50.0K | $15.1M | 0.5% | New |
| FRST PRIMIS FINANCIAL CORP | Financials | 1.1M | $15.1M | 0.5% | -5.7% |
| FLYW FLYWIRE CORP-VOTING | Services media | 1.1M | $12.8M | 0.4% | +83.3% |
| NBHC NATIONAL BANK HOLD-CL A | Financials | 320.4K | $12.5M | 0.4% | New |
| AAMI ACADIAN ASSET MANAGEMENT INC | Financials | 220.2K | $12.0M | 0.4% | -50.4% |
| BANR BANNER CORPORATION | Financials | 195.4K | $11.9M | 0.4% | New |
| FIBK FIRST INTERSTATE BANCSYS-A | Financials | 325.2K | $10.9M | 0.4% | -83.5% |
| JCAP JEFFERSON CAPITAL INC | Financials | 532.2K | $10.2M | 0.4% | +122.2% |
| PNFP PINNACLE FINANCIAL PARTNERS | Financials | 100.9K | $8.7M | 0.3% | New |
| COSO COASTAL SOUTH BANCSHARES INC | Financials | 321.0K | $7.9M | 0.3% | +21.6% |
| GPN GLOBAL PAYMENTS INC | Services media | 100.0K | $6.7M | 0.2% | New |
| GCMG GCM GROSVENOR INC - CLASS A | Financials | 630.2K | $6.2M | 0.2% | +4.8% |
| SMBK SMARTFINANCIAL INC | Financials | 137.1K | $5.4M | 0.2% | +1.6% |
| VYX NCR VOYIX CORP | Technology | 810.7K | $5.1M | 0.2% | -3.5% |
| SF STIFEL FINANCIAL CORP | Financials | 57.2K | $4.2M | 0.1% | New |
| FIGR FIGURE TECHNOLOGY SOLUT-CL A | Financials | 119.4K | $4.1M | 0.1% | -4.5% |
| NPB NORTHPOINTE BANCSHARES INC | Financials | 232.4K | $4.0M | 0.1% | -10.2% |
| AVBH AVIDBANK HOLDINGS INC | Financials | 123.0K | $3.5M | 0.1% | -0.5% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 18.7K | $3.4M | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 60 | $2.91B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 56 | $2.48B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 43 | $2.14B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 40 | $2.26B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 46 | $2.31B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 41 | $2.23B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 48 | $2.14B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 46 | $2.16B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 44 | $1.92B | canonical | SEC ↗ |