North Reef Capital Management LP
Sector Allocation
- Financials85.6%$2.2B
- Technology13.6%$353.8M
- Industrials0.9%$22.4M
AUM History
13fpro.ai/research/fund/north-reef-capital-management-lp-1867831
Conviction and streaks
Concentrating · top 10 = 73.0%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
MKTX
$385.3MABCB
$246.6MFHN
$235.9MKEY
$190.2MALKT
$167.2MSBCF
$158.8MAUB
$150.8MCBC
$139.7MACIW
$131.6MPIPR
$97.7MPNFP
$73.8MTRMK
$72.0MNTRS
$60.0MEGBN
$48.6MAMTB
$47.4MFLG
$45.6MGPN
$42.1MTCBK
$35.9MMQ
$32.1MMYFW
$23.8M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/north-reef-capital-management-lp-1867831
North Reef Capital Management LP 13F holdings — Q2 2026
$2.6B portfolio (-10.2% QoQ) · 43 holdings · Q2 2026 13F · top 10 are 73% of the stock portfolio
$385.3M
14.8% of stocks
+81%This quarter+1.6%Since filed10+ qtrsHeld$246.6M
9.5% of stocks
-20%This quarter-8.0%Since filed10+ qtrsHeld$235.9M
9.1% of stocks
-36%This quarter-10.9%Since filed10+ qtrsHeld$190.2M
7.3% of stocks
-35%This quarter-9.3%Since filed2 qtrsHeld$167.2M
6.4% of stocks
+21%This quarter-25.7%Since filed9 qtrsHeldAIQuality46.8#1,818Est. buyEstimated buy price is Pro: unlock with a free trialAdded 3 qtrs in a row$158.8M
6.1% of stocks
-18%This quarter-6.6%Since filed10+ qtrsHeld$150.8M
5.8% of stocks
-17%This quarter-8.1%Since filed7 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$139.7M
5.4% of stocks
+13%This quarter+6.2%Since filed3 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 3 qtrs in a row$131.6M
5.0% of stocks
+17%This quarter+2.3%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 3 qtrs in a row$97.7M
3.7% of stocks
+40%This quarter-14.6%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 3 qtrs in a row
All holdings — North Reef Capital Management LP (Q2 2026)
43 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | Pinnacle Financial Partners, Inc. | Financials | $73.8M | 2.8% | 732K | +625% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | TRUSTMARK CORP | Financials | $72.0M | 2.8% | 1.57M | -20% | 2 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | NORTHERN TRUST CORP | Financials | $60.0M | 2.3% | 345K | +16% | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | EAGLE BANCORP INC | Financials | $48.6M | 1.9% | 1.71M | -37% | 8 qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | Amerant Bancorp Inc. | Financials | $47.4M | 1.8% | 1.86M | +60% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | FLAGSTAR BANK, NATIONAL ASSOCIATION | Financials | $45.6M | 1.8% | 3.05M | +9% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | GLOBAL PAYMENTS INC | Financials | $42.1M | 1.6% | 580K | +480% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | TRICO BANCSHARES / | Financials | $35.9M | 1.4% | 667K | +79% | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | Marqeta, Inc. | Technology | $32.1M | 1.2% | 7.90M | +7% | 10+ qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | First Western Financial Inc | Financials | $23.8M | 0.9% | 743K | +4% | 10+ qtrsAdded 8 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | i3 Verticals, Inc. | Technology | $23.0M | 0.9% | 1.07M | +5% | 3 qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | WEALTHFRONT CORP | Financials | $21.9M | 0.8% | 2.44M | -15% | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | Primis Financial Corp. | Financials | $20.1M | 0.8% | 1.23M | +8% | 4 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | National Bank Holdings Corp | Financials | $19.4M | 0.7% | 437K | +36% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | BANNER CORP | Financials | $17.3M | 0.7% | 260K | +33% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $SCHW | SCHWAB CHARLES CORP | Financials | $16.1M | 0.6% | 175K | -50% | |||
| 27 | $PAY | Paymentus Holdings, Inc. | Industrials | $14.5M | 0.6% | 600K | -18% | |||
| 28 | $FRBT | Forbright, Inc. | Financials | $11.9M | 0.5% | 650K | New | |||
| 29 | $JCAP | Jefferson Capital, Inc. / DE | Financials | $10.3M | 0.4% | 531K | -0.3% | |||
| 30 | $COSO | CoastalSouth Bancshares, Inc. | Financials | $10.0M | 0.4% | 371K | +16% | |||
| 31 | $PB | PROSPERITY BANCSHARES INC | Financials | $9.5M | 0.4% | 130K | -88% | |||
| 32 | $MIAX | MIAMI INTERNATIONAL HOLDINGS, INC. | Financials | $9.3M | 0.4% | 251K | -75% | |||
| 33 | $FLYW | Flywire Corp | Industrials | $7.9M | 0.3% | 450K | -59% | |||
| 34 | $GCMG | GCM Grosvenor Inc. | Financials | $7.8M | 0.3% | 630K | +0.0% | |||
| 35 | $SMBK | SMARTFINANCIAL INC. | Financials | $6.4M | 0.3% | 137K | +0.0% | |||
| 36 | $AAMI | Acadian Asset Management Inc. | Financials | $6.2M | 0.2% | 87K | -61% | |||
| 37 | $SFNC | SIMMONS FIRST NATIONAL CORP | Financials | $3.4M | 0.1% | 150K | New | |||
| 38 | $NEWT | NewtekOne, Inc. | Financials | $2.3M | 0.1% | 156K | -22% | |||
| 39 | $NPB | NORTHPOINTE BANCSHARES INC | Financials | $1.9M | 0.1% | 100K | -57% | |||
| 40 | $IBOC | INTERNATIONAL BANCSHARES CORP | Financials | $1.9M | 0.1% | 25K | New | |||
| 41 | $BOTJ | BANK OF THE JAMES FINANCIAL GROUP INC | Financials | $1.3M | 0.1% | 50K | New | |||
| 42 | $GEMI | Gemini Space Station, Inc. | Financials | $426K | 0.0% | 100K | +101% | |||
| 43 | $UWMC | UWM Holdings Corp | Financials | $229K | 0.0% | 100K | -72% |
What changed in Q2 2026
Against the previous quarter's 13F: 4 new, 21 added to, 18 trimmed, 21 sold out. Share-count changes; largest moves by dollar size first.
New positions (4)
Added to (21)
now $385.3M · held 10+ qtrs, 7 adds in a row
now $73.8M · held 2 qtrs, 2 adds in a row
now $42.1M · held 2 qtrs, 2 adds in a row
now $167.2M · held 9 qtrs, 3 adds in a row
now $97.7M · held 10+ qtrs, 3 adds in a row
now $131.6M · held 10+ qtrs, 3 adds in a row
+15 more in the Excel export
Trimmed (18)
now $235.9M · held 10+ qtrs
now $190.2M · held 2 qtrs
$PBPROSPERITY BANCSHARES INC-88%
now $9.5M · held 3 qtrs
now $246.6M · held 10+ qtrs
now $158.8M · held 10+ qtrs
now $150.8M · held 7 qtrs, 2 trims in a row
+12 more in the Excel export
Sold out (21)
$VVISA INC.was $108.8M
held 5 qtrs
$TWTradeweb Markets Inc.was $39.7M
held 3 qtrs
$FISFidelity National Information Services, Inc.was $36.4M
held 1 qtr
$FFWMFirst Foundation Inc.was $34.9M
held 7 qtrs
$QTWOQ2 Holdings, Inc.was $29.4M
held 9+ qtrs
$BANCBANC OF CALIFORNIA, INC.was $26.4M
+15 more in the Excel export
Holdings by quarter
Every 13F North Reef Capital Management LP has filed, 18 earlier quarters. Pick one to see what it held then.
Is it too late to follow North Reef Capital Management?
Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 27, 2026.
Average quality of North Reef Capital Management's top 20 holdings: 60/100 (our AI quality score, weighted by position size; 20 of the 20 are scored)
Top 10 since filing
-6.6%
Value-weighted move of the 10 largest stock positions
Turnover
16%
Last quarter; 91% over the last 4
Top 10 weight
73%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
70%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
North Reef Capital Management LP disclosed 43 positions worth $2.6B in its Form 13F-HR for Q2 2026, led by $MKTX (MARKETAXESS HOLDINGS INC) at 14.8% of the equity portfolio, followed by $ABCB and $FHN. During the quarter the fund opened 4 new positions and exited 21 — including a new stake in $FRBT and a full exit from $V. The portfolio is most concentrated in Financials (85.6% of disclosed assets). All figures are sourced directly from North Reef Capital Management LP’s Form 13F-HR filing with the SEC under CIK 1867831.
Funds like this
managers whose biggest positions overlap North Reef Capital Management'sBrowse Top Institutional Investors
13F Pro tracks 8,700+ institutional investors filing 13F reports with the SEC.
to search all 8,700+ institutional filers.
AI-Powered Hedge Fund Analysis: North Reef Capital Management LP
13F Pro is an AI hedge fund tracker and stock research platform. For North Reef Capital Management LP (SEC CIK: 1867831), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.
Every holding in North Reef Capital Management LP's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.