North Ground Capital
Cohasset, MA
$83m in 33 US stocks at the end of 30 June 2026. The top 10 are 67.7% of the money. It changed about 32.9% of the portfolio this quarter.
Value
$83m
Stocks
33
Top 10 share
67.7%
Turnover
32.9%
What changed this quarter
New
Bought for the first time this quarter.
- SLR InvestmentSLRC2.5% of the fund
- Tortoise Energy InfrastructureTYG2.3% of the fund
- Blackstone Mortgage TrustBXMT2.2% of the fund
- Nuveen Floating Rate Income FundJFR2.0% of the fund
- Virtus Dividend, Interest & Premium Strategy FundNFJ1.6% of the fund
- Nuveen Municipal High Income Opportunity FundNMZ1.1% of the fund
- Nuveen CR Strategies IncomeXJQCX0.4% of the fund
- Japan Smaller Capitalization FundJOF0.1% of the fund
Added
Bought more of a stock they already held.
- FS Specialty Lending FundFSSL10.9% of the fund+227%
- Carlyle Secured LendingCGBD7.8% of the fund+59%
- MSC Income FundMSIF7.5% of the fund+20%
- Crescent Capital BDCCCAP6.8% of the fund+54%
- Ares Commercial Real EstateACRE6.7% of the fund+10%
- Millrose PropertiesMRP6.5% of the fund+38%
- Clough Global Opportunities FundGLO5.3% of the fund+37%
- Mexico FundMXF3.6% of the fund+91%
- Blue Owl Technology FinanceOTF3.4% of the fund+47%
- Angel Oak Mortgage REITAOMR1.8% of the fund+20%
- Clough Global Equity FDXGLQX0.9% of the fund+151%
- Clough Global Dividend & Income FundGLV0.7% of the fund+93%
- Highland Opportunities & Income FundHFRO0.2% of the fund+12%
- Investcorp Credit Management BDCICMB<0.1% of the fund+10%
Cut
Sold some of their stake.
- BrightSpire CapitalBRSP7.1% of the fund-32%
- Runway Growth FinanceRWAY4.9% of the fund-24%
- Nuveen New York Amt-Free Quality Municipal Income FundNRK4.2% of the fund-9%
- Bain Capital Specialty FinanceBCSF3.4% of the fund-33%
- Gladstone CapitalGLAD2.5% of the fund-26%
- Invesco Quality Municipal Income TrustIQI1.5% of the fund-8%
- FS Credit OpportunitiesFSCO0.5% of the fund-83%
- BlackRock ESG Capital Allocation Term TrustECAT0.5% of the fund-72%
- Saba Capital Income & Opportunities FundBRW0.4% of the fund-41%
- Destra Multi-Alternative FundDMA0.3% of the fund-46%
- Federated Hermes Premier Municipal Income FundFMN0.2% of the fund-7%
Sold out
Sold their entire stake.
- Golub Capital BDCGBDC-100%
- BlackRock TCP CapitalTCPC-100%
- Nuveen AMT-Free Municipal Credit Income FundNVG-100%
- Nuveen PA Invt Quality MUN FXNQPX-100%
- Nuveen New Jersey Qult MUN FXNXJX-100%
- Blackstone Secured Lending FundBXSL-100%
- Invesco Pennsylvania Value Municipal Income TrustVPV-100%
- CION InvestmentCION-100%
- abrdn Income Credit Strategies FundACP-100%
- Ares CapitalARCC-100%
- Total Return Securities FundSWZ-100%
- Apollo Commercial Real Estate FinanceARI-100%
- FS KKR CapitalFSK-100%
- Oxford Lane CapitalOXLC-100%
- New Mountain FinanceNMFC-100%
Holdings
- FS Specialty Lending FundFSSL
- Share
- 10.9%
- Value
- $9m
- Shares
- 817,600
+227%
- Clough Global Opportunities FundGLO
- Share
- 5.3%
- Value
- $4m
- Shares
- 728,000
+37%
- Nuveen New York Amt-Free Quality Municipal Income FundNRK
- Share
- 4.2%
- Value
- $3m
- Shares
- 323,680
-9%
- Mexico FundMXF
- Share
- 3.6%
- Value
- $3m
- Shares
- 136,348
+91%
- Tortoise Energy InfrastructureTYG
- Share
- 2.3%
- Value
- $2m
- Shares
- 44,800
New
- Nuveen Floating Rate Income FundJFR
- Share
- 2.0%
- Value
- $2m
- Shares
- 222,501
New
- Virtus Dividend, Interest & Premium Strategy FundNFJ
- Share
- 1.6%
- Value
- $1m
- Shares
- 89,387
New
- Invesco Quality Municipal Income TrustIQI
- Share
- 1.5%
- Value
- $1m
- Shares
- 120,018
-8%
- Nuveen Municipal High Income Opportunity FundNMZ
- Share
- 1.1%
- Value
- $947,072
- Shares
- 89,600
New
- Clough Global Equity FDXGLQX
- Share
- 0.9%
- Value
- $767,990
- Shares
- 89,094
+151%
- Clough Global Dividend & Income FundGLV
- Share
- 0.7%
- Value
- $607,560
- Shares
- 91,500
+93%
- FS Credit OpportunitiesFSCO
- Share
- 0.5%
- Value
- $447,104
- Shares
- 89,600
-83%
- BlackRock ESG Capital Allocation Term TrustECAT
- Share
- 0.5%
- Value
- $440,160
- Shares
- 28,000
-72%
- Saba Capital Income & Opportunities FundBRW
- Share
- 0.4%
- Value
- $367,920
- Shares
- 56,000
-41%
- Nuveen CR Strategies IncomeXJQCX
- Share
- 0.4%
- Value
- $364,019
- Shares
- 74,901
New
- Destra Multi-Alternative FundDMA
- Share
- 0.3%
- Value
- $224,400
- Shares
- 30,000
-46%
- Federated Hermes Premier Municipal Income FundFMN
- Share
- 0.2%
- Value
- $181,749
- Shares
- 15,818
-7%
- Highland Opportunities & Income FundHFRO
- Share
- 0.2%
- Value
- $176,332
- Shares
- 24,731
+12%
- Japan Smaller Capitalization FundJOF
- Share
- 0.1%
- Value
- $117,800
- Shares
- 10,000
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| FS Specialty Lending FundFSSL | 10.9% | $9m | 817,600 | +227% |
| Carlyle Secured LendingCGBD | 7.8% | $6m | 616,000 | +59% |
| MSC Income FundMSIF | 7.5% | $6m | 537,600 | +20% |
| BrightSpire CapitalBRSP | 7.1% | $6m | 1,092,000 | -32% |
| Crescent Capital BDCCCAP | 6.8% | $6m | 520,800 | +54% |
| Ares Commercial Real EstateACRE | 6.7% | $6m | 1,232,000 | +10% |
| Millrose PropertiesMRP | 6.5% | $5m | 179,200 | +38% |
| Clough Global Opportunities FundGLO | 5.3% | $4m | 728,000 | +37% |
| Runway Growth FinanceRWAY | 4.9% | $4m | 728,000 | -24% |
| Nuveen New York Amt-Free Quality Municipal Income FundNRK | 4.2% | $3m | 323,680 | -9% |
| Mexico FundMXF | 3.6% | $3m | 136,348 | +91% |
| Blue Owl Technology FinanceOTF | 3.4% | $3m | 277,467 | +47% |
| Bain Capital Specialty FinanceBCSF | 3.4% | $3m | 224,000 | -33% |
| SLR InvestmentSLRC | 2.5% | $2m | 168,000 | New |
| Gladstone CapitalGLAD | 2.5% | $2m | 105,280 | -26% |
| Tortoise Energy InfrastructureTYG | 2.3% | $2m | 44,800 | New |
| Blackstone Mortgage TrustBXMT | 2.2% | $2m | 106,400 | New |
| Nuveen Floating Rate Income FundJFR | 2.0% | $2m | 222,501 | New |
| Angel Oak Mortgage REITAOMR | 1.8% | $1m | 164,369 | +20% |
| Virtus Dividend, Interest & Premium Strategy FundNFJ | 1.6% | $1m | 89,387 | New |
| Invesco Quality Municipal Income TrustIQI | 1.5% | $1m | 120,018 | -8% |
| Nuveen Municipal High Income Opportunity FundNMZ | 1.1% | $947,072 | 89,600 | New |
| Clough Global Equity FDXGLQX | 0.9% | $767,990 | 89,094 | +151% |
| Clough Global Dividend & Income FundGLV | 0.7% | $607,560 | 91,500 | +93% |
| FS Credit OpportunitiesFSCO | 0.5% | $447,104 | 89,600 | -83% |
| BlackRock ESG Capital Allocation Term TrustECAT | 0.5% | $440,160 | 28,000 | -72% |
| Saba Capital Income & Opportunities FundBRW | 0.4% | $367,920 | 56,000 | -41% |
| Nuveen CR Strategies IncomeXJQCX | 0.4% | $364,019 | 74,901 | New |
| Destra Multi-Alternative FundDMA | 0.3% | $224,400 | 30,000 | -46% |
| Federated Hermes Premier Municipal Income FundFMN | 0.2% | $181,749 | 15,818 | -7% |
| Highland Opportunities & Income FundHFRO | 0.2% | $176,332 | 24,731 | +12% |
| Japan Smaller Capitalization FundJOF | 0.1% | $117,800 | 10,000 | New |
| Investcorp Credit Management BDCICMB | <0.1% | $32,760 | 28,000 | +10% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 6.4% since 30 June 2025.
Where the money is
Real estate24.2%
Financial services1.6%
Other74.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.