North Reef Capital Management LP
LAGUNA BEACH, CA
$2.6bn in 43 US stocks at the end of 30 June 2026. The top 10 are 73.0% of the money. It changed about 21.7% of the portfolio this quarter.
Value
$2.6bn
Stocks
43
Top 10 share
73.0%
Turnover
21.7%
What changed this quarter
New
Bought for the first time this quarter.
- ForbrightFRBT0.5% of the fund
- Simmons First NationalSFNC0.1% of the fund
- International BancsharesIBOC<0.1% of the fund
- Bank of the James Financial GroupBOTJ<0.1% of the fund
Added
Bought more of a stock they already held.
- Marketaxess HoldingsMKTX14.8% of the fund+81%
- Alkami TechnologyALKT6.4% of the fund+21%
- Central BancompanyCBC5.4% of the fund+13%
- ACI WorldwideACIW5.0% of the fund+17%
- Piper Sandler CompaniesPIPR3.7% of the fund+40%
- Pinnacle Financial PartnersPNFP2.8% of the fund+625%
- Northern TrustNTRS2.3% of the fund+16%
- Amerant BancorpAMTB1.8% of the fund+60%
- Flagstar Bank, National AssociationFLG1.7% of the fund+9%
- Global PaymentsGPN1.6% of the fund+480%
- Trico BancsharesTCBK1.4% of the fund+79%
- MarqetaMQ1.2% of the fund+7%
- First Western FinancialMYFW0.9% of the fund+4%
- i3 VerticalsIIIV0.9% of the fund+5%
- Primis FinancialFRST0.8% of the fund+8%
- National Bank HoldingsNBHC0.7% of the fund+36%
- BannerBANR0.7% of the fund+33%
- CoastalSouth BancsharesCOSO0.4% of the fund+16%
- Gemini Space StationGEMI<0.1% of the fund+101%
Cut
Sold some of their stake.
- Ameris BancorpABCB9.5% of the fund-20%
- First HorizonFHN9.0% of the fund-36%
- KeycorpKEY7.3% of the fund-35%
- Seacoast Banking Corp of FloridaSBCF6.1% of the fund-18%
- Atlantic Union BanksharesAUB5.8% of the fund-17%
- TrustmarkTRMK2.8% of the fund-20%
- Eagle BancorpEGBN1.9% of the fund-37%
- WealthfrontWLTH0.8% of the fund-15%
- Charles SchwabSCHW0.6% of the fund-50%
- Paymentus HoldingsPAY0.6% of the fund-18%
- Prosperity BancsharesPB0.4% of the fund-88%
- Miami International HoldingsMIAX0.4% of the fund-75%
- FlywireFLYW0.3% of the fund-59%
- Acadian Asset ManagementAAMI0.2% of the fund-61%
- NewtekOneNEWT<0.1% of the fund-22%
- Northpointe BancsharesNPB<0.1% of the fund-57%
- UWM HoldingsUWMC<0.1% of the fund-72%
Sold out
Sold their entire stake.
- VisaV-100%
- Tradeweb MarketsTW-100%
- Fidelity National Information ServicesFIS-100%
- First Fndtn-100%
- Q2 HoldingsQTWO-100%
- Banc of CaliforniaBANC-100%
- FB FinancialFBK-100%
- Raymond James FinancialRJF-100%
- American ExpressAXP-100%
- First Interstate BancsystemFIBK-100%
- NCR VoyixVYX-100%
- Stifel FinancialSF-100%
- Figure Technology SolutionsFIGR-100%
- Avidbank HoldingsAVBH-100%
- Capital One FinancialCOF-100%
- Americas CarmartCRMT-100%
- Klarna GroupKLAR-100%
- Uscb Financial HoldingsUSCB-100%
- CVB FinancialCVBF-100%
- RBB BancorpRBB-100%
- RenasantRNST-100%
Holdings
- ForbrightFRBT
- Share
- 0.5%
- Value
- $12m
- Shares
- 649,999
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Marketaxess HoldingsMKTX | 14.8% | $385m | 3,395,000 | +81% |
| Ameris BancorpABCB | 9.5% | $247m | 2,732,243 | -20% |
| First HorizonFHN | 9.0% | $236m | 9,201,256 | -36% |
| KeycorpKEY | 7.3% | $190m | 8,250,000 | -35% |
| Alkami TechnologyALKT | 6.4% | $167m | 9,225,000 | +21% |
| Seacoast Banking Corp of FloridaSBCF | 6.1% | $159m | 4,775,000 | -18% |
| Atlantic Union BanksharesAUB | 5.8% | $151m | 3,565,000 | -17% |
| Central BancompanyCBC | 5.4% | $140m | 4,600,000 | +13% |
| ACI WorldwideACIW | 5.0% | $132m | 2,617,000 | +17% |
| Piper Sandler CompaniesPIPR | 3.7% | $98m | 1,350,000 | +40% |
| Pinnacle Financial PartnersPNFP | 2.8% | $74m | 731,537 | +625% |
| TrustmarkTRMK | 2.8% | $72m | 1,565,551 | -20% |
| Northern TrustNTRS | 2.3% | $60m | 345,000 | +16% |
| Eagle BancorpEGBN | 1.9% | $49m | 1,713,535 | -37% |
| Amerant BancorpAMTB | 1.8% | $47m | 1,855,507 | +60% |
| Flagstar Bank, National AssociationFLG | 1.7% | $46m | 3,050,000 | +9% |
| Global PaymentsGPN | 1.6% | $42m | 580,000 | +480% |
| Trico BancsharesTCBK | 1.4% | $36m | 667,061 | +79% |
| MarqetaMQ | 1.2% | $32m | 7,900,000 | +7% |
| First Western FinancialMYFW | 0.9% | $24m | 742,630 | +4% |
| i3 VerticalsIIIV | 0.9% | $23m | 1,075,000 | +5% |
| WealthfrontWLTH | 0.8% | $22m | 2,444,253 | -15% |
| Primis FinancialFRST | 0.8% | $20m | 1,226,283 | +8% |
| National Bank HoldingsNBHC | 0.7% | $19m | 437,241 | +36% |
| BannerBANR | 0.7% | $17m | 260,156 | +33% |
| Charles SchwabSCHW | 0.6% | $16m | 175,000 | -50% |
| Paymentus HoldingsPAY | 0.6% | $14m | 600,000 | -18% |
| ForbrightFRBT | 0.5% | $12m | 649,999 | New |
| Jefferson CapitalJCAP | 0.4% | $10m | 530,598 | Held |
| CoastalSouth BancsharesCOSO | 0.4% | $10m | 370,982 | +16% |
| Prosperity BancsharesPB | 0.4% | $9m | 130,000 | -88% |
| Miami International HoldingsMIAX | 0.4% | $9m | 251,354 | -75% |
| FlywireFLYW | 0.3% | $8m | 450,000 | -59% |
| GCM GrosvenorGCMG | 0.3% | $8m | 630,180 | Held |
| SmartfinancialSMBK | 0.2% | $6m | 137,089 | Held |
| Acadian Asset ManagementAAMI | 0.2% | $6m | 86,596 | -61% |
| Simmons First NationalSFNC | 0.1% | $3m | 150,000 | New |
| NewtekOneNEWT | <0.1% | $2m | 155,681 | -22% |
| Northpointe BancsharesNPB | <0.1% | $2m | 100,000 | -57% |
| International BancsharesIBOC | <0.1% | $2m | 25,000 | New |
| Bank of the James Financial GroupBOTJ | <0.1% | $1m | 50,132 | New |
| Gemini Space StationGEMI | <0.1% | $426,004 | 100,001 | +101% |
| UWM HoldingsUWMC | <0.1% | $229,000 | 100,000 | -72% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 15.6% since 30 June 2025.
Where the money is
Financial services80.2%
Technology14.4%
Other5.4%
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.