13F
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North Reef Capital Management LP

13F equity value
$2.9B
Positions
60
Top 10 concentration
65.6%
Quarters / total new picks
16 / 130
13F equity value over time
$0M$1B$3B202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 16 quarters, returned +2.4% per quarter — versus +3.3% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = -0.82, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-1.9%
t-stat
-0.82
Quarterly win rate
50%
Annualized excess
-5.1%
$1 → follow vs universe
$1.34 vs $1.61
Cumulative return: $1 invested in new picks vs universe
1.00 20220331: universe 1.07420220630: universe 0.99520220930: universe 1.06820221231: universe 0.99220230331: universe 1.04620230630: universe 1.00820230930: universe 1.14420231231: universe 1.19620240331: universe 1.22220240630: universe 1.33320240930: universe 1.32220241231: universe 1.23420250331: universe 1.34520250630: universe 1.38720250930: universe 1.56020251231: universe 1.614 20220331: follow 1.09920220630: follow 1.02720220930: follow 1.06420221231: follow 0.83120230331: follow 0.89820230630: follow 0.90120230930: follow 0.98820231231: follow 1.00620240331: follow 1.06920240630: follow 1.24820240930: follow 1.20820241231: follow 1.07420250331: follow 1.12820250630: follow 1.19720250930: follow 1.44720251231: follow 1.341 0.76 1.25 1.74 2022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 60 · 2026 Q1

Ticker Value Weight QoQ
FHN $329M
11.3%
ADD
MKTX $309M
10.7%
ADD
ABCB $267M
9.2%
ADD
KEY $254M
8.7%
NEW
SBCF $176M
6.1%
HOLD
AUB $153M
5.3%
TRIM
ALKT $120M
4.1%
ADD
V $109M
3.7%
ADD
CBC $98M
3.4%
ADD
ACIW $91M
3.1%
ADD
TRMK $82M
2.8%
NEW
PB $74M
2.6%
ADD
PIPR $74M
2.5%
NEW
EGBN $67M
2.3%
TRIM
NTRS $42M
1.4%
TRIM
TW $40M
1.4%
ADD
MIAX $39M
1.4%
TRIM
FLG $37M
1.3%
NEW
FIS $36M
1.3%
NEW
FFWM $35M
1.2%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

AMTBAXPBANRCOFFISFLGGPNKEYNBHCPAYRBBRJFSCHWSFTRMKUWMC

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.