North Reef Capital Management LP's Q2 2023 13F: 4 new positions, 8 exits
Form 13F-HR for the quarter ended Jun 30, 2023 · filed Aug 14, 2023 · 36 reported positions · accession 0001214659-23-011267
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | COMERICA INC (CMA) | 2.5% | 6.6% | +4.1 pts | +1.5M sh | +291% |
| Increased | CBOE GLOBAL MKTS INC (CBOE) | 5.2% | 7.8% | +2.6 pts | +390K sh | +114% |
| Exited | CITIGROUP INC (C) | 4.1% | — | −4.1 pts | −775K sh | −100% |
| Increased | PNC FINL SVCS GROUP INC (PNC) | 2.7% | 4.7% | +2.0 pts | +297K sh | +156% |
| Increased | HILLTOP HOLDINGS INC (HTH) | 1.9% | 4.2% | +2.2 pts | +1.14M sh | +197% |
| Increased | ACI WORLDWIDE INC (ACIW) | 2.3% | 4.0% | +1.7 pts | +1.5M sh | +199% |
| Increased | FIRST HORIZON CORPORATION (FHN) | 1.6% | 3.2% | +1.6 pts | +2.94M sh | +368% |
| Reduced | GLOBAL PMTS INC (GPN) | 6.2% | 1.6% | −4.7 pts | −320K sh | −60% |
| New | SCHWAB CHARLES CORP (SCHW) | — | 2.4% | +2.4 pts | +554K sh | new |
| Increased | TEXAS CAP BANCSHARES INC (TCBI) | 1.0% | 2.9% | +1.9 pts | +545K sh | +297% |
| Increased | SEACOAST BKG CORP FLA (SBCF) | 7.3% | 6.7% | −0.6 pts | +1.19M sh | +43% |
| Increased | CADENCE BANK (CADE) | 0.5% | 2.2% | +1.7 pts | +1.26M sh | +602% |
| Exited | US BANCORP DEL (USB) | 1.8% | — | −1.8 pts | −457K sh | −100% |
| Increased | AMERIS BANCORP (ABCB) | 7.3% | 6.5% | −0.9 pts | +673K sh | +38% |
| Increased | WINTRUST FINL CORP (WTFC) | 4.2% | 4.5% | +0.3 pts | +296K sh | +58% |
| Exited | FIFTH THIRD BANCORP (FITB) | 1.5% | — | −1.5 pts | −519K sh | −100% |
| Increased | PINNACLE FINL PARTNERS INC (PNFP) | 2.7% | 3.4% | +0.7 pts | +346K sh | +79% |
| Exited | FIRST CTZNS BANCSHARES INC N (FCNCA) | 1.4% | — | −1.4 pts | −13,283 sh | −100% |
| Increased | SYNOVUS FINL CORP (SNVZZZZ) | 8.2% | 6.8% | −1.4 pts | +552K sh | +23% |
| Reduced | AVIDXCHANGE HOLDINGS INC (AVDX) | 3.8% | 2.2% | −1.6 pts | −1.57M sh | −36% |
| Increased | INTERNATIONAL BANCSHARES COR (IBOC) | 6.2% | 5.5% | −0.7 pts | +321K sh | +25% |
| New | KEYCORP (KEY) | — | 1.0% | +1.0 pts | +1.44M sh | new |
| Exited | STATE STR CORP (STT) | 0.9% | — | −0.9 pts | −111K sh | −100% |
| Increased | Q2 HLDGS INC (QTWO) | 3.7% | 4.1% | +0.3 pts | +357K sh | +26% |
| Exited | GOLDMAN SACHS GROUP INC (GS) | 0.8% | — | −0.8 pts | −22,012 sh | −100% |
| Increased | BANK NEW YORK MELLON CORP (BK) | 3.6% | 3.2% | −0.4 pts | +236K sh | +33% |
| Increased | WELLS FARGO CO NEW (WFC) | 5.9% | 5.4% | −0.5 pts | +240K sh | +17% |
| Increased | PIPER SANDLER COMPANIES (PIPR) | 0.4% | 1.0% | +0.6 pts | +75,631 sh | +303% |
| Increased | BRIGHTSPHERE INVT GROUP INC (AAMI) | 3.2% | 2.7% | −0.5 pts | +462K sh | +38% |
| New | CVB FINL CORP (CVBF) | — | 0.7% | +0.7 pts | +711K sh | new |
| Exited | INDEPENDENT BANK GROUP INC (IBTX) | 0.7% | — | −0.7 pts | −135K sh | −100% |
| Increased | FIDELITY NATL INFORMATION SV (FIS) | 0.3% | 0.9% | +0.6 pts | +160K sh | +291% |
| Exited | M & T BK CORP (MTB) | 0.7% | — | −0.7 pts | −48,951 sh | −100% |
| Increased | FIRST BANCSHARES INC MS (FBMS) | 2.4% | 2.2% | −0.3 pts | +256K sh | +30% |
| Increased | AMERICAN NATL BANKSHARES INC (AMNB) | 0.7% | 0.7% | 0.0 pts | +111K sh | +56% |
| Increased | PEAPACK-GLADSTONE FINL CORP (PGC) | 0.7% | 0.6% | −0.1 pts | +62,252 sh | +28% |
| Reduced | COLUMBIA BKG SYS INC (COLB) | 0.9% | 0.5% | −0.4 pts | −67,500 sh | −18% |
| Increased | STIFEL FINL CORP (SF) | 0.4% | 0.4% | 0.0 pts | +22,020 sh | +40% |
| New | NCR CORP NEW (VYX) | — | 0.1% | +0.1 pts | +40,000 sh | new |
| Reduced | GCM GROSVENOR INC (GCMG) | 0.5% | 0.3% | −0.2 pts | −133K sh | −23% |
| Increased | VICTORY CAP HLDGS INC (VCTR) | 0.4% | 0.4% | 0.0 pts | +26,035 sh | +21% |
| Increased | FIRST WESTN FINL INC (MYFW) | 1.0% | 0.6% | −0.3 pts | +23,186 sh | +5% |
| Increased | REPAY HLDGS CORP (RPAY) | 0.1% | 0.1% | 0.0 pts | +34,231 sh | +21% |
| Increased | CNB FINL CORP PA (CCNE) | 0.1% | 0.1% | 0.0 pts | +13,657 sh | +21% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 58.5% of the equity book
Changes in the top 10 this quarter: CMA entered · PNC entered · HTH entered · GPN left · C left · AVDX left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | CBOE GLOBAL MKTS INC (CBOE) | 5.2% | 7.8% | |
| 2 | SYNOVUS FINL CORP (SNVZZZZ) | 8.2% | 6.8% | |
| 3 | SEACOAST BKG CORP FLA (SBCF) | 7.3% | 6.7% | |
| 4 | COMERICA INC (CMA) | 2.5% | 6.6% | Entered the top 10 |
| 5 | AMERIS BANCORP (ABCB) | 7.3% | 6.5% | |
| 6 | INTERNATIONAL BANCSHARES COR (IBOC) | 6.2% | 5.5% | |
| 7 | WELLS FARGO CO NEW (WFC) | 5.9% | 5.4% | |
| 8 | PNC FINL SVCS GROUP INC (PNC) | 2.7% | 4.7% | Entered the top 10 |
| 9 | WINTRUST FINL CORP (WTFC) | 4.2% | 4.5% | |
| 10 | HILLTOP HOLDINGS INC (HTH) | 1.9% | 4.2% | Entered the top 10 |
| — | GLOBAL PMTS INC (GPN) | 6.2% | 1.6% | Left the top 10 |
| — | CITIGROUP INC (C) | 4.1% | 0.0% | Left the top 10 |
| — | AVIDXCHANGE HOLDINGS INC (AVDX) | 3.8% | 2.2% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).