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Funds (13F)

North Reef Capital Management LP

Backtest from 18 Feb 2022 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+8.3%
S&P 500 +14.1%
Last 12 months
+13.5%
S&P 500 +12.1%
Sharpe ratio
0.28
S&P 500 0.63
Biggest drop
−32.7%
S&P 500 −20.5%
$10.0k$20.0k 20222023202420252026 $18.6k$14.5k
StrategyS&P 500 $10,000 in North Reef Capital Management LP from 18 Feb 2022 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies North Reef Capital Management LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

North Reef Capital Management LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+8.3%+14.1%
Total return+45%+86%
Last 12 months+13.5%+12.1%
Last 3 months−2.5%—
Last month+4.8%—
This year so far+2.8%—
Volatility a year22.6%16.2%
Sharpe ratio0.280.63
Biggest drop−32.7%−20.5%
Beta to the S&P 5000.941.00
Alpha a year (t-statistic)−3.3% (−0.43)—
Share of weeks up54%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
MKTX15.0%——
ABCB9.6%——
FHN9.2%——
KEY7.4%——
ALKT6.5%——
SBCF6.2%——
AUB5.9%——
CBC5.4%——
ACIW5.1%——
PIPR3.8%——
PNFP2.9%——
TRMK2.8%——
NTRS2.3%——
EGBN1.9%——
AMTB1.8%——
FLG1.8%——
GPN1.6%——
TCBK1.4%——
MYFW0.9%——
IIIV0.9%——
WLTH0.8%——
FRST0.8%——
NBHC0.8%——
BANR0.7%——
SCHW0.6%——
PAY0.6%——
FRBT0.5%——
JCAP0.4%——
COSO0.4%——
PB0.4%——
MIAX0.4%——
FLYW0.3%——
GCMG0.3%——
SMBK0.3%——
AAMI0.2%——
SFNC0.1%——
NEWT0.1%——
NPB0.1%——
BOTJ0.1%——
GEMI0.0%——
UWMC0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest18 Feb 2022 to 2 Nov 2026+8.3%+14.1%0.280.63−32.7%0.94−3.3% (−0.43)
Last three years3 Nov 2023 to 2 Nov 2026+22.3%+21.8%0.861.16−23.3%0.86+3.9% (0.39)
Last year7 Nov 2025 to 2 Nov 2026+11.6%+14.2%0.500.84−12.3%0.56+2.7% (0.18)
DateCompanyAction
21 Aug 2026SFNCBought
21 Aug 2026FRBTBought
21 Aug 2026BOTJBought
22 May 2026UWMCBought
22 May 2026TRMKBought
22 May 2026SFBought
22 May 2026SCHWBought
22 May 2026RJFBought
22 May 2026RBBBought
22 May 2026PNFPBought
22 May 2026PIPRBought
22 May 2026PAYBought
22 May 2026NBHCBought
22 May 2026KEYBought
22 May 2026GPNBought
22 May 2026FLGBought
22 May 2026FISBought
22 May 2026COFBought
22 May 2026BANRBought
22 May 2026AXPBought
22 May 2026AMTBBought
20 Feb 2026WLTHBought
20 Feb 2026USCBBought
20 Feb 2026TFCBought
20 Feb 2026TCBKBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026VYXSold
21 Aug 2026VSold
21 Aug 2026USCBSold
21 Aug 2026SFSold
21 Aug 2026RNSTSold
21 Aug 2026RJFSold
21 Aug 2026RBBSold
21 Aug 2026QTWOSold
21 Aug 2026KLARSold
21 Aug 2026FISSold
21 Aug 2026FIGRSold
21 Aug 2026FIBKSold
21 Aug 2026FBKSold
21 Aug 2026CVBFSold
21 Aug 2026CRMTSold
21 Aug 2026COFSold
21 Aug 2026BANCSold
21 Aug 2026AXPSold
21 Aug 2026AVBHSold
22 May 2026TFCSold
22 May 2026SSBSold
22 May 2026FOURSold
22 May 2026FITBSold
22 May 2026EBCSold
22 May 2026COLBSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest