SEC 13F Intelligence

Managers / Q4 2022 · view latest →

NFC Investments, LLC

CIK 0001512858 · 700 COLONIAL ROAD, SUITE 101, MEMPHIS, TN, 38117 · 901-767-5576

Reported Value
$323M
Q4 2022
Positions
34
Filings on Record
29
2019–present window
Filed
Feb 15, 2023
original filing

Summary

Nfc Investments, LLC reported $323M in U.S.-listed holdings across 34 positions for Q4 2022.

Its largest position, APO, represents 11.9% of the portfolio.

Compared with Q3 2022, the fund opened 2 new positions and exited 4.

Portfolio Metrics

Turnover
+15.5%
vs prior filed quarter
Top-10 Concentration
+70.7%
share of reported value
Largest Position
+11.9%
Apollo Global Mgmt
New / Exited
2 / 4
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $339MQ1 ’19Q2 ’19: $350MQ3 ’19: $370MQ4 ’19: $396MQ1 ’20: $242MQ1 ’20Q2 ’20: $259MQ3 ’20: $265MQ4 ’20: $344MQ1 ’21: $376MQ1 ’21Q2 ’21: $380MQ3 ’21: $460MQ4 ’21: $481MQ1 ’22: $446MQ1 ’22Q2 ’22: $369MQ3 ’22: $371MQ4 ’22: $323MQ1 ’23: $269MQ1 ’23Q2 ’23: $304MQ4 ’23: $323MQ1 ’24: $348MQ2 ’24: $349MQ2 ’24Q3 ’24: $348MQ4 ’24: $362MQ1 ’25: $336MQ2 ’25: $350MQ2 ’25Q3 ’25: $345MQ4 ’25: $354MQ1 ’26: $359Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 75.3%Other: 20.4%REIT: 4.3%
  • Common Stock · 75.3% · $243M
  • Other · 20.4% · $66M
  • REIT · 4.3% · $14M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SITIO ROYALTIES CORPNEW+482.9K482.9K+$14M$14M
TIPTREE INCNEW+20.7K20.7K+$287,000$287,000
LEN/BLENNAR CORPADDED+49.7K89.2K+$4M$7M
ARCHAEA ENERGY INCSOLD OUT−2.68M0−$48M$0
BRIGHAM MINERALS INCSOLD OUT−425.2K0−$10M$0
LENLENNAR CORPSOLD OUT−82.5K0−$6M$0
CHTRCHARTER COMMUNICATIONSSOLD OUT−14.5K0−$4M$0
STORE CAP CORPTRIMMED−127.4K47.1K−$4M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2022

34 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1APOAPOLLO GLOBAL MGMT INChistory →COM11.92%$38M603.4K
2MTGMGIC INVESTMENT CORPhistory →CORP9.87%$32M2.45M
3DARDARLING INGREDIENTS INChistory →COM9.69%$31M499.9K
4WESTWESTROCK COFFEE COhistory →COM8.49%$27M2.05M
5ENSTAR GROUP LIMITEDSHS8.38%$27M117.1K
6AZOAUTOZONE INChistory →COM5.43%$18M7.1K
7LBRDKLIBERTY BROADBAND CORPhistory →COM SER C4.60%$15M194.8K
8SITIO ROYALTIES CORPCL A4.31%$14M482.9K
9AIGAMERICAN INTL GROUP INChistory →COM4.14%$13M211.2K
10STWDSTARWOOD PPTY TR INChistory →COM3.86%$12M680.6K
11PGRPROGRESSIVE CORP OHIOhistory →COM3.79%$12M94.5K
12TFINTRIUMPH FINANCIAL INChistory →COM3.57%$12M236.0K
13ALPHABET INC CAP STKCL A3.12%$10M113.5K
14ORIOLD REP INTL CORPhistory →COM2.77%$9M370.0K
15LEN/BLENNAR CORPhistory →CL B2.06%$7M89.2K
16AXPAMERICAN EXPRESS COhistory →COM2.06%$7M45.1K
17COMCAST CORP NEWCL A2.01%$6M185.2K
18EGEVEREST RE GROUP LTDhistory →COM1.64%$5M16.0K
19AGOASSURED GUARANTY LTDhistory →COM1.54%$5M80.0K
20ESNTESSENT GROUP LTDhistory →COM1.40%$5M116.6K
21RICE ACQUISITION CORP IICL A1.24%$4M395.1K
22HIGHARTFORD FINL SVCS CORPCOM0.82%$3M35.0K
23TRAVELERS GROUP INCCOM0.75%$2M13.0K
24VERISIGN INCCOM0.48%$2M7.6K
25STORE CAP CORPCOM0.47%$2M47.1K
26BRK/BBERKSHIRE HATHAWAY INCCL B0.38%$1M4.0K
27KOCOCA COLA COCOM0.26%$837,00013.2K
28NMIHNMI HOLDINGS INCCL A0.17%$538,00025.8K
29FHNFIRST HORIZON NATL CORPCOM0.14%$465,00019.0K
30HOMBHOME BANCSHARES INCCOM0.14%$456,00020.0K
31AAPLAPPLE INCCOM0.14%$454,0003.5K
32RFREGIONS FINANCIAL CORPCOM0.13%$415,00019.2K
33MSFTMICROSOFT CORPCORP0.12%$372,0001.6K
34TIPTREE INCCOM0.09%$287,00020.7K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$359M41May 12, 202613F-HRchanges · EDGAR ↗
Q4 2025$354M43Feb 11, 202613F-HRchanges · EDGAR ↗
Q3 2025$345M43Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$350M36Aug 12, 202513F-HRchanges · EDGAR ↗
Q1 2025$336M36May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$362M37Feb 10, 202513F-HRchanges · EDGAR ↗
Q3 2024$348M35Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$349M36Aug 12, 202413F-HRchanges · EDGAR ↗
Q1 2024$348M32May 10, 202413F-HRchanges · EDGAR ↗
Q4 2023$323M31Feb 9, 202413F-HRchanges · EDGAR ↗
Q2 2023$304M32Aug 10, 202313F-HRchanges · EDGAR ↗
Q1 2023$269M31May 10, 202313F-HRchanges · EDGAR ↗
Q4 2022$323M34Feb 15, 202313F-HRchanges · EDGAR ↗
Q3 2022$371M36Nov 15, 202213F-HRchanges · EDGAR ↗
Q2 2022$369M35Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$446M38May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$481M42Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$460M44Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$380M46Aug 26, 2021RESTATEMENTchanges · EDGAR ↗
Q1 2021$376M47May 11, 202113F-HRchanges · EDGAR ↗
Q4 2020$344M37Feb 11, 202113F-HRchanges · EDGAR ↗
Q3 2020$265M39Nov 9, 202013F-HRchanges · EDGAR ↗
Q2 2020$259M41Aug 13, 202013F-HRchanges · EDGAR ↗
Q1 2020$242M41May 11, 202013F-HRchanges · EDGAR ↗
Q4 2019$396M41Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019$370M39Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$350M39Aug 13, 201913F-HRchanges · EDGAR ↗
Q1 2019$339M35May 15, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.