SEC 13F Intelligence

Managers / Q4 2023 · view latest →

NFC Investments, LLC

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

Reported Value
$323M
Q4 2023
Positions
31
Filings on Record
29
2019–present window
Filed
Feb 9, 2024
original filing

Summary

Nfc Investments, LLC reported $323M in U.S.-listed holdings across 31 positions for Q4 2023.

Its largest position, APO, represents 12.1% of the portfolio.

Compared with Q2 2023, the fund opened 1 new position and exited 2.

Portfolio Metrics

Turnover
+6.6%
vs prior filed quarter
Top-10 Concentration
+72.0%
share of reported value
Largest Position
+12.1%
Apollo Global Mgmt
New / Exited
1 / 2
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: 76.2%Other: 19.4%REIT: 4.1%MLP: 0.3%
  • Common Stock · 76.2% · $246M
  • Other · 19.4% · $63M
  • REIT · 4.1% · $13M
  • MLP · 0.3% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline) · note: prior filed quarter, not the immediately preceding one

IssuerMoveShare ΔShares nowValue ΔValue now
ARLPALLIANCE RESOURCE PARTNERS LNEW+53.0K53.0K+$1M$1M
AGOASSURED GUARANTY LTDSOLD OUT−42.1K0−$2M$0
KKRKKR & CO INCSOLD OUT−5.3K0−$299,000$0
EGEVEREST RE GROUP LTDADDED+14.5K30.5K+$5M$11M
HOMBHOME BANCSHARES INCTRIMMED−10.0K10.1K−$203,000$256,000
AIGAMERICAN INTL GROUP INCTRIMMED−94.4K102.4K−$4M$7M
SITIO ROYALTIES CORPTRIMMED−310.3K397.1K−$9M$9M
DARDARLING INGREDIENTS INCADDED+117.4K450.9K+$1M$22M

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

Holdings — Q4 2023

31 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1APOAPOLLO GLOBAL MGMT INChistory →COM12.09%$39M419.4K
2MTGMGIC INVESTMENT CORPhistory →CORP11.50%$37M1.93M
3WESTWESTROCK COFFEE COhistory →COM10.95%$35M3.47M
4ENSTAR GROUP LIMITEDSHS7.96%$26M87.4K
5DARDARLING INGREDIENTS INChistory →COM6.95%$22M450.9K
6ALPHABET INC CAP STKCL A5.25%$17M120.5K
7AZOAUTOZONE INChistory →COM5.00%$16M6.3K
8PGRPROGRESSIVE CORP OHIOhistory →COM4.34%$14M88.0K
9STWDSTARWOOD PPTY TR INChistory →COM4.09%$13M629.7K
10LEN/BLENNAR CORPhistory →CL B3.86%$12M93.0K
11TFINTRIUMPH FINANCIAL INChistory →COM3.43%$11M138.3K
12EGEVEREST RE GROUP LTDhistory →COM3.34%$11M30.5K
13LBRDKLIBERTY BROADBAND CORPhistory →COM SER C3.19%$10M128.1K
14SITIO ROYALTIES CORPCL A2.89%$9M397.1K
15AXPAMERICAN EXPRESS COhistory →COM2.47%$8M42.6K
16COMCAST CORP NEWCL A2.39%$8M175.9K
17FHNFIRST HORIZON NATL CORPhistory →COM2.19%$7M499.9K
18AIGAMERICAN INTL GROUP INChistory →COM2.15%$7M102.4K
19ORIOLD REP INTL CORPhistory →COM1.77%$6M195.1K
20ESNTESSENT GROUP LTDCOM0.92%$3M56.4K
21HIGHARTFORD FINL SVCS CORPCOM0.87%$3M35.0K
22TRAVELERS GROUP INCCOM0.77%$2M13.0K
23ARLPALLIANCE RESOURCE PARTNERS LUT LTD PART0.35%$1M53.0K
24KOCOCA COLA COCOM0.24%$776,00013.2K
25NMIHNMI HOLDINGS INCCL A0.24%$762,00025.7K
26AAPLAPPLE INCCOM0.19%$607,0003.2K
27MSFTMICROSOFT CORPCORP0.18%$574,0001.5K
28BRK/BBERKSHIRE HATHAWAY INCCL B0.13%$423,0001.2K
29TIPTREE INCCOM0.13%$416,00021.9K
30RFREGIONS FINANCIAL CORPCOM0.12%$373,00019.2K
31HOMBHOME BANCSHARES INCCOM0.08%$256,00010.1K

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 ↗.