SEC 13F Intelligence

Managers / Q2 2025 · view latest →

North Ground Capital

CIK 0002055446 · 87 ELM STREET, SUITE 103, COHASSET, MA, 02025 · 781.923.0975

Reported Value
$78M
Q2 2025
Positions
38
Filings on Record
6
2025–present window
Filed
Aug 14, 2025
original filing

Summary

North Ground Capital reported $78M in U.S.-listed holdings across 38 positions for Q2 2025.

Its largest position, ECAT, represents 10.0% of the portfolio.

Compared with Q1 2025, the fund opened 2 new positions and exited 6.

Portfolio Metrics

Turnover
+8.5%
vs prior filed quarter
Top-10 Concentration
+60.6%
share of reported value
Largest Position
+10.0%
Blackrock Esg Cap Allc Term
New / Exited
2 / 6
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
Q4 ’24: $93MQ4 ’24Q1 ’25: $98MQ1 ’25Q2 ’25: $78MQ2 ’25Q3 ’25: $163MQ3 ’25Q4 ’25: $201MQ4 ’25Q1 ’26: $83MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Closed-End Fund: 63.7%Common Stock: 19.3%REIT: 17.0%
  • Closed-End Fund · 63.7% · $50M
  • Common Stock · 19.3% · $15M
  • REIT · 17.0% · $13M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CCAPCRESCENT CAP BDC INCNEW+311.0K311.0K+$4M$4M
FSKFS KKR CAP CORPNEW+16.0K16.0K+$332,320$332,320
SWZTOTAL RETURN SECURITIES FUNDADDED+145.3K150.1K+$918,372$948,367
TYGTORTOISE ENERGY INFRA CORPADDED+19.0K24.6K+$851,472$1M
GSBDGOLDMAN SACHS BDC INCSOLD OUT−280.0K0−$3M$0
TCPCBLACKROCK TCP CAPITAL CORPSOLD OUT−365.0K0−$3M$0
MFICMIDCAP FINANCIAL INVSTMNT COSOLD OUT−190.0K0−$2M$0
BSTZBLACKROCK SCIENCE & TECHNOLOSOLD OUT−84.4K0−$1M$0

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

Holdings — Q2 2025

38 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ECATBLACKROCK ESG CAP ALLC TERMhistory →SHS BEN INT9.99%$8M487.6K
2BRSPBRIGHTSPIRE CAPITAL INChistory →COM CL A8.53%$7M1.32M
3RWAYRUNWAY GROWTH FINANCE CORPhistory →COM7.17%$6M521.5K
4CIONCION INVT CORPhistory →COM6.13%$5M500.0K
5MRPMILLROSE PPTYS INChistory →COM CL A6.08%$5M166.8K
6CCAPCRESCENT CAP BDC INChistory →COM5.61%$4M311.0K
7BTXBLACKROCK TECH AND PRIVATE Ehistory →SHS BEN INT5.29%$4M566.0K
8ZTRVIRTUS TOTAL RETURN FD INChistory →COM4.28%$3M540.5K
9NRKNUVEEN NEW YORK AMT QLT MUNIhistory →COM4.03%$3M320.6K
10XAODXABRDN TOTAL DYNAMIC DIVIDENDhistory →COM SH BEN INT3.50%$3M311.3K
11ACPABRDN INCOME CREDIT STRATEGIhistory →COM3.40%$3M452.7K
12GLOCLOUGH GLOBAL OPPORTUNITIEShistory →SH BEN INT2.99%$2M432.9K
13NVGNUVEEN AMT FREE MUN CR INC Fhistory →COM2.45%$2M160.9K
14AOMRANGEL OAK MORTGAGE REIT INChistory →COM2.40%$2M200.0K
15NZFNUVEEN MUNICIPAL CREDIT INChistory →COM SH BEN INT2.32%$2M152.3K
16XWIAXWESTERN ASST INFLTN LKD INMhistory →COM SH BEN INT2.28%$2M212.8K
17AEFABRDN EMERGING MARKETS EX CHhistory →COM2.16%$2M285.1K
18GLVCLOUGH GLOBAL DIVID & INCOMEhistory →COM2.09%$2M290.1K
19BRWSABA CAPITAL INCOME & OPRNThistory →SHS NEW1.85%$1M179.8K
20XGLQXCLOUGH GLOBAL EQUITY FDhistory →COM1.83%$1M201.9K
21IQIINVESCO QUALITY MUN INCOME Thistory →COM1.58%$1M132.5K
22NMCONUVEEN MUN CR OPPORTUNITIEShistory →COM1.54%$1M111.4K
23XNXJXNUVEEN NEW JERSEY QULT MUN Fhistory →COM1.46%$1M100.6K
24TYGTORTOISE ENERGY INFRA CORPhistory →COM1.37%$1M24.6K
25HFROHIGHLAND OPPS & INCOME FDhistory →HIGHLAND INCOME1.32%$1M198.0K
26SWZTOTAL RETURN SECURITIES FUNDhistory →COM1.21%$948,367150.1K
27XNQPXNUVEEN PENNSYLVANIA QLT MUNhistory →COM1.17%$918,14481.9K
28EMOCLEARBRIDGE ENERGY MIDSTRM OCOM0.83%$653,26213.7K
29VTNINVESCO TR INVT GRADE NEW YOCOM0.82%$639,93461.5K
30JFRNUVEEN FLOATING RATE INCOMECOM0.65%$509,98060.5K
31VPVINVESCO PA VALUE MUN INC TRCOM0.64%$499,01649.8K
32VVRINVESCO SR INCOME TRCOM0.61%$479,536126.4K
33XNEAXNUVEEN AMT FREE QLTY MUN INCCOM0.58%$450,95241.3K
34VKIINVESCO ADVANTAGE MUN INCOMESH BEN INT0.53%$418,96650.3K
35HIXWESTERN ASSET HIGH INCOM FDCOM0.49%$386,71489.8K
36FSKFS KKR CAP CORPCOM0.42%$332,32016.0K
37FMNFEDERATED HERMES PREM MUNI ICOM0.27%$210,73519.9K
38XENWXEATON VANCE NEW YORK MUN BDCOM0.11%$84,9969.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$83M40May 11, 202613F-HRchanges · EDGAR ↗
Q4 2025$201M45Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$163M51Oct 29, 202513F-HRchanges · EDGAR ↗
Q2 2025$78M38Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$98M42May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$93M46Feb 14, 202513F-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 ↗.