NFC Investments, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), NFC Investments, LLC reported 36 stock positions worth $336.4 million. Its top holding was Mgic Investment (MTG) at 13.7% of the portfolio, followed by Apollo Global Management (APO, 12.1%) and Westrock Coffee (WEST, 8.7%). Compared with Q4 2024, it opened 1 new position, sold out of 2, added to 6 and reduced 18. The biggest buy was Range Resources (RRC, shares +77%) and the biggest sale an exit from Enstar (ESGR).
- Most Recent 13F
- Q2 2026
- Location
- MEMPHIS, TN
- CIK
- 0001512858
- Portfolio Value
- $336.4M (Q1 2025)
- SEC Filing
- 0001512858-25-000002 ↗ filed May 14, 2025
Holdings Value
Holdings 36 stocks · $336.4M
| MTG Mgic Investment Corp. | 13.68% | 1,856,992 | $46.0M | Reduce -2.0% |
| APO Apollo Global Management Inc. | 12.12% | 297,652 | $40.8M | Reduce -3.5% |
| WEST Westrock Coffee Co. | 8.69% | 4,047,562 | $29.2M | No change |
| PGR Progressive Corp. | 7.12% | 84,608 | $23.9M | Reduce -3.6% |
| AZO AutoZone Inc. | 6.74% | 5,947 | $22.7M | Reduce -4.1% |
| GOOG Alphabet Inc. Class C | 5.28% | 113,643 | $17.8M | Reduce -3.6% |
| DAR Darling Ingredients Inc. | 4.12% | 443,575 | $13.9M | Reduce -6.8% |
| LEN.B Lennar Corp. Class B | 3.80% | 117,285 | $12.8M | Reduce -2.9% |
| STWD Starwood Property Trust Inc. | 3.64% | 619,160 | $12.2M | Reduce -3.0% |
| AXP American Express Co. | 3.29% | 41,190 | $11.1M | Reduce -2.7% |
| EG Everest Group Ltd. | 3.15% | 29,145 | $10.6M | Reduce -4.2% |
| RRC Range Resources Corp. | 3.15% | 264,993 | $10.6M | Add +77.2% |
| FHN First Horizon Corp. | 2.74% | 475,375 | $9.2M | Reduce -4.2% |
| AIG American International Group | 2.60% | 100,700 | $8.8M | Reduce -2.4% |
| ET Energy Transfer LP | 2.35% | 426,000 | $7.9M | Add +37.9% |
| TFIN Triumph Financial Inc. | 2.22% | 129,250 | $7.5M | Reduce -4.5% |
| ORI Old Republic Intl Corp. | 2.19% | 187,800 | $7.4M | Reduce -2.8% |
| STR Sitio Royalties Corp. Class A | 2.15% | 363,439 | $7.2M | Reduce -8.1% |
| KMI Kinder Morgan Inc. | 1.83% | 216,125 | $6.2M | Add +18.4% |
| PLGO Pelagos Insurance Capital LT filed as FIDELIS INSURANCE HOLDINGS L | 1.44% | 300,000 | $4.9M | Add +64.4% |
| HIG Hartford Insurance Group Inc. | 1.29% | 35,000 | $4.3M | No change |
| EQH Equitable Holdings Inc. | 1.16% | 75,000 | $3.9M | No change |
| TRAVELERS GROUP INC | 1.02% | 13,000 | $3.4M | No change |
| ESNT Essent Group Ltd. | 0.99% | 57,413 | $3.3M | Add +1.3% |
| RWT Redwood Trust Inc. | 0.78% | 431,100 | $2.6M | Reduce -12.8% |
| ARLP Alliance Resource Partners | 0.57% | 70,400 | $1.9M | Add +0.9% |
| MRP Millrose Properties | 0.49% | 61,937 | $1.6M | New |
| KO The Coca-Cola Co. | 0.28% | 13,064 | $936K | No change |
| NMIH Nmi Holdings Inc. filed as NMI HLDGS INC | 0.26% | 24,210 | $873K | No change |
| MSFT Microsoft Corp. | 0.17% | 1,500 | $563K | No change |
| TIPT Tiptree Inc. | 0.15% | 20,746 | $500K | Reduce -5.5% |
| AAPL Apple Inc. | 0.14% | 2,100 | $467K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.13% | 830 | $442K | Reduce -30.0% |
| RF Regions Financial Corp. | 0.12% | 19,235 | $418K | No change |
| HOMB Home Bancshares Inc. | 0.08% | 10,000 | $283K | No change |
| NVDA Nvidia Corp. | 0.06% | 2,014 | $218K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| ESGR Enstar Group Ltd. | Sold out | 0.00% | −5.82 |
| APO Apollo Global Management Inc. | Reduce -3.5% | 12.12% | −1.94 |
| TFIN Triumph Financial Inc. | Reduce -4.5% | 2.22% | −1.18 |
| GOOG Alphabet Inc. Class C | Reduce -3.6% | 5.28% | −0.92 |
| LEN.B Lennar Corp. Class B | Reduce -2.9% | 3.80% | −0.60 |
| DAR Darling Ingredients Inc. | Reduce -6.8% | 4.12% | −0.31 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.21 |
| AXP American Express Co. | Reduce -2.7% | 3.29% | −0.17 |
| RWT Redwood Trust Inc. | Reduce -12.8% | 0.78% | −0.11 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -30.0% | 0.13% | −0.02 |
| FHN First Horizon Corp. | Reduce -4.2% | 2.74% | −0.01 |
| TIPT Tiptree Inc. | Reduce -5.5% | 0.15% | +0.02 |
| STR Sitio Royalties Corp. Class A | Reduce -8.1% | 2.15% | +0.05 |
| EG Everest Group Ltd. | Reduce -4.2% | 3.15% | +0.11 |
| ORI Old Republic Intl Corp. | Reduce -2.8% | 2.19% | +0.26 |
| STWD Starwood Property Trust Inc. | Reduce -3.0% | 3.64% | +0.30 |
| AIG American International Group | Reduce -2.4% | 2.60% | +0.53 |
| AZO AutoZone Inc. | Reduce -4.1% | 6.74% | +1.26 |
| MTG Mgic Investment Corp. | Reduce -2.0% | 13.68% | +1.28 |
| PGR Progressive Corp. | Reduce -3.6% | 7.12% | +1.32 |
Portfolio Buys Q4 2024 → Q1 2025
| RRC Range Resources Corp. | Add +77.2% | 3.15% | +1.66 |
| ET Energy Transfer LP | Add +37.9% | 2.35% | +0.68 |
| PLGO Pelagos Insurance Capital LT | Add +64.4% | 1.44% | +0.53 |
| MRP Millrose Properties | New | 0.49% | +0.49 |
| KMI Kinder Morgan Inc. | Add +18.4% | 1.83% | +0.45 |
| ESNT Essent Group Ltd. | Add +1.3% | 0.99% | +0.13 |
| ARLP Alliance Resource Partners | Add +0.9% | 0.57% | +0.06 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 43 | $393.2M | MTG, APO, GOOG, PGR, DAR |
| Q1 2026 | 41 | $359.2M | MTG, APO, DAR, GOOG, PGR |
| Q4 2025 | 43 | $354.2M | MTG, APO, GOOG, AZO, PGR |
| Q3 2025 | 43 | $345.5M | MTG, APO, GOOG, AZO, PGR |
| Q2 2025 | 36 | $349.7M | MTG, APO, PGR, WEST, AZO |
| Q1 2025 | 36 | $336.4M | MTG, APO, WEST, PGR, AZO |
| Q4 2024 | 37 | $362.4M | APO, MTG, WEST, GOOG, ESGR |
| Q3 2024 | 35 | $348.1M | APO, MTG, WEST, PGR, ESGR |
| Q2 2024 | 36 | $348.6M | APO, MTG, WEST, ESGR, GOOG |
| Q1 2024 | 32 | $347.7M | APO, MTG, WEST, ESGR, DAR |