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Livermore
Livermore
ZHEN

NFC Investments, LLC

SEC CIK
0001512858
Latest filing
Aug 12, 2026

The latest 13F from NFC Investments, LLC covers Q2 2026 (filed Aug 12, 2026): 43 long positions worth $393.2M. The top 10 holdings make up 63.9% of the portfolio, and the largest is Mgic Investment Corp (MTG) at 11.1%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$11.3M
Added
16
Est. +$7.32M
Reduced
14
Est. −$21.2M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. MTGMgic Investment Corp
    11.1%$43.8MHistory
  2. APOApollo Global Management, Inc.
    9.1%$35.9MHistory
  3. GOOGAlphabet Inc.
    8.1%$31.7MHistory
  4. PGRProgressive Corp
    7.2%$28.4MHistory
  5. DARDarling Ingredients Inc.
    6.2%$24.3MHistory

Share of portfolio

Top 5 holdings and the other 38 positions, by share of portfolio value

  1. MTG11.1%
  2. APO9.1%
  3. GOOG8.1%
  4. PGR7.2%
  5. DAR6.2%
  6. Other 38 positions58.3%

Biggest buys

New and added positions, by estimated amount bought

  1. RYANRyan Specialty Holdings, Inc.
    +$11.1MNewHistory
  2. ETEnergy Transfer LP
    +$2.62MAddedHistory
  3. STWDStarwood Property Trust, Inc.
    +$2.52MAddedHistory
  4. AZOAutoZone Inc
    +$901.2KAddedHistory
  5. Vanguard World FD921910816
    +$244.5KAddedConverted for a 5-for-1 split

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. RYANRyan Specialty Holdings, Inc.
    +2.82 pp0.0% → 2.8%History
  2. PLGOPelagos Insurance Capital Ltd
    +0.81 pp4.9% → 5.7%History
  3. UHAL.BU-Haul Holding Co
    +0.42 pp2.2% → 2.6%History
  4. ETEnergy Transfer LP
    +0.42 pp2.6% → 3.0%History
  5. TOLToll Brothers, Inc.
    +0.34 pp3.0% → 3.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. WESTWestrock Coffee Co
    −$11.9MReducedHistory
  2. MTGMgic Investment Corp
    −$6.03MReducedHistory
  3. TRGPTarga Resources Corp.
    −$1.97MReducedHistory
  4. GOOGAlphabet Inc.
    −$324.4KReducedHistory
  5. DARDarling Ingredients Inc.
    −$294.7KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MTGMgic Investment Corp
    −1.77 pp12.9% → 11.1%History
  2. DARDarling Ingredients Inc.
    −1.57 pp7.7% → 6.2%History
  3. RRCRange Resources Corp
    −0.89 pp3.3% → 2.4%History
  4. TRGPTarga Resources Corp.
    −0.61 pp4.6% → 4.0%History
  5. KMIKinder Morgan, Inc.
    −0.26 pp2.0% → 1.7%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$393.2M
+$34.0M (+9.5%) vs. prior quarter
Positions
43
+2 vs. prior quarter
Top 10 concentration
63.9%
Top 10 as share of value
Turnover
5.0%
Q2 2026, one quarter
Average holding period
9.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

21 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $481.2M (Q4 2021)

Q1 2021: $375.7MQ2 2021: $380.4MQ3 2021: $459.6MQ4 2021: $481.2MQ1 2022: $446.4MQ2 2022: $368.8MQ3 2022: $371.4MQ4 2022: $322.9MQ1 2023: $269.2MQ2 2023: $303.8MQ4 2023: $323.3MQ1 2024: $347.7MQ2 2024: $348.6MQ3 2024: $348.1MQ4 2024: $362.4MQ1 2025: $336.4MQ2 2025: $349.7MQ3 2025: $345.5MQ4 2025: $354.2MQ1 2026: $359.2MQ2 2026: $393.2M
Q1 2021Q2 2026
13F filings of NFC Investments, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 202643$393.2MMTGAPOGOOGvs. Q1 2026SEC
Q1 2026May 12, 202641$359.2MMTGAPODARvs. Q4 2025SEC
Q4 2025Feb 11, 202643$354.2MMTGAPOGOOGvs. Q3 2025SEC
Q3 2025Nov 12, 202543$345.5MMTGAPOGOOGvs. Q2 2025SEC
Q2 2025Aug 12, 202536$349.7MMTGAPOPGRvs. Q1 2025SEC
Q1 2025May 14, 202536$336.4MMTGAPOWESTvs. Q4 2024SEC
Q4 2024Feb 10, 202537$362.4MAPOMTGWESTvs. Q3 2024SEC
Q3 2024Nov 14, 202435$348.1MAPOMTGWESTvs. Q2 2024SEC
Q2 2024Aug 12, 202436$348.6MAPOMTGWESTvs. Q1 2024SEC
Q1 2024May 10, 202432$347.7MAPOMTGWESTvs. Q4 2023SEC
Q4 2023Feb 9, 202431$323.3MAPOMTGWEST–SEC
Q2 2023Aug 10, 202332$303.8MWESTAPOMTGvs. Q1 2023SEC
Q1 2023May 10, 202331$269.2MWESTAPOMTGvs. Q4 2022SEC
Q4 2022Feb 15, 202334$322.9MAPOMTGDARvs. Q3 2022SEC
Q3 2022Nov 15, 202236$371.4MLFGMTGDARvs. Q2 2022SEC
Q2 2022Aug 11, 202235$368.8MLFGMTGDARvs. Q1 2022SEC
Q1 2022May 16, 202238$446.4MLFGDARAPOvs. Q4 2021SEC
Q4 2021Feb 14, 202242$481.2MLFGDARAthene Holding Ltd.vs. Q3 2021SEC
Q3 2021Nov 15, 202144$459.6MLFGDARAthene Holding Ltd.vs. Q2 2021SEC
Q2 2021Aug 26, 2021Amended46$380.4MDARAthene Holding Ltd.MTGvs. Q1 2021SEC
Q1 2021May 11, 202147$375.7MDARMTGAthene Holding Ltd.–SEC