NFC INVESTMENTS, LLC

PrivateCIK: 1512858

Location

MEMPHIS, TN

Positions

$393.2K

Total AUM (reported)

9.36M

Total Shares

Allocation by class

COM$273.6K69.6%

CORP$44.3K11.3%

CL C$31.7K8.1%

CL A$18.0K4.6%

COM UT LTD PTN$11.8K3.0%

COM SER N$10.4K2.6%

UT LTD PART$1.8K0.5%

Portfolio Concentration

Top 3$111.4K28.3%

4–10$140.0K35.6%

11–25$128.4K32.7%

Rest$13.4K3.4%

Top 3 weight

28.3%

Top 10 weight

63.9%

Voting Authority Distribution

Total shares with voting rights: 9.36M

Sole

Full voting authority

3.86M

% of voting shares41.2%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

5.50M

% of voting shares58.8%

Investment Discretion (by position count)

Sole43

Shared0

Other0

Dominant voting typeNone · 58.8% of voting shares

Institutional Holdings43

Rows:

MGIC INVESTMENT CORP

SOLE

CORP

Shares1.55M

TypeSH

Market value$43.8K

11.14%

Sole

1.09M

Shared

0.00

None

457.75K

APOLLO GLOBAL MGMT INC

SOLE

COM

Shares303.26K

TypeSH

Market value$35.9K

9.12%

Sole

180.66K

Shared

0.00

None

122.59K

ALPHABET INC CAP STK

SOLE

CL C

Shares89.81K

TypeSH

Market value$31.7K

8.07%

Sole

34K

Shared

0.00

None

55.81K

PROGRESSIVE CORP OHIO

SOLE

COM

Shares129.81K

TypeSH

Market value$28.4K

7.21%

Sole

80K

Shared

0.00

None

49.81K

DARLING INGREDIENTS INC

SOLE

COM

Shares444.30K

TypeSH

Market value$24.3K

6.17%

Sole

170K

Shared

0.00

None

274.30K

PELAGOS INS CAP LTD

SOLE

COM

Shares918.11K

TypeSH

Market value$22.4K

5.69%

Sole

520K

Shared

0.00

None

398.11K

AUTOZONE INC

SOLE

COM

Shares5.91K

TypeSH

Market value$18.9K

4.80%

Sole

Shared

0.00

None

3.91K

WESTROCK COFFEE CO

SOLE

COM

Shares2.07M

TypeSH

Market value$16.8K

4.26%

Sole

449.99K

Shared

0.00

None

1.62M

TARGA RES CORP

SOLE

COM

Shares59.15K

TypeSH

Market value$15.9K

4.03%

Sole

23K

Shared

0.00

None

36.15K

STARWOOD PPTY TR INC

SOLE

COM

Shares826.10K

TypeSH

Market value$13.5K

3.44%

Sole

220K

Shared

0.00

None

606.10K

TOLL BROTHERS INC

SOLE

COM

Shares79.76K

TypeSH

Market value$13.1K

3.34%

Sole

28K

Shared

0.00

None

51.76K

AMERICAN EXPRESS CO

SOLE

COM

Shares38.05K

TypeSH

Market value$12.9K

3.27%

Sole

14.50K

Shared

0.00

None

23.55K

ENERGY TRANSFER L P

SOLE

COM UT LTD PTN

Shares614.76K

TypeSH

Market value$11.8K

2.99%

Sole

350K

Shared

0.00

None

264.76K

RYAN SPECIALTY HOLDINGS INC

SOLE

CL A

Shares293.95K

TypeSH

Market value$11.1K

2.82%

Sole

243K

Shared

0.00

None

50.95K

U HAUL HOLDING COMPANY

SOLE

COM SER N

Shares180.09K

TypeSH

Market value$10.4K

2.64%

Sole

60K

Shared

0.00

None

120.09K

EVEREST RE GROUP LTD

SOLE

COM

Shares29.07K

TypeSH

Market value$10.4K

2.64%

Sole

16K

Shared

0.00

None

13.07K

TRIUMPH FINANCIAL INC

SOLE

COM

Shares127.24K

TypeSH

Market value$9.7K

2.47%

Sole

48K

Shared

0.00

None

79.24K

RANGE RES CORP

SOLE

COM

Shares258.16K

TypeSH

Market value$9.6K

2.44%

Sole

110K

Shared

0.00

None

148.16K

CAPITAL ONE FINANCIAL CORP

SOLE

COM

Shares45.63K

TypeSH

Market value$9.2K

2.33%

Sole

15K

Shared

0.00

None

30.63K

KINDER MORGAN INC DEL

SOLE

COM

Shares212.09K

TypeSH

Market value$6.8K

1.72%

Sole

0.00

Shared

0.00

None

212.09K

OLD REP INTL CORP

SOLE

COM

Shares152.85K

TypeSH

Market value$6.3K

1.59%

Sole

120K

Shared

0.00

None

32.85K

VIPER ENERGY INC

SOLE

CL A

Shares127.29K

TypeSH

Market value$5.4K

1.37%

Sole

0.00

Shared

0.00

None

127.29K

HARTFORD FINL SVCS CORP

SOLE

COM

Shares35K

TypeSH

Market value$4.6K

1.18%

Sole

35K

Shared

0.00

None

0.00

TRAVELERS GROUP INC

SOLE

COM

Shares13K

TypeSH

Market value$4.3K

1.09%

Sole

13K

Shared

0.00

None

0.00

ESSENT GROUP LTD

SOLE

COM

Shares45.62K

TypeSH

Market value$2.9K

0.75%

Sole

30K

Shared

0.00

None

15.62K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
MGIC INVESTMENT CORPSOLE	CORP	1.55M	SH	$43.8K 11.14%	1.09M	457.75K
APOLLO GLOBAL MGMT INCSOLE	COM	303.26K	SH	$35.9K 9.12%	180.66K	122.59K
ALPHABET INC CAP STKSOLE	CL C	89.81K	SH	$31.7K 8.07%	34K	55.81K
PROGRESSIVE CORP OHIOSOLE	COM	129.81K	SH	$28.4K 7.21%	80K	49.81K
DARLING INGREDIENTS INCSOLE	COM	444.30K	SH	$24.3K 6.17%	170K	274.30K
PELAGOS INS CAP LTDSOLE	COM	918.11K	SH	$22.4K 5.69%	520K	398.11K
AUTOZONE INCSOLE	COM	5.91K	SH	$18.9K 4.80%	2K	3.91K
WESTROCK COFFEE COSOLE	COM	2.07M	SH	$16.8K 4.26%	449.99K	1.62M
TARGA RES CORPSOLE	COM	59.15K	SH	$15.9K 4.03%	23K	36.15K
STARWOOD PPTY TR INCSOLE	COM	826.10K	SH	$13.5K 3.44%	220K	606.10K
TOLL BROTHERS INCSOLE	COM	79.76K	SH	$13.1K 3.34%	28K	51.76K
AMERICAN EXPRESS COSOLE	COM	38.05K	SH	$12.9K 3.27%	14.50K	23.55K
ENERGY TRANSFER L PSOLE	COM UT LTD PTN	614.76K	SH	$11.8K 2.99%	350K	264.76K
RYAN SPECIALTY HOLDINGS INCSOLE	CL A	293.95K	SH	$11.1K 2.82%	243K	50.95K
U HAUL HOLDING COMPANYSOLE	COM SER N	180.09K	SH	$10.4K 2.64%	60K	120.09K
EVEREST RE GROUP LTDSOLE	COM	29.07K	SH	$10.4K 2.64%	16K	13.07K
TRIUMPH FINANCIAL INCSOLE	COM	127.24K	SH	$9.7K 2.47%	48K	79.24K
RANGE RES CORPSOLE	COM	258.16K	SH	$9.6K 2.44%	110K	148.16K
CAPITAL ONE FINANCIAL CORPSOLE	COM	45.63K	SH	$9.2K 2.33%	15K	30.63K
KINDER MORGAN INC DELSOLE	COM	212.09K	SH	$6.8K 1.72%	0.00	212.09K
OLD REP INTL CORPSOLE	COM	152.85K	SH	$6.3K 1.59%	120K	32.85K
VIPER ENERGY INCSOLE	CL A	127.29K	SH	$5.4K 1.37%	0.00	127.29K
HARTFORD FINL SVCS CORPSOLE	COM	35K	SH	$4.6K 1.18%	35K	0.00
TRAVELERS GROUP INCSOLE	COM	13K	SH	$4.3K 1.09%	13K	0.00
ESSENT GROUP LTDSOLE	COM	45.62K	SH	$2.9K 0.75%	30K	15.62K

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