North Ground Capital

CIK 0002055446 · Q1 2026

13F Equity AUM

$83.0M

-58.8% QoQ

Positions

-5 QoQ

AUM Rank

#10,266

Top 83%

Skill Alpha (FF)

—

Building track record (4q)

Quarters Tracked

~1 years

Portfolio Concentration

Top 5: 39.1%Top 10: 62.9%Top 20: 89.6%

BRSP10.8%

RWAY8.0%

GBDC7.3%

MSIF6.6%

ACRE6.5%

CGBD5.1%

BCSF5.0%

CCAP5.0%

MRP4.4%

NRK4.4%

Others (30)37.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services72.9%

Real Estate23.3%

Fund3.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 40Median: 1.43%Avg: 2.50%

0–0.5%

11(3.0%)

0.5–1%

7(4.9%)

1–3%

8(15.0%)

3–5%

8(32.9%)

5%+

6(44.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 36Unique: 4vs 20 funds

0.5%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.7%

BANK OF AMERICA CORP /DE/

0.4%

BlackRock, Inc.

0.3%

JPMORGAN CHASE & CO

0.2%

STATE STREET CORP

0.3%

VANGUARD CAPITAL MANAGEMENT LLC

0.1%

GEODE CAPITAL MANAGEMENT, LLC

0.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.1%

FMR LLC

0.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New4Increased5Decreased31Exited9

New Positions

GLAD3.0%

+143K

BXSL0.8%

+27K

ARCC0.4%

+18K

NMFC0.2%

+25K

Increased

FSCO3.2%

+498K(+1821%)

GBDC7.3%

+153K(+47%)

FSSL3.8%

+115K(+85%)

TCPC3.7%

+62K(+8%)

MRP4.4%

+3K(+2%)

Decreased

BRSP10.8%

-1,454,552(-48%)

CION0.6%

-1,011,992(-93%)

OXLC0.3%

-1,007,585(-98%)

FSK0.3%

-870,746(-97%)

SWZ0.3%

-613,554(-93%)

RWAY8.0%

-607,724(-39%)

GLO3.5%

-583,115(-52%)

CGBD5.1%

-524,702(-58%)

CCAP5.0%

-496,405(-59%)

ACRE6.5%

-431,806(-28%)

Exited

-651,326

-1,482,418

-223,536

-390,468

-222,186

-152,370

-76,342

-95,443

-10,892

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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