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North Ground Capital — 13F Holdings & Portfolio

CIK 2055446 · latest 13F-HR filed 2026-11-13

Backtest portfolio

North Ground Capital manages $76.5M in 13F-reported U.S. long-equity assets across 40 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are FSSL (14.07%), MSIF (9.78%), MRP (7.47%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 15 new positions and exited 8; 8 existing positions rose in reported value and 14 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$76.5M

Long-equity book

Holdings
40

Distinct positions

Period
2026-09-30

Filed 2026-11-13

Q/Q Activity
+15 / −8 / ↑8 / ↓14

vs 2026-06-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q3 26
FSSL14.1% · +13%MSIF9.8% · +18%MRP7.5% · +23%BRSP6.1% · +12%OTF6.1% · +71%CCAP6.0% · -4%CGBD5.6% · -35%RWAY5.5% · -12%GLO5.0% · -1%ACRE5.0% · -19%TYG4.6% · +106%MXF4.0% · +11%PDX3.0% · newNMCO2.4% · newACP2.3% · newNFJ2.0% · +13%BPRE2.0% · newBCSF1.3% · -58%AOMR1.0% · -39%GLAD0.9% · -67%GLQ0.8% · -2%ASGI0.8% · newECAT0.7% · +34%GLV0.6% · -7%BRW0.4% · -14%JQC0.3% · -33%DMA0.3% · 0%TCPC0.2% · newCION0.2% · newBGR0.2% · newJRI0.2% · newHFRO0.2% · -12%BCAT0.2% · newRIV0.1% · newFMN0.1% · -37%MFIC0.1% · newICMB0.1% · +173%PWRL0.1% · newNMI0.0% · newASGIR0.0% · new

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q2 26 → Q3 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

5 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 70.7%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Jul 7, 2026.

Assets Under Management
$334.5M
Discretionary
$334.5M
Employees
4
Accounts
4
Address
867 BOYLSTON ST.
5TH FLOOR #1361
BOSTON, MA 02116
Phone
(617) 310-6130
Website
Name Title / Status Ownership Type
ELLIS, THOMAS, BERNARD ControlPORTFOLIO MANAGER & LIMITED PARTNER
since Aug 2002
25–50%Individual
FISHER, MICHAEL, GARDNER ControlCOO, CFO, CCO
since Sep 2015
Less than 5%Individual
HAMMER, TODD, BENJAMIN ControlPORTFOLIO MANAGER & LIMITED PARTNER
since Aug 2002
25–50%Individual
NORTH RUN ADVISORS, LLC ControlGENERAL PARTNER
since Aug 2002
Less than 5%Domestic Entity
ELLIS, THOMAS, BERNARD Control
Indirect owner via NORTH RUN ADVISORS, LLC
MEMBER
since Aug 2002
50–75%Individual
HAMMER, TODD, BENJAMIN Control
Indirect owner via NORTH RUN ADVISORS, LLC
MEMBER
since Aug 2002
50–75%Individual
Ownership & leadership changes · 2 filings with changes since Feb 15, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 29, 2018 filing
  • No longer listedFILION, SARAH, LOWMAN · CHIEF COMPLIANCE OFFICER & GENERAL COUNSEL · Less than 5% · control person · listed since Jun 2007
  • ChangedFISHER, MICHAEL, GARDNER · title CHIEF OPERATING OFFICE & CHIEF FINANCIAL OFFICER → COO, CFO, CCO
Oct 7, 2015 filing
  • No longer listedMCCLINTOCK, AUSTIN · CHIEF OPERATING OFFICER & CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Aug 2003
  • AddedFISHER, MICHAEL, GARDNER · CHIEF OPERATING OFFICE & CHIEF FINANCIAL OFFICER · Less than 5% · control person
Feb 15, 2012 filing (earliest on record)
  • ListedELLIS, THOMAS, BERNARD · PORTFOLIO MANAGER & LIMITED PARTNER · 25–50% · control person
  • ListedELLIS, THOMAS, BERNARD · MEMBER · 50–75% · indirect via NORTH RUN ADVISORS, LLC · control person
  • ListedFILION, SARAH, LOWMAN · CHIEF COMPLIANCE OFFICER & GENERAL COUNSEL · Less than 5% · control person
  • ListedHAMMER, TODD, BENJAMIN · PORTFOLIO MANAGER & LIMITED PARTNER · 25–50% · control person
  • ListedHAMMER, TODD, BENJAMIN · MEMBER · 50–75% · indirect via NORTH RUN ADVISORS, LLC · control person
  • ListedMCCLINTOCK, AUSTIN · CHIEF OPERATING OFFICER & CHIEF FINANCIAL OFFICER · Less than 5% · control person
  • ListedNORTH RUN ADVISORS, LLC · GENERAL PARTNER · Less than 5% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

North Ground Capital Holdings (2026-09-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 FS SPECIALTY LENDING FD FSSL 644323107 $10.8M 14.07% 925,000 SH
2 MSC INCOME FUND INC MSIF 55374X208 $7.5M 9.78% 634,990 SH
3 MILLROSE PPTYS INC MRP 601137102 $5.7M 7.47% 220,000 SH
4 BRIGHTSPIRE CAPITAL INC BRSP 10949T109 $4.7M 6.14% 1,225,000 SH
5 BLUE OWL TECHNOLOGY FIN CORP OTF 095924106 $4.7M 6.09% 475,000 SH
6 CRESCENT CAP BDC INC CCAP 225655109 $4.6M 6.00% 500,000 SH
7 CARLYLE SECURED LENDING INC CGBD 872280102 $4.3M 5.59% 400,000 SH
8 RUNWAY GROWTH FINANCE CORP RWAY 78163D100 $4.2M 5.53% 638,545 SH
9 CLOUGH GLOBAL OPPORTUNITIES GLO 18914E106 $3.8M 5.03% 720,000 SH
10 ARES COML REAL ESTATE CORP ACRE 04013V108 $3.8M 5.00% 995,000 SH
11 TORTOISE ENERGY INFRSTRCTR C TYG 89147L886 $3.5M 4.63% 92,500 SH
12 MEXICO FD INC MXF 592835102 $3.1M 4.04% 151,410 SH
13 PIMCO DYNAMIC INCOME STRATEG PDX 69346N107 $2.3M 2.98% 112,200 SH
14 NUVEEN MUN CR OPPORTUNITIES NMCO 670663103 $1.8M 2.39% 205,380 SH
15 ABRDN INCOME CREDIT STRATEGI ACP 003057106 $1.8M 2.30% 395,000 SH
16 VIRTUS DIVIDEND INTEREST & P NFJ 92840R101 $1.5M 1.98% 100,800 SH
17 BLUEROCK PVT REAL ESTATE FD BPRE 09631P102 $1.5M 1.97% 120,000 SH
18 BAIN CAP SPECIALTY FIN INC BCSF 05684B107 $1.0M 1.34% 93,069 SH
19 ANGEL OAK MORTGAGE REIT INC AOMR 03464Y108 $733.2K 0.96% 100,437 SH
20 GLADSTONE CAP CORP GLAD 376535878 $673.4K 0.88% 35,017 SH
21 CLOUGH GLOBAL EQUITY FD GLQ 18914C100 $649.9K 0.85% 87,000 SH
22 ABRDN GLOBAL INFRA INCOME FU ASGI 00326W106 $626.5K 0.82% 32,425 SH
23 BLACKROCK ESG CAP ALLC TERM ECAT 09262F100 $520.6K 0.68% 37,564 SH
24 CLOUGH GLOBAL DIVID & INCOME GLV 18913Y103 $495.0K 0.65% 85,500 SH
25 SABA CAPITAL INCOME & OPRNT BRW 78518H202 $291.1K 0.38% 48,439 SH
26 NUVEEN CR STRATEGIES INCOME JQC 67073D102 $239.9K 0.31% 50,500 SH
27 DESTRA MULTI-ALTERNATIVE FD DMA 25065A502 $226.2K 0.30% 30,000 SH
28 BLACKROCK TCP CAPITAL CORP TCPC 09259E108 $185.0K 0.24% 46,250 SH
29 CION INVT CORP CION 17259U204 $175.5K 0.23% 25,000 SH
30 BLACKROCK ENERGY & RES TR BGR 09250U101 $175.0K 0.23% 10,353 SH
31 NUVEEN REAL ASSET INCOME & G JRI 67074Y105 $172.3K 0.23% 16,000 SH
32 HIGHLAND OPPS & INCOME FD HFRO 43010E404 $145.5K 0.19% 21,846 SH
33 BLACKROCK CAP ALLOCATION TER BCAT 09260U109 $139.6K 0.18% 10,191 SH
34 RIVERNORTH OPPORTUNITIES FD RIV 76881Y109 $105.5K 0.14% 10,200 SH
35 FEDERATED HERMES PREM MUNI I FMN 31423P108 $98.5K 0.13% 10,000 SH
36 MIDCAP FINANCIAL INVSTMNT CO MFIC 03761U502 $88.3K 0.12% 10,100 SH
37 INVESTCORP CR MGMT BDC INC ICMB 46090R104 $63.4K 0.08% 76,357 SH
38 POWERLAW CORP PWRL 738922103 $55.0K 0.07% 5,000 SH
39 NUVEEN MUN CR OPPORTUNITIES NMI 670663111 $2.5K 0.00% 100,000 SH
40 ABRDN GLOBAL INFRA INCOME FU ASGIR 00326W114 $393 0.00% 31,425 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-11-13 $76.5M 40 0001420506-26-002694
2026-06-30 2026-08-13 $83.4M 33 0001420506-26-001565
2026-03-31 2026-05-11 $83.0M 40 0001420506-26-000890
2025-12-31 2026-02-12 $201.4M 45 0001420506-26-000329
2025-09-30 2025-10-29 $163.0M 51 0001420506-25-002922
Filer Information
Address
87 ELM STREET, SUITE 103
COHASSET, MA 02025
Phone
(781) 923-0975
Filing Manager
North Ground Capital
Cohasset, MA
Signatory
G. Stuart Murphy
COO/CCO