We give a new solvability criterion for the boundary Carathéodory-Fejér problem: given a point x ∈ R and, a finite set of target values a 0 , a 1 , . . . , a n ∈ R, to construct a function f in the Pick class such that the limit of f (k) (z)/k! as z → x nontangentially in the upper half plane is a k . The criterion is in terms of positivity of an associated Hankel matrix. The proof is based on a reduction method due to Julia and Nevanlinna.