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Almitas Capital Portfolio holdings

AUM $443M
1-Year Est. Return 42.36%
This Fund
S&P 500
This Quarter Est. Return
+1.99%
1 Year Est. Return
+42.36%
3 Year Est. Return
+85.86%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$209M
AUM Growth
-$7.72M
Cap. Flow
-$17.6M
Cap. Flow %
-8.42%
Top 10 Hldgs %
47%
Holding
147
New
21
Increased
31
Reduced
26
Closed
50

Top Buys

Rank Stock Value
1
BRSP
BrightSpire Capital
BRSP
+$12.2M
2
BFZ
BlackRock CA Municipal Income Trust
BFZ
+$8.42M
3
NPCT icon
Nuveen Core Plus Impact Fund
NPCT
+$6.7M
4
NLY icon
Annaly Capital Management
NLY
+$4.8M
5
NIQ
NUVEEN INTERMEDIATE DURATION QUALITY MUNICIPAL TERM FUND
NIQ
+$4.67M

Top Sells

Rank Stock Value
1
BCAT icon
BlackRock Capital Allocation Term Trust
BCAT
+$12.8M
2
ECAT icon
BlackRock ESG Capital Allocation Term Trust
ECAT
+$9.48M
3
PNNT
Pennant Park Investment Corp
PNNT
+$6.82M
4
NID
NUVEEN INTERMEDIATE DURATION MUNICIPAL TERM FUND
NID
+$5.83M
5
ORC
Orchid Island Capital
ORC
+$4.18M

Sector Composition

Rank Sector Weight
1 Real Estate 17.32%
2 Financials 10.85%
3 Communication Services 0.58%
4 Consumer Staples 0.27%
5 Consumer Discretionary 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NQP
51
DELISTED
Nuveen Pennsylvania Quality Municipal Income Fund
NQP
$786K 0.38%
68,789
+28,706
+72% +$328K
JOF
52
Japan Smaller Capitalization Fund
JOF
$319M
$694K 0.33%
100,490
+18,532
+23% +$126K
EARN
53
Ellington Residential Mortgage REIT
EARN
$167M
$693K 0.33%
94,994
-35,084
-27% -$266K
MPA icon
54
BlackRock MuniYield Pennsylvania Quality Fund
MPA
$143M
$648K 0.31%
55,167
-13,708
-20% -$157K
TEI
55
Templeton Emerging Markets Income Fund
TEI
$312M
$619K 0.3%
+121,994
New +$658K
FTHY
56
First Trust High Yield Opportunities 2027 Term Fund
FTHY
$500M
$618K 0.3%
44,293
-26,838
-38% -$379K
OMCC
57
DELISTED
Old Market Capital Corp
OMCC
$564K 0.27%
91,670
– –
AGRO icon
58
Adecoagro
AGRO
$1.42B
$563K 0.27%
69,592
– –
PFX icon
59
PhenixFIN
PFX
$83.4M
$552K 0.26%
15,337
– –
BKCC
60
DELISTED
BlackRock Capital Investment Corporation
BKCC
$517K 0.25%
149,801
-467,213
-76% -$1.7M
EMD
61
Western Asset Emerging Markets Debt Fund
EMD
$613M
$510K 0.24%
+59,346
New +$541K
TYG
62
Tortoise Energy Infrastructure Corp
TYG
$1.1B
$448K 0.21%
15,244
+14,044
+1,170% +$442K
SBI
63
Western Asset Intermediate Muni Fund
SBI
$108M
$443K 0.21%
55,971
-55,266
-50% -$434K
KMF
64
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$428K 0.2%
55,699
+6,000
+12% +$44.8K
JRO
65
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$413K 0.2%
+51,500
New +$424K
MEGI
66
MainStay CBRE Global Infrastructure Megatrends Term Fund
MEGI
$795M
$340K 0.16%
23,972
-102,877
-81% -$1.49M
TEAF
67
DELISTED
Ecofin Sustainable & Social Impact Term Fund
TEAF
$332K 0.16%
25,603
+17,503
+216% +$228K
CEV
68
Eaton Vance California Municipal Income Trust
CEV
$71.3M
$327K 0.16%
31,947
-14,048
-31% -$143K
DMF
69
DELISTED
BNY Mellon Municipal Income
DMF
$319K 0.15%
+49,149
New +$315K
CPZ
70
Calamos Long/Short Equity & Dynamic Income Trust
CPZ
$259M
$317K 0.15%
20,500
+9,092
+80% +$146K
CAF
71
Morgan Stanley China A Share Fund
CAF
$328M
$306K 0.15%
21,300
-2,500
-11% -$37.7K
DTF
72
DTF Tax-Free Income 2028 Term Fund
DTF
$81.5M
$288K 0.14%
25,989
+19,910
+328% +$220K
DCF
73
DELISTED
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
DCF
$284K 0.14%
+37,460
New +$283K
TTP
74
DELISTED
TORTOISE PIPELINE & ENERGY FUND, INC.
TTP
$268K 0.13%
10,412
+1,627
+19% +$44.4K
KSM
75
DELISTED
DWS Strategic Municipal Income Trust
KSM
$264K 0.13%
31,151
-12,545
-29% -$106K
1 2
3
4 5

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HBT
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EFMC
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BFA
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CP
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CMP
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PLU
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TC
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TAS
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Almitas Capital's Q1 2023 Portfolio in Review

As of Q1 2023, Almitas Capital held 147 positions worth $209M, down 3.6% from $217M the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Almitas Capital withdrew a net $17.6M in Q1 2023, closing 50 positions and reducing 26 holdings. Its most notable exit was BlackRock Capital Allocation Term Trust, an estimated $12.8M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 17% of assets, up from 14% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Almitas Capital opened a new position in BlackRock CA Municipal Income Trust worth $8.75M.

  • Almitas Capital's largest Q1 2023 buy was BlackRock CA Municipal Income Trust: 748,173 shares worth $8.75M.
  • Almitas Capital added most to BrightSpire Capital in Q1 2023, an estimated $12.2M increase.
  • Almitas Capital's biggest Q1 2023 reduction was BlackRock ESG Capital Allocation Term Trust, cutting an estimated $9.48M.
  • Almitas Capital fully exited BlackRock Capital Allocation Term Trust in Q1 2023, selling an estimated $12.8M.
  • Almitas Capital's ten largest holdings make up 47% of its $209M portfolio in Q1 2023.
  • Almitas Capital opened 21 new positions and closed 50 in Q1 2023.
  • Almitas Capital's portfolio value fell 3.6% quarter-over-quarter to $209M.

Based on Almitas Capital's 13F filing for Q1 2023, filed 15 May 2023.