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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
+7.03%
1 Year Est. Return
+42.36%
3 Year Est. Return
+85.86%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$290M
AUM Growth
+$81.4M
Cap. Flow
+$58.8M
Cap. Flow %
20.26%
Top 10 Hldgs %
42.84%
Holding
133
New
45
Increased
46
Reduced
16
Closed
17

Top Buys

Rank Stock Value
1
BMEZ icon
BlackRock Health Sciences Trust II
BMEZ
+$16.6M
2
BKCC
BlackRock Capital Investment Corporation
BKCC
+$7.54M
3
NQP
Nuveen Pennsylvania Quality Municipal Income Fund
NQP
+$6.05M
4
SDHY
PGIM Short Duration High Yield Opportunities Fund
SDHY
+$4.99M
5
ORC
Orchid Island Capital
ORC
+$4.75M

Top Sells

Rank Stock Value
1
SABA
Saba Capital Income & Opportunities Fund II
SABA
+$12M
2
CEN
Center Coast Brookfield MLP & Energy Infrastructure Fund
CEN
+$6.27M
3
ECAT icon
BlackRock ESG Capital Allocation Term Trust
ECAT
+$5.71M
4
JHAA
Nuveen Corporate Income 2023 Target Term Fund
JHAA
+$3.95M
5
FDEU
First Trust Dynamic Europe Equity Income Fund
FDEU
+$3.94M

Sector Composition

Rank Sector Weight
1 Real Estate 6.89%
2 Financials 4.81%
3 Healthcare 0.94%
4 Communication Services 0%
5 Technology 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AJXA
1
DELISTED
Great Ajax Corp.7.25% Convertible Senior Notes due 2024
AJXA
$22M 7.57%
893,646
– –
BMEZ icon
2
BlackRock Health Sciences Trust II
BMEZ
$946M
$18.9M 6.53%
1,293,211
+1,189,017
+1,141% +$16.6M
NPCT icon
3
Nuveen Core Plus Impact Fund
NPCT
$281M
$17.3M 5.95%
1,712,647
+187,700
+12% +$1.78M
HIE
4
DELISTED
Miller/Howard High Income Equity Fund
HIE
$11.6M 3.98%
1,089,168
+27,860
+3% +$280K
BKCC
5
DELISTED
BlackRock Capital Investment Corporation
BKCC
$11.3M 3.9%
2,926,685
+2,072,988
+243% +$7.54M
NQP
6
DELISTED
Nuveen Pennsylvania Quality Municipal Income Fund
NQP
$10.6M 3.65%
915,235
+570,999
+166% +$6.05M
ECAT icon
7
BlackRock ESG Capital Allocation Term Trust
ECAT
$1.53B
$10.1M 3.46%
623,201
-374,667
-38% -$5.71M
SDHY
8
PGIM Short Duration High Yield Opportunities Fund
SDHY
$397M
$8.02M 2.76%
534,905
+342,744
+178% +$4.99M
ENX
9
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$7.77M 2.68%
805,172
+230,744
+40% +$2.02M
PDX
10
PIMCO Dynamic Income Strategy Fund
PDX
$959M
$6.83M 2.35%
333,376
+28,555
+9% +$561K
RPT
11
Rithm Property Trust
RPT
$94.4M
$6.28M 2.16%
197,516
+62,912
+47% +$1.94M
BFZ
12
DELISTED
BlackRock CA Municipal Income Trust
BFZ
$5.64M 1.94%
468,805
-59,570
-11% -$646K
ORC
13
Orchid Island Capital
ORC
$1.34B
$5.37M 1.85%
+637,430
New +$4.75M
JPI
14
DELISTED
Nuveen Preferred Securities & Income Opportunities Fund
JPI
$4.99M 1.72%
272,766
+161,690
+146% +$2.79M
HYB
15
DELISTED
New America High Income Fund, Inc.
HYB
$4.98M 1.71%
706,870
+440,672
+166% +$2.94M
MMD
16
MainStay MacKay DefinedTerm Municipal Opportunities Fund
MMD
$283M
$4.83M 1.66%
+297,003
New +$4.58M
NTG
17
DELISTED
Tortoise Midstream Energy Fund, Inc. Common Stock
NTG
$4.61M 1.59%
132,739
-29,384
-18% -$997K
EVM
18
DELISTED
Eaton Vance California Municipal Bond Fund
EVM
$4.37M 1.51%
477,953
+70,412
+17% +$595K
KTF
19
DWS Municipal Income Trust
KTF
$349M
$4.16M 1.43%
467,648
+374,102
+400% +$3.05M
ASA
20
ASA Gold and Precious Metals
ASA
$969M
$4.06M 1.4%
+269,849
New +$3.83M
CTR
21
DELISTED
ClearBridge MLP and Midstream Total Return Fund Inc.
CTR
$4.03M 1.39%
111,195
-15,071
-12% -$494K
DMF
22
DELISTED
BNY Mellon Municipal Income
DMF
$3.94M 1.36%
606,458
+263,714
+77% +$1.58M
GAM
23
General American Investors Company
GAM
$1.54B
$3.78M 1.3%
88,016
-31,390
-26% -$1.3M
DTF
24
DTF Tax-Free Income 2028 Term Fund
DTF
$80.8M
$3.77M 1.3%
351,091
+326,719
+1,341% +$3.5M
CXH
25
DELISTED
MFS Investment Grade Municipal Trust
CXH
$3.72M 1.28%
491,954
-50,687
-9% -$360K
1
2 3 4 5

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EFMC
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BFA
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GWM
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CP
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CMP
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PLU
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Almitas Capital's Q4 2023 Portfolio in Review

As of Q4 2023, Almitas Capital held 133 positions worth $290M, up 39% from $209M the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Almitas Capital deployed $58.8M of net new capital in Q4 2023, opening 45 new positions and adding to 46 existing holdings. Its largest new stake was Orchid Island Capital: 637,430 shares worth $5.37M.

By sector, the portfolio is most concentrated in Real Estate at 6.9% of assets, down from 8.3% a quarter earlier, followed by Financials and Healthcare.

On the sell side, the largest reduction was BlackRock ESG Capital Allocation Term Trust, an estimated $5.71M trimmed.

  • Almitas Capital's largest Q4 2023 buy was Orchid Island Capital: 637,430 shares worth $5.37M.
  • Almitas Capital added most to BlackRock Health Sciences Trust II in Q4 2023, an estimated $16.6M increase.
  • Almitas Capital's biggest Q4 2023 reduction was BlackRock ESG Capital Allocation Term Trust, cutting an estimated $5.71M.
  • Almitas Capital fully exited Saba Capital Income & Opportunities Fund II in Q4 2023, selling an estimated $12M.
  • Almitas Capital's ten largest holdings make up 43% of its $290M portfolio in Q4 2023.
  • Almitas Capital opened 45 new positions and closed 17 in Q4 2023.
  • Almitas Capital's portfolio value rose 39% quarter-over-quarter to $290M.

Based on Almitas Capital's 13F filing for Q4 2023, filed 14 Feb 2024.