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BAWC
Black-and-white Capital Portfolio holdings
AUM
$967M
1-Year Est. Return
94.03%
This Fund
S&P 500
This Quarter
Est. Return
+10.67%
1 Year Est. Return
+94.03%
3 Year Est. Return
+264.8%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$916M
AUM Growth
+$78.5M
(+9.4%)
Cap. Flow
-$80M
Cap. Flow
% of AUM
-8.74%
Top 10 Holdings %
Top 10 Hldgs %
49.77%
Holding
61
New
22
Increased
7
Reduced
15
Closed
15
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Netflix
NFLX
|
+$20.7M |
| 2 |
PARA
Paramount Global Class B
PARA
|
+$19.3M |
| 3 |
New York Times
NYT
|
+$15.8M |
| 4 |
P
Pandora Media Inc
P
|
+$15M |
| 5 |
CSOD
Cornerstone OnDemand, Inc.
CSOD
|
+$10.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$38M |
| 2 |
Cintas
CTAS
|
+$35M |
| 3 |
Etsy
ETSY
|
+$29.9M |
| 4 |
Spotify
SPOT
|
+$25.4M |
| 5 |
General Motors
GM
|
+$17.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 51.05% |
| 2 | Communication Services | 19.18% |
| 3 | Technology | 13.97% |
| 4 | Consumer Discretionary | 9.19% |
| 5 | Industrials | 6.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
CALL
Walt Disney
DIS
$185B
| – | – |
-300,000
| Closed | -$31.4M |
|
52
Domino's
DPZ
$9.97B
| – | – |
-10,000
| Closed | -$2.82M |
|
53
PUT
Fastenal
FAST
$56.3B
| – | – |
-480,000
| Closed | -$5.78M |
|
54
PUT
Kroger
KR
$36.4B
| – | – |
-200,000
| Closed | -$5.69M |
|
55
PUT
NetApp
NTAP
$37.6B
| – | – |
-120,000
| Closed | -$9.42M |
|
56
PUT
VanEck Semiconductor ETF
SMH
$67.5B
| – | – |
-300,000
| Closed | -$15.4M |
|
|
57
Spotify
SPOT
$113B
| – | – |
-151,000
| Closed | -$25.4M |
|
58
CALL
XPO
XPO
$20.4B
| – | – |
-289,139
| Closed | -$10M |
|
|
SMAR
59
DELISTED
Smartsheet Inc.
SMAR
| – | – |
-50,000
| Closed | -$1.3M |
|
|
CSOD
60
CALL
DELISTED
Cornerstone OnDemand, Inc.
CSOD
| – | – |
-400,000
| Closed | -$19M |
|
|
HDP
61
CALL
DELISTED
Hortonworks, Inc.
HDP
| – | – |
-400,000
| Closed | -$7.29M |
|
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Black-and-white Capital's Q3 2018 Portfolio in Review
As of Q3 2018, Black-and-white Capital held 61 positions worth $916M, up 9.4% from $837M the previous quarter. Its ten largest holdings account for 50% of the portfolio.
Black-and-white Capital withdrew a net $80M in Q3 2018, closing 15 positions and reducing 15 holdings. Its most notable exit was Cintas, an estimated $35M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 51% of assets, up from 41% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Black-and-white Capital opened a new position in Netflix worth $21.3M.
- Black-and-white Capital's largest Q3 2018 buy was Netflix: 570,000 shares worth $21.3M.
- Black-and-white Capital added most to Cornerstone OnDemand, Inc. in Q3 2018, an estimated $10.8M increase.
- Black-and-white Capital's biggest Q3 2018 reduction was Meta Platforms (Facebook), cutting an estimated $38M.
- Black-and-white Capital fully exited Cintas in Q3 2018, selling an estimated $35M.
- Black-and-white Capital's ten largest holdings make up 50% of its $916M portfolio in Q3 2018.
- Black-and-white Capital opened 22 new positions and closed 15 in Q3 2018.
- Black-and-white Capital's portfolio value rose 9.4% quarter-over-quarter to $916M.
Based on Black-and-white Capital's 13F filing for Q3 2018, filed 14 Nov 2018.