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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
-0.74%
1 Year Est. Return
+94.03%
3 Year Est. Return
+264.8%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.07B
AUM Growth
-$384M
(-26%)
Cap. Flow
-$341M
Cap. Flow
% of AUM
-31.75%
Top 10 Holdings %
Top 10 Hldgs %
55.4%
Holding
70
New
22
Increased
8
Reduced
10
Closed
28
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ZNGA
ZYNGA INC. CL A COMMON
ZNGA
|
+$42.1M |
| 2 |
Fidelity National Information Services
FIS
|
+$33.9M |
| 3 |
AVLR
Avalara, Inc.
AVLR
|
+$33.2M |
| 4 |
WWE
World Wrestling Entertainment
WWE
|
+$24M |
| 5 |
Match Group
MTCH
|
+$18.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Netflix
NFLX
|
+$73.5M |
| 2 |
Uber
UBER
|
+$35.9M |
| 3 |
Walt Disney
DIS
|
+$33.9M |
| 4 |
Advance Auto Parts
AAP
|
+$27.7M |
| 5 |
WP
Worldpay, Inc.
WP
|
+$27M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 24.97% |
| 2 | Technology | 17.47% |
| 3 | Consumer Discretionary | 7.49% |
| 4 | Industrials | 2.58% |
| 5 | Consumer Staples | 0.56% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
PUT
Home Depot
HD
$335B
| – | – |
-150,000
| Closed | -$31.2M |
|
|
JWN
52
CALL
DELISTED
Nordstrom
JWN
| – | – |
-300,000
| Closed | -$9.56M |
|
53
Live Nation Entertainment
LYV
$41.8B
| – | – |
-57,000
| Closed | -$3.78M |
|
54
PUT
Mattel
MAT
$4.4B
| – | – |
-1,000,000
| Closed | -$11.2M |
|
55
CALL
Meta Platforms (Facebook)
META
$1.5T
| – | – |
-75,000
| Closed | -$14.5M |
|
56
PUT
Microsoft
MSFT
$3.6T
| – | – |
-600,000
| Closed | -$80.4M |
|
|
57
PUT
Match Group
MTCH
$9.39B
| – | – |
-400,000
| Closed | -$26.9M |
|
|
58
Netflix
NFLX
$303B
| – | – |
-2,000,000
| Closed | -$73.5M |
|
59
PUT
PayPal
PYPL
$49.2B
| – | – |
-400,000
| Closed | -$45.8M |
|
60
PUT
Target
TGT
$67.6B
| – | – |
-200,000
| Closed | -$17.3M |
|
|
61
Uber
UBER
$145B
| – | – |
-775,000
| Closed | -$35.9M |
|
62
PUT
United Parcel Service
UPS
$90.4B
| – | – |
-350,000
| Closed | -$36.1M |
|
63
CALL
Urban Outfitters
URBN
$6.52B
| – | – |
-300,000
| Closed | -$6.83M |
|
64
CALL
Yelp
YELP
$1.45B
| – | – |
-600,000
| Closed | -$20.5M |
|
65
Yext
YEXT
$558M
| – | – |
-535,000
| Closed | -$10.7M |
|
|
GAP
66
PUT
The Gap Inc
GAP
$7.25B
| – | – |
-500,000
| Closed | -$8.98M |
|
|
XYZ
67
Block Inc
XYZ
$48.6B
| – | – |
-215,000
| Closed | -$15.6M |
|
|
ZNGA
68
CALL
DELISTED
ZYNGA INC. CL A COMMON
ZNGA
| – | – |
-8,000,000
| Closed | -$49M |
|
|
WORK
69
DELISTED
Slack Technologies, Inc.
WORK
| – | – |
-114,336
| Closed | -$4.29M |
|
|
WP
70
DELISTED
Worldpay, Inc.
WP
| – | – |
-220,000
| Closed | -$27M |
|
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Black-and-white Capital's Q3 2019 Portfolio in Review
As of Q3 2019, Black-and-white Capital held 70 positions worth $1.07B, down 26% from $1.46B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Black-and-white Capital withdrew a net $341M in Q3 2019, closing 28 positions and reducing 10 holdings. Its most notable exit was Netflix, an estimated $73.5M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 25% of assets, up from 24% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, Black-and-white Capital opened a new position in Fidelity National Information Services worth $33.9M.
- Black-and-white Capital's largest Q3 2019 buy was Fidelity National Information Services: 255,000 shares worth $33.9M.
- Black-and-white Capital added most to ZYNGA INC. CL A COMMON in Q3 2019, an estimated $42.1M increase.
- Black-and-white Capital's biggest Q3 2019 reduction was Walt Disney, cutting an estimated $33.9M.
- Black-and-white Capital fully exited Netflix in Q3 2019, selling an estimated $73.5M.
- Black-and-white Capital's ten largest holdings make up 55% of its $1.07B portfolio in Q3 2019.
- Black-and-white Capital opened 22 new positions and closed 28 in Q3 2019.
- Black-and-white Capital's portfolio value fell 26% quarter-over-quarter to $1.07B.
Based on Black-and-white Capital's 13F filing for Q3 2019, filed 14 Nov 2019.