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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 | |
|---|---|---|---|---|---|---|
1
CALL
Papa John's
PZZA
$665M
| $69.2M | 7.56% |
+1,350,000
| New | +$62.4M |
|
|
PARA
2
CALL
DELISTED
Paramount Global Class B
PARA
| $57.5M | 6.28% |
+1,000,000
| New | +$55.2M |
|
|
PPLI
3
People Inc
PPLI
$2.78B
| $54.2M | 5.92% |
1,398,852
-324,534
| -19% | -$10.5M |
|
4
PUT
iShares Russell 2000 ETF
IWM
$76.5B
| $50.6M | 5.52% |
300,000
+50,000
| +20% | +$8.44M |
|
|
ZNGA
5
DELISTED
ZYNGA INC. CL A COMMON
ZNGA
| $46.1M | 5.04% |
11,500,000
+500,000
| +5% | +$2.01M |
|
6
XPO
XPO
$20.4B
| $45.7M | 4.99% |
1,156,558
-28,914
| -2% | -$1.05M |
|
|
7
CALL
General Motors
GM
$74B
| $36.7M | 4.01% |
1,090,000
+290,000
| +36% | +$10.7M |
|
|
CSOD
8
DELISTED
Cornerstone OnDemand, Inc.
CSOD
| $33.5M | 3.66% |
591,000
+200,000
| +51% | +$10.8M |
|
|
PPLI
9
PUT
People Inc
PPLI
$2.78B
| $31.4M | 3.43% |
+811,334
| New | +$26.3M |
|
|
10
Etsy
ETSY
$6.74B
| $30.8M | 3.37% |
600,000
-650,000
| -52% | -$29.9M |
|
|
ZNGA
11
CALL
DELISTED
ZYNGA INC. CL A COMMON
ZNGA
| $26.1M | 2.85% |
6,500,000
+2,000,000
| +44% | +$8.05M |
|
|
12
General Motors
GM
$74B
| $25.6M | 2.8% |
760,000
-485,000
| -39% | -$17.9M |
|
13
CALL
Western Digital
WDC
$150B
| $23.4M | 2.56% |
529,200
| – | – |
|
|
ATVI
14
DELISTED
Activision Blizzard
ATVI
| $22.5M | 2.45% |
270,000
-65,000
| -19% | -$4.93M |
|
|
15
PUT
Etsy
ETSY
$6.74B
| $21.8M | 2.39% |
425,000
-75,000
| -15% | -$3.45M |
|
|
16
Netflix
NFLX
$318B
| $21.3M | 2.33% |
+570,000
| New | +$20.7M |
|
|
17
Meta Platforms (Facebook)
META
$1.72T
| $20.6M | 2.25% |
125,000
-210,000
| -63% | -$38M |
|
|
PARA
18
DELISTED
Paramount Global Class B
PARA
| $20.1M | 2.2% |
+350,000
| New | +$19.3M |
|
|
HDP
19
DELISTED
Hortonworks, Inc.
HDP
| $19.8M | 2.17% |
870,000
-200,000
| -19% | -$4.17M |
|
20
Live Nation Entertainment
LYV
$39.9B
| $19.3M | 2.11% |
355,000
+85,000
| +31% | +$4.3M |
|
|
21
PUT
Meta Platforms (Facebook)
META
$1.72T
| $18.1M | 1.98% |
+110,000
| New | +$19.9M |
|
|
22
PUT
XPO
XPO
$20.4B
| $17.1M | 1.87% |
+433,709
| New | +$15.8M |
|
|
P
23
DELISTED
Pandora Media Inc
P
| $16.9M | 1.85% |
+1,780,000
| New | +$15M |
|
|
24
PUT
Netflix
NFLX
$318B
| $15.6M | 1.71% |
418,000
-182,000
| -30% | -$6.61M |
|
|
25
New York Times
NYT
$11.7B
| $15.3M | 1.67% |
+660,000
| New | +$15.8M |
|
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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.