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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 | |
|---|---|---|---|---|---|---|
1
PUT
Meta Platforms (Facebook)
META
$1.51T
| $89M | 8.3% |
500,000
+300,000
| +150% | +$57M |
|
2
PUT
Amazon
AMZN
$2.5T
| $86.8M | 8.09% |
+1,000,000
| New | +$92.7M |
|
|
ZNGA
3
DELISTED
ZYNGA INC. CL A COMMON
ZNGA
| $78.6M | 7.33% |
13,500,000
+7,000,000
| +108% | +$42.1M |
|
4
CALL
State Street SPDR S&P Retail ETF
XRT
$365M
| $63.6M | 5.93% |
+1,500,000
| New | +$62.2M |
|
5
PUT
VanEck Semiconductor ETF
SMH
$67.6B
| $59.6M | 5.55% |
1,000,000
-200,000
| -17% | -$11.6M |
|
|
6
Match Group
MTCH
$8.84B
| $45.4M | 4.23% |
635,000
+235,000
| +59% | +$18.3M |
|
7
SiriusXM
SIRI
$10B
| $43.8M | 4.08% |
700,000
-250,000
| -26% | -$15.4M |
|
|
WWE
8
DELISTED
World Wrestling Entertainment
WWE
| $42.7M | 3.98% |
600,000
+335,000
| +126% | +$24M |
|
|
AVLR
9
DELISTED
Avalara, Inc.
AVLR
| $42.4M | 3.95% |
630,000
+410,000
| +186% | +$33.2M |
|
|
10
Walt Disney
DIS
$165B
| $42.4M | 3.95% |
325,000
-245,000
| -43% | -$33.9M |
|
11
Aptiv
APTV
$12B
| $39.3M | 3.67% |
450,000
+50,000
| +13% | +$4.18M |
|
|
12
Meta Platforms (Facebook)
META
$1.51T
| $35.6M | 3.32% |
200,000
-70,000
| -26% | -$13.3M |
|
|
13
Fidelity National Information Services
FIS
$21.5B
| $33.9M | 3.16% |
+255,000
| New | +$33.9M |
|
14
PUT
iShares Russell 2000 ETF
IWM
$80.9B
| $30.3M | 2.82% |
+200,000
| New | +$30.5M |
|
15
General Motors
GM
$74.7B
| $30M | 2.8% |
800,000
-600,000
| -43% | -$23.1M |
|
16
Snap
SNAP
$7.32B
| $29.5M | 2.75% |
1,865,000
+1,065,000
| +133% | +$17.1M |
|
17
CALL
AT&T
T
$165B
| $26.5M | 2.47% |
+926,800
| New | +$24.6M |
|
|
18
CALL
Snap
SNAP
$7.32B
| $23.7M | 2.21% |
+1,500,000
| New | +$24M |
|
19
PUT
Wayfair
W
$11.1B
| $19.1M | 1.78% |
+170,000
| New | +$21.8M |
|
20
PUT
Invesco QQQ Trust
QQQ
$455B
| $18.9M | 1.76% |
100,000
-500,000
| -83% | -$94.8M |
|
21
Madison Square Garden
MSGS
$9.54B
| $17.1M | 1.6% |
91,130
| – | – |
|
|
GRUB
22
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
| $14.1M | 1.31% |
125,000
+49,414
| +65% | +$6.56M |
|
23
XPO
XPO
$25B
| $13.6M | 1.27% |
+549,365
| New | +$12.7M |
|
24
PUT
Children's Place
PLCE
$53.6M
| $11.5M | 1.08% |
+150,000
| New | +$13.2M |
|
25
New York Times
NYT
$11.6B
| $11.4M | 1.06% |
400,000
-30,000
| -7% | -$947K |
|
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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.