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Blackstart Capital Portfolio holdings

AUM $151M
1-Year Est. Return 14.01%
This Fund
S&P 500
This Quarter Est. Return
+0.9%
1 Year Est. Return
-14.01%
3 Year Est. Return
+9%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$251M
AUM Growth
-$6.75M
Cap. Flow
-$9.7M
Cap. Flow %
-3.86%
Top 10 Hldgs %
57.52%
Holding
39
New
13
Increased
4
Reduced
12
Closed
10
Avg Time Held
1.3 quarters
Top 10 Avg Time Held
1.1 quarters
Top 20 Avg Time Held
1.2 quarters

Top Buys

Rank Stock Value
1
UGI icon
UGI
UGI
+$11.7M
2
PPL icon
PPL Corp
PPL
+$11.3M
3
DUK icon
Duke Energy
DUK
+$10.8M
4
CMS icon
CMS Energy
CMS
+$8.13M
5
LNT icon
Alliant Energy
LNT
+$8.12M

Top Sells

Rank Stock Value
1
D icon
Dominion Energy
D
+$16M
2
EE icon
El Paso Electric Company
EE
+$14.1M
3
SO icon
Southern Company
SO
+$11.7M
4
PEG icon
Public Service Enterprise Group
PEG
+$9.22M
5
KMI icon
Kinder Morgan
KMI
+$8.47M

Sector Composition

Rank Sector Weight
1 Utilities 92.61%
2 Energy 4.53%
3 Industrials 1.86%
4 Real Estate 1.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
NRG icon
1
NRG Energy
NRG
$22.4B
$26.8M 10.66%
939,477
-129,171
-12% -$3.52M
2017 Q1
3 quarters
AWK icon
2
American Water Works
AWK
$25.7B
$19M 7.57%
207,622
+5,189
+3% +$459K
2017 Q2
2 quarters
ETR icon
3
Entergy
ETR
$49.7B
$15.4M 6.15%
379,174
-159,084
-30% -$6.66M
2017 Q2
2 quarters
GXP
4
DELISTED
Great Plains Energy Incorporated
GXP
$13.6M 5.41%
421,409
-76,215
-15% -$2.51M
2017 Q2
2 quarters
VVC
5
DELISTED
Vectren Corporation
VVC
$13.3M 5.31%
204,820
-2,961
-1% -$199K
2017 Q3
1 quarter
EXC icon
6
Exelon
EXC
$43.4B
$12.7M 5.07%
452,274
+248,984
+122% +$7.16M
2017 Q3
1 quarter
NJR icon
7
New Jersey Resources
NJR
$5.26B
$11.9M 4.73%
295,213
+13,050
+5% +$561K
2016 Q4
4 quarters
UGI icon
8
UGI
UGI
$8.08B
$11.5M 4.59%
+245,516
New +$11.7M
2017 Q4
0 quarters
DUK icon
9
Duke Energy
DUK
$91.8B
$10.4M 4.15%
+123,702
New +$10.8M
2017 Q4
0 quarters
PPL icon
10
PPL Corp
PPL
$25.8B
$9.75M 3.88%
+315,000
New +$11.3M
2017 Q4
0 quarters
BKH icon
11
Black Hills Corp
BKH
$5.82B
$9.34M 3.72%
155,307
+54,224
+54% +$3.36M
2016 Q4
4 quarters
AES icon
12
AES
AES
$10.7B
$8.12M 3.24%
750,000
-479,311
-39% -$5.19M
2017 Q3
1 quarter
LNT icon
13
Alliant Energy
LNT
$17.2B
$7.94M 3.16%
+186,404
New +$8.12M
2017 Q4
0 quarters
CMS icon
14
CMS Energy
CMS
$20.7B
$7.94M 3.16%
+167,845
New +$8.13M
2017 Q4
0 quarters
CWEN icon
15
Clearway Energy Class C
CWEN
$3.69B
$7.88M 3.14%
417,209
-150,160
-26% -$2.85M
2016 Q4
4 quarters
PNW icon
16
Pinnacle West Capital
PNW
$12.1B
$7.72M 3.08%
90,625
-32,159
-26% -$2.84M
2017 Q1
3 quarters
SO icon
17
Southern Company
SO
$100B
$7.71M 3.07%
160,320
-229,658
-59% -$11.7M
2017 Q3
1 quarter
NI icon
18
NiSource
NI
$19.8B
$7.7M 3.07%
+300,000
New +$7.97M
2017 Q4
0 quarters
PCG icon
19
PG&E
PCG
$39.5B
$6.41M 2.55%
+142,927
New +$8.01M
2017 Q4
0 quarters
DYN icon
20
DELISTED
Dynegy, Inc.
DYN
$6.02M 2.4%
508,174
-588,519
-54% -$6.57M
2017 Q3
1 quarter
SCG
21
DELISTED
Scana
SCG
$5.68M 2.26%
+142,821
New +$6.38M
2017 Q4
0 quarters
EQT icon
22
EQT Corp
EQT
$33.3B
$5.13M 2.05%
+165,725
New +$5.43M
2017 Q4
0 quarters
TPIC icon
23
DELISTED
TPI Composites
TPIC
$4.67M 1.86%
+228,136
New +$4.78M
2017 Q4
0 quarters
GLNG icon
24
Golar LNG
GLNG
$4.93B
$3.2M 1.28%
107,409
-7,216
-6% -$173K
2016 Q4
4 quarters
SEMG icon
25
DELISTED
SEMGROUP CORPORATION
SEMG
$3.02M 1.2%
+100,000
New +$2.64M
2017 Q4
0 quarters
1
2

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Blackstart Capital's Q4 2017 Portfolio in Review

As of Q4 2017, Blackstart Capital held 39 positions worth $251M, down 2.6% from $258M the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Blackstart Capital withdrew a net $9.7M in Q4 2017, closing 10 positions and reducing 12 holdings. Its most notable exit was Dominion Energy, an estimated $16M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 93% of assets, up from 92% a quarter earlier, followed by Energy and Industrials.

Against the trend, Blackstart Capital opened a new position in UGI worth $11.5M.

  • Blackstart Capital's largest Q4 2017 buy was UGI: 245,516 shares worth $11.5M.
  • Blackstart Capital added most to Exelon in Q4 2017, an estimated $7.16M increase.
  • Blackstart Capital's biggest Q4 2017 reduction was Southern Company, cutting an estimated $11.7M.
  • Blackstart Capital fully exited Dominion Energy in Q4 2017, selling an estimated $16M.
  • Blackstart Capital's ten largest holdings make up 58% of its $251M portfolio in Q4 2017.
  • Blackstart Capital opened 13 new positions and closed 10 in Q4 2017.
  • Blackstart Capital's portfolio value fell 2.6% quarter-over-quarter to $251M.

Based on Blackstart Capital's 13F filing for Q4 2017, filed 14 Feb 2018.