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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
+6.57%
1 Year Est. Return
-14.01%
3 Year Est. Return
+9%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$190M
AUM Growth
-$43.6M
(-19%)
Cap. Flow
-$54.1M
Cap. Flow
% of AUM
-28.49%
Top 10 Holdings %
Top 10 Hldgs %
56.59%
Holding
35
New
13
Increased
5
Reduced
10
Closed
7
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Water Works
AWK
|
+$12.4M |
| 2 |
Southern Company
SO
|
+$12.2M |
| 3 |
American Electric Power
AEP
|
+$12.1M |
| 4 |
AES
AES
|
+$8.57M |
| 5 |
SJI
South Jersey Industries, Inc.
SJI
|
+$6.19M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NiSource
NI
|
+$21.2M |
| 2 |
CenterPoint Energy
CNP
|
+$20.8M |
| 3 |
Evergy
EVRG
|
+$16.7M |
| 4 |
FirstEnergy
FE
|
+$14.8M |
| 5 |
Entergy
ETR
|
+$12.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Utilities | 92.83% |
| 2 | Energy | 6.56% |
| 3 | Industrials | 0.4% |
| 4 | Technology | 0.2% |
| 5 | Miscellaneous | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
NRG Energy
NRG
$23.4B
| $13.1M | 6.92% |
331,990
+72,756
| +28% | +$2.63M |
|
2
MDU Resources
MDU
$4.16B
| $13M | 6.83% |
1,210,036
+289,224
| +31% | +$2.95M |
|
|
3
Southern Company
SO
$102B
| $13M | 6.82% |
+209,795
| New | +$12.2M |
|
4
Duke Energy
DUK
$93.8B
| $12.8M | 6.74% |
133,512
-108,302
| -45% | -$9.86M |
|
|
5
American Water Works
AWK
$27.5B
| $12.8M | 6.72% |
+102,727
| New | +$12.4M |
|
|
6
American Electric Power
AEP
$66.6B
| $12.5M | 6.56% |
+132,926
| New | +$12.1M |
|
|
7
AES
AES
$10.5B
| $8.7M | 4.58% |
+532,175
| New | +$8.57M |
|
8
Edison International
EIX
$27B
| $8.66M | 4.56% |
114,779
+61,635
| +116% | +$4.44M |
|
9
UGI
UGI
$8.15B
| $6.53M | 3.44% |
129,852
+9,149
| +8% | +$457K |
|
10
Ameren
AEE
$29.4B
| $6.48M | 3.41% |
80,910
-67,743
| -46% | -$5.2M |
|
|
11
Entergy
ETR
$49.3B
| $6.4M | 3.37% |
109,020
-221,854
| -67% | -$12.1M |
|
|
XIFR
12
XPLR Infrastructure LP
XIFR
$1.11B
| $6.38M | 3.36% |
+120,669
| New | +$6.07M |
|
|
PPL
13
PPL Corp
PPL
$25.7B
| $6.31M | 3.32% |
+200,367
| New | +$6.06M |
|
14
Exelon
EXC
$45.3B
| $6.27M | 3.3% |
+181,846
| New | +$6.11M |
|
15
Dominion Energy
D
$57.7B
| $6.26M | 3.3% |
77,206
-131,258
| -63% | -$10.2M |
|
16
Eversource Energy
ES
$26.7B
| $6.26M | 3.3% |
+73,211
| New | +$5.82M |
|
|
HTO
17
H2O America
HTO
$2.66B
| $6.25M | 3.29% |
91,490
-100,560
| -52% | -$6.61M |
|
18
Essential Utilities
WTRG
$11.7B
| $6.24M | 3.29% |
+139,193
| New | +$5.98M |
|
|
SJI
19
DELISTED
South Jersey Industries, Inc.
SJI
| $6.24M | 3.29% |
+189,540
| New | +$6.19M |
|
|
AY
20
DELISTED
Atlantica Sustainable Infrastructure plc Ordinary Shares
AY
| $6.19M | 3.26% |
256,870
-161,683
| -39% | -$3.81M |
|
|
21
FirstEnergy
FE
$26.5B
| $6.15M | 3.24% |
127,443
-327,506
| -72% | -$14.8M |
|
|
PEGI
22
DELISTED
Pattern Energy Group Inc. Class A
PEGI
| $6.13M | 3.23% |
+227,622
| New | +$5.74M |
|
|
JE
23
DELISTED
Just Energy Group Inc
JE
| $2.65M | 1.39% |
33,819
+22,711
| +204% | +$1.98M |
|
|
TELL
24
DELISTED
Tellurian Inc.
TELL
| $1.43M | 0.75% |
+171,675
| New | +$1.23M |
|
25
Golar LNG
GLNG
$5.13B
| $1.38M | 0.73% |
106,073
-307,163
| -74% | -$4.51M |
|
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Blackstart Capital's Q3 2019 Portfolio in Review
As of Q3 2019, Blackstart Capital held 35 positions worth $190M, down 19% from $234M the previous quarter. Its ten largest holdings account for 57% of the portfolio.
Blackstart Capital withdrew a net $54.1M in Q3 2019, closing 7 positions and reducing 10 holdings. Its most notable exit was NiSource, an estimated $21.2M position sold in full.
By sector, the portfolio is most concentrated in Utilities at 93% of assets, up from 89% a quarter earlier, followed by Energy and Industrials.
Against the trend, Blackstart Capital opened a new position in American Water Works worth $12.8M.
- Blackstart Capital's largest Q3 2019 buy was American Water Works: 102,727 shares worth $12.8M.
- Blackstart Capital added most to Edison International in Q3 2019, an estimated $4.44M increase.
- Blackstart Capital's biggest Q3 2019 reduction was FirstEnergy, cutting an estimated $14.8M.
- Blackstart Capital fully exited NiSource in Q3 2019, selling an estimated $21.2M.
- Blackstart Capital's ten largest holdings make up 57% of its $190M portfolio in Q3 2019.
- Blackstart Capital opened 13 new positions and closed 7 in Q3 2019.
- Blackstart Capital's portfolio value fell 19% quarter-over-quarter to $190M.
Based on Blackstart Capital's 13F filing for Q3 2019, filed 14 Nov 2019.