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Blackthorn Investment Group Portfolio holdings

AUM $26.8M
1-Year Est. Return 12.33%
This Fund
S&P 500
This Quarter Est. Return
-5.68%
1 Year Est. Return
-12.33%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$28.5M
AUM Growth
-$8.58M
Cap. Flow
-$6.53M
Cap. Flow %
-22.91%
Top 10 Hldgs %
41.9%
Holding
117
New
33
Increased
3
Reduced
26
Closed
51

Top Buys

Rank Stock Value
1
PBR.A icon
Petrobras Class A
PBR.A
+$3.41M
2
VALE.P
Vale S A
VALE.P
+$1.56M
3
EGN
Energen
EGN
+$1.47M
4
EFC
Ellington Financial
EFC
+$1.27M
5
KRE icon
State Street SPDR S&P Regional Banking ETF
KRE
+$1.17M

Top Sells

Rank Stock Value
1
AMTG
APOLLO RESIDENTIAL MTG INC COM STK
AMTG
+$1.13M
2
MFIC icon
MidCap Financial Investment
MFIC
+$965K
3
MTGE
MTGE Investment Corp. Common Stock
MTGE
+$921K
4
WMC
Western Asset Mortgage Capital Corporation
WMC
+$850K
5
NMFC icon
New Mountain Finance
NMFC
+$835K

Sector Composition

Rank Sector Weight
1 Financials 44.87%
2 Real Estate 17.91%
3 Energy 16.04%
4 Consumer Discretionary 0.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HEOP
26
DELISTED
Heritage Oaks Bancorp
HEOP
$348K 1.22%
49,771
– –
HFWA icon
27
Heritage Financial
HFWA
$1.24B
$339K 1.19%
21,400
-5,124
-19% -$83.1K
SIVB
28
DELISTED
SVB Financial Group
SIVB
$336K 1.18%
3,000
+182
+6% +$20.2K
CYS
29
DELISTED
CYS Investments Inc.
CYS
$330K 1.16%
40,000
-10,000
-20% -$90.2K
ANCX
30
DELISTED
Access National Corp
ANCX
$325K 1.14%
20,000
-5,870
-23% -$94.4K
CMA
31
DELISTED
Comerica
CMA
$324K 1.14%
+6,500
New +$326K
BLMT
32
DELISTED
BSB Bancorp, Inc.
BLMT
$322K 1.13%
17,500
-709
-4% -$12.5K
STL
33
DELISTED
Sterling Bancorp
STL
$320K 1.12%
+25,000
New +$310K
BBNK
34
DELISTED
BRIDGE CAPITAL HOLDINGS
BBNK
$318K 1.12%
14,000
-6,683
-32% -$151K
FFIC
35
DELISTED
Flushing Financial
FFIC
$316K 1.11%
17,300
-700
-4% -$13.4K
CCBG icon
36
Capital City Bank Group
CCBG
$904M
$312K 1.09%
23,038
– –
PFX icon
37
PhenixFIN
PFX
$83.1M
$311K 1.09%
1,315
-1,900
-59% -$486K
METR
38
DELISTED
METRO BANCORP, INC COMMON STOCK
METR
$306K 1.07%
12,600
-15,508
-55% -$364K
OCSI
39
DELISTED
Oaktree Strategic Income Corporation
OCSI
$296K 1.04%
+25,000
New +$324K
ACRE
40
Ares Commercial Real Estate
ACRE
$247M
$292K 1.02%
+25,000
New +$310K
WSBF icon
41
Waterstone Financial
WSBF
$377M
$289K 1.01%
+25,000
New +$286K
CACB
42
DELISTED
Cascade Bancorp
CACB
$287K 1.01%
+56,814
New +$298K
GBNK
43
DELISTED
Guaranty Bancorp
GBNK
$285K 1%
21,092
-1,891
-8% -$26K
MTGE
44
DELISTED
MTGE Investment Corp. Common Stock
MTGE
$282K 0.99%
15,000
-46,000
-75% -$921K
MBRG
45
DELISTED
Middleburg Financial Corp
MBRG
$278K 0.98%
+15,657
New +$289K
EFSC icon
46
Enterprise Financial Services Corp
EFSC
$2.43B
$277K 0.97%
16,546
– –
FMNB icon
47
Farmers National Banc Corp
FMNB
$945M
$269K 0.94%
+33,700
New +$259K
PVTB
48
DELISTED
PrivateBancorp Inc
PVTB
$269K 0.94%
+9,000
New +$265K
MSFG
49
DELISTED
MainSource Financial Group Inc
MSFG
$260K 0.91%
15,062
-3,038
-17% -$52K
DCOM
50
DELISTED
Dime Community Bancshares
DCOM
$259K 0.91%
17,999
-6,293
-26% -$95.9K
1
2
3 4 5

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AC
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MAM
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GBM
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ACM
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SCM
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WAM
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BCM
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Blackthorn Investment Group's Q3 2014 Portfolio in Review

As of Q3 2014, Blackthorn Investment Group held 117 positions worth $28.5M, down 23% from $37.1M the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Blackthorn Investment Group withdrew a net $6.53M in Q3 2014, closing 51 positions and reducing 26 holdings. Its most notable exit was APOLLO RESIDENTIAL MTG INC COM STK, an estimated $1.13M position sold in full.

By sector, the portfolio is most concentrated in Financials at 45% of assets, down from 63% a quarter earlier, followed by Real Estate and Energy.

Against the trend, Blackthorn Investment Group opened a new position in Petrobras Class A worth $2.85M.

  • Blackthorn Investment Group's largest Q3 2014 buy was Petrobras Class A: 191,700 shares worth $2.85M.
  • Blackthorn Investment Group added most to Five Oaks Investment Corp. in Q3 2014, an estimated $381K increase.
  • Blackthorn Investment Group's biggest Q3 2014 reduction was MTGE Investment Corp. Common Stock, cutting an estimated $921K.
  • Blackthorn Investment Group fully exited APOLLO RESIDENTIAL MTG INC COM STK in Q3 2014, selling an estimated $1.13M.
  • Blackthorn Investment Group's ten largest holdings make up 42% of its $28.5M portfolio in Q3 2014.
  • Blackthorn Investment Group opened 33 new positions and closed 51 in Q3 2014.
  • Blackthorn Investment Group's portfolio value fell 23% quarter-over-quarter to $28.5M.

Based on Blackthorn Investment Group's 13F filing for Q3 2014, filed 10 Nov 2014.