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Bocage Capital Portfolio holdings
AUM
$185M
1-Year Est. Return
61.49%
This Fund
S&P 500
This Quarter
Est. Return
+0.24%
1 Year Est. Return
+61.49%
3 Year Est. Return
+25.28%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$185M
AUM Growth
-$38.3M
(-17%)
Cap. Flow
-$69.9M
Cap. Flow
% of AUM
-37.83%
Top 10 Holdings %
Top 10 Hldgs %
94.78%
Holding
21
New
4
Increased
1
Reduced
8
Closed
7
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Steel Dynamics
STLD
|
+$3.94M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
WRK
WestRock Company
WRK
|
+$11.9M |
| 2 |
CTRA
Coterra Energy
CTRA
|
+$10.2M |
| 3 |
Axalta
AXTA
|
+$8.81M |
| 4 |
CNX Resources
CNX
|
+$8.48M |
| 5 |
AUY
Yamana Gold, Inc.
AUY
|
+$8.14M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 10.27% |
| 2 | Materials | 4.35% |
| 3 | Consumer Discretionary | 1.22% |
| 4 | Utilities | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
X
1
PUT
DELISTED
US Steel
X
| $75.6M | 40.92% |
2,290,000
+190,000
| +9% | +$5.08M |
|
2
PUT
Vale
VALE
$60.4B
| $23.8M | 12.87% |
+3,120,000
| New | +$22.9M |
|
|
CHK
3
PUT
DELISTED
Chesapeake Energy Corporation
CHK
| $19.3M | 10.45% |
13,750
-21,500
| -61% | -$28.1M |
|
4
PUT
Transocean
RIG
$5.69B
| $14.7M | 7.98% |
+1,000,000
| New | +$11.9M |
|
5
CALL
Teck Resources
TECK
$27B
| $13.1M | 7.11% |
+655,600
| New | +$14.2M |
|
|
DYN
6
DELISTED
Dynegy, Inc.
DYN
| $8.93M | 4.83% |
1,055,685
-546,374
| -34% | -$5.38M |
|
|
CTRA
7
DELISTED
Coterra Energy
CTRA
| $5.52M | 2.99% |
236,448
-452,119
| -66% | -$10.2M |
|
|
RSPP
8
DELISTED
RSP Permian, Inc.
RSPP
| $5.26M | 2.85% |
117,960
-53,180
| -31% | -$2.2M |
|
|
9
Steel Dynamics
STLD
$34B
| $4.46M | 2.41% |
+125,264
| New | +$3.94M |
|
10
Ovintiv
OVV
$16.2B
| $4.38M | 2.37% |
74,664
-123,964
| -62% | -$7.06M |
|
|
11
CNX Resources
CNX
$4.71B
| $3.8M | 2.06% |
249,989
-537,165
| -68% | -$8.48M |
|
12
Ingevity
NGVT
$2.66B
| $3.58M | 1.94% |
65,180
-121,350
| -65% | -$5.82M |
|
13
Graphic Packaging
GPK
$3.2B
| $2.26M | 1.22% |
181,181
-171,102
| -49% | -$2.21M |
|
|
DYN.WS
14
DELISTED
Dynegy Inc,
DYN.WS
| $10K | 0.01% |
240,752
| – | – |
|
|
15
Axalta
AXTA
$6.92B
| – | – |
-311,549
| Closed | -$8.81M |
|
16
NRG Energy
NRG
$27.2B
| – | – |
-717,669
| Closed | -$8.04M |
|
|
17
CALL
Ovintiv
OVV
$16.2B
| – | – |
-180,000
| Closed | -$9.42M |
|
|
WRK
18
DELISTED
WestRock Company
WRK
| – | – |
-246,190
| Closed | -$11.9M |
|
|
AUY
19
DELISTED
Yamana Gold, Inc.
AUY
| – | – |
-1,888,247
| Closed | -$8.14M |
|
|
CLD
20
DELISTED
Cloud Peak Energy Inc
CLD
| – | – |
-830,320
| Closed | -$4.52M |
|
|
EGN
21
DELISTED
Energen
EGN
| – | – |
-130,390
| Closed | -$7.53M |
|
Similar funds
EEG
SRP
SA
SIG
CF
WSA
VWM
HH
Bocage Capital's Q4 2016 Portfolio in Review
As of Q4 2016, Bocage Capital held 21 positions worth $185M, down 17% from $223M the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Bocage Capital withdrew a net $69.9M in Q4 2016, closing 7 positions and reducing 8 holdings. Its most notable exit was WestRock Company, an estimated $11.9M position sold in full.
By sector, the portfolio is most concentrated in Energy at 10% of assets, down from 27% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Bocage Capital opened a new position in Steel Dynamics worth $4.46M.
- Bocage Capital's largest Q4 2016 buy was Steel Dynamics: 125,264 shares worth $4.46M.
- Bocage Capital's biggest Q4 2016 reduction was Coterra Energy, cutting an estimated $10.2M.
- Bocage Capital fully exited WestRock Company in Q4 2016, selling an estimated $11.9M.
- Bocage Capital's ten largest holdings make up 95% of its $185M portfolio in Q4 2016.
- Bocage Capital opened 4 new positions and closed 7 in Q4 2016.
- Bocage Capital's portfolio value fell 17% quarter-over-quarter to $185M.
Based on Bocage Capital's 13F filing for Q4 2016, filed 14 Feb 2017.