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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
+9.9%
1 Year Est. Return
+61.49%
3 Year Est. Return
+25.28%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$188M
AUM Growth
-$354M
Cap. Flow
-$368M
Cap. Flow %
-195.59%
Top 10 Hldgs %
95.41%
Holding
27
New
3
Increased
2
Reduced
8
Closed
14

Top Buys

Rank Stock Value
1
CF icon
CF Industries
CF
+$32.1M
2
GGB icon
Gerdau
GGB
+$6.6M
3
EMN icon
Eastman Chemical
EMN
+$1.26M
4
SLV icon
iShares Silver Trust
SLV
+$629K
5
SBSW icon
Sibanye-Stillwater
SBSW
+$574K

Top Sells

Rank Stock Value
1
APC
Anadarko Petroleum
APC
+$36M
2
AGCO icon
AGCO
AGCO
+$27.3M
3
QEP
QEP RESOURCES, INC.
QEP
+$26.5M
4
OXY icon
Occidental Petroleum
OXY
+$23.4M
5
FCX icon
Freeport-McMoran
FCX
+$23.1M

Sector Composition

Rank Sector Weight
1 Materials 44.91%
2 Energy 23.5%
3 Consumer Discretionary 15.24%
4 Consumer Staples 0%
5 Industrials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WNR
26
DELISTED
Western Refining Inc
WNR
– –
-394,942
Closed -$11.1M
DDC
27
DELISTED
Dominion Diamond Corporation
DDC
– –
-804,568
Closed -$11.4M
1
2

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SA
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SIG
Stanford Investment Group Mountain View, California $205M AUM 7.44% 1-Year Est. Return
CF
CenterStar Fund Chicago, Illinois $159M AUM 13.43% 1-Year Est. Return
WSA
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VWM
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HH
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Bocage Capital's Q3 2013 Portfolio in Review

As of Q3 2013, Bocage Capital held 27 positions worth $188M, down 65% from $542M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Bocage Capital withdrew a net $368M in Q3 2013, closing 14 positions and reducing 8 holdings. Its most notable exit was AGCO, an estimated $27.3M position sold in full.

By sector, the portfolio is most concentrated in Materials at 45% of assets, up from 22% a quarter earlier, followed by Energy and Consumer Discretionary.

Against the trend, Bocage Capital opened a new position in Gerdau worth $7.24M.

  • Bocage Capital's largest Q3 2013 buy was Gerdau: 1,223,253 shares worth $7.24M.
  • Bocage Capital added most to CF Industries in Q3 2013, an estimated $32.1M increase.
  • Bocage Capital's biggest Q3 2013 reduction was Anadarko Petroleum, cutting an estimated $36M.
  • Bocage Capital fully exited AGCO in Q3 2013, selling an estimated $27.3M.
  • Bocage Capital's ten largest holdings make up 95% of its $188M portfolio in Q3 2013.
  • Bocage Capital opened 3 new positions and closed 14 in Q3 2013.
  • Bocage Capital's portfolio value fell 65% quarter-over-quarter to $188M.

Based on Bocage Capital's 13F filing for Q3 2013, filed 14 Nov 2013.