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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
-1.28%
1 Year Est. Return
+61.49%
3 Year Est. Return
+25.28%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$228M
AUM Growth
-$211M
Cap. Flow
-$201M
Cap. Flow %
-88.32%
Top 10 Hldgs %
75.71%
Holding
29
New
4
Increased
4
Reduced
12
Closed
9

Top Buys

Rank Stock Value
1
APC
Anadarko Petroleum
APC
+$13.7M
2
AKS
AK Steel Holding Corp
AKS
+$3.13M
3
GTE icon
Gran Tierra Energy
GTE
+$1.63M
4
DYN.WS
Dynegy Inc,
DYN.WS
+$1.06M
5
DDC
Dominion Diamond Corporation
DDC
+$701K

Top Sells

Rank Stock Value
1
CTRA
Coterra Energy
CTRA
+$17.6M
2
NRG icon
NRG Energy
NRG
+$13.9M
3
FCX icon
Freeport-McMoran
FCX
+$11.7M
4
RKT
ROCK-TENN COMPANY CL-A
RKT
+$6.77M
5
GPRE icon
Green Plains
GPRE
+$5.77M

Sector Composition

Rank Sector Weight
1 Materials 36.8%
2 Energy 16.92%
3 Consumer Discretionary 7.48%
4 Real Estate 2.14%
5 Utilities 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CHK
26
PUT
DELISTED
Chesapeake Energy Corporation
CHK
– –
-4,425
Closed -$20.3M
UPL
27
PUT
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
– –
-2,000,000
Closed -$46.5M
TC
28
DELISTED
Thompson Creek Metals Company Inc. Ordinary Shares (Canada)
TC
– –
-1,105,283
Closed -$2.43M
WNR
29
DELISTED
Western Refining Inc
WNR
– –
-119,118
Closed -$5M
1
2

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SIG
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CF
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Bocage Capital's Q4 2014 Portfolio in Review

As of Q4 2014, Bocage Capital held 29 positions worth $228M, down 48% from $438M the previous quarter. Its ten largest holdings account for 76% of the portfolio.

Bocage Capital withdrew a net $201M in Q4 2014, closing 9 positions and reducing 12 holdings. Its most notable exit was NRG Energy, an estimated $13.9M position sold in full.

By sector, the portfolio is most concentrated in Materials at 37% of assets, up from 26% a quarter earlier, followed by Energy and Consumer Discretionary.

Against the trend, Bocage Capital opened a new position in Anadarko Petroleum worth $12.9M.

  • Bocage Capital's largest Q4 2014 buy was Anadarko Petroleum: 156,895 shares worth $12.9M.
  • Bocage Capital added most to AK Steel Holding Corp in Q4 2014, an estimated $3.13M increase.
  • Bocage Capital's biggest Q4 2014 reduction was Coterra Energy, cutting an estimated $17.6M.
  • Bocage Capital fully exited NRG Energy in Q4 2014, selling an estimated $13.9M.
  • Bocage Capital's ten largest holdings make up 76% of its $228M portfolio in Q4 2014.
  • Bocage Capital opened 4 new positions and closed 9 in Q4 2014.
  • Bocage Capital's portfolio value fell 48% quarter-over-quarter to $228M.

Based on Bocage Capital's 13F filing for Q4 2014, filed 13 Feb 2015.