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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
(-65%)
Cap. Flow
-$368M
Cap. Flow
% of AUM
-195.59%
Top 10 Holdings %
Top 10 Hldgs %
95.41%
Holding
27
New
3
Increased
2
Reduced
8
Closed
14
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CF Industries
CF
|
+$32.1M |
| 2 |
Gerdau
GGB
|
+$6.6M |
| 3 |
Eastman Chemical
EMN
|
+$1.26M |
| 4 |
iShares Silver Trust
SLV
|
+$629K |
| 5 |
Sibanye-Stillwater
SBSW
|
+$574K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APC
Anadarko Petroleum
APC
|
+$36M |
| 2 |
AGCO
AGCO
|
+$27.3M |
| 3 |
QEP
QEP RESOURCES, INC.
QEP
|
+$26.5M |
| 4 |
Occidental Petroleum
OXY
|
+$23.4M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
1
CF Industries
CF
$18.7B
| $37.5M | 19.93% |
890,210
+837,440
| +1,587% | +$32.1M |
|
|
APC
2
DELISTED
Anadarko Petroleum
APC
| $30.2M | 16.01% |
324,328
-395,518
| -55% | -$36M |
|
3
LyondellBasell Industries
LYB
$19.1B
| $19.8M | 10.51% |
270,298
-272,731
| -50% | -$19M |
|
|
4
Eastman Chemical
EMN
$7.84B
| $19.2M | 10.22% |
247,023
+16,373
| +7% | +$1.26M |
|
|
RKT
5
DELISTED
ROCK-TENN COMPANY CL-A
RKT
| $17.7M | 9.4% |
349,716
-200,214
| -36% | -$11.2M |
|
6
HF Sinclair
DINO
$16B
| $11.4M | 6.05% |
270,400
-198,827
| -42% | -$8.64M |
|
7
Graphic Packaging
GPK
$3.2B
| $11M | 5.84% |
1,284,013
-287,557
| -18% | -$2.46M |
|
8
Gran Tierra Energy
GTE
$233M
| $11M | 5.83% |
154,967
-38,902
| -20% | -$2.55M |
|
|
ANDV
9
DELISTED
Andeavor
ANDV
| $11M | 5.83% |
249,448
-68,523
| -22% | -$3.41M |
|
10
Marathon Petroleum
MPC
$91.3B
| $10.9M | 5.79% |
339,224
-117,384
| -26% | -$4.13M |
|
|
11
Gerdau
GGB
$9.27B
| $7.24M | 3.85% |
+1,223,253
| New | +$6.6M |
|
|
12
Sibanye-Stillwater
SBSW
$5.66B
| $772K | 0.41% |
+157,136
| New | +$574K |
|
|
13
iShares Silver Trust
SLV
$27.1B
| $636K | 0.34% |
+30,452
| New | +$629K |
|
|
14
AGCO
AGCO
$8.35B
| – | – |
-544,919
| Closed | -$27.3M |
|
|
15
Freeport-McMoran
FCX
$83.9B
| – | – |
-836,994
| Closed | -$23.1M |
|
16
Huntsman Corp
HUN
$2.07B
| – | – |
-946,058
| Closed | -$15.7M |
|
17
International Paper
IP
$19.9B
| – | – |
-286,064
| Closed | -$11.8M |
|
|
18
Occidental Petroleum
OXY
$54.6B
| – | – |
-273,630
| Closed | -$23.4M |
|
19
CALL
Rio Tinto
RIO
$147B
| – | – |
-1,200,000
| Closed | -$49.3M |
|
|
20
Rio Tinto
RIO
$147B
| – | – |
-341,896
| Closed | -$14M |
|
21
Valero Energy
VLO
$91.9B
| – | – |
-478,169
| Closed | -$16.6M |
|
|
SAFM
22
DELISTED
Sanderson Farms Inc
SAFM
| – | – |
-297,342
| Closed | -$19.7M |
|
|
QEP
23
DELISTED
QEP RESOURCES, INC.
QEP
| – | – |
-953,327
| Closed | -$26.5M |
|
|
CHK
24
PUT
DELISTED
Chesapeake Energy Corporation
CHK
| – | – |
-12,828
| Closed | -$49.5M |
|
|
ROSE
25
DELISTED
ROSETTA RESOURCES INC
ROSE
| – | – |
-533,668
| Closed | -$22.7M |
|
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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.