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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
+7.06%
1 Year Est. Return
+61.49%
3 Year Est. Return
+25.28%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$260M
AUM Growth
+$116M
(+81%)
Cap. Flow
+$103M
Cap. Flow
% of AUM
39.63%
Top 10 Holdings %
Top 10 Hldgs %
73.82%
Holding
19
New
8
Increased
5
Reduced
5
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Freeport-McMoran
FCX
|
+$16.1M |
| 2 |
ANDV
Andeavor
ANDV
|
+$12M |
| 3 |
CTRA
Coterra Energy
CTRA
|
+$9.9M |
| 4 |
CLD
Cloud Peak Energy Inc
CLD
|
+$7.51M |
| 5 |
RKT
ROCK-TENN COMPANY CL-A
RKT
|
+$5.18M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CF Industries
CF
|
+$14M |
| 2 |
Eastman Chemical
EMN
|
+$6.49M |
| 3 |
LyondellBasell Industries
LYB
|
+$5.04M |
| 4 |
Marathon Petroleum
MPC
|
+$4.83M |
| 5 |
Gran Tierra Energy
GTE
|
+$2.18M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 30.71% |
| 2 | Materials | 25.95% |
| 3 | Consumer Discretionary | 8.15% |
| 4 | Utilities | 5.24% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares China Large-Cap ETF
FXI
$4.6B
| $21.5M | 8.27% |
+600,000
| New | +$21M |
|
2
PUT
iShares MSCI Emerging Markets ETF
EEM
$28B
| $20.5M | 7.9% |
+500,000
| New | +$19.6M |
|
|
3
CF Industries
CF
$18.7B
| $19.8M | 7.63% |
379,720
-288,445
| -43% | -$14M |
|
|
4
Marathon Petroleum
MPC
$91.3B
| $19.7M | 7.61% |
453,678
-110,242
| -20% | -$4.83M |
|
|
ANDV
5
DELISTED
Andeavor
ANDV
| $18.9M | 7.28% |
373,543
+231,390
| +163% | +$12M |
|
6
Sibanye-Stillwater
SBSW
$5.66B
| $18.8M | 7.23% |
2,389,857
+175,110
| +8% | +$1.15M |
|
|
CTRA
7
DELISTED
Coterra Energy
CTRA
| $18.7M | 7.2% |
551,305
+267,924
| +95% | +$9.9M |
|
8
PUT
Ovintiv
OVV
$16.2B
| $18.6M | 7.17% |
+174,000
| New | +$16.5M |
|
|
RKT
9
DELISTED
ROCK-TENN COMPANY CL-A
RKT
| $18M | 6.93% |
340,924
+98,970
| +41% | +$5.18M |
|
|
CHK
10
PUT
DELISTED
Chesapeake Energy Corporation
CHK
| $17.2M | 6.61% |
+3,541
| New | +$17.3M |
|
|
11
Freeport-McMoran
FCX
$83.9B
| $16M | 6.16% |
+483,223
| New | +$16.1M |
|
12
NRG Energy
NRG
$27.2B
| $13.6M | 5.24% |
427,957
+132,914
| +45% | +$3.81M |
|
|
13
LyondellBasell Industries
LYB
$19.1B
| $12.8M | 4.94% |
144,220
-59,913
| -29% | -$5.04M |
|
|
CLD
14
DELISTED
Cloud Peak Energy Inc
CLD
| $8.46M | 3.26% |
+400,100
| New | +$7.51M |
|
|
15
Gran Tierra Energy
GTE
$233M
| $6.7M | 2.58% |
89,584
-29,982
| -25% | -$2.18M |
|
16
Occidental Petroleum
OXY
$54.6B
| $3.82M | 1.47% |
+41,873
| New | +$3.74M |
|
17
Navigator Holdings
NVGS
$1.28B
| $3.42M | 1.32% |
+131,501
| New | +$3.24M |
|
18
Graphic Packaging
GPK
$3.2B
| $3.15M | 1.21% |
310,130
-154,661
| -33% | -$1.53M |
|
|
19
Eastman Chemical
EMN
$7.84B
| – | – |
-80,455
| Closed | -$6.49M |
|
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Bocage Capital's Q1 2014 Portfolio in Review
As of Q1 2014, Bocage Capital held 19 positions worth $260M, up 81% from $144M the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Bocage Capital deployed $103M of net new capital in Q1 2014, opening 8 new positions and adding to 5 existing holdings. Its largest new stake was Freeport-McMoran: 483,223 shares worth $16M.
By sector, the portfolio is most concentrated in Energy at 31% of assets, down from 38% a quarter earlier, followed by Materials and Consumer Discretionary.
On the sell side, the largest reduction was CF Industries, an estimated $14M trimmed.
- Bocage Capital's largest Q1 2014 buy was Freeport-McMoran: 483,223 shares worth $16M.
- Bocage Capital added most to Andeavor in Q1 2014, an estimated $12M increase.
- Bocage Capital's biggest Q1 2014 reduction was CF Industries, cutting an estimated $14M.
- Bocage Capital fully exited Eastman Chemical in Q1 2014, selling an estimated $6.49M.
- Bocage Capital's ten largest holdings make up 74% of its $260M portfolio in Q1 2014.
- Bocage Capital opened 8 new positions and closed 1 in Q1 2014.
- Bocage Capital's portfolio value rose 81% quarter-over-quarter to $260M.
Based on Bocage Capital's 13F filing for Q1 2014, filed 14 May 2014.