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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
-6.39%
1 Year Est. Return
+61.49%
3 Year Est. Return
+25.28%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$438M
AUM Growth
+$35.5M
Cap. Flow
+$53.2M
Cap. Flow %
12.13%
Top 10 Hldgs %
68.93%
Holding
32
New
7
Increased
10
Reduced
8
Closed
7

Top Buys

Rank Stock Value
1
AKS
AK Steel Holding Corp
AKS
+$18.5M
2
SBSW icon
Sibanye-Stillwater
SBSW
+$13.7M
3
CF icon
CF Industries
CF
+$9.6M
4
GPOR
Gulfport Energy Corp.
GPOR
+$9.54M
5
RRC icon
Range Resources
RRC
+$9.03M

Top Sells

Rank Stock Value
1
DRC
DRESSER-RAND GROUP INC
DRC
+$12.3M
2
LYB icon
LyondellBasell Industries
LYB
+$11.6M
3
NOV icon
NOV
NOV
+$5.96M
4
CLD
Cloud Peak Energy Inc
CLD
+$5.9M
5
GPK icon
Graphic Packaging
GPK
+$4.59M

Sector Composition

Rank Sector Weight
1 Materials 25.87%
2 Energy 16.73%
3 Consumer Discretionary 4.9%
4 Utilities 3.27%
5 Real Estate 2.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AA icon
1
PUT
Alcoa
AA
$11.6B
$65.9M 15.02%
1,703,329
+1,040,366
+157% +$40.8M
UPL
2
PUT
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$46.5M 10.61%
+2,000,000
New +$50.2M
X
3
PUT
DELISTED
US Steel
X
$39.2M 8.93%
1,000,000
+480,000
+92% +$16.8M
CF icon
4
CF Industries
CF
$18.7B
$30.9M 7.06%
554,225
+189,250
+52% +$9.6M
SBSW icon
5
Sibanye-Stillwater
SBSW
$5.66B
$25.4M 5.8%
3,182,501
+1,521,965
+92% +$13.7M
CTRA
6
DELISTED
Coterra Energy
CTRA
$21.3M 4.86%
651,853
+145,376
+29% +$4.86M
CHK
7
PUT
DELISTED
Chesapeake Energy Corporation
CHK
$20.3M 4.64%
4,425
-1,291
-23% -$6.8M
DYN
8
DELISTED
Dynegy, Inc.
DYN
$18.9M 4.32%
656,032
+141,949
+28% +$4.22M
ANDV
9
DELISTED
Andeavor
ANDV
$17.1M 3.9%
280,210
+74,866
+36% +$4.61M
FCX icon
10
Freeport-McMoran
FCX
$83.9B
$16.6M 3.79%
508,956
+30,829
+6% +$1.12M
RKT
11
DELISTED
ROCK-TENN COMPANY CL-A
RKT
$16.1M 3.67%
338,234
-13,348
-4% -$663K
AKS
12
DELISTED
AK Steel Holding Corp
AKS
$15.9M 3.63%
+1,986,573
New +$18.5M
NRG icon
13
NRG Energy
NRG
$27.2B
$14.3M 3.27%
469,866
-28,457
-6% -$889K
MPC icon
14
Marathon Petroleum
MPC
$91.3B
$11.1M 2.54%
263,054
-6,532
-2% -$277K
EEM icon
15
PUT
iShares MSCI Emerging Markets ETF
EEM
$28B
$10.8M 2.46%
260,000
-231,700
-47% -$10.2M
GTE icon
16
Gran Tierra Energy
GTE
$233M
$10.8M 2.46%
194,874
+112,878
+138% +$7.51M
GPOR
17
DELISTED
Gulfport Energy Corp.
GPOR
$8.87M 2.02%
+166,142
New +$9.54M
DDC
18
DELISTED
Dominion Diamond Corporation
DDC
$8.73M 1.99%
+612,992
New +$8.55M
RRC icon
19
Range Resources
RRC
$8.66B
$8.03M 1.83%
+118,346
New +$9.03M
KS
20
DELISTED
KapStone Paper and Pack Corp.
KS
$7.57M 1.73%
+270,455
New +$8.22M
GPRE icon
21
Green Plains
GPRE
$1.35B
$5.77M 1.32%
154,285
-48,319
-24% -$1.93M
GPK icon
22
Graphic Packaging
GPK
$3.2B
$5.39M 1.23%
433,349
-374,669
-46% -$4.59M
FXI icon
23
PUT
iShares China Large-Cap ETF
FXI
$4.6B
$5.36M 1.22%
140,000
-445,300
-76% -$17.8M
WNR
24
DELISTED
Western Refining Inc
WNR
$5M 1.14%
+119,118
New +$5.15M
TC
25
DELISTED
Thompson Creek Metals Company Inc. Ordinary Shares (Canada)
TC
$2.43M 0.55%
1,105,283
+450,289
+69% +$1.25M
1
2

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SRP
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SA
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SIG
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CF
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WSA
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VWM
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HH
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Bocage Capital's Q3 2014 Portfolio in Review

As of Q3 2014, Bocage Capital held 32 positions worth $438M, up 8.8% from $403M the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Bocage Capital deployed $53.2M of net new capital in Q3 2014, opening 7 new positions and adding to 10 existing holdings. Its largest new stake was AK Steel Holding Corp: 1,986,573 shares worth $15.9M.

By sector, the portfolio is most concentrated in Materials at 26% of assets, up from 19% a quarter earlier, followed by Energy and Consumer Discretionary.

On the sell side, the largest reduction was Graphic Packaging, an estimated $4.59M trimmed.

  • Bocage Capital's largest Q3 2014 buy was AK Steel Holding Corp: 1,986,573 shares worth $15.9M.
  • Bocage Capital added most to Sibanye-Stillwater in Q3 2014, an estimated $13.7M increase.
  • Bocage Capital's biggest Q3 2014 reduction was Graphic Packaging, cutting an estimated $4.59M.
  • Bocage Capital fully exited DRESSER-RAND GROUP INC in Q3 2014, selling an estimated $12.3M.
  • Bocage Capital's ten largest holdings make up 69% of its $438M portfolio in Q3 2014.
  • Bocage Capital opened 7 new positions and closed 7 in Q3 2014.
  • Bocage Capital's portfolio value rose 8.8% quarter-over-quarter to $438M.

Based on Bocage Capital's 13F filing for Q3 2014, filed 14 Nov 2014.