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BC
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
(-48%)
Cap. Flow
-$201M
Cap. Flow
% of AUM
-88.32%
Top 10 Holdings %
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 |
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 Energy
NRG
|
+$13.9M |
| 3 |
Freeport-McMoran
FCX
|
+$11.7M |
| 4 |
RKT
ROCK-TENN COMPANY CL-A
RKT
|
+$6.77M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1
CF Industries
CF
$18.7B
| $28.9M | 12.69% |
530,130
-24,095
| -4% | -$1.27M |
|
2
PUT
Alcoa
AA
$11.6B
| $24.9M | 10.96% |
657,511
-1,045,818
| -61% | -$40.5M |
|
3
Sibanye-Stillwater
SBSW
$5.66B
| $17.7M | 7.79% |
2,484,633
-697,868
| -22% | -$5.04M |
|
|
4
CALL
NRG Energy
NRG
$27.2B
| $15.9M | 6.98% |
+590,000
| New | +$17.5M |
|
|
ANDV
5
DELISTED
Andeavor
ANDV
| $15.4M | 6.78% |
207,653
-72,557
| -26% | -$5.12M |
|
|
DYN
6
DELISTED
Dynegy, Inc.
DYN
| $15.4M | 6.77% |
507,949
-148,083
| -23% | -$4.57M |
|
|
AKS
7
DELISTED
AK Steel Holding Corp
AKS
| $14.8M | 6.48% |
2,485,058
+498,485
| +25% | +$3.13M |
|
|
DYN
8
CALL
DELISTED
Dynegy, Inc.
DYN
| $13.4M | 5.86% |
+440,000
| New | +$13.6M |
|
|
RKT
9
DELISTED
ROCK-TENN COMPANY CL-A
RKT
| $13M | 5.72% |
213,435
-124,799
| -37% | -$6.77M |
|
|
APC
10
DELISTED
Anadarko Petroleum
APC
| $12.9M | 5.68% |
+156,895
| New | +$13.7M |
|
|
DDC
11
DELISTED
Dominion Diamond Corporation
DDC
| $11.8M | 5.19% |
658,227
+45,235
| +7% | +$701K |
|
|
12
Gran Tierra Energy
GTE
$233M
| $8.96M | 3.93% |
232,709
+37,835
| +19% | +$1.63M |
|
|
KS
13
DELISTED
KapStone Paper and Pack Corp.
KS
| $8.6M | 3.77% |
293,245
+22,790
| +8% | +$663K |
|
14
Marathon Petroleum
MPC
$91.3B
| $6.97M | 3.06% |
154,356
-108,698
| -41% | -$4.78M |
|
|
GPOR
15
DELISTED
Gulfport Energy Corp.
GPOR
| $4.88M | 2.14% |
116,916
-49,226
| -30% | -$2.3M |
|
16
Range Resources
RRC
$8.66B
| $4.41M | 1.94% |
82,469
-35,877
| -30% | -$2.32M |
|
17
Graphic Packaging
GPK
$3.2B
| $4.02M | 1.77% |
295,422
-137,927
| -32% | -$1.71M |
|
|
CTRA
18
DELISTED
Coterra Energy
CTRA
| $2.75M | 1.21% |
93,017
-558,836
| -86% | -$17.6M |
|
|
19
Freeport-McMoran
FCX
$83.9B
| $1.99M | 0.88% |
85,299
-423,657
| -83% | -$11.7M |
|
|
DYN.WS
20
DELISTED
Dynegy Inc,
DYN.WS
| $910K | 0.4% |
+232,836
| New | +$1.06M |
|
21
PUT
iShares MSCI Emerging Markets ETF
EEM
$28B
| – | – |
-260,000
| Closed | -$10.8M |
|
22
PUT
iShares China Large-Cap ETF
FXI
$4.6B
| – | – |
-140,000
| Closed | -$5.36M |
|
|
23
Green Plains
GPRE
$1.35B
| – | – |
-154,285
| Closed | -$5.77M |
|
|
24
NRG Energy
NRG
$27.2B
| – | – |
-469,866
| Closed | -$13.9M |
|
|
X
25
PUT
DELISTED
US Steel
X
| – | – |
-1,000,000
| Closed | -$39.2M |
|
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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.