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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
-1.16%
1 Year Est. Return
+61.49%
3 Year Est. Return
+25.28%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$209M
AUM Growth
-$18.5M
(-8.1%)
Cap. Flow
+$31M
Cap. Flow
% of AUM
14.84%
Top 10 Holdings %
Top 10 Hldgs %
87.32%
Holding
27
New
7
Increased
8
Reduced
2
Closed
10
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NBL
Noble Energy, Inc.
NBL
|
+$15.3M |
| 2 |
NRG Energy
NRG
|
+$14.2M |
| 3 |
AKS
AK Steel Holding Corp
AKS
|
+$13.6M |
| 4 |
CTRA
Coterra Energy
CTRA
|
+$13.3M |
| 5 |
DYN
Dynegy, Inc.
DYN
|
+$7.85M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sibanye-Stillwater
SBSW
|
+$17.7M |
| 2 |
RKT
ROCK-TENN COMPANY CL-A
RKT
|
+$13M |
| 3 |
Gran Tierra Energy
GTE
|
+$8.96M |
| 4 |
Marathon Petroleum
MPC
|
+$6.97M |
| 5 |
Graphic Packaging
GPK
|
+$4.02M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 39.68% |
| 2 | Energy | 36.97% |
| 3 | Utilities | 18.51% |
| 4 | Real Estate | 3.99% |
| 5 | Miscellaneous | 0.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
CF Industries
CF
$20.2B
| $28.4M | 13.57% |
500,360
-29,770
| -6% | -$1.77M |
|
|
AKS
2
DELISTED
AK Steel Holding Corp
AKS
| $25.1M | 11.98% |
5,605,963
+3,120,905
| +126% | +$13.6M |
|
|
DYN
3
DELISTED
Dynegy, Inc.
DYN
| $24.6M | 11.76% |
782,608
+274,659
| +54% | +$7.85M |
|
|
APC
4
DELISTED
Anadarko Petroleum
APC
| $16.7M | 7.99% |
201,772
+44,877
| +29% | +$3.67M |
|
|
ANDV
5
DELISTED
Andeavor
ANDV
| $16.6M | 7.96% |
182,343
-25,310
| -12% | -$2.12M |
|
|
CTRA
6
DELISTED
Coterra Energy
CTRA
| $16.6M | 7.92% |
560,880
+467,863
| +503% | +$13.3M |
|
|
NBL
7
DELISTED
Noble Energy, Inc.
NBL
| $16.1M | 7.68% |
+328,361
| New | +$15.3M |
|
|
8
NRG Energy
NRG
$25B
| $14.1M | 6.75% |
+560,730
| New | +$14.2M |
|
|
DDC
9
DELISTED
Dominion Diamond Corporation
DDC
| $14.1M | 6.72% |
822,861
+164,634
| +25% | +$2.78M |
|
|
KS
10
DELISTED
KapStone Paper and Pack Corp.
KS
| $10.4M | 4.99% |
317,860
+24,615
| +8% | +$783K |
|
11
Range Resources
RRC
$9.81B
| $9.86M | 4.71% |
189,405
+106,936
| +130% | +$5.31M |
|
|
GPOR
12
DELISTED
Gulfport Energy Corp.
GPOR
| $8.34M | 3.99% |
181,742
+64,826
| +55% | +$2.74M |
|
13
Century Aluminum
CENX
$4.63B
| $5.05M | 2.41% |
+365,880
| New | +$7.37M |
|
|
AKS
14
CALL
DELISTED
AK Steel Holding Corp
AKS
| $1.79M | 0.85% |
+400,000
| New | +$1.74M |
|
|
ANR
15
DELISTED
Alpha Natural Resources Inc
ANR
| $750K | 0.36% |
+750,000
| New | +$854K |
|
|
ACI
16
DELISTED
ARCH COAL, INC.
ACI
| $600K | 0.29% |
+60,000
| New | +$696K |
|
|
XCO
17
DELISTED
Exco Resources
XCO
| $146K | 0.07% |
+5,333
| New | +$158K |
|
18
PUT
Alcoa
AA
$13.2B
| – | – |
-657,511
| Closed | -$24.9M |
|
19
Freeport-McMoran
FCX
$104B
| – | – |
-85,299
| Closed | -$1.99M |
|
|
20
Graphic Packaging
GPK
$3.09B
| – | – |
-295,422
| Closed | -$4.02M |
|
|
21
Gran Tierra Energy
GTE
$357M
| – | – |
-232,709
| Closed | -$8.96M |
|
|
22
Marathon Petroleum
MPC
$109B
| – | – |
-154,356
| Closed | -$6.97M |
|
|
23
CALL
NRG Energy
NRG
$25B
| – | – |
-590,000
| Closed | -$15.9M |
|
|
24
Sibanye-Stillwater
SBSW
$9.05B
| – | – |
-2,484,633
| Closed | -$17.7M |
|
|
DYN
25
CALL
DELISTED
Dynegy, Inc.
DYN
| – | – |
-440,000
| Closed | -$13.4M |
|
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Bocage Capital's Q1 2015 Portfolio in Review
As of Q1 2015, Bocage Capital held 27 positions worth $209M, down 8.1% from $228M the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Bocage Capital deployed $31M of net new capital in Q1 2015, opening 7 new positions and adding to 8 existing holdings. Its largest new stake was Noble Energy, Inc.: 328,361 shares worth $16.1M.
By sector, the portfolio is most concentrated in Materials at 40% of assets, up from 37% a quarter earlier, followed by Energy and Utilities.
On the sell side, the largest reduction was Andeavor, an estimated $2.12M trimmed.
- Bocage Capital's largest Q1 2015 buy was Noble Energy, Inc.: 328,361 shares worth $16.1M.
- Bocage Capital added most to AK Steel Holding Corp in Q1 2015, an estimated $13.6M increase.
- Bocage Capital's biggest Q1 2015 reduction was Andeavor, cutting an estimated $2.12M.
- Bocage Capital fully exited Sibanye-Stillwater in Q1 2015, selling an estimated $17.7M.
- Bocage Capital's ten largest holdings make up 87% of its $209M portfolio in Q1 2015.
- Bocage Capital opened 7 new positions and closed 10 in Q1 2015.
- Bocage Capital's portfolio value fell 8.1% quarter-over-quarter to $209M.
Based on Bocage Capital's 13F filing for Q1 2015, filed 14 May 2015.