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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
-4.17%
1 Year Est. Return
+61.49%
3 Year Est. Return
+25.28%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$185M
AUM Growth
-$23.9M
(-11%)
Cap. Flow
-$13.7M
Cap. Flow
% of AUM
-7.39%
Top 10 Holdings %
Top 10 Hldgs %
89.51%
Holding
22
New
5
Increased
5
Reduced
5
Closed
6
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
RKT
ROCK-TENN COMPANY CL-A
RKT
|
+$12.9M |
| 2 |
MRD
MEMORIAL RESOURCE DEV CORP COM STK (DE)
MRD
|
+$6.75M |
| 3 |
CTRA
Coterra Energy
CTRA
|
+$5.08M |
| 4 |
DDC
Dominion Diamond Corporation
DDC
|
+$4.24M |
| 5 |
KS
KapStone Paper and Pack Corp.
KS
|
+$2.17M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NBL
Noble Energy, Inc.
NBL
|
+$16.1M |
| 2 |
AKS
AK Steel Holding Corp
AKS
|
+$11.4M |
| 3 |
GPOR
Gulfport Energy Corp.
GPOR
|
+$8.34M |
| 4 |
Century Aluminum
CENX
|
+$5.05M |
| 5 |
CF Industries
CF
|
+$3.25M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 35.76% |
| 2 | Energy | 26.2% |
| 3 | Utilities | 6.69% |
| 4 | Consumer Discretionary | 6.66% |
| 5 | Technology | 0.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
CF Industries
CF
$18.7B
| $28.7M | 15.51% |
446,920
-53,440
| -11% | -$3.25M |
|
|
DYN
2
DELISTED
Dynegy, Inc.
DYN
| $22.5M | 12.16% |
770,386
-12,222
| -2% | -$397K |
|
|
CTRA
3
DELISTED
Coterra Energy
CTRA
| $22.5M | 12.14% |
713,118
+152,238
| +27% | +$5.08M |
|
|
ANDV
4
DELISTED
Andeavor
ANDV
| $15.7M | 8.5% |
186,534
+4,191
| +2% | +$364K |
|
|
DDC
5
DELISTED
Dominion Diamond Corporation
DDC
| $14.8M | 8% |
1,057,159
+234,298
| +28% | +$4.24M |
|
|
APC
6
DELISTED
Anadarko Petroleum
APC
| $13.7M | 7.4% |
175,592
-26,180
| -13% | -$2.27M |
|
|
AKS
7
DELISTED
AK Steel Holding Corp
AKS
| $12.8M | 6.89% |
3,298,595
-2,307,368
| -41% | -$11.4M |
|
8
NRG Energy
NRG
$27.2B
| $12.4M | 6.69% |
541,688
-19,042
| -3% | -$476K |
|
|
RKT
9
DELISTED
ROCK-TENN COMPANY CL-A
RKT
| $12.3M | 6.66% |
+204,892
| New | +$12.9M |
|
10
Range Resources
RRC
$8.66B
| $10.3M | 5.56% |
208,471
+19,066
| +10% | +$1.09M |
|
|
KS
11
DELISTED
KapStone Paper and Pack Corp.
KS
| $9.17M | 4.95% |
396,593
+78,733
| +25% | +$2.17M |
|
|
MRD
12
DELISTED
MEMORIAL RESOURCE DEV CORP COM STK (DE)
MRD
| $6.64M | 3.59% |
+350,170
| New | +$6.75M |
|
|
AKS
13
CALL
DELISTED
AK Steel Holding Corp
AKS
| $1.55M | 0.84% |
400,000
| – | – |
|
|
DYN.WS
14
DELISTED
Dynegy Inc,
DYN.WS
| $975K | 0.53% |
+240,752
| New | +$1.09M |
|
15
Sibanye-Stillwater
SBSW
$5.66B
| $762K | 0.41% |
+125,374
| New | +$913K |
|
|
SEMI
16
DELISTED
SunEdison Semiconductor Limited
SEMI
| $343K | 0.19% |
+19,871
| New | +$446K |
|
|
17
Century Aluminum
CENX
$4.11B
| – | – |
-365,880
| Closed | -$5.05M |
|
|
GPOR
18
DELISTED
Gulfport Energy Corp.
GPOR
| – | – |
-181,742
| Closed | -$8.34M |
|
|
NBL
19
DELISTED
Noble Energy, Inc.
NBL
| – | – |
-328,361
| Closed | -$16.1M |
|
|
XCO
20
DELISTED
Exco Resources
XCO
| – | – |
-5,333
| Closed | -$146K |
|
|
ACI
21
DELISTED
ARCH COAL, INC.
ACI
| – | – |
-60,000
| Closed | -$600K |
|
|
ANR
22
DELISTED
Alpha Natural Resources Inc
ANR
| – | – |
-750,000
| Closed | -$750K |
|
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Bocage Capital's Q2 2015 Portfolio in Review
As of Q2 2015, Bocage Capital held 22 positions worth $185M, down 11% from $209M the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Bocage Capital withdrew a net $13.7M in Q2 2015, closing 6 positions and reducing 5 holdings. Its most notable exit was Noble Energy, Inc., an estimated $16.1M position sold in full.
By sector, the portfolio is most concentrated in Materials at 36% of assets, down from 40% a quarter earlier, followed by Energy and Utilities.
Against the trend, Bocage Capital opened a new position in ROCK-TENN COMPANY CL-A worth $12.3M.
- Bocage Capital's largest Q2 2015 buy was ROCK-TENN COMPANY CL-A: 204,892 shares worth $12.3M.
- Bocage Capital added most to Coterra Energy in Q2 2015, an estimated $5.08M increase.
- Bocage Capital's biggest Q2 2015 reduction was AK Steel Holding Corp, cutting an estimated $11.4M.
- Bocage Capital fully exited Noble Energy, Inc. in Q2 2015, selling an estimated $16.1M.
- Bocage Capital's ten largest holdings make up 90% of its $185M portfolio in Q2 2015.
- Bocage Capital opened 5 new positions and closed 6 in Q2 2015.
- Bocage Capital's portfolio value fell 11% quarter-over-quarter to $185M.
Based on Bocage Capital's 13F filing for Q2 2015, filed 12 Aug 2015.