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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
-0.55%
1 Year Est. Return
+61.49%
3 Year Est. Return
+25.28%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$139M
AUM Growth
-$29.2M
(-17%)
Cap. Flow
-$12M
Cap. Flow
% of AUM
-8.67%
Top 10 Holdings %
Top 10 Hldgs %
78.63%
Holding
22
New
7
Increased
1
Reduced
10
Closed
2
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Marathon Petroleum
MPC
|
+$12.7M |
| 2 |
Steel Dynamics
STLD
|
+$11.5M |
| 3 |
Axalta
AXTA
|
+$10.3M |
| 4 |
PBF Energy
PBF
|
+$7.76M |
| 5 |
Vale
VALE
|
+$4.91M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
WRK
WestRock Company
WRK
|
+$11.2M |
| 2 |
Range Resources
RRC
|
+$11.2M |
| 3 |
CF Industries
CF
|
+$10.8M |
| 4 |
CTRA
Coterra Energy
CTRA
|
+$9.45M |
| 5 |
DYN
Dynegy, Inc.
DYN
|
+$7.59M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 29.87% |
| 2 | Materials | 28.26% |
| 3 | Utilities | 15.79% |
| 4 | Consumer Discretionary | 3.28% |
| 5 | Technology | 0.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CPN
1
DELISTED
Calpine Corporation
CPN
| $17.1M | 12.29% |
1,180,126
+82,523
| +8% | +$1.21M |
|
|
AKS
2
CALL
DELISTED
AK Steel Holding Corp
AKS
| $13.2M | 9.51% |
5,900,000
| – | – |
|
|
3
Marathon Petroleum
MPC
$91.3B
| $12.6M | 9.06% |
+243,032
| New | +$12.7M |
|
|
4
Steel Dynamics
STLD
$34B
| $11.5M | 8.28% |
+643,636
| New | +$11.5M |
|
|
ANDV
5
DELISTED
Andeavor
ANDV
| $11.4M | 8.2% |
108,225
-6,573
| -6% | -$709K |
|
|
DYN
6
DELISTED
Dynegy, Inc.
DYN
| $10.4M | 7.47% |
774,600
-442,266
| -36% | -$7.59M |
|
|
7
Axalta
AXTA
$6.92B
| $9.78M | 7.04% |
+367,081
| New | +$10.3M |
|
|
8
PBF Energy
PBF
$7.42B
| $8.1M | 5.83% |
+219,987
| New | +$7.76M |
|
|
KS
9
DELISTED
KapStone Paper and Pack Corp.
KS
| $8.05M | 5.79% |
356,164
-26,246
| -7% | -$575K |
|
|
X
10
PUT
DELISTED
US Steel
X
| $7.18M | 5.17% |
+900,000
| New | +$8.85M |
|
|
11
CF Industries
CF
$18.7B
| $5.35M | 3.85% |
131,101
-230,165
| -64% | -$10.8M |
|
12
NRG Energy
NRG
$27.2B
| $4.87M | 3.5% |
413,355
-454,709
| -52% | -$5.75M |
|
|
WRK
13
DELISTED
WestRock Company
WRK
| $4.56M | 3.28% |
111,027
-246,437
| -69% | -$11.2M |
|
|
14
Vale
VALE
$60.4B
| $4.04M | 2.91% |
+1,229,478
| New | +$4.91M |
|
|
15
Range Resources
RRC
$8.66B
| $4M | 2.88% |
162,688
-375,693
| -70% | -$11.2M |
|
|
CHK
16
DELISTED
Chesapeake Energy Corporation
CHK
| $2.75M | 1.98% |
+3,056
| New | +$3.8M |
|
|
CTRA
17
DELISTED
Coterra Energy
CTRA
| $2.66M | 1.92% |
150,456
-471,287
| -76% | -$9.45M |
|
|
SEMI
18
DELISTED
SunEdison Semiconductor Limited
SEMI
| $793K | 0.57% |
101,185
-380,458
| -79% | -$3.65M |
|
|
DDC
19
DELISTED
Dominion Diamond Corporation
DDC
| $558K | 0.4% |
54,524
-696,954
| -93% | -$6.73M |
|
|
DYN.WS
20
DELISTED
Dynegy Inc,
DYN.WS
| $113K | 0.08% |
240,752
| – | – |
|
21
Oceaneering
OII
$4.22B
| – | – |
-121,762
| Closed | -$4.78M |
|
|
AKS
22
DELISTED
AK Steel Holding Corp
AKS
| – | – |
-230,300
| Closed | -$578K |
|
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Bocage Capital's Q4 2015 Portfolio in Review
As of Q4 2015, Bocage Capital held 22 positions worth $139M, down 17% from $168M the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Bocage Capital withdrew a net $12M in Q4 2015, closing 2 positions and reducing 10 holdings. Its most notable exit was Oceaneering, an estimated $4.78M position sold in full.
By sector, the portfolio is most concentrated in Energy at 30% of assets, up from 28% a quarter earlier, followed by Materials and Utilities.
Against the trend, Bocage Capital opened a new position in Marathon Petroleum worth $12.6M.
- Bocage Capital's largest Q4 2015 buy was Marathon Petroleum: 243,032 shares worth $12.6M.
- Bocage Capital added most to Calpine Corporation in Q4 2015, an estimated $1.21M increase.
- Bocage Capital's biggest Q4 2015 reduction was WestRock Company, cutting an estimated $11.2M.
- Bocage Capital fully exited Oceaneering in Q4 2015, selling an estimated $4.78M.
- Bocage Capital's ten largest holdings make up 79% of its $139M portfolio in Q4 2015.
- Bocage Capital opened 7 new positions and closed 2 in Q4 2015.
- Bocage Capital's portfolio value fell 17% quarter-over-quarter to $139M.
Based on Bocage Capital's 13F filing for Q4 2015, filed 12 Feb 2016.