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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
+21.69%
1 Year Est. Return
+61.49%
3 Year Est. Return
+25.28%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$134M
AUM Growth
-$4.79M
(-3.4%)
Cap. Flow
-$24.2M
Cap. Flow
% of AUM
-18.07%
Top 10 Holdings %
Top 10 Hldgs %
93.64%
Holding
23
New
3
Increased
6
Reduced
4
Closed
9
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
WRK
WestRock Company
WRK
|
+$13.8M |
| 2 |
Kinross Gold
KGC
|
+$9.54M |
| 3 |
X
US Steel
X
|
+$9.09M |
| 4 |
DYN
Dynegy, Inc.
DYN
|
+$8.95M |
| 5 |
NRG Energy
NRG
|
+$7.68M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CPN
Calpine Corporation
CPN
|
+$17.1M |
| 2 |
Marathon Petroleum
MPC
|
+$12.6M |
| 3 |
Steel Dynamics
STLD
|
+$11.5M |
| 4 |
Axalta
AXTA
|
+$9.78M |
| 5 |
KS
KapStone Paper and Pack Corp.
KS
|
+$8.05M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 27.99% |
| 2 | Materials | 24.31% |
| 3 | Consumer Discretionary | 18.38% |
| 4 | Utilities | 10.52% |
| 5 | Technology | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
DYN
1
DELISTED
Dynegy, Inc.
DYN
| $22.4M | 16.71% |
1,560,260
+785,660
| +101% | +$8.95M |
|
|
WRK
2
DELISTED
WestRock Company
WRK
| $18.8M | 14.03% |
535,397
+424,370
| +382% | +$13.8M |
|
|
X
3
DELISTED
US Steel
X
| $14.6M | 10.91% |
+912,283
| New | +$9.09M |
|
|
4
NRG Energy
NRG
$27.2B
| $14.1M | 10.52% |
1,085,072
+671,717
| +163% | +$7.68M |
|
|
ANDV
5
DELISTED
Andeavor
ANDV
| $13.2M | 9.83% |
153,364
+45,139
| +42% | +$3.88M |
|
|
6
Kinross Gold
KGC
$27B
| $13.1M | 9.73% |
+3,841,046
| New | +$9.54M |
|
7
PBF Energy
PBF
$7.42B
| $9.39M | 6.99% |
282,709
+62,722
| +29% | +$2.01M |
|
|
CTRA
8
DELISTED
Coterra Energy
CTRA
| $9.27M | 6.91% |
408,187
+257,731
| +171% | +$5.17M |
|
9
Graphic Packaging
GPK
$3.2B
| $5.83M | 4.35% |
+453,988
| New | +$5.52M |
|
10
Vale
VALE
$60.4B
| $4.92M | 3.67% |
1,168,300
-61,178
| -5% | -$190K |
|
11
Range Resources
RRC
$8.66B
| $4.52M | 3.37% |
139,524
-23,164
| -14% | -$644K |
|
|
AKS
12
CALL
DELISTED
AK Steel Holding Corp
AKS
| $2.73M | 2.03% |
660,000
-5,240,000
| -89% | -$15M |
|
|
CHK
13
DELISTED
Chesapeake Energy Corporation
CHK
| $1.19M | 0.89% |
1,447
-1,609
| -53% | -$1.14M |
|
|
DYN.WS
14
DELISTED
Dynegy Inc,
DYN.WS
| $99K | 0.07% |
240,752
| – | – |
|
|
15
Axalta
AXTA
$6.92B
| – | – |
-367,081
| Closed | -$9.78M |
|
16
CF Industries
CF
$18.7B
| – | – |
-131,101
| Closed | -$5.35M |
|
|
17
Marathon Petroleum
MPC
$91.3B
| – | – |
-243,032
| Closed | -$12.6M |
|
|
18
Steel Dynamics
STLD
$34B
| – | – |
-643,636
| Closed | -$11.5M |
|
|
X
19
PUT
DELISTED
US Steel
X
| – | – |
-900,000
| Closed | -$7.18M |
|
|
KS
20
DELISTED
KapStone Paper and Pack Corp.
KS
| – | – |
-356,164
| Closed | -$8.05M |
|
|
CPN
21
DELISTED
Calpine Corporation
CPN
| – | – |
-1,180,126
| Closed | -$17.1M |
|
|
SEMI
22
DELISTED
SunEdison Semiconductor Limited
SEMI
| – | – |
-101,185
| Closed | -$793K |
|
|
DDC
23
DELISTED
Dominion Diamond Corporation
DDC
| – | – |
-54,524
| Closed | -$558K |
|
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Bocage Capital's Q1 2016 Portfolio in Review
As of Q1 2016, Bocage Capital held 23 positions worth $134M, down 3.4% from $139M the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Bocage Capital withdrew a net $24.2M in Q1 2016, closing 9 positions and reducing 4 holdings. Its most notable exit was Calpine Corporation, an estimated $17.1M position sold in full.
By sector, the portfolio is most concentrated in Energy at 28% of assets, down from 30% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Bocage Capital opened a new position in Kinross Gold worth $13.1M.
- Bocage Capital's largest Q1 2016 buy was Kinross Gold: 3,841,046 shares worth $13.1M.
- Bocage Capital added most to WestRock Company in Q1 2016, an estimated $13.8M increase.
- Bocage Capital's biggest Q1 2016 reduction was Chesapeake Energy Corporation, cutting an estimated $1.14M.
- Bocage Capital fully exited Calpine Corporation in Q1 2016, selling an estimated $17.1M.
- Bocage Capital's ten largest holdings make up 94% of its $134M portfolio in Q1 2016.
- Bocage Capital opened 3 new positions and closed 9 in Q1 2016.
- Bocage Capital's portfolio value fell 3.4% quarter-over-quarter to $134M.
Based on Bocage Capital's 13F filing for Q1 2016, filed 16 May 2016.