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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
+19.65%
1 Year Est. Return
+61.49%
3 Year Est. Return
+25.28%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$159M
AUM Growth
+$25M
(+19%)
Cap. Flow
+$8.59M
Cap. Flow
% of AUM
5.4%
Top 10 Holdings %
Top 10 Hldgs %
78.06%
Holding
22
New
8
Increased
3
Reduced
4
Closed
6
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
RSPP
RSP Permian, Inc.
RSPP
|
+$9.22M |
| 2 |
Sibanye-Stillwater
SBSW
|
+$9.08M |
| 3 |
Diamondback Energy
FANG
|
+$8.9M |
| 4 |
Axalta
AXTA
|
+$8.45M |
| 5 |
CNX Resources
CNX
|
+$8.01M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
X
US Steel
X
|
+$14.6M |
| 2 |
ANDV
Andeavor
ANDV
|
+$13.2M |
| 3 |
Kinross Gold
KGC
|
+$13.1M |
| 4 |
WRK
WestRock Company
WRK
|
+$12.1M |
| 5 |
DYN
Dynegy, Inc.
DYN
|
+$10.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 31.08% |
| 2 | Materials | 14.54% |
| 3 | Utilities | 8.01% |
| 4 | Consumer Discretionary | 7.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AKS
1
CALL
DELISTED
AK Steel Holding Corp
AKS
| $24.5M | 15.37% |
5,250,000
+4,590,000
| +695% | +$20.1M |
|
|
DYN
2
DELISTED
Dynegy, Inc.
DYN
| $16.1M | 10.15% |
936,719
-623,541
| -40% | -$10.8M |
|
3
NRG Energy
NRG
$27.2B
| $12.8M | 8.01% |
850,685
-234,387
| -22% | -$3.47M |
|
|
CTRA
4
DELISTED
Coterra Energy
CTRA
| $12.3M | 7.71% |
476,846
+68,659
| +17% | +$1.65M |
|
5
CALL
Steel Dynamics
STLD
$34B
| $12.3M | 7.7% |
+500,000
| New | +$12.2M |
|
|
RSPP
6
DELISTED
RSP Permian, Inc.
RSPP
| $9.96M | 6.26% |
+285,431
| New | +$9.22M |
|
|
7
Diamondback Energy
FANG
$55B
| $9.39M | 5.9% |
+102,925
| New | +$8.9M |
|
|
8
CNX Resources
CNX
$4.71B
| $9.19M | 5.77% |
+685,282
| New | +$8.01M |
|
|
9
Sibanye-Stillwater
SBSW
$5.66B
| $9.16M | 5.75% |
+713,253
| New | +$9.08M |
|
10
Range Resources
RRC
$8.66B
| $8.67M | 5.44% |
200,871
+61,347
| +44% | +$2.51M |
|
|
AUY
11
DELISTED
Yamana Gold, Inc.
AUY
| $8.5M | 5.34% |
+1,633,884
| New | +$7.33M |
|
|
WRK
12
DELISTED
WestRock Company
WRK
| $8.27M | 5.19% |
212,670
-322,727
| -60% | -$12.1M |
|
|
13
Axalta
AXTA
$6.92B
| $7.91M | 4.97% |
+298,228
| New | +$8.45M |
|
14
Ingevity
NGVT
$2.66B
| $6.08M | 3.82% |
+178,621
| New | +$5.58M |
|
15
Graphic Packaging
GPK
$3.2B
| $4.09M | 2.57% |
326,331
-127,657
| -28% | -$1.67M |
|
|
DYN.WS
16
DELISTED
Dynegy Inc,
DYN.WS
| $85K | 0.05% |
240,752
| – | – |
|
|
17
Kinross Gold
KGC
$27B
| – | – |
-3,841,046
| Closed | -$13.1M |
|
18
PBF Energy
PBF
$7.42B
| – | – |
-282,709
| Closed | -$9.39M |
|
19
Vale
VALE
$60.4B
| – | – |
-1,168,300
| Closed | -$4.92M |
|
|
X
20
DELISTED
US Steel
X
| – | – |
-912,283
| Closed | -$14.6M |
|
|
CHK
21
DELISTED
Chesapeake Energy Corporation
CHK
| – | – |
-1,447
| Closed | -$1.19M |
|
|
ANDV
22
DELISTED
Andeavor
ANDV
| – | – |
-153,364
| Closed | -$13.2M |
|
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Bocage Capital's Q2 2016 Portfolio in Review
As of Q2 2016, Bocage Capital held 22 positions worth $159M, up 19% from $134M the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Bocage Capital deployed $8.59M of net new capital in Q2 2016, opening 8 new positions and adding to 3 existing holdings. Its largest new stake was RSP Permian, Inc.: 285,431 shares worth $9.96M.
By sector, the portfolio is most concentrated in Energy at 31% of assets, up from 28% a quarter earlier, followed by Materials and Utilities.
On the sell side, the largest reduction was WestRock Company, an estimated $12.1M trimmed.
- Bocage Capital's largest Q2 2016 buy was RSP Permian, Inc.: 285,431 shares worth $9.96M.
- Bocage Capital added most to Range Resources in Q2 2016, an estimated $2.51M increase.
- Bocage Capital's biggest Q2 2016 reduction was WestRock Company, cutting an estimated $12.1M.
- Bocage Capital fully exited US Steel in Q2 2016, selling an estimated $14.6M.
- Bocage Capital's ten largest holdings make up 78% of its $159M portfolio in Q2 2016.
- Bocage Capital opened 8 new positions and closed 6 in Q2 2016.
- Bocage Capital's portfolio value rose 19% quarter-over-quarter to $159M.
Based on Bocage Capital's 13F filing for Q2 2016, filed 15 Aug 2016.