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BCM

Bornite Capital Management Portfolio holdings

AUM $595M
1-Year Est. Return 59.2%
This Fund
S&P 500
This Quarter Est. Return
+3.32%
1 Year Est. Return
+59.2%
3 Year Est. Return
+176.28%
5 Year Est. Return
+304.39%
10 Year Est. Return
–
AUM
$295M
AUM Growth
-$88.9M
Cap. Flow
-$100M
Cap. Flow %
-34.03%
Top 10 Hldgs %
55.84%
Holding
61
New
25
Increased
6
Reduced
22
Closed
7

Top Buys

Rank Stock Value
1
CVE icon
Cenovus Energy
CVE
+$19.3M
2
FCX icon
Freeport-McMoran
FCX
+$18.7M
3
X
US Steel
X
+$14.6M
4
STR
Sitio Royalties
STR
+$12.8M
5
AWK icon
American Water Works
AWK
+$11.5M

Top Sells

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$23M
2
SU icon
Suncor Energy
SU
+$15.8M
3
LNG icon
Cheniere Energy
LNG
+$14.7M
4
MOS icon
The Mosaic Company
MOS
+$14.3M
5
RS icon
Reliance Steel & Aluminium
RS
+$13.7M

Sector Composition

Rank Sector Weight
1 Industrials 31.69%
2 Energy 18.16%
3 Materials 16.02%
4 Consumer Discretionary 10.85%
5 Technology 6.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TECK icon
26
Teck Resources
TECK
$32.4B
$548K 0.19%
15,000
-285,000
-95% -$11.3M
RS icon
27
Reliance Steel & Aluminium
RS
$21.3B
$513K 0.17%
2,000
-58,000
-97% -$13.7M
PWR icon
28
Quanta Services
PWR
$100B
$467K 0.16%
2,800
-72,200
-96% -$11.1M
GTLS
29
DELISTED
Chart Industries
GTLS
$439K 0.15%
3,500
-36,500
-91% -$4.7M
TRGP icon
30
Targa Resources
TRGP
$57.6B
$438K 0.15%
+6,000
New +$443K
CTVA icon
31
Corteva
CTVA
$51.3B
$422K 0.14%
+7,000
New +$428K
ENPH icon
32
Enphase Energy
ENPH
$5.24B
$421K 0.14%
+2,000
New +$433K
IMO icon
33
Imperial Oil
IMO
$61.1B
$406K 0.14%
8,000
-242,000
-97% -$12.1M
PSX icon
34
Phillips 66
PSX
$82.4B
$406K 0.14%
+4,000
New +$407K
PCG icon
35
PG&E
PCG
$37.4B
$404K 0.14%
25,000
-675,000
-96% -$10.7M
SU icon
36
Suncor Energy
SU
$72.4B
$404K 0.14%
13,000
-487,000
-97% -$15.8M
LNG icon
37
Cheniere Energy
LNG
$55.7B
$394K 0.13%
2,500
-97,500
-98% -$14.7M
CEG icon
38
Constellation Energy
CEG
$93.2B
$393K 0.13%
5,000
-120,000
-96% -$9.71M
BKR icon
39
Baker Hughes
BKR
$62.3B
$390K 0.13%
13,500
-236,500
-95% -$7.15M
DINO icon
40
HF Sinclair
DINO
$14.7B
$387K 0.13%
8,000
-92,000
-92% -$4.78M
NEE icon
41
NextEra Energy
NEE
$176B
$385K 0.13%
+5,000
New +$385K
DAR icon
42
Darling Ingredients
DAR
$9.62B
$380K 0.13%
6,500
-93,500
-94% -$5.88M
RIO icon
43
Rio Tinto
RIO
$162B
$343K 0.12%
5,000
-95,000
-95% -$6.89M
TS icon
44
Tenaris
TS
$27B
$341K 0.12%
+12,000
New +$395K
OGG
45
Osisko Gold Group Inc.
OGG
$804M
$330K 0.11%
+50,000
New +$237K
SAND
46
DELISTED
Sandstorm Gold
SAND
$291K 0.1%
+50,000
New +$274K
SCCO icon
47
Southern Copper
SCCO
$161B
$244K 0.08%
+3,452
New +$235K
MOS icon
48
The Mosaic Company
MOS
$7.46B
$216K 0.07%
4,700
-295,300
-98% -$14.3M
DEN
49
DELISTED
Denbury Inc.
DEN
$210K 0.07%
2,400
-97,600
-98% -$8.21M
NTR icon
50
Nutrien
NTR
$32B
$207K 0.07%
+2,800
New +$216K
1
2
3

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Bornite Capital Management's Q1 2023 Portfolio in Review

As of Q1 2023, Bornite Capital Management held 61 positions worth $295M, down 23% from $384M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Bornite Capital Management withdrew a net $100M in Q1 2023, closing 7 positions and reducing 22 holdings. Its most notable exit was UnitedHealth, an estimated $10.6M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 32% of assets, up from 25% a quarter earlier, followed by Energy and Materials.

Against the trend, Bornite Capital Management opened a new position in Cenovus Energy worth $18.3M.

  • Bornite Capital Management's largest Q1 2023 buy was Cenovus Energy: 1,050,000 shares worth $18.3M.
  • Bornite Capital Management added most to American Water Works in Q1 2023, an estimated $11.5M increase.
  • Bornite Capital Management's biggest Q1 2023 reduction was Microsoft, cutting an estimated $23M.
  • Bornite Capital Management fully exited UnitedHealth in Q1 2023, selling an estimated $10.6M.
  • Bornite Capital Management's ten largest holdings make up 56% of its $295M portfolio in Q1 2023.
  • Bornite Capital Management opened 25 new positions and closed 7 in Q1 2023.
  • Bornite Capital Management's portfolio value fell 23% quarter-over-quarter to $295M.

Based on Bornite Capital Management's 13F filing for Q1 2023, filed 15 May 2023.