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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
+3.18%
1 Year Est. Return
+59.2%
3 Year Est. Return
+176.28%
5 Year Est. Return
+304.39%
10 Year Est. Return
–
AUM
$331M
AUM Growth
-$186M
Cap. Flow
-$194M
Cap. Flow %
-58.56%
Top 10 Hldgs %
79.49%
Holding
62
New
7
Increased
4
Reduced
11
Closed
17

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$25.9M
2
RRC icon
Range Resources
RRC
+$21.9M
3
ETN icon
Eaton
ETN
+$16.2M
4
FANG icon
Diamondback Energy
FANG
+$14.8M
5
OR icon
OR Royalties Inc
OR
+$13.7M

Top Sells

Rank Stock Value
1
SLB icon
SLB Ltd
SLB
+$29M
2
HES
Hess
HES
+$22.6M
3
WCN
Waste Connections
WCN
+$21M
4
TMUS icon
T-Mobile US
TMUS
+$20.8M
5
TRGP icon
Targa Resources
TRGP
+$20.7M

Sector Composition

Rank Sector Weight
1 Energy 29.33%
2 Industrials 26.98%
3 Materials 20.03%
4 Technology 9.53%
5 Communication Services 7.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PWR icon
26
Quanta Services
PWR
$103B
$524K 0.16%
2,800
– –
TRGP icon
27
Targa Resources
TRGP
$55.8B
$514K 0.16%
6,000
-250,000
-98% -$20.7M
ALB icon
28
Albemarle
ALB
$14B
$510K 0.15%
+3,000
New +$598K
SLB icon
29
SLB Ltd
SLB
$74.1B
$466K 0.14%
8,000
-500,000
-98% -$29M
J icon
30
Jacobs Solutions
J
$16.9B
$450K 0.14%
3,990
– –
TECK icon
31
Teck Resources
TECK
$32.4B
$431K 0.13%
10,000
– –
LNG icon
32
Cheniere Energy
LNG
$53.4B
$415K 0.13%
2,500
– –
UNP icon
33
Union Pacific
UNP
$176B
$407K 0.12%
2,000
– –
PCG icon
34
PG&E
PCG
$37.9B
$403K 0.12%
25,000
– –
STR
35
DELISTED
Sitio Royalties
STR
$363K 0.11%
15,000
– –
CTVA icon
36
Corteva
CTVA
$52.5B
$358K 0.11%
7,000
– –
DAR icon
37
Darling Ingredients
DAR
$9.19B
$339K 0.1%
6,500
– –
AWK icon
38
American Water Works
AWK
$26.7B
$322K 0.1%
2,600
-100,000
-97% -$14M
RIO icon
39
Rio Tinto
RIO
$165B
$318K 0.1%
5,000
– –
CRC icon
40
California Resources
CRC
$4.56B
$263K 0.08%
4,700
– –
SCCO icon
41
Southern Copper
SCCO
$164B
$241K 0.07%
3,452
– –
SAND
42
DELISTED
Sandstorm Gold
SAND
$233K 0.07%
50,000
– –
OGG
43
Osisko Gold Group Inc.
OGG
$823M
$197K 0.06%
50,000
– –
NFGC
44
New Found Gold
NFGC
$591M
$140K 0.04%
25,000
– –
MTAL
45
DELISTED
Metals Acquisition
MTAL
$12K ﹤0.01%
+1,000
New +$11.2K
AMAT icon
46
Applied Materials
AMAT
$424B
– –
-75,000
Closed -$10.8M
CCJ icon
47
Cameco
CCJ
$41.1B
– –
-200,000
Closed -$6.27M
CDNS icon
48
Cadence Design Systems
CDNS
$92.8B
– –
-50,000
Closed -$11.7M
CRM icon
49
Salesforce
CRM
$158B
– –
-50,000
Closed -$10.6M
DHR icon
50
Danaher
DHR
$140B
– –
-56,400
Closed -$12M
1
2
3

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LBIM
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Bornite Capital Management's Q3 2023 Portfolio in Review

As of Q3 2023, Bornite Capital Management held 62 positions worth $331M, down 36% from $517M the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Bornite Capital Management withdrew a net $194M in Q3 2023, closing 17 positions and reducing 11 holdings. Its most notable exit was T-Mobile US, an estimated $20.8M position sold in full.

By sector, the portfolio is most concentrated in Energy at 29% of assets, up from 21% a quarter earlier, followed by Industrials and Materials.

Against the trend, Bornite Capital Management opened a new position in Alphabet (Google) Class A worth $26.2M.

  • Bornite Capital Management's largest Q3 2023 buy was Alphabet (Google) Class A: 200,000 shares worth $26.2M.
  • Bornite Capital Management added most to Eaton in Q3 2023, an estimated $16.2M increase.
  • Bornite Capital Management's biggest Q3 2023 reduction was SLB Ltd, cutting an estimated $29M.
  • Bornite Capital Management fully exited T-Mobile US in Q3 2023, selling an estimated $20.8M.
  • Bornite Capital Management's ten largest holdings make up 79% of its $331M portfolio in Q3 2023.
  • Bornite Capital Management opened 7 new positions and closed 17 in Q3 2023.
  • Bornite Capital Management's portfolio value fell 36% quarter-over-quarter to $331M.

Based on Bornite Capital Management's 13F filing for Q3 2023, filed 13 Nov 2023.