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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
RDUS
51
DELISTED
Radius Recycling
RDUS
$199K 0.07%
6,400
-293,600
-98% -$9.52M
CRC icon
52
California Resources
CRC
$4.62B
$181K 0.06%
4,700
-295,300
-98% -$12.2M
AA icon
53
Alcoa
AA
$13.2B
$170K 0.06%
+4,000
New +$193K
TE
54
T1 Energy
TE
$1.63B
$133K 0.05%
+15,000
New +$130K
ALB icon
55
Albemarle
ALB
$15.5B
– –
-25,000
Closed -$5.42M
NOW icon
56
ServiceNow
NOW
$129B
– –
-75,000
Closed -$5.82M
NXE icon
57
NexGen Energy
NXE
$6.99B
– –
-500,000
Closed -$2.21M
RRX icon
58
Regal Rexnord
RRX
$11.9B
– –
-75,000
Closed -$9M
SNOW icon
59
Snowflake
SNOW
$115B
– –
-25,000
Closed -$3.59M
UNH icon
60
UnitedHealth
UNH
$370B
– –
-20,000
Closed -$10.6M
LAC
61
DELISTED
Lithium Americas Corp. Common Shares
LAC
– –
-150,000
Closed -$2.84M
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.