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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
ETN icon
1
Eaton
ETN
$174B
$43.7M 13.19%
205,000
+75,000
+58% +$16.2M
CVE icon
2
Cenovus Energy
CVE
$51.1B
$42.7M 12.88%
2,050,000
– –
MSFT icon
3
Microsoft
MSFT
$3.62T
$31.6M 9.53%
100,000
– –
GOOGL icon
4
Alphabet (Google) Class A
GOOGL
$4.43T
$26.2M 7.9%
+200,000
New +$25.9M
RRC icon
5
Range Resources
RRC
$8.91B
$22.7M 6.84%
+700,000
New +$21.9M
WCC
6
WESCO International
WCC
$18.2B
$22.1M 6.68%
154,000
+70,000
+83% +$11.3M
CP icon
7
Canadian Pacific Kansas City
CP
$80.4B
$19.7M 5.95%
265,000
-50,000
-16% -$3.97M
AMZN icon
8
Amazon
AMZN
$2.94T
$19.1M 5.75%
150,000
-150,000
-50% -$20.1M
STLD icon
9
Steel Dynamics
STLD
$38.1B
$18.8M 5.66%
175,000
+55,000
+46% +$5.73M
ECL icon
10
Ecolab
ECL
$80.3B
$16.9M 5.11%
100,000
-25,000
-20% -$4.55M
FANG icon
11
Diamondback Energy
FANG
$52.1B
$15.5M 4.67%
+100,000
New +$14.8M
KOS icon
12
Kosmos Energy
KOS
$1.4B
$12.3M 3.7%
+1,500,000
New +$10.6M
OR icon
13
OR Royalties Inc
OR
$6.04B
$11.9M 3.6%
1,015,000
+1,000,000
+6,667% +$13.7M
NUE icon
14
Nucor
NUE
$62.6B
$7.82M 2.36%
50,000
-30,000
-38% -$4.97M
CLF icon
15
Cleveland-Cliffs
CLF
$7.22B
$6.25M 1.89%
+400,000
New +$6.24M
CNQ icon
16
Canadian Natural Resources
CNQ
$93.3B
$1.29M 0.39%
40,000
– –
LIN icon
17
Linde
LIN
$226B
$931K 0.28%
2,500
-40,000
-94% -$15.2M
X
18
DELISTED
US Steel
X
$812K 0.25%
25,000
– –
HES
19
DELISTED
Hess
HES
$765K 0.23%
5,000
-150,000
-97% -$22.6M
WCN
20
Waste Connections
WCN
$41.5B
$672K 0.2%
5,000
-150,000
-97% -$21M
CSX icon
21
CSX Corp
CSX
$94.7B
$615K 0.19%
20,000
– –
GTLS
22
DELISTED
Chart Industries
GTLS
$592K 0.18%
3,500
– –
DE icon
23
Deere & Co
DE
$165B
$566K 0.17%
1,500
-30,000
-95% -$12.4M
CEG icon
24
Constellation Energy
CEG
$94.7B
$545K 0.16%
5,000
– –
RS icon
25
Reliance Steel & Aluminium
RS
$21.5B
$524K 0.16%
2,000
– –
1
2 3

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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.