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BHCM
Brevan Howard Capital Management Portfolio holdings
AUM
$11.3B
1-Year Est. Return
35.84%
This Fund
S&P 500
This Quarter
Est. Return
-16.07%
1 Year Est. Return
+35.84%
3 Year Est. Return
+106.49%
5 Year Est. Return
+80.14%
10 Year Est. Return
–
AUM
$198M
AUM Growth
-$126M
(-39%)
Cap. Flow
-$84.2M
Cap. Flow
% of AUM
-42.43%
Top 10 Holdings %
Top 10 Hldgs %
80.48%
Holding
34
New
6
Increased
5
Reduced
3
Closed
15
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Adecoagro
AGRO
|
+$22.8M |
| 2 |
YPF
YPF
|
+$11.9M |
| 3 |
State Street Materials Select Sector SPDR ETF
XLB
|
+$11.3M |
| 4 |
State Street Energy Select Sector SPDR ETF
XLE
|
+$11.1M |
| 5 |
State Street Industrial Select Sector SPDR ETF
XLI
|
+$10.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CMA
Comerica
CMA
|
+$14M |
| 2 |
JPMorgan Chase
JPM
|
+$14M |
| 3 |
FITB
Fifth Third Bancorp
FITB
|
+$13.9M |
| 4 |
Zions Bancorporation
ZION
|
+$13.8M |
| 5 |
KeyCorp
KEY
|
+$13.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 22.41% |
| 2 | Financials | 22.26% |
| 3 | Industrials | 17.09% |
| 4 | Consumer Staples | 10.74% |
| 5 | Materials | 4.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
YPF
YPF
$20.2B
| $35.3M | 17.81% |
2,319,333
+532,778
| +30% | +$11.9M |
|
2
Pampa Energía
PAM
$4.64B
| $23.4M | 11.79% |
1,531,750
+465,591
| +44% | +$7.4M |
|
|
3
Adecoagro
AGRO
$1.53B
| $21.3M | 10.74% |
+2,677,565
| New | +$22.8M |
|
4
Galicia Financial Group
GGAL
$7.92B
| $19.7M | 9.95% |
1,107,468
+418,205
| +61% | +$8.12M |
|
|
CRESY
5
Cresud
CRESY
$794M
| $10.5M | 5.3% |
1,207,403
+261,103
| +28% | +$2.57M |
|
|
6
State Street Materials Select Sector SPDR ETF
XLB
$8.51B
| $10.2M | 5.13% |
+509,750
| New | +$11.3M |
|
|
7
State Street Industrial Select Sector SPDR ETF
XLI
$33.9B
| $10.1M | 5.11% |
+203,190
| New | +$10.7M |
|
|
8
State Street Energy Select Sector SPDR ETF
XLE
$39.5B
| $10.1M | 5.08% |
+329,046
| New | +$11.1M |
|
9
CME Group
CME
$92.2B
| $9.51M | 4.79% |
102,553
| – | – |
|
10
Ternium
TX
$9.29B
| $9.49M | 4.79% |
772,442
| – | – |
|
11
BBVA Argentina
BBAR
$3.85B
| $7.89M | 3.98% |
509,039
| – | – |
|
|
PZE
12
DELISTED
Petrobras Argentina S A
PZE
| $6.96M | 3.51% |
1,363,091
| – | – |
|
13
SPDR Gold Trust
GLD
$131B
| $5.34M | 2.69% |
+50,000
| New | +$5.39M |
|
|
EDN
14
Edenor
EDN
$1.13B
| $4.71M | 2.37% |
367,896
| – | – |
|
|
IRS
15
IRSA Inversiones y Representaciones
IRS
$1.26B
| $4.63M | 2.33% |
330,542
+225,161
| +214% | +$3.5M |
|
16
Banco Macro
BMA
$5.7B
| $4.27M | 2.15% |
111,140
-63,500
| -36% | -$2.84M |
|
|
ESES
17
DELISTED
Eco-Stim Energy Solutions Inc. Common Stock
ESES
| $2.17M | 1.09% |
+631,578
| New | +$2.48M |
|
18
NMI Holdings
NMIH
$3.25B
| $1.96M | 0.99% |
257,267
-46,100
| -15% | -$378K |
|
|
ONIT
19
Onity Group
ONIT
$333M
| $798K | 0.4% |
7,928
-5,405
| -41% | -$684K |
|
|
20
CALL
Adecoagro
AGRO
$1.53B
| – | – |
-2,419,764
| Closed | -$22.3M |
|
21
Bank of America
BAC
$435B
| – | – |
-808,552
| Closed | -$13.8M |
|
22
Citigroup
C
$222B
| – | – |
-247,738
| Closed | -$13.7M |
|
23
Citizens Financial Group
CFG
$30.4B
| – | – |
-492,890
| Closed | -$13.5M |
|
|
CMA
24
DELISTED
Comerica
CMA
| – | – |
-273,378
| Closed | -$14M |
|
25
CALL
iShares MSCI Emerging Markets ETF
EEM
$28B
| – | – |
-574,100
| Closed | -$22.7M |
|
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Brevan Howard Capital Management's Q3 2015 Portfolio in Review
As of Q3 2015, Brevan Howard Capital Management held 34 positions worth $198M, down 39% from $324M the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Brevan Howard Capital Management withdrew a net $84.2M in Q3 2015, closing 15 positions and reducing 3 holdings. Its most notable exit was Comerica, an estimated $14M position sold in full.
By sector, the portfolio is most concentrated in Energy at 22% of assets, up from 18% a quarter earlier, followed by Financials and Industrials.
Against the trend, Brevan Howard Capital Management opened a new position in Adecoagro worth $21.3M.
- Brevan Howard Capital Management's largest Q3 2015 buy was Adecoagro: 2,677,565 shares worth $21.3M.
- Brevan Howard Capital Management added most to YPF in Q3 2015, an estimated $11.9M increase.
- Brevan Howard Capital Management's biggest Q3 2015 reduction was Banco Macro, cutting an estimated $2.84M.
- Brevan Howard Capital Management fully exited Comerica in Q3 2015, selling an estimated $14M.
- Brevan Howard Capital Management's ten largest holdings make up 80% of its $198M portfolio in Q3 2015.
- Brevan Howard Capital Management opened 6 new positions and closed 15 in Q3 2015.
- Brevan Howard Capital Management's portfolio value fell 39% quarter-over-quarter to $198M.
Based on Brevan Howard Capital Management's 13F filing for Q3 2015, filed 16 Nov 2015.