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BCM

Brigade Capital Management Portfolio holdings

AUM $534M Turnover 56.52%
1-Year Est. Return 44.37%
This Fund
S&P 500
This Quarter Est. Return
+8.84%
1 Year Est. Return
+44.37%
3 Year Est. Return
+42.69%
5 Year Est. Return
+65.06%
10 Year Est. Return
+332.77%
AUM
$1.5B
AUM Growth
-$697M
Cap. Flow
-$351M
Cap. Flow %
-23.34%
Top 10 Hldgs %
67.59%
Holding
66
New
9
Increased
14
Reduced
16
Closed
11
Avg Time Held Equity + Options
1.4 years
Top 10 Avg Time Held Equity + Options
1.6 years
Top 20 Avg Time Held Equity + Options
1.2 years
Avg Time Held Equity only
1.5 years
Top 10 Avg Time Held Equity only
1.3 years
Top 20 Avg Time Held Equity only
1.1 years

Top Buys

Rank Stock Value
1
MPC icon
Marathon Petroleum
MPC
+$19.9M
2
HK
Halcon Resources Corporation
HK
+$13.1M
3
AGO icon
Assured Guaranty
AGO
+$11.1M
4
DELL icon
Dell
DELL
+$11.1M
5
RRC icon
Range Resources
RRC
+$6.45M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$90.5M
2
VICI icon
VICI Properties
VICI
+$63.6M
3
PGEM
Ply Gem Holdings, Inc.
PGEM
+$17.1M
4
THC icon
Tenet Healthcare
THC
+$15.9M
5
OCLR
Oclaro Inc.
OCLR
+$11.4M

Sector Composition

Rank Sector Weight
1 Miscellaneous 53.22%
2 Energy 11.88%
3 Utilities 11.23%
4 Healthcare 5.48%
5 Technology 5.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$813B
$439M 29.25%
1,620,000
+492,500
+44% +$133M
2014 Q2
16 quarters
VST icon
2
Vistra
VST
$50.9B
$129M 8.56%
5,435,990
-3,934,995
-42% -$90.5M
2017 Q2
4 quarters
IWM icon
3
PUT
iShares Russell 2000 ETF
IWM
$76.4B
$102M 6.81%
625,000
-3,785,000
-86% -$606M
2016 Q4
6 quarters
KND
4
DELISTED
Kindred Healthcare
KND
$62M 4.13%
6,891,602
– –
2014 Q3
15 quarters
ESI icon
5
Element Solutions
ESI
$8.74B
$42.7M 2.84%
3,683,800
+44,500
+1% +$485K
2017 Q1
5 quarters
NRG icon
6
NRG Energy
NRG
$21.2B
$40.2M 2.67%
1,308,036
-110,889
-8% -$3.58M
2017 Q1
5 quarters
DELL icon
7
Dell
DELL
$323B
$35.1M 2.34%
1,479,930
+501,365
+51% +$11.1M
2018 Q1
1 quarter
HWM icon
8
Howmet Aerospace
HWM
$86.8B
$32.7M 2.18%
2,508,114
+392,700
+19% +$5.83M
2016 Q4
6 quarters
BTU icon
9
Peabody Energy
BTU
$2.86B
$31.8M 2.12%
698,799
-50,346
-7% -$2.06M
2017 Q2
4 quarters
MX icon
10
Magnachip Semiconductor
MX
$199M
$30.3M 2.02%
2,955,706
– –
2014 Q1
17 quarters
AMD icon
11
CALL
Advanced Micro Devices
AMD
$932B
$30M 2%
2,000,000
+500,000
+33% +$6.36M
2017 Q4
2 quarters
KR icon
12
CALL
Kroger
KR
$37.3B
$28.4M 1.89%
1,000,000
– –
2018 Q1
1 quarter
SBGI icon
13
Sinclair Inc
SBGI
$895M
$27.9M 1.85%
866,250
+103,750
+14% +$3.11M
2015 Q2
12 quarters
LNG icon
14
Cheniere Energy
LNG
$57.8B
$24M 1.6%
368,800
+6,500
+2% +$400K
2017 Q4
2 quarters
THC icon
15
Tenet Healthcare
THC
$21.9B
$20.4M 1.35%
606,300
-513,050
-46% -$15.9M
2016 Q4
6 quarters
CIVI icon
16
DELISTED
Civitas Resources
CIVI
$19.8M 1.32%
522,971
– –
2017 Q2
4 quarters
HK
17
DELISTED
Halcon Resources Corporation
HK
$19.6M 1.3%
4,464,470
+2,700,025
+153% +$13.1M
2016 Q3
7 quarters
MPC icon
18
Marathon Petroleum
MPC
$136B
$18.2M 1.21%
+260,000
New +$19.9M
2018 Q2
0 quarters
TRGP icon
19
Targa Resources
TRGP
$62.4B
$14.8M 0.99%
300,047
– –
2018 Q1
1 quarter
RRC icon
20
Range Resources
RRC
$9.78B
$14.2M 0.94%
847,500
+426,500
+101% +$6.45M
2016 Q3
7 quarters
ESV
21
DELISTED
Ensco Rowan plc
ESV
$13.5M 0.9%
465,500
-119,500
-20% -$2.93M
2018 Q1
1 quarter
LBY
22
DELISTED
Libbey, Inc.
LBY
$13M 0.87%
1,601,296
+511,296
+47% +$3.38M
2017 Q3
3 quarters
CSTM icon
23
Constellium
CSTM
$3.44B
$11.8M 0.79%
1,148,500
-46,500
-4% -$541K
2017 Q2
4 quarters
ATI icon
24
ATI
ATI
$25.6B
$11.6M 0.77%
462,500
+108,500
+31% +$2.94M
2016 Q4
6 quarters
FOE
25
DELISTED
Ferro Corporation
FOE
$11.2M 0.75%
538,750
+3,750
+0.7% +$82.5K
2013 Q2
20 quarters
1
2 3

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Brigade Capital Management's Q2 2018 Portfolio in Review

As of Q2 2018, Brigade Capital Management held 66 positions worth $1.5B, down 32% from $2.2B the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Brigade Capital Management withdrew a net $351M in Q2 2018, closing 11 positions and reducing 16 holdings. Its most notable exit was VICI Properties, an estimated $63.6M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 53% of assets, down from 64% a quarter earlier, followed by Energy and Utilities.

Against the trend, Brigade Capital Management opened a new position in Marathon Petroleum worth $18.2M.

  • Brigade Capital Management's largest Q2 2018 buy was Marathon Petroleum: 260,000 shares worth $18.2M.
  • Brigade Capital Management added most to Halcon Resources Corporation in Q2 2018, an estimated $13.1M increase.
  • Brigade Capital Management's biggest Q2 2018 reduction was Vistra, cutting an estimated $90.5M.
  • Brigade Capital Management fully exited VICI Properties in Q2 2018, selling an estimated $63.6M.
  • Brigade Capital Management's ten largest holdings make up 68% of its $1.5B portfolio in Q2 2018.
  • Brigade Capital Management opened 9 new positions and closed 11 in Q2 2018.
  • Brigade Capital Management's portfolio value fell 32% quarter-over-quarter to $1.5B.

Based on Brigade Capital Management's 13F filing for Q2 2018, filed 14 Aug 2018.