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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
+4.09%
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
$1.71B
AUM Growth
+$210M
Cap. Flow
-$191M
Cap. Flow %
-11.14%
Top 10 Hldgs %
66.27%
Holding
68
New
15
Increased
12
Reduced
14
Closed
9
Avg Time Held Equity + Options
1.3 years
Top 10 Avg Time Held Equity + Options
1.3 years
Top 20 Avg Time Held Equity + Options
1.1 years
Avg Time Held Equity only
1.4 years
Top 10 Avg Time Held Equity only
1.3 years
Top 20 Avg Time Held Equity only
1.2 years

Top Buys

Rank Stock Value
1
CMLS icon
Cumulus Media Inc. Class A Common Stock
CMLS
+$38.9M
2
AA icon
Alcoa
AA
+$28.8M
3
MPC icon
Marathon Petroleum
MPC
+$10.4M
4
RDC
Rowan Companies Plc
RDC
+$9.13M
5
RRD
RR Donnelley & Sons Co.
RRD
+$8.09M

Top Sells

Rank Stock Value
1
KND
Kindred Healthcare
KND
+$62M
2
ESI icon
Element Solutions
ESI
+$36.5M
3
SBGI icon
Sinclair Inc
SBGI
+$12M
4
OCLR
Oclaro Inc.
OCLR
+$8.88M
5
DELL icon
Dell
DELL
+$5.43M

Sector Composition

Rank Sector Weight
1 Miscellaneous 58.53%
2 Energy 11.19%
3 Utilities 10.34%
4 Technology 4.3%
5 Materials 4.27%
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
$815B
$442M 25.81%
1,520,000
-100,000
-6% -$28.5M
2014 Q2
17 quarters
VST icon
2
Vistra
VST
$51.7B
$132M 7.73%
5,321,125
-114,865
-2% -$2.64M
2017 Q2
5 quarters
XOP icon
3
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$4.2B
$130M 7.59%
+750,000
New +$126M
2018 Q3
0 quarters
XME icon
4
PUT
State Street SPDR S&P Metals & Mining ETF
XME
$4.02B
$102M 5.99%
+3,000,000
New +$105M
2018 Q3
0 quarters
QQQ icon
5
PUT
Invesco QQQ Trust
QQQ
$487B
$84.8M 4.95%
+456,300
New +$82.5M
2018 Q3
0 quarters
NRG icon
6
NRG Energy
NRG
$21.6B
$44.7M 2.61%
1,194,536
-113,500
-9% -$3.81M
2017 Q1
6 quarters
HWM icon
7
Howmet Aerospace
HWM
$87.6B
$39.3M 2.29%
2,325,684
-182,430
-7% -$2.9M
2016 Q4
7 quarters
CMLS icon
8
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$36.2M 2.11%
+2,126,359
New +$38.9M
2018 Q3
0 quarters
DELL icon
9
Dell
DELL
$301B
$34.8M 2.03%
1,276,352
-203,578
-14% -$5.43M
2018 Q1
2 quarters
MPC icon
10
Marathon Petroleum
MPC
$134B
$31.3M 1.83%
391,650
+131,650
+51% +$10.4M
2018 Q2
1 quarter
MX icon
11
Magnachip Semiconductor
MX
$205M
$30.7M 1.79%
3,096,935
+141,229
+5% +$1.55M
2014 Q1
18 quarters
KR icon
12
CALL
Kroger
KR
$37B
$29.1M 1.7%
1,000,000
– –
2018 Q1
2 quarters
AA icon
13
Alcoa
AA
$10.7B
$26.8M 1.56%
+662,600
New +$28.8M
2018 Q3
0 quarters
TSLA icon
14
PUT
Tesla
TSLA
$1.43T
$26.5M 1.55%
1,500,000
+1,305,000
+669% +$27.2M
2018 Q2
1 quarter
LNG icon
15
Cheniere Energy
LNG
$57.7B
$25.6M 1.5%
368,800
– –
2017 Q4
3 quarters
BTU icon
16
Peabody Energy
BTU
$2.93B
$24.9M 1.45%
698,799
– –
2017 Q2
5 quarters
HK
17
DELISTED
Halcon Resources Corporation
HK
$22.4M 1.31%
5,019,470
+555,000
+12% +$2.33M
2016 Q3
8 quarters
RDC
18
DELISTED
Rowan Companies Plc
RDC
$21.3M 1.25%
1,133,320
+609,320
+116% +$9.13M
2016 Q4
7 quarters
THC icon
19
Tenet Healthcare
THC
$22.2B
$17.3M 1.01%
606,300
– –
2016 Q4
7 quarters
TRGP icon
20
Targa Resources
TRGP
$60.6B
$16.9M 0.99%
300,047
– –
2018 Q1
2 quarters
RRC icon
21
Range Resources
RRC
$9.68B
$14.9M 0.87%
877,500
+30,000
+4% +$482K
2016 Q3
8 quarters
CIVI icon
22
DELISTED
Civitas Resources
CIVI
$14.6M 0.86%
491,514
-31,457
-6% -$1.05M
2017 Q2
5 quarters
CSTM icon
23
Constellium
CSTM
$3.45B
$14.2M 0.83%
1,148,500
– –
2017 Q2
5 quarters
ATI icon
24
ATI
ATI
$25.8B
$14M 0.82%
472,500
+10,000
+2% +$269K
2016 Q4
7 quarters
LBY
25
DELISTED
Libbey, Inc.
LBY
$13.2M 0.77%
1,511,296
-90,000
-6% -$826K
2017 Q3
4 quarters
1
2 3

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S
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Brigade Capital Management's Q3 2018 Portfolio in Review

As of Q3 2018, Brigade Capital Management held 68 positions worth $1.71B, up 14% from $1.5B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Brigade Capital Management withdrew a net $191M in Q3 2018, closing 9 positions and reducing 14 holdings. Its most notable exit was Kindred Healthcare, an estimated $62M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 59% of assets, up from 53% a quarter earlier, followed by Energy and Utilities.

Against the trend, Brigade Capital Management opened a new position in Cumulus Media Inc. Class A Common Stock worth $36.2M.

  • Brigade Capital Management's largest Q3 2018 buy was Cumulus Media Inc. Class A Common Stock: 2,126,359 shares worth $36.2M.
  • Brigade Capital Management added most to Marathon Petroleum in Q3 2018, an estimated $10.4M increase.
  • Brigade Capital Management's biggest Q3 2018 reduction was Element Solutions, cutting an estimated $36.5M.
  • Brigade Capital Management fully exited Kindred Healthcare in Q3 2018, selling an estimated $62M.
  • Brigade Capital Management's ten largest holdings make up 66% of its $1.71B portfolio in Q3 2018.
  • Brigade Capital Management opened 15 new positions and closed 9 in Q3 2018.
  • Brigade Capital Management's portfolio value rose 14% quarter-over-quarter to $1.71B.

Based on Brigade Capital Management's 13F filing for Q3 2018, filed 14 Nov 2018.