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BCM
Brigade Capital Management Portfolio holdings
AUM
$806M
1-Year Est. Return
20.71%
This Fund
S&P 500
This Quarter
Est. Return
+12.01%
1 Year Est. Return
+20.71%
3 Year Est. Return
+18.45%
5 Year Est. Return
+61.31%
10 Year Est. Return
+315.26%
AUM
$1.35B
AUM Growth
-$378M
(-22%)
Cap. Flow
-$697M
Cap. Flow
% of AUM
-51.53%
Top 10 Holdings %
Top 10 Hldgs %
71.78%
Holding
81
New
24
Increased
7
Reduced
13
Closed
12
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
EXE
Expand Energy Corp
EXE
|
+$74.3M |
| 2 |
XOG
Extraction Oil & Gas, Inc. Common Stock
XOG
|
+$54.1M |
| 3 |
Magnachip Semiconductor
MX
|
+$15.8M |
| 4 |
Albertsons Companies
ACI
|
+$12.1M |
| 5 |
VISN
Vistance Networks Inc
VISN
|
+$11.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Constellium
CSTM
|
+$14.2M |
| 2 |
Adient
ADNT
|
+$9.66M |
| 3 |
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
|
+$8.94M |
| 4 |
Vistra
VST
|
+$8.32M |
| 5 |
Clear Channel Outdoor Holdings
CCO
|
+$7.61M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 10.44% |
| 2 | Communication Services | 5.31% |
| 3 | Technology | 4.99% |
| 4 | Utilities | 3.48% |
| 5 | Industrials | 2.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $434M | 32.09% |
1,095,000
+605,000
| +123% | +$233M |
|
2
CALL
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
| $105M | 7.74% |
1,200,000
-5,800,000
| -83% | -$505M |
|
|
EXE
3
Expand Energy Corp
EXE
$21.9B
| $73.1M | 5.41% |
+1,684,619
| New | +$74.3M |
|
|
XOG
4
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
| $59.8M | 4.42% |
+1,662,698
| New | +$54.1M |
|
5
CALL
SPDR Gold Trust
GLD
$131B
| $57.6M | 4.26% |
360,000
| – | – |
|
|
6
Magnachip Semiconductor
MX
$128M
| $41.6M | 3.08% |
1,672,532
+805,135
| +93% | +$15.8M |
|
7
iHeartMedia
IHRT
$535M
| $37.3M | 2.76% |
2,053,404
-352,507
| -15% | -$5.32M |
|
|
VISN
8
Vistance Networks Inc
VISN
$2.66B
| $23.9M | 1.76% |
1,553,000
+765,000
| +97% | +$11.5M |
|
9
PG&E
PCG
$47.8B
| $22.9M | 1.69% |
1,951,456
| – | – |
|
|
10
CALL
PG&E
PCG
$47.8B
| $22.8M | 1.69% |
1,951,200
| – | – |
|
|
11
Clear Channel Outdoor Holdings
CCO
$1.23B
| $22.8M | 1.69% |
12,692,182
-4,017,306
| -24% | -$7.61M |
|
12
Turning Point Brands
TPB
$1.47B
| $13.6M | 1% |
260,498
-32,300
| -11% | -$1.61M |
|
|
FOE
13
DELISTED
Ferro Corporation
FOE
| $13.2M | 0.98% |
782,949
-287,178
| -27% | -$4.58M |
|
|
14
Albertsons Companies
ACI
$5.4B
| $13.1M | 0.97% |
+686,000
| New | +$12.1M |
|
|
CNR
15
DELISTED
Cornerstone Building Brands, Inc.
CNR
| $10.3M | 0.76% |
735,000
+605,000
| +465% | +$7.33M |
|
16
FirstEnergy
FE
$28.9B
| $10.1M | 0.75% |
290,500
| – | – |
|
17
GrafTech
EAF
$194M
| $9.29M | 0.69% |
+76,000
| New | +$8.78M |
|
|
18
Vistra
VST
$55.1B
| $7.98M | 0.59% |
451,103
-418,621
| -48% | -$8.32M |
|
|
CMLS
19
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
| $7.79M | 0.58% |
855,751
-910,360
| -52% | -$8.94M |
|
20
NMI Holdings
NMIH
$3.25B
| $7.79M | 0.58% |
329,500
+299,000
| +980% | +$6.96M |
|
|
CLPR
21
Clipper Realty
CLPR
$46.5M
| $6.93M | 0.51% |
874,724
| – | – |
|
|
HMHC
22
DELISTED
Houghton Mifflin Harcourt Company
HMHC
| $6.09M | 0.45% |
799,971
-1,089,131
| -58% | -$6.22M |
|
23
Antero Midstream
AM
$10.8B
| $3.99M | 0.29% |
+441,000
| New | +$3.8M |
|
24
Sinclair Inc
SBGI
$974M
| $3.95M | 0.29% |
135,000
| – | – |
|
25
Edison International
EIX
$30.7B
| $3.22M | 0.24% |
55,000
| – | – |
|
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Brigade Capital Management's Q1 2021 Portfolio in Review
As of Q1 2021, Brigade Capital Management held 81 positions worth $1.35B, down 22% from $1.73B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Brigade Capital Management withdrew a net $697M in Q1 2021, closing 12 positions and reducing 13 holdings. Its most notable exit was Constellium, an estimated $14.2M position sold in full.
By sector, the portfolio is most concentrated in Energy at 10% of assets, up from 0.55% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Brigade Capital Management opened a new position in Expand Energy Corp worth $73.1M.
- Brigade Capital Management's largest Q1 2021 buy was Expand Energy Corp: 1,684,619 shares worth $73.1M.
- Brigade Capital Management added most to Magnachip Semiconductor in Q1 2021, an estimated $15.8M increase.
- Brigade Capital Management's biggest Q1 2021 reduction was Cumulus Media Inc. Class A Common Stock, cutting an estimated $8.94M.
- Brigade Capital Management fully exited Constellium in Q1 2021, selling an estimated $14.2M.
- Brigade Capital Management's ten largest holdings make up 72% of its $1.35B portfolio in Q1 2021.
- Brigade Capital Management opened 24 new positions and closed 12 in Q1 2021.
- Brigade Capital Management's portfolio value fell 22% quarter-over-quarter to $1.35B.
Based on Brigade Capital Management's 13F filing for Q1 2021, filed 14 May 2021.