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BCM

Brightline Capital Management Portfolio holdings

AUM $338M
1-Year Est. Return 197.95%
This Fund
S&P 500
This Quarter Est. Return
+9.06%
1 Year Est. Return
+197.95%
3 Year Est. Return
+777.91%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$242M
AUM Growth
-$71.7M
Cap. Flow
-$75.9M
Cap. Flow %
-31.34%
Top 10 Hldgs %
100%
Holding
17
New
–
Increased
–
Reduced
2
Closed
10

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
CVRR
CVR Refining, LP
CVRR
+$11.2M
2
DK icon
Delek US
DK
+$10.5M
3
HCR
Hi-Crush Inc. Common Stock
HCR
+$8.5M
4
PBF icon
PBF Energy
PBF
+$7.36M
5
KRO icon
KRONOS Worldwide
KRO
+$7.32M

Sector Composition

Rank Sector Weight
1 Materials 14.48%
2 Energy 5.05%
3 Industrials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HYG icon
1
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.9B
$173M 71.4%
2,000,000
– –
X
2
CALL
DELISTED
US Steel
X
$21.9M 9.06%
720,000
– –
MEOH icon
3
Methanex
MEOH
$4.23B
$17.6M 7.25%
222,000
– –
PBF icon
4
PBF Energy
PBF
$7.49B
$12.2M 5.05%
245,000
-155,000
-39% -$7.36M
X
5
DELISTED
US Steel
X
$10.8M 4.47%
355,000
– –
CSTM icon
6
Constellium
CSTM
$3.76B
$5.62M 2.32%
455,000
– –
MSB
7
Mesabi Trust
MSB
$296M
$1.06M 0.44%
40,000
-120,000
-75% -$3.27M
BLDR icon
8
Builders FirstSource
BLDR
$7.29B
– –
-300,000
Closed -$5.49M
CMRE icon
9
Costamare
CMRE
$1.85B
– –
-295,000
Closed -$2.35M
DK icon
10
Delek US
DK
$3.98B
– –
-210,000
Closed -$10.5M
HCC icon
11
Warrior Met Coal
HCC
$4.17B
– –
-90,000
Closed -$2.48M
KRO icon
12
KRONOS Worldwide
KRO
$712M
– –
-325,000
Closed -$7.32M
TROX icon
13
Tronox
TROX
$967M
– –
-305,000
Closed -$6M
WLK icon
14
Westlake Corp
WLK
$9.26B
– –
-50,000
Closed -$5.38M
KRA
15
DELISTED
Kraton Corporation
KRA
– –
-130,000
Closed -$6M
HCR
16
DELISTED
Hi-Crush Inc. Common Stock
HCR
– –
-720,000
Closed -$8.5M
CVRR
17
DELISTED
CVR Refining, LP
CVRR
– –
-500,000
Closed -$11.2M

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Brightline Capital Management's Q3 2018 Portfolio in Review

As of Q3 2018, Brightline Capital Management held 17 positions worth $242M, down 23% from $314M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Brightline Capital Management withdrew a net $75.9M in Q3 2018, closing 10 positions and reducing 2 holdings. Its most notable exit was CVR Refining, LP, an estimated $11.2M position sold in full.

By sector, the portfolio is most concentrated in Materials at 14% of assets, down from 21% a quarter earlier, followed by Energy and Industrials.

  • Brightline Capital Management's biggest Q3 2018 reduction was PBF Energy, cutting an estimated $7.36M.
  • Brightline Capital Management fully exited CVR Refining, LP in Q3 2018, selling an estimated $11.2M.
  • Brightline Capital Management's ten largest holdings make up 100% of its $242M portfolio in Q3 2018.
  • Brightline Capital Management opened 0 new positions and closed 10 in Q3 2018.
  • Brightline Capital Management's portfolio value fell 23% quarter-over-quarter to $242M.

Based on Brightline Capital Management's 13F filing for Q3 2018, filed 9 Nov 2018.