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Capital Returns Management Portfolio holdings
AUM
$38.7M
1-Year Est. Return
15.35%
This Fund
S&P 500
This Quarter
Est. Return
+22.73%
1 Year Est. Return
-15.35%
3 Year Est. Return
-4.39%
5 Year Est. Return
+28.01%
10 Year Est. Return
–
AUM
$234M
AUM Growth
+$24.1M
(+11%)
Cap. Flow
-$17.8M
Cap. Flow
% of AUM
-7.6%
Top 10 Holdings %
Top 10 Hldgs %
76.21%
Holding
23
New
4
Increased
8
Reduced
8
Closed
3
Top Buys
| 1 |
Old Republic International
ORI
|
+$25.4M |
| 2 |
Brown & Brown
BRO
|
+$18.6M |
| 3 |
AEL
American Equity Investment Life Holding Company
AEL
|
+$4.73M |
| 4 |
Global Indemnity Group
GBLI
|
+$2.47M |
| 5 |
MBIA
MBI
|
+$1.45M |
Top Sells
| 1 |
XL
XL Group Ltd.
XL
|
+$13.1M |
| 2 |
AWH
Allied World Assurance Co Hld Lt
AWH
|
+$11.3M |
| 3 |
Safety Insurance
SAFT
|
+$11.3M |
| 4 |
MGIC Investment
MTG
|
+$9.63M |
| 5 |
Radian Group
RDN
|
+$8.56M |
Sector Composition
| 1 | Financials | 83.1% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Old Republic International
ORI
$10.3B
| $26.8M | 11.42% |
+1,409,497
| New | +$25.4M |
|
2
Assured Guaranty
AGO
$3.76B
| $26M | 11.09% |
688,280
-6,400
| -0.9% | -$215K |
|
3
Voya Financial
VOYA
$9.04B
| $20.7M | 8.84% |
528,616
-105,700
| -17% | -$3.73M |
|
|
4
Brown & Brown
BRO
$23.5B
| $20.5M | 8.74% |
+914,000
| New | +$18.6M |
|
|
5
Radian Group
RDN
$5.24B
| $15.1M | 6.42% |
837,785
-570,100
| -40% | -$8.56M |
|
|
6
MGIC Investment
MTG
$6.23B
| $14.9M | 6.37% |
1,466,747
-1,066,400
| -42% | -$9.63M |
|
|
7
Global Indemnity Group
GBLI
$400M
| $14.9M | 6.34% |
389,262
+72,584
| +23% | +$2.47M |
|
8
CALL
Prudential Financial
PRU
$41.4B
| $14.7M | 6.28% |
141,500
+10,900
| +8% | +$1.03M |
|
9
CALL
MetLife
MET
$60.5B
| $13.8M | 5.86% |
286,334
+21,991
| +8% | +$1.01M |
|
10
Universal Insurance Holdings
UVE
$1.09B
| $11.3M | 4.84% |
399,528
-155,300
| -28% | -$3.7M |
|
|
FNHC
11
DELISTED
FedNat Holding Company Common Stock
FNHC
| $11.2M | 4.76% |
596,933
+20,768
| +4% | +$368K |
|
|
12
MetLife
MET
$60.5B
| $9.98M | 4.26% |
207,863
+18,850
| +10% | +$865K |
|
|
13
MBIA
MBI
$333M
| $8.19M | 3.49% |
765,366
+156,539
| +26% | +$1.45M |
|
|
AFH
14
DELISTED
Atlas Financial Holdings, Inc. Ordinary Shares
AFH
| $7.59M | 3.24% |
420,596
-91,909
| -18% | -$1.56M |
|
|
EMCI
15
DELISTED
EMC INS Group Inc
EMCI
| $7.21M | 3.08% |
240,408
+22,437
| +10% | +$617K |
|
|
AEL
16
DELISTED
American Equity Investment Life Holding Company
AEL
| $5.34M | 2.28% |
+236,844
| New | +$4.73M |
|
|
STFC
17
DELISTED
State Auto Financial Corp
STFC
| $2.88M | 1.23% |
107,258
+9,600
| +10% | +$237K |
|
|
18
Safety Insurance
SAFT
$1.09B
| $1.29M | 0.55% |
17,518
-161,230
| -90% | -$11.3M |
|
|
OB
19
DELISTED
Onebeacon Insurance Group Ltd
OB
| $1.09M | 0.47% |
68,094
-157,988
| -70% | -$2.38M |
|
|
ATH
20
DELISTED
Athene Holding Ltd. Class A Common Shares
ATH
| $1.04M | 0.45% |
+21,764
| New | +$1.01M |
|
|
AWH
21
CALL
DELISTED
Allied World Assurance Co Hld Lt
AWH
| – | – |
-250,000
| Closed | -$10.1M |
|
|
AWH
22
DELISTED
Allied World Assurance Co Hld Lt
AWH
| – | – |
-280,140
| Closed | -$11.3M |
|
|
XL
23
DELISTED
XL Group Ltd.
XL
| – | – |
-388,700
| Closed | -$13.1M |
|
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Capital Returns Management's Q4 2016 Portfolio in Review
As of Q4 2016, Capital Returns Management held 23 positions worth $234M, up 11% from $210M the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Capital Returns Management withdrew a net $17.8M in Q4 2016, closing 3 positions and reducing 8 holdings. Its most notable exit was XL Group Ltd., an estimated $13.1M position sold in full.
By sector, the portfolio is most concentrated in Financials at 83% of assets, up from 80% a quarter earlier.
Against the trend, Capital Returns Management opened a new position in Old Republic International worth $26.8M.
- Capital Returns Management's largest Q4 2016 buy was Old Republic International: 1,409,497 shares worth $26.8M.
- Capital Returns Management added most to Global Indemnity Group in Q4 2016, an estimated $2.47M increase.
- Capital Returns Management's biggest Q4 2016 reduction was Safety Insurance, cutting an estimated $11.3M.
- Capital Returns Management fully exited XL Group Ltd. in Q4 2016, selling an estimated $13.1M.
- Capital Returns Management's ten largest holdings make up 76% of its $234M portfolio in Q4 2016.
- Capital Returns Management opened 4 new positions and closed 3 in Q4 2016.
- Capital Returns Management's portfolio value rose 11% quarter-over-quarter to $234M.
Based on Capital Returns Management's 13F filing for Q4 2016, filed 14 Feb 2017.