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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
+4.1%
1 Year Est. Return
-15.35%
3 Year Est. Return
-4.39%
5 Year Est. Return
+28.01%
10 Year Est. Return
–
AUM
$322M
AUM Growth
-$21.5M
(-6.3%)
Cap. Flow
-$34.5M
Cap. Flow
% of AUM
-10.72%
Top 10 Holdings %
Top 10 Hldgs %
71.25%
Holding
24
New
3
Increased
4
Reduced
12
Closed
5
Top Buys
| 1 |
Assured Guaranty
AGO
|
+$23.2M |
| 2 |
Everest Group
EG
|
+$20.5M |
| 3 |
VR
Validus Hold Ltd
VR
|
+$18.9M |
| 4 |
ATH
Athene Holding Ltd. Class A Common Shares
ATH
|
+$3.1M |
| 5 |
FNHC
FedNat Holding Company Common Stock
FNHC
|
+$3.02M |
Top Sells
| 1 |
MGIC Investment
MTG
|
+$25.7M |
| 2 |
Radian Group
RDN
|
+$23.4M |
| 3 |
Hartford Financial Services
HIG
|
+$13.2M |
| 4 |
Aon
AON
|
+$6.87M |
| 5 |
Progressive
PGR
|
+$6.69M |
Sector Composition
| 1 | Financials | 89.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Travelers Companies
TRV
$71.8B
| $28.7M | 8.91% |
211,600
-32,400
| -13% | -$4.28M |
|
|
ATH
2
DELISTED
Athene Holding Ltd. Class A Common Shares
ATH
| $27.6M | 8.56% |
533,195
+60,541
| +13% | +$3.1M |
|
|
3
Assured Guaranty
AGO
$3.73B
| $27.1M | 8.41% |
800,000
+640,057
| +400% | +$23.2M |
|
4
Old Republic International
ORI
$10.1B
| $25.5M | 7.92% |
1,192,493
-118,900
| -9% | -$2.43M |
|
5
Voya Financial
VOYA
$9.12B
| $24.7M | 7.68% |
500,171
-4,136
| -0.8% | -$178K |
|
6
Universal Insurance Holdings
UVE
$1.07B
| $21.5M | 6.68% |
785,970
-42,817
| -5% | -$1.08M |
|
|
7
Everest Group
EG
$14.8B
| $20.1M | 6.25% |
+90,996
| New | +$20.5M |
|
8
Global Indemnity Group
GBLI
$398M
| $18.2M | 5.64% |
432,341
-53,707
| -11% | -$2.29M |
|
9
Chubb
CB
$133B
| $18.1M | 5.61% |
123,700
-26,300
| -18% | -$3.93M |
|
|
VR
10
DELISTED
Validus Hold Ltd
VR
| $18M | 5.58% |
+383,200
| New | +$18.9M |
|
11
Willis Towers Watson
WTW
$27.8B
| $17.7M | 5.5% |
117,479
-36,800
| -24% | -$5.81M |
|
|
FNHC
12
DELISTED
FedNat Holding Company Common Stock
FNHC
| $16.7M | 5.19% |
1,009,372
+203,699
| +25% | +$3.02M |
|
13
Brown & Brown
BRO
$23.5B
| $15.6M | 4.83% |
605,116
-26,200
| -4% | -$658K |
|
14
Arthur J. Gallagher & Co
AJG
$65.8B
| $15.1M | 4.7% |
239,400
-10,600
| -4% | -$677K |
|
|
15
Progressive
PGR
$120B
| $8.45M | 2.62% |
150,000
-129,301
| -46% | -$6.69M |
|
|
EMCI
16
DELISTED
EMC INS Group Inc
EMCI
| $6.58M | 2.04% |
229,462
-43,545
| -16% | -$1.28M |
|
|
AFH
17
DELISTED
Atlas Financial Holdings, Inc. Ordinary Shares
AFH
| $6.08M | 1.89% |
295,981
-185,265
| -38% | -$3.59M |
|
18
Genworth Financial
GNW
$3.84B
| $4.11M | 1.28% |
1,321,925
+384,649
| +41% | +$1.33M |
|
|
KG
19
Kestrel Group
KG
$77M
| $2.2M | 0.68% |
+16,689
| New | +$2.5M |
|
20
American Coastal Insurance
ACIC
$503M
| – | – |
-312,459
| Closed | -$5.09M |
|
|
21
Aon
AON
$78.7B
| – | – |
-47,000
| Closed | -$6.87M |
|
|
22
Hartford Financial Services
HIG
$37.5B
| – | – |
-237,350
| Closed | -$13.2M |
|
|
23
MGIC Investment
MTG
$6.18B
| – | – |
-2,054,058
| Closed | -$25.7M |
|
|
24
Radian Group
RDN
$5.2B
| – | – |
-1,251,697
| Closed | -$23.4M |
|
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Capital Returns Management's Q4 2017 Portfolio in Review
As of Q4 2017, Capital Returns Management held 24 positions worth $322M, down 6.3% from $344M the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Capital Returns Management withdrew a net $34.5M in Q4 2017, closing 5 positions and reducing 12 holdings. Its most notable exit was MGIC Investment, an estimated $25.7M position sold in full.
By sector, the portfolio is most concentrated in Financials at 89% of assets, down from 96% a quarter earlier.
Against the trend, Capital Returns Management opened a new position in Everest Group worth $20.1M.
- Capital Returns Management's largest Q4 2017 buy was Everest Group: 90,996 shares worth $20.1M.
- Capital Returns Management added most to Assured Guaranty in Q4 2017, an estimated $23.2M increase.
- Capital Returns Management's biggest Q4 2017 reduction was Progressive, cutting an estimated $6.69M.
- Capital Returns Management fully exited MGIC Investment in Q4 2017, selling an estimated $25.7M.
- Capital Returns Management's ten largest holdings make up 71% of its $322M portfolio in Q4 2017.
- Capital Returns Management opened 3 new positions and closed 5 in Q4 2017.
- Capital Returns Management's portfolio value fell 6.3% quarter-over-quarter to $322M.
Based on Capital Returns Management's 13F filing for Q4 2017, filed 14 Feb 2018.