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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
+8.25%
1 Year Est. Return
-15.35%
3 Year Est. Return
-4.39%
5 Year Est. Return
+28.01%
10 Year Est. Return
–
AUM
$214M
AUM Growth
-$81.9M
(-28%)
Cap. Flow
-$103M
Cap. Flow
% of AUM
-48.29%
Top 10 Holdings %
Top 10 Hldgs %
74.69%
Holding
34
New
7
Increased
–
Reduced
18
Closed
9
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Assurant
AIZ
|
+$10.6M |
| 2 |
Willis Towers Watson
WTW
|
+$9.22M |
| 3 |
KG
Kestrel Group
KG
|
+$2.79M |
| 4 |
RenaissanceRe
RNR
|
+$692K |
| 5 |
HCI Group
HCI
|
+$662K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hartford Financial Services
HIG
|
+$14.8M |
| 2 |
ATH
Athene Holding Ltd. Class A Common Shares
ATH
|
+$13.6M |
| 3 |
AEL
American Equity Investment Life Holding Company
AEL
|
+$12.2M |
| 4 |
AHL
ASPEN Insurance Holding Limited
AHL
|
+$12M |
| 5 |
Old Republic International
ORI
|
+$10M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 94.98% |
| 2 | Miscellaneous | 5.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Assured Guaranty
AGO
$3.32B
| $30.9M | 14.45% |
731,702
-198,600
| -21% | -$7.88M |
|
|
ATH
2
DELISTED
Athene Holding Ltd. Class A Common Shares
ATH
| $20.1M | 9.39% |
388,750
-281,076
| -42% | -$13.6M |
|
3
AXIS Capital
AXS
$7.26B
| $15.4M | 7.2% |
266,903
-121,808
| -31% | -$6.9M |
|
|
FNHC
4
DELISTED
FedNat Holding Company Common Stock
FNHC
| $15.1M | 7.06% |
592,757
-329,139
| -36% | -$8.04M |
|
5
Prudential Financial
PRU
$41.3B
| $14.8M | 6.91% |
145,847
-98,153
| -40% | -$9.68M |
|
6
Voya Financial
VOYA
$9.29B
| $14M | 6.56% |
282,353
-66,935
| -19% | -$3.31M |
|
|
7
Old Republic International
ORI
$10.2B
| $13.3M | 6.23% |
595,323
-464,670
| -44% | -$10M |
|
8
Lincoln National
LNC
$8.29B
| $13.1M | 6.14% |
194,000
-62,700
| -24% | -$4.14M |
|
|
9
Hartford Financial Services
HIG
$37.5B
| $12M | 5.61% |
239,990
-287,783
| -55% | -$14.8M |
|
10
Global Indemnity Group
GBLI
$434M
| $11M | 5.14% |
291,627
-61,778
| -17% | -$2.41M |
|
|
11
Assurant
AIZ
$14.1B
| $10.8M | 5.05% |
+100,000
| New | +$10.6M |
|
|
12
Willis Towers Watson
WTW
$31.9B
| $8.6M | 4.02% |
+60,989
| New | +$9.22M |
|
13
Arthur J. Gallagher & Co
AJG
$68.6B
| $7.64M | 3.57% |
102,600
-33,300
| -25% | -$2.39M |
|
|
AFH
14
DELISTED
Atlas Financial Holdings, Inc. Ordinary Shares
AFH
| $6.67M | 3.12% |
663,334
-102,070
| -13% | -$984K |
|
|
15
CALL
AXIS Capital
AXS
$7.26B
| $5.77M | 2.7% |
100,000
-9,600
| -9% | -$544K |
|
|
16
CALL
Voya Financial
VOYA
$9.29B
| $4.97M | 2.32% |
+100,000
| New | +$4.94M |
|
|
AEL
17
DELISTED
American Equity Investment Life Holding Company
AEL
| $3.7M | 1.73% |
104,673
-338,838
| -76% | -$12.2M |
|
|
KG
18
Kestrel Group
KG
$59.2M
| $1.47M | 0.69% |
+25,705
| New | +$2.79M |
|
|
OSG
19
Octave Specialty Group
OSG
$209M
| $982K | 0.46% |
48,105
-123,896
| -72% | -$2.59M |
|
|
ESGR
20
DELISTED
Enstar Group
ESGR
| $718K | 0.34% |
3,446
-289
| -8% | -$61.3K |
|
|
21
RenaissanceRe
RNR
$13.7B
| $716K | 0.33% |
+5,360
| New | +$692K |
|
22
Aon
AON
$75.4B
| $709K | 0.33% |
4,611
-2,456
| -35% | -$359K |
|
|
23
HCI Group
HCI
$2.32B
| $700K | 0.33% |
+15,999
| New | +$662K |
|
24
Ameriprise Financial
AMP
$49.4B
| $479K | 0.22% |
3,245
-527
| -14% | -$75.4K |
|
25
Travelers Companies
TRV
$77.2B
| $221K | 0.1% |
+1,700
| New | +$219K |
|
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Capital Returns Management's Q3 2018 Portfolio in Review
As of Q3 2018, Capital Returns Management held 34 positions worth $214M, down 28% from $296M the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Capital Returns Management withdrew a net $103M in Q3 2018, closing 9 positions and reducing 18 holdings. Its most notable exit was ASPEN Insurance Holding Limited, an estimated $12M position sold in full.
By sector, the portfolio is most concentrated in Financials at 95% of assets, down from 97% a quarter earlier, followed by Miscellaneous.
Against the trend, Capital Returns Management opened a new position in Assurant worth $10.8M.
- Capital Returns Management's largest Q3 2018 buy was Assurant: 100,000 shares worth $10.8M.
- Capital Returns Management's biggest Q3 2018 reduction was Hartford Financial Services, cutting an estimated $14.8M.
- Capital Returns Management fully exited ASPEN Insurance Holding Limited in Q3 2018, selling an estimated $12M.
- Capital Returns Management's ten largest holdings make up 75% of its $214M portfolio in Q3 2018.
- Capital Returns Management opened 7 new positions and closed 9 in Q3 2018.
- Capital Returns Management's portfolio value fell 28% quarter-over-quarter to $214M.
Based on Capital Returns Management's 13F filing for Q3 2018, filed 14 Nov 2018.