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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
-10.44%
1 Year Est. Return
-15.35%
3 Year Est. Return
-4.39%
5 Year Est. Return
+28.01%
10 Year Est. Return
–
AUM
$179M
AUM Growth
-$34.8M
(-16%)
Cap. Flow
-$9.76M
Cap. Flow
% of AUM
-5.45%
Top 10 Holdings %
Top 10 Hldgs %
77.26%
Holding
30
New
5
Increased
6
Reduced
10
Closed
9
Top Buys
| 1 |
Prudential Financial
PRU
|
+$7.51M |
| 2 |
EMCI
EMC INS Group Inc
EMCI
|
+$7.42M |
| 3 |
Willis Towers Watson
WTW
|
+$7.1M |
| 4 |
FNHC
FedNat Holding Company Common Stock
FNHC
|
+$5.07M |
| 5 |
Universal Insurance Holdings
UVE
|
+$426K |
Top Sells
| 1 |
Assurant
AIZ
|
+$10.8M |
| 2 |
Assured Guaranty
AGO
|
+$8.73M |
| 3 |
AEL
American Equity Investment Life Holding Company
AEL
|
+$3.7M |
| 4 |
ATH
Athene Holding Ltd. Class A Common Shares
ATH
|
+$2.89M |
| 5 |
Old Republic International
ORI
|
+$2.06M |
Sector Composition
| 1 | Financials | 86.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Assured Guaranty
AGO
$3.73B
| $19.6M | 10.97% |
513,011
-218,691
| -30% | -$8.73M |
|
|
2
Prudential Financial
PRU
$41.1B
| $18.5M | 10.35% |
227,397
+81,550
| +56% | +$7.51M |
|
|
3
Willis Towers Watson
WTW
$27.8B
| $16.5M | 9.2% |
108,450
+47,461
| +78% | +$7.1M |
|
|
FNHC
4
DELISTED
FedNat Holding Company Common Stock
FNHC
| $16.4M | 9.16% |
823,830
+231,073
| +39% | +$5.07M |
|
5
AXIS Capital
AXS
$8.38B
| $13.9M | 7.78% |
269,772
+2,869
| +1% | +$157K |
|
|
ATH
6
DELISTED
Athene Holding Ltd. Class A Common Shares
ATH
| $12.9M | 7.22% |
324,561
-64,189
| -17% | -$2.89M |
|
7
Voya Financial
VOYA
$9.12B
| $10.8M | 6.01% |
267,929
-14,424
| -5% | -$641K |
|
|
8
Old Republic International
ORI
$10.1B
| $10.3M | 5.73% |
498,948
-96,375
| -16% | -$2.06M |
|
9
Lincoln National
LNC
$8.01B
| $9.74M | 5.44% |
189,911
-4,089
| -2% | -$249K |
|
10
Global Indemnity Group
GBLI
$398M
| $9.69M | 5.41% |
267,534
-24,093
| -8% | -$844K |
|
11
Hartford Financial Services
HIG
$37.5B
| $8.76M | 4.89% |
197,124
-42,866
| -18% | -$1.93M |
|
|
EMCI
12
DELISTED
EMC INS Group Inc
EMCI
| $8.52M | 4.76% |
+267,367
| New | +$7.42M |
|
|
13
CALL
AXIS Capital
AXS
$8.38B
| $8.26M | 4.61% |
160,000
+60,000
| +60% | +$3.28M |
|
14
Arthur J. Gallagher & Co
AJG
$65.8B
| $7.26M | 4.06% |
98,550
-4,050
| -4% | -$302K |
|
|
AFH
15
DELISTED
Atlas Financial Holdings, Inc. Ordinary Shares
AFH
| $5.65M | 3.16% |
698,534
+35,200
| +5% | +$336K |
|
16
Aon
AON
$78.7B
| $559K | 0.31% |
3,847
-764
| -17% | -$119K |
|
17
RenaissanceRe
RNR
$13.4B
| $388K | 0.22% |
2,901
-2,459
| -46% | -$321K |
|
|
18
Universal Insurance Holdings
UVE
$1.07B
| $371K | 0.21% |
+9,785
| New | +$426K |
|
19
American International
AIG
$41.4B
| $357K | 0.2% |
+9,065
| New | +$396K |
|
20
SiriusPoint
SPNT
$2.92B
| $316K | 0.18% |
+32,739
| New | +$351K |
|
21
Manulife Financial
MFC
$72.1B
| $276K | 0.15% |
+19,408
| New | +$308K |
|
|
22
Assurant
AIZ
$13.6B
| – | – |
-100,000
| Closed | -$10.8M |
|
|
OSG
23
Octave Specialty Group
OSG
$275M
| – | – |
-48,105
| Closed | -$982K |
|
24
Ameriprise Financial
AMP
$47.9B
| – | – |
-3,245
| Closed | -$479K |
|
|
ESGR
25
DELISTED
Enstar Group
ESGR
| – | – |
-3,446
| Closed | -$718K |
|
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Capital Returns Management's Q4 2018 Portfolio in Review
As of Q4 2018, Capital Returns Management held 30 positions worth $179M, down 16% from $214M the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Capital Returns Management withdrew a net $9.76M in Q4 2018, closing 9 positions and reducing 10 holdings. Its most notable exit was Assurant, an estimated $10.8M position sold in full.
By sector, the portfolio is most concentrated in Financials at 86% of assets, down from 88% a quarter earlier.
Against the trend, Capital Returns Management opened a new position in EMC INS Group Inc worth $8.52M.
- Capital Returns Management's largest Q4 2018 buy was EMC INS Group Inc: 267,367 shares worth $8.52M.
- Capital Returns Management added most to Prudential Financial in Q4 2018, an estimated $7.51M increase.
- Capital Returns Management's biggest Q4 2018 reduction was Assured Guaranty, cutting an estimated $8.73M.
- Capital Returns Management fully exited Assurant in Q4 2018, selling an estimated $10.8M.
- Capital Returns Management's ten largest holdings make up 77% of its $179M portfolio in Q4 2018.
- Capital Returns Management opened 5 new positions and closed 9 in Q4 2018.
- Capital Returns Management's portfolio value fell 16% quarter-over-quarter to $179M.
Based on Capital Returns Management's 13F filing for Q4 2018, filed 13 Feb 2019.