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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
+0.24%
1 Year Est. Return
-15.35%
3 Year Est. Return
-4.39%
5 Year Est. Return
+28.01%
10 Year Est. Return
–
AUM
$60.6M
AUM Growth
-$115M
Cap. Flow
-$121M
Cap. Flow %
-199.84%
Top 10 Hldgs %
89.2%
Holding
25
New
2
Increased
1
Reduced
11
Closed
11

Top Buys

Rank Stock Value
1
WTRE
Watford Holdings Ltd. Common Shares
WTRE
+$2.44M
2
FNHC
FedNat Holding Company Common Stock
FNHC
+$1.51M

Top Sells

Rank Stock Value
1
AGO icon
Assured Guaranty
AGO
+$18.5M
2
AXS icon
AXIS Capital
AXS
+$14.7M
3
PRU icon
Prudential Financial
PRU
+$14.3M
4
WTW icon
Willis Towers Watson
WTW
+$13M
5
MKL icon
Markel Group
MKL
+$12M

Sector Composition

Rank Sector Weight
1 Financials 89.61%
2 Miscellaneous 10.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FNHC
1
DELISTED
FedNat Holding Company Common Stock
FNHC
$10.5M 17.27%
747,679
+116,028
+18% +$1.51M
AGO icon
2
Assured Guaranty
AGO
$3.33B
$6.64M 10.96%
149,270
-419,424
-74% -$18.5M
BFYT
3
CALL
DELISTED
Benefytt Technologies, Inc. Class A Common Stock
BFYT
$6.29M 10.39%
+252,400
New +$5.3M
AJG icon
4
Arthur J. Gallagher & Co
AJG
$67.3B
$5.64M 9.31%
62,940
-90,610
-59% -$8.15M
MKL icon
5
Markel Group
MKL
$22.6B
$5.46M 9.01%
4,620
-10,541
-70% -$12M
BFYT
6
DELISTED
Benefytt Technologies, Inc. Class A Common Stock
BFYT
$5.25M 8.66%
210,450
-196,516
-48% -$4.13M
VOYA icon
7
Voya Financial
VOYA
$9.43B
$4.16M 6.86%
76,315
-144,304
-65% -$7.7M
AIG icon
8
American International
AIG
$39.8B
$3.82M 6.31%
68,650
-146,485
-68% -$8.1M
LNC icon
9
Lincoln National
LNC
$8.71B
$3.2M 5.28%
53,010
-144,693
-73% -$8.65M
WTW icon
10
Willis Towers Watson
WTW
$31.1B
$3.13M 5.17%
16,220
-66,659
-80% -$13M
WTRE
11
DELISTED
Watford Holdings Ltd. Common Shares
WTRE
$2.69M 4.45%
+100,000
New +$2.44M
FG
12
DELISTED
FGL Holdings Ordinary Shares
FG
$1.56M 2.57%
195,200
-254,800
-57% -$2.03M
GBLI icon
13
Global Indemnity Group
GBLI
$444M
$1.24M 2.05%
49,660
-155,043
-76% -$4.19M
PTVCB
14
DELISTED
Protective Insurance Corporation Class B Common Stock
PTVCB
$1.05M 1.73%
60,080
-164,222
-73% -$2.73M
ACGL icon
15
Arch Capital
ACGL
$33.5B
– –
-10,903
Closed -$404K
AMP icon
16
Ameriprise Financial
AMP
$49.5B
– –
-1,760
Closed -$255K
AON icon
17
Aon
AON
$68.5B
– –
-1,246
Closed -$240K
AXS icon
18
AXIS Capital
AXS
$7.38B
– –
-247,050
Closed -$14.7M
HIG icon
19
Hartford Financial Services
HIG
$37.5B
– –
-9,346
Closed -$521K
JRVR icon
20
James River Group Holdings
JRVR
$192M
– –
-8,566
Closed -$402K
MET icon
21
MetLife
MET
$62B
– –
-6,231
Closed -$309K
ORI icon
22
Old Republic International
ORI
$10B
– –
-175,673
Closed -$3.93M
PRA
23
DELISTED
ProAssurance
PRA
– –
-10,281
Closed -$371K
PRI icon
24
Primerica
PRI
$9.1B
– –
-3,738
Closed -$448K
PRU icon
25
Prudential Financial
PRU
$42.1B
– –
-141,305
Closed -$14.3M

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M
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SBA
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AI
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NVPX
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NGA
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MCG
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OAM
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Capital Returns Management's Q3 2019 Portfolio in Review

As of Q3 2019, Capital Returns Management held 25 positions worth $60.6M, down 66% from $176M the previous quarter. Its ten largest holdings account for 89% of the portfolio.

Capital Returns Management withdrew a net $121M in Q3 2019, closing 11 positions and reducing 11 holdings. Its most notable exit was AXIS Capital, an estimated $14.7M position sold in full.

By sector, the portfolio is most concentrated in Financials at 90% of assets, down from 100% a quarter earlier, followed by Miscellaneous.

Against the trend, Capital Returns Management opened a new position in Watford Holdings Ltd. Common Shares worth $2.69M.

  • Capital Returns Management's largest Q3 2019 buy was Watford Holdings Ltd. Common Shares: 100,000 shares worth $2.69M.
  • Capital Returns Management added most to FedNat Holding Company Common Stock in Q3 2019, an estimated $1.51M increase.
  • Capital Returns Management's biggest Q3 2019 reduction was Assured Guaranty, cutting an estimated $18.5M.
  • Capital Returns Management fully exited AXIS Capital in Q3 2019, selling an estimated $14.7M.
  • Capital Returns Management's ten largest holdings make up 89% of its $60.6M portfolio in Q3 2019.
  • Capital Returns Management opened 2 new positions and closed 11 in Q3 2019.
  • Capital Returns Management's portfolio value fell 66% quarter-over-quarter to $60.6M.

Based on Capital Returns Management's 13F filing for Q3 2019, filed 14 Nov 2019.