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CCM

Carronade Capital Management Portfolio holdings

AUM $7.65B
1-Year Est. Return 80.26%
This Fund
S&P 500
This Quarter Est. Return
+4.67%
1 Year Est. Return
+80.26%
3 Year Est. Return
+179.26%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$459M
AUM Growth
-$440M
Cap. Flow
-$501M
Cap. Flow %
-109.29%
Top 10 Hldgs %
73.03%
Holding
37
New
7
Increased
8
Reduced
2
Closed
13

Top Buys

Rank Stock Value
1
SJR
Shaw Communications Inc.
SJR
+$13.1M
2
GBTG icon
American Express Global Business Travel
GBTG
+$12.7M
3
XOP icon
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
+$10.9M
4
FE icon
FirstEnergy
FE
+$6.03M
5
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
+$4.11M

Top Sells

Rank Stock Value
1
GBTG.WS
Global Business Travel Group, Inc. Warrants, each exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
GBTG.WS
+$6.32M
2
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$941K
3
AVYA
Avaya Holdings Corp. Common Stock
AVYA
+$318K
4
FCAX.WS
Fortress Capital Acquisition Corp. Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
FCAX.WS
+$8K

Sector Composition

Rank Sector Weight
1 Utilities 17.14%
2 Consumer Discretionary 4.14%
3 Communication Services 3.13%
4 Industrials 2.5%
5 Energy 0.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XLE icon
1
PUT
State Street Energy Select Sector SPDR ETF
XLE
$37.7B
$61.2M 13.35%
+1,400,000
New +$60.9M
SPTS icon
2
PUT
State Street SPDR Portfolio Short Term Treasury ETF
SPTS
$6.11B
$40.8M 8.89%
300,000
-200,000
-40% -$5.78M
FE icon
3
FirstEnergy
FE
$27.5B
$37.4M 8.15%
890,840
+154,300
+21% +$6.03M
SWX icon
4
Southwest Gas
SWX
$6.67B
$36.8M 8.02%
594,091
+58,500
+11% +$3.98M
EXEEL
5
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
$35.3M 7.7%
456,252
+50,732
+13% +$4.11M
MMM icon
6
PUT
3M
MMM
$94.3B
$30M 6.54%
+299,000
New +$30.5M
XLU icon
7
PUT
State Street Utilities Select Sector SPDR ETF
XLU
$22.5B
$19.4M 4.23%
+550,000
New +$18.7M
GBTG icon
8
American Express Global Business Travel
GBTG
$4.94B
$19M 4.14%
2,815,328
+2,314,512
+462% +$12.7M
ATVI
9
CALL
DELISTED
Activision Blizzard
ATVI
$15.4M 3.37%
+201,600
New +$15M
SJR
10
DELISTED
Shaw Communications Inc.
SJR
$14.4M 3.13%
+498,500
New +$13.1M
MPT
11
PUT
Medical Properties Trust
MPT
$2.81B
$12.3M 2.67%
+1,100,000
New +$12.8M
HTZ icon
12
Hertz
HTZ
$809M
$11.5M 2.5%
745,000
+140,000
+23% +$2.36M
VAL.WS icon
13
Valaris Ltd Warrants
VAL.WS
$667M
$11.4M 2.48%
953,865
+130,868
+16% +$1.41M
HTZWW
14
Hertz Global Holdings Warrants
HTZWW
$95.5M
$10.4M 2.27%
1,396,597
+45,000
+3% +$397K
XOP icon
15
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.51B
$10.2M 2.22%
+75,000
New +$10.9M
NEE icon
16
NextEra Energy
NEE
$177B
$4.47M 0.98%
53,500
+8,500
+19% +$687K
CMLS
17
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$2.51M 0.55%
404,377
-131,598
-25% -$941K
GOL
18
CALL
DELISTED
Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares)
GOL
$1M 0.22%
375,000
– –
BRY
19
DELISTED
Berry Corp
BRY
$800K 0.17%
100,000
– –
AMC icon
20
PUT
AMC Entertainment Holdings
AMC
$2.31B
– –
-250,000
Closed -$17.4M
CNX icon
21
CALL
CNX Resources
CNX
$5.2B
– –
-1,200,000
Closed -$18.6M
LCID icon
22
PUT
Lucid Motors
LCID
$2.77B
– –
-7,500
Closed -$1.05M
MMM icon
23
CALL
3M
MMM
$94.3B
– –
-358,800
Closed -$33.1M
NUE icon
24
PUT
Nucor
NUE
$62.1B
– –
-114,000
Closed -$12.2M
QQQ icon
25
PUT
Invesco QQQ Trust
QQQ
$484B
– –
-500,000
Closed -$134M
1
2

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BFM
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SP
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SIAU
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WRCM
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Carronade Capital Management's Q4 2022 Portfolio in Review

As of Q4 2022, Carronade Capital Management held 37 positions worth $459M, down 49% from $899M the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Carronade Capital Management withdrew a net $501M in Q4 2022, closing 13 positions and reducing 2 holdings. Its most notable exit was Global Business Travel Group, Inc. Warrants, each exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share, an estimated $6.32M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 17% of assets, up from 7.6% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Carronade Capital Management opened a new position in Shaw Communications Inc. worth $14.4M.

  • Carronade Capital Management's largest Q4 2022 buy was Shaw Communications Inc.: 498,500 shares worth $14.4M.
  • Carronade Capital Management added most to American Express Global Business Travel in Q4 2022, an estimated $12.7M increase.
  • Carronade Capital Management's biggest Q4 2022 reduction was Cumulus Media Inc. Class A Common Stock, cutting an estimated $941K.
  • Carronade Capital Management fully exited Global Business Travel Group, Inc. Warrants, each exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share in Q4 2022, selling an estimated $6.32M.
  • Carronade Capital Management's ten largest holdings make up 73% of its $459M portfolio in Q4 2022.
  • Carronade Capital Management opened 7 new positions and closed 13 in Q4 2022.
  • Carronade Capital Management's portfolio value fell 49% quarter-over-quarter to $459M.

Based on Carronade Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.