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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
-1.44%
1 Year Est. Return
+80.26%
3 Year Est. Return
+179.26%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$247M
AUM Growth
-$212M
Cap. Flow
-$300M
Cap. Flow %
-121.49%
Top 10 Hldgs %
89.91%
Holding
32
New
8
Increased
4
Reduced
2
Closed
11

Top Buys

Rank Stock Value
1
ONYX
Onyx Acquisition Co. I Class A Ordinary Shares
ONYX
+$10.5M
2
CBD
Companhia Brasileira de Distribuicao
CBD
+$7.59M
3
GBTG icon
American Express Global Business Travel
GBTG
+$1.81M
4
MSTR icon
Strategy Inc
MSTR
+$1.29M
5
SWX icon
Southwest Gas
SWX
+$1.11M

Top Sells

Rank Stock Value
1
FE icon
FirstEnergy
FE
+$37.4M
2
SJR
Shaw Communications Inc.
SJR
+$14.4M
3
XOP icon
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
+$10.2M
4
NEE icon
NextEra Energy
NEE
+$4.47M
5
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$2.51M

Sector Composition

Rank Sector Weight
1 Utilities 15.47%
2 Consumer Discretionary 8.27%
3 Industrials 5.25%
4 Financials 4.26%
5 Technology 0.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SWX icon
1
Southwest Gas
SWX
$6.67B
$38.2M 15.47%
611,568
+17,477
+3% +$1.11M
EXEEL
2
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
$26.6M 10.77%
456,252
– –
GBTG icon
3
American Express Global Business Travel
GBTG
$4.94B
$20.4M 8.27%
3,079,597
+264,269
+9% +$1.81M
HTZ icon
4
Hertz
HTZ
$809M
$13M 5.25%
795,000
+50,000
+7% +$872K
HTZWW
5
Hertz Global Holdings Warrants
HTZWW
$95.5M
$12.4M 5.02%
1,396,597
– –
VAL.WS icon
6
Valaris Ltd Warrants
VAL.WS
$667M
$10.9M 4.41%
988,688
+34,823
+4% +$418K
ONYX
7
DELISTED
Onyx Acquisition Co. I Class A Ordinary Shares
ONYX
$10.5M 4.26%
+1,000,000
New +$10.5M
CBD
8
DELISTED
Companhia Brasileira de Distribuicao
CBD
$6.88M 2.79%
+2,340,000
New +$7.59M
ATVI
9
CALL
DELISTED
Activision Blizzard
ATVI
$3.8M 1.54%
4,416
-197,184
-98% -$15.3M
MSTR icon
10
Strategy Inc
MSTR
$38.4B
$1.55M 0.63%
+53,000
New +$1.29M
MMM icon
11
PUT
3M
MMM
$94.3B
$1.43M 0.58%
3,588
-295,412
-99% -$27.9M
FRC
12
PUT
DELISTED
First Republic Bank
FRC
$199K 0.08%
+1,500
New +$154K
DISH
13
CALL
DELISTED
DISH Network Corp.
DISH
$137K 0.06%
+2,000
New +$25.2K
VLU icon
14
PUT
State Street SPDR S&P 1500 Value Tilt ETF
VLU
$771M
$97.2K 0.04%
+2,400
New +$344K
SPY icon
15
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$823B
$85K 0.03%
+10,000
New +$3.99M
LQD icon
16
PUT
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
$50K 0.02%
+5,000
New +$541K
BRY
17
DELISTED
Berry Corp
BRY
– –
-100,000
Closed -$800K
FE icon
18
FirstEnergy
FE
$27.5B
– –
-890,840
Closed -$37.4M
MPT
19
PUT
Medical Properties Trust
MPT
$2.81B
– –
-1,100,000
Closed -$12.3M
NEE icon
20
NextEra Energy
NEE
$177B
– –
-53,500
Closed -$4.47M
SPTS icon
21
PUT
State Street SPDR Portfolio Short Term Treasury ETF
SPTS
$6.11B
– –
-300,000
Closed -$40.8M
XLE icon
22
PUT
State Street Energy Select Sector SPDR ETF
XLE
$37.7B
– –
-1,400,000
Closed -$61.2M
XLU icon
23
PUT
State Street Utilities Select Sector SPDR ETF
XLU
$22.5B
– –
-550,000
Closed -$19.4M
XOP icon
24
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.51B
– –
-75,000
Closed -$10.2M
CMLS
25
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
– –
-404,377
Closed -$2.51M
1
2

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Carronade Capital Management's Q1 2023 Portfolio in Review

As of Q1 2023, Carronade Capital Management held 32 positions worth $247M, down 46% from $459M the previous quarter. Its ten largest holdings account for 90% of the portfolio.

Carronade Capital Management withdrew a net $300M in Q1 2023, closing 11 positions and reducing 2 holdings. Its most notable exit was FirstEnergy, an estimated $37.4M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 15% of assets, down from 17% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Carronade Capital Management opened a new position in Onyx Acquisition Co. I Class A Ordinary Shares worth $10.5M.

  • Carronade Capital Management's largest Q1 2023 buy was Onyx Acquisition Co. I Class A Ordinary Shares: 1,000,000 shares worth $10.5M.
  • Carronade Capital Management added most to American Express Global Business Travel in Q1 2023, an estimated $1.81M increase.
  • Carronade Capital Management fully exited FirstEnergy in Q1 2023, selling an estimated $37.4M.
  • Carronade Capital Management's ten largest holdings make up 90% of its $247M portfolio in Q1 2023.
  • Carronade Capital Management opened 8 new positions and closed 11 in Q1 2023.
  • Carronade Capital Management's portfolio value fell 46% quarter-over-quarter to $247M.

Based on Carronade Capital Management's 13F filing for Q1 2023, filed 15 May 2023.