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CCMU

Cheyne Capital Management (UK) Portfolio holdings

AUM $27.9M
1-Year Est. Return 36.14%
This Fund
S&P 500
This Quarter Est. Return
+0.77%
1 Year Est. Return
+36.14%
3 Year Est. Return
+35.61%
5 Year Est. Return
+211.68%
10 Year Est. Return
+661.99%
AUM
$230M
AUM Growth
-$47.4M
Cap. Flow
-$91.5M
Cap. Flow %
-39.84%
Top 10 Hldgs %
74.32%
Holding
47
New
3
Increased
7
Reduced
4
Closed
13

Top Buys

1
DISCK
Discovery, Inc. Series C Common Stock
DISCK
+$20.4M
2
PPLI
People Inc
PPLI
+$15.4M
3
CPN
Calpine Corporation
CPN
+$10.9M
4
TWX
Time Warner Inc
TWX
+$5.73M
5
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$4.22M

Top Sells

1
DELL icon
Dell
DELL
+$21.9M
2
RICE
Rice Energy Inc.
RICE
+$21M
3
SNI
Scripps Networks Interactive, Inc Common Class A
SNI
+$18M
4
LVLT
Level 3 Communications Inc
LVLT
+$17.9M
5
KITE
Kite Pharma, Inc.
KITE
+$16.7M

Sector Composition

1 Communication Services 30.86%
2 Materials 13.55%
3 Utilities 7.26%
4 Healthcare 4.23%
5 Financials 1.86%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MON
1
DELISTED
Monsanto Co
MON
$30.8M 13.39%
263,217
-7,000
-3% -$833K
TWX
2
DELISTED
Time Warner Inc
TWX
$24.1M 10.51%
263,513
+60,600
+30% +$5.73M
DISCK
3
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$23.5M 10.23%
+1,109,212
New +$20.4M
TRCO
4
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$21.9M 9.54%
515,731
+102,319
+25% +$4.22M
PPLI
5
People Inc
PPLI
$3.31B
$19.4M 8.44%
887,387
+688,515
+346% +$15.4M
AKRX
6
DELISTED
Akorn Inc
AKRX
$18.1M 7.88%
561,154
+53,000
+10% +$1.74M
CPN
7
DELISTED
Calpine Corporation
CPN
$16.7M 7.26%
1,101,065
+730,065
+197% +$10.9M
NXTM
8
DELISTED
NxStage Medical Inc.
NXTM
$4.61M 2.01%
190,000
– –
APO icon
9
Apollo Global Management
APO
$69.5B
$3.84M 1.67%
114,800
– –
RDNT icon
10
RadNet
RDNT
$4.89B
$3.52M 1.53%
347,493
+14,493
+4% +$151K
ADMS
11
DELISTED
Adamas Pharmaceuticals
ADMS
$3.39M 1.48%
100,000
-128,837
-56% -$3.6M
IBB icon
12
iShares Biotechnology ETF
IBB
$9.23B
– –
-5,100
Closed -$545K
GTT
13
DELISTED
GTT Communications, Inc.
GTT
$2.1M 0.91%
+44,738
New +$1.71M
AUD
14
DELISTED
Audacy, Inc.
AUD
$1.84M 0.8%
170,000
+70,000
+70% +$796K
W icon
15
Wayfair
W
$11.8B
$1.61M 0.7%
+20,050
New +$1.41M
SBGI icon
16
Sinclair Inc
SBGI
$997M
$1.51M 0.66%
40,000
-13,008
-25% -$431K
VNDA icon
17
Vanda Pharmaceuticals
VNDA
$327M
$1.13M 0.49%
74,000
– –
SGYP
18
DELISTED
Synergy Pharmaceuticals, Inc Common Stock
SGYP
$462K 0.2%
206,500
-445,000
-68% -$1.11M
B
19
Barrick Mining
B
$58.5B
$362K 0.16%
25,000
– –
NDAQ icon
20
Nasdaq
NDAQ
$51.8B
$331K 0.14%
12,915
– –
COOP
21
DELISTED
Mr. Cooper
COOP
$94K 0.04%
9,167
– –
DELL icon
22
Dell
DELL
$256B
– –
-1,009,209
Closed -$21.9M
MU icon
23
Micron Technology
MU
$959B
– –
-24,000
Closed -$944K
SMG icon
24
ScottsMiracle-Gro
SMG
$4.13B
– –
-32,000
Closed -$3.12M
SNI
25
DELISTED
Scripps Networks Interactive, Inc Common Class A
SNI
– –
-209,100
Closed -$18M
1
2

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Cheyne Capital Management (UK)'s Q4 2017 Portfolio in Review

As of Q4 2017, Cheyne Capital Management (UK) held 47 positions worth $230M, down 17% from $277M the previous quarter. Its ten largest holdings account for 74% of the portfolio.

Cheyne Capital Management (UK) withdrew a net $91.5M in Q4 2017, closing 13 positions and reducing 4 holdings. Its most notable exit was Dell, an estimated $21.9M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 31% of assets, up from 23% a quarter earlier, followed by Materials and Utilities.

Against the trend, Cheyne Capital Management (UK) opened a new position in Discovery, Inc. Series C Common Stock worth $23.5M.

  • Cheyne Capital Management (UK)'s largest Q4 2017 buy was Discovery, Inc. Series C Common Stock: 1,109,212 shares worth $23.5M.
  • Cheyne Capital Management (UK) added most to People Inc in Q4 2017, an estimated $15.4M increase.
  • Cheyne Capital Management (UK)'s biggest Q4 2017 reduction was Adamas Pharmaceuticals, cutting an estimated $3.6M.
  • Cheyne Capital Management (UK) fully exited Dell in Q4 2017, selling an estimated $21.9M.
  • Cheyne Capital Management (UK)'s ten largest holdings make up 74% of its $230M portfolio in Q4 2017.
  • Cheyne Capital Management (UK) opened 3 new positions and closed 13 in Q4 2017.
  • Cheyne Capital Management (UK)'s portfolio value fell 17% quarter-over-quarter to $230M.

Based on Cheyne Capital Management (UK)'s 13F filing for Q4 2017, filed 8 Feb 2018.