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Crestline Management Portfolio holdings
AUM
$53.5M
1-Year Est. Return
80.67%
This Fund
S&P 500
This Quarter
Est. Return
-8.03%
1 Year Est. Return
+80.67%
3 Year Est. Return
+80.2%
5 Year Est. Return
+49.87%
10 Year Est. Return
+446.13%
AUM
$661M
AUM Growth
-$419M
(-39%)
Cap. Flow
-$356M
Cap. Flow
% of AUM
-53.87%
Top 10 Holdings %
Top 10 Hldgs %
71.47%
Holding
175
New
36
Increased
24
Reduced
31
Closed
84
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Homes 4 Rent
AMH
|
+$9.19M |
| 2 |
Kilroy Realty
KRC
|
+$9.08M |
| 3 |
Travelers Companies
TRV
|
+$7.12M |
| 4 |
ROIC
Retail Opportunity Investments Corp.
ROIC
|
+$6.64M |
| 5 |
Synchrony
SYF
|
+$5.71M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Aquestive Therapeutics
AQST
|
+$201M |
| 2 |
Denali Therapeutics
DNLI
|
+$20.2M |
| 3 |
RHT
Red Hat Inc
RHT
|
+$11M |
| 4 |
HDP
Hortonworks, Inc.
HDP
|
+$7.46M |
| 5 |
Broadcom
AVGO
|
+$7.33M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 60.8% |
| 2 | Real Estate | 20.79% |
| 3 | Financials | 5.9% |
| 4 | Industrials | 4.79% |
| 5 | Consumer Discretionary | 3.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Denali Therapeutics
DNLI
$3.28B
| $402M | 60.8% |
19,462,500
-1,111,799
| -5% | -$20.2M |
|
|
2
Kilroy Realty
KRC
$4.03B
| $12.2M | 1.84% |
193,739
+132,718
| +217% | +$9.08M |
|
|
3
American Homes 4 Rent
AMH
$11.4B
| $8.92M | 1.35% |
+449,400
| New | +$9.19M |
|
|
PGRE
4
DELISTED
Paramount Group
PGRE
| $7.9M | 1.2% |
629,294
+107,500
| +21% | +$1.51M |
|
|
ROIC
5
DELISTED
Retail Opportunity Investments Corp.
ROIC
| $7.81M | 1.18% |
491,700
+378,000
| +332% | +$6.64M |
|
|
LPT
6
DELISTED
Liberty Property Trust
LPT
| $7.56M | 1.14% |
180,517
+41,200
| +30% | +$1.78M |
|
|
HPP
7
Hudson Pacific Properties
HPP
$626M
| $6.9M | 1.04% |
33,900
+7,240
| +27% | +$1.55M |
|
|
8
Travelers Companies
TRV
$78.8B
| $6.82M | 1.03% |
+56,918
| New | +$7.12M |
|
9
Realty Income
O
$55.6B
| $6.59M | 1% |
107,844
-20,640
| -16% | -$1.23M |
|
10
Host Hotels & Resorts
HST
$15.2B
| $5.86M | 0.89% |
351,501
+33,000
| +10% | +$618K |
|
|
STOR
11
DELISTED
STORE Capital Corporation
STOR
| $5.37M | 0.81% |
+189,589
| New | +$5.52M |
|
|
12
Synchrony
SYF
$24.3B
| $4.95M | 0.75% |
+210,909
| New | +$5.71M |
|
13
Apple Hospitality REIT
APLE
$3.63B
| $4.9M | 0.74% |
343,402
+102,702
| +43% | +$1.63M |
|
14
Empire State Realty Trust
ESRT
$736M
| $4.31M | 0.65% |
302,965
+241,477
| +393% | +$3.78M |
|
15
Graphic Packaging
GPK
$2.87B
| $4.15M | 0.63% |
389,871
-4,941
| -1% | -$57.8K |
|
16
Reinsurance Group of America
RGA
$16.1B
| $4.1M | 0.62% |
+29,230
| New | +$4.14M |
|
|
AVB
17
DELISTED
AvalonBay Communities
AVB
| $4M | 0.61% |
23,007
+1,362
| +6% | +$246K |
|
|
GRA
18
DELISTED
W.R. Grace & Co.
GRA
| $3.93M | 0.59% |
60,556
-49,382
| -45% | -$3.19M |
|
19
Healthcare Realty
HR
$6.42B
| $3.77M | 0.57% |
149,158
+45,221
| +44% | +$1.2M |
|
20
Healthpeak Properties
DOC
$13.9B
| $3.69M | 0.56% |
+132,209
| New | +$3.66M |
|
|
DRE
21
DELISTED
Duke Realty Corp.
DRE
| $3.69M | 0.56% |
142,457
+29,541
| +26% | +$820K |
|
22
AutoNation
AN
$6.72B
| $3.64M | 0.55% |
102,020
-687
| -0.7% | -$26K |
|
23
Federal Realty Investment Trust
FRT
$9.87B
| $3.62M | 0.55% |
30,640
-2,006
| -6% | -$252K |
|
24
Public Storage
PSA
$55.3B
| $3.59M | 0.54% |
17,754
+5,901
| +50% | +$1.2M |
|
25
First Industrial Realty Trust
FR
$8.08B
| $3.55M | 0.54% |
122,922
+5,166
| +4% | +$160K |
|
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Crestline Management's Q4 2018 Portfolio in Review
As of Q4 2018, Crestline Management held 175 positions worth $661M, down 39% from $1.08B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Crestline Management withdrew a net $356M in Q4 2018, closing 84 positions and reducing 31 holdings. Its most notable exit was Aquestive Therapeutics, an estimated $201M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 61% of assets, up from 60% a quarter earlier, followed by Real Estate and Financials.
Against the trend, Crestline Management opened a new position in American Homes 4 Rent worth $8.92M.
- Crestline Management's largest Q4 2018 buy was American Homes 4 Rent: 449,400 shares worth $8.92M.
- Crestline Management added most to Kilroy Realty in Q4 2018, an estimated $9.08M increase.
- Crestline Management's biggest Q4 2018 reduction was Denali Therapeutics, cutting an estimated $20.2M.
- Crestline Management fully exited Aquestive Therapeutics in Q4 2018, selling an estimated $201M.
- Crestline Management's ten largest holdings make up 71% of its $661M portfolio in Q4 2018.
- Crestline Management opened 36 new positions and closed 84 in Q4 2018.
- Crestline Management's portfolio value fell 39% quarter-over-quarter to $661M.
Based on Crestline Management's 13F filing for Q4 2018, filed 14 Feb 2019.