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DCM

Dialectic Capital Management Portfolio holdings

AUM $155M Turnover 75.7%
1-Year Est. Return 59.34%
This Fund
S&P 500
This Quarter Est. Return
+2.28%
1 Year Est. Return
+59.34%
3 Year Est. Return
+91.46%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$315M
AUM Growth
-$123M
Cap. Flow
-$34M
Cap. Flow %
-10.81%
Top 10 Hldgs %
25.4%
Holding
235
New
70
Increased
25
Reduced
47
Closed
92
Avg Time Held Equity + Options
0.2 years
Top 10 Avg Time Held Equity + Options
0.1 years
Top 20 Avg Time Held Equity + Options
0.1 years
Avg Time Held Equity only
0.2 years
Top 10 Avg Time Held Equity only
0.1 years
Top 20 Avg Time Held Equity only
0.1 years

Top Buys

Rank Stock Value
1
NMIH icon
NMI Holdings
NMIH
+$4.16M
2
TWX
Time Warner Inc
TWX
+$3.7M
3
ALLE icon
Allegion
ALLE
+$3.19M
4
LGF
Lions Gate Entertainment
LGF
+$2.55M
5
LBTYA icon
Liberty Global Class A
LBTYA
+$2.35M

Top Sells

Rank Stock Value
1
TLAB
TELLABS INC
TLAB
+$8.98M
2
IMMR icon
Immersion
IMMR
+$6.58M
3
PKG icon
Packaging Corp of America
PKG
+$3.47M
4
CNVS icon
Cineverse
CNVS
+$3.21M
5
IAU icon
iShares Gold Trust
IAU
+$3.17M

Sector Composition

Rank Sector Weight
1 Miscellaneous 59.69%
2 Consumer Discretionary 9.34%
3 Technology 8.67%
4 Financials 5.09%
5 Communication Services 4.52%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
WBD icon
201
DELISTED
Warner Bros
WBD
– –
-32,382
Closed -$1.4M –
WM icon
202
Waste Management
WM
$88.3B
– –
-60,231
Closed -$2.48M –
XHB icon
203
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.48B
– –
-40,000
Closed -$1.22M –
XLF icon
204
State Street Financial Select Sector SPDR ETF
XLF
$51.1B
– –
-28,479
Closed -$497K –
VIVS icon
205
VivoSim Labs
VIVS
$2.23M
– –
-300
Closed -$416K –
SLCA icon
206
DELISTED
U.S. SILICA HOLDINGS, INC.
SLCA
– –
-11,026
Closed -$275K –
TEN icon
207
PUT
DELISTED
Tenneco Inc. Class A Voting Common Stock
TEN
– –
-73,300
Closed -$3.7M –
LFC
208
PUT
DELISTED
China Life Insurance Company Ltd.
LFC
– –
-296,700
Closed -$3.84M –
NPTN
209
DELISTED
NEOPHOTONICS CORP
NPTN
– –
-32,220
Closed -$238K –
ARNA
210
DELISTED
Arena Pharmaceuticals Inc
ARNA
– –
-12,500
Closed -$659K –
ARNA
211
PUT
DELISTED
Arena Pharmaceuticals Inc
ARNA
– –
-7,000
Closed -$369K –
NBL
212
CALL
DELISTED
Noble Energy, Inc.
NBL
– –
-54,400
Closed -$3.65M –
WAIR
213
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
– –
-61,198
Closed -$1.28M –
ARTX
214
DELISTED
Arotech Corporation
ARTX
– –
-545,000
Closed -$953K –
CNTF
215
DELISTED
China TechFaith Wireless Communication Technology Ltd
CNTF
– –
-6,117
Closed -$44K –
IDTI
216
DELISTED
Integrated Device Technology I
IDTI
– –
-167,500
Closed -$1.58M –
WIN
217
PUT
DELISTED
Windstream Holdings Inc
WIN
– –
-24,550
Closed -$1.54M –
NVDQ icon
218
PUT
DELISTED
Novadaq Technologies Inc.
NVDQ
– –
-50,000
Closed -$830K –
RAI
219
PUT
DELISTED
Reynolds American Inc
RAI
– –
-98,800
Closed -$2.41M –
IOC
220
DELISTED
Interoil Corporation
IOC
– –
-15,000
Closed -$1.07M –
IOC
221
PUT
DELISTED
Interoil Corporation
IOC
– –
-80,000
Closed -$5.71M –
ARIA
222
PUT
DELISTED
Ariad Pharmaceuticals Inc
ARIA
– –
-20,000
Closed -$368K –
ARO
223
CALL
DELISTED
Aeropostale Inc
ARO
– –
-97,900
Closed -$920K –
RLD
224
DELISTED
REALD INC COM STK
RLD
– –
-28,554
Closed -$200K –
PCP
225
CALL
DELISTED
PRECISION CASTPARTS CORP
PCP
– –
-14,600
Closed -$3.32M –
6 7 8
9
10

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Dialectic Capital Management's Q4 2013 Portfolio in Review

As of Q4 2013, Dialectic Capital Management held 235 positions worth $315M, down 28% from $438M the previous quarter. Its ten largest holdings account for 25% of the portfolio.

Dialectic Capital Management withdrew a net $34M in Q4 2013, closing 92 positions and reducing 47 holdings. Its most notable exit was TELLABS INC, an estimated $8.98M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 60% of assets, down from 65% a quarter earlier, followed by Consumer Discretionary and Technology.

Against the trend, Dialectic Capital Management opened a new position in NMI Holdings worth $3.98M.

  • Dialectic Capital Management's largest Q4 2013 buy was NMI Holdings: 312,600 shares worth $3.98M.
  • Dialectic Capital Management added most to Liberty Global Class A in Q4 2013, an estimated $2.35M increase.
  • Dialectic Capital Management's biggest Q4 2013 reduction was Immersion, cutting an estimated $6.58M.
  • Dialectic Capital Management fully exited TELLABS INC in Q4 2013, selling an estimated $8.98M.
  • Dialectic Capital Management's ten largest holdings make up 25% of its $315M portfolio in Q4 2013.
  • Dialectic Capital Management opened 70 new positions and closed 92 in Q4 2013.
  • Dialectic Capital Management's portfolio value fell 28% quarter-over-quarter to $315M.

Based on Dialectic Capital Management's 13F filing for Q4 2013, filed 14 Feb 2014.