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EGM

Espalier Global Management Portfolio holdings

AUM $308M
1-Year Est. Return 14.19%
This Fund
S&P 500
This Quarter Est. Return
+12.6%
1 Year Est. Return
+14.19%
3 Year Est. Return
+97.16%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$390M
AUM Growth
-$229M
Cap. Flow
-$254M
Cap. Flow %
-65.2%
Top 10 Hldgs %
51.75%
Holding
104
New
37
Increased
11
Reduced
9
Closed
44

Top Buys

Rank Stock Value
1
SYF icon
Synchrony
SYF
+$9.79M
2
SCHW
Charles Schwab
SCHW
+$6.08M
3
LMT icon
Lockheed Martin
LMT
+$5.97M
4
GD icon
General Dynamics
GD
+$5.36M
5
RAX
Rackspace Hosting Inc
RAX
+$4.51M

Top Sells

Rank Stock Value
1
NFLX icon
Netflix
NFLX
+$10.3M
2
CTSH icon
Cognizant
CTSH
+$8.61M
3
AIG icon
American International
AIG
+$8.39M
4
GOOG icon
Alphabet (Google) Class C
GOOG
+$7.98M
5
DHR icon
Danaher
DHR
+$6.39M

Sector Composition

Rank Sector Weight
1 Financials 13.74%
2 Communication Services 6.06%
3 Industrials 4.94%
4 Technology 4.04%
5 Consumer Discretionary 2.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ETFC
26
DELISTED
E*Trade Financial Corporation
ETFC
$5.04M 1.29%
170,000
-130,000
-43% -$3.74M
META icon
27
Meta Platforms (Facebook)
META
$1.51T
$4.81M 1.23%
46,000
-54,000
-54% -$5.55M
ORBC
28
DELISTED
ORBCOMM, Inc.
ORBC
$4.71M 1.21%
650,000
+37,500
+6% +$240K
RAX
29
DELISTED
Rackspace Hosting Inc
RAX
$4.3M 1.1%
+170,000
New +$4.51M
VIRT icon
30
Virtu Financial
VIRT
$5.2B
$4.25M 1.09%
187,500
-96,700
-34% -$2.22M
BAC icon
31
Bank of America
BAC
$435B
$4.21M 1.08%
+250,000
New +$4.23M
VIA
32
PUT
DELISTED
Viacom Inc. Class A
VIA
$4.12M 1.06%
100,000
– –
TMO icon
33
Thermo Fisher Scientific
TMO
$211B
$4.11M 1.05%
29,000
+9,000
+45% +$1.2M
CFG icon
34
Citizens Financial Group
CFG
$30.4B
$4.06M 1.04%
+155,000
New +$3.9M
DAL icon
35
Delta Air Lines
DAL
$55.9B
$3.9M 1%
+77,000
New +$3.81M
V icon
36
Visa
V
$677B
$3.88M 0.99%
50,000
-75,000
-60% -$5.81M
KEY icon
37
KeyCorp
KEY
$24.3B
$3.3M 0.85%
+250,000
New +$3.28M
NKE icon
38
PUT
Nike
NKE
$61.9B
$3.13M 0.8%
+50,000
New +$3.22M
DFS
39
DELISTED
Discover Financial Services
DFS
$3.08M 0.79%
+57,500
New +$3.19M
GOGO icon
40
Gogo Inc
GOGO
$515M
$3.07M 0.79%
+172,500
New +$2.93M
EBAY icon
41
eBay
EBAY
$48.6B
$3.02M 0.77%
110,000
-127,500
-54% -$3.52M
GDDY icon
42
GoDaddy
GDDY
$12.3B
$2.81M 0.72%
87,500
-100,000
-53% -$3.04M
EA icon
43
Electronic Arts
EA
$52.4B
$2.58M 0.66%
37,500
-37,500
-50% -$2.63M
NOC icon
44
Northrop Grumman
NOC
$77B
$2.36M 0.6%
+12,500
New +$2.29M
LTRPA
45
DELISTED
Liberty TripAdvisor Holdings, Inc. Series A
LTRPA
$2.17M 0.56%
+71,500
New +$2.11M
PJT icon
46
PJT Partners
PJT
$4.37B
$2.12M 0.54%
+75,000
New +$1.72M
FMI
47
CALL
DELISTED
Foundation Medicine, Inc.
FMI
$2.11M 0.54%
+100,000
New +$1.93M
RTN
48
DELISTED
Raytheon Company
RTN
$1.87M 0.48%
+15,000
New +$1.8M
ENT
49
DELISTED
Global Eagle Entertainment Inc.
ENT
$1.85M 0.47%
+7,500
New +$2.14M
S
50
PUT
DELISTED
Sprint Corporation
S
$1.81M 0.46%
500,000
– –
1
2
3 4 5

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AFWA
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EDRS
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AT
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ACM
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MHAM
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ZBI
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TI
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Espalier Global Management's Q4 2015 Portfolio in Review

As of Q4 2015, Espalier Global Management held 104 positions worth $390M, down 37% from $620M the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Espalier Global Management withdrew a net $254M in Q4 2015, closing 44 positions and reducing 9 holdings. Its most notable exit was Netflix, an estimated $10.3M position sold in full.

By sector, the portfolio is most concentrated in Financials at 14% of assets, up from 10% a quarter earlier, followed by Communication Services and Industrials.

Against the trend, Espalier Global Management opened a new position in Synchrony worth $9.5M.

  • Espalier Global Management's largest Q4 2015 buy was Synchrony: 312,500 shares worth $9.5M.
  • Espalier Global Management added most to H&R Block in Q4 2015, an estimated $2.08M increase.
  • Espalier Global Management's biggest Q4 2015 reduction was Visa, cutting an estimated $5.81M.
  • Espalier Global Management fully exited Netflix in Q4 2015, selling an estimated $10.3M.
  • Espalier Global Management's ten largest holdings make up 52% of its $390M portfolio in Q4 2015.
  • Espalier Global Management opened 37 new positions and closed 44 in Q4 2015.
  • Espalier Global Management's portfolio value fell 37% quarter-over-quarter to $390M.

Based on Espalier Global Management's 13F filing for Q4 2015, filed 16 Feb 2016.