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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
ITRI icon
51
Itron
ITRI
$3.76B
$1.81M 0.46%
+50,000
New +$1.77M
DATA
52
DELISTED
Tableau Software, Inc.
DATA
$1.41M 0.36%
+15,000
New +$1.35M
SGI
53
Somnigroup International
SGI
$15.3B
$1.23M 0.32%
+70,000
New +$1.33M
GRPN icon
54
Groupon
GRPN
$1.05B
$1.15M 0.3%
+18,750
New +$1.21M
PACB icon
55
Pacific Biosciences
PACB
$422M
$1.15M 0.29%
+87,500
New +$785K
ADTN icon
56
Adtran
ADTN
$769M
$1.12M 0.29%
+65,000
New +$1.03M
SIRI icon
57
SiriusXM
SIRI
$10.5B
$1.12M 0.29%
+27,500
New +$1.11M
ONDK
58
DELISTED
On Deck Capital, Inc.
ONDK
$901K 0.23%
+87,500
New +$878K
RBBN icon
59
Ribbon Communications
RBBN
$359M
$570K 0.15%
+80,000
New +$537K
TTOO
60
DELISTED
T2 Biosystems, Inc
TTOO
$342K 0.09%
+6
New +$324K
A icon
61
Agilent Technologies
A
$38.9B
– –
-100,000
Closed -$3.43M
AIG icon
62
CALL
American International
AIG
$42B
– –
-300,000
Closed -$17M
AIG icon
63
American International
AIG
$42B
– –
-137,500
Closed -$8.39M
AMZN icon
64
Amazon
AMZN
$2.49T
– –
-100,000
Closed -$2.56M
BKNG icon
65
PUT
Booking.com
BKNG
$145B
– –
-250,000
Closed -$12.4M
C icon
66
Citigroup
C
$223B
– –
-50,000
Closed -$2.48M
COF icon
67
Capital One
COF
$127B
– –
-87,500
Closed -$6.35M
CTSH icon
68
Cognizant
CTSH
$22.3B
– –
-137,500
Closed -$8.61M
DHR icon
69
Danaher
DHR
$138B
– –
-111,587
Closed -$6.39M
GOOG icon
70
CALL
Alphabet (Google) Class C
GOOG
$3.99T
– –
-500,000
Closed -$16M
GOOG icon
71
Alphabet (Google) Class C
GOOG
$3.99T
– –
-250,000
Closed -$7.98M
IBKR icon
72
PUT
Interactive Brokers
IBKR
$41.1B
– –
-500,000
Closed -$4.93M
ILMN icon
73
CALL
Illumina
ILMN
$28.7B
– –
-51,400
Closed -$8.79M
ILMN icon
74
Illumina
ILMN
$28.7B
– –
-12,850
Closed -$2.2M
INTU icon
75
Intuit
INTU
$83.1B
– –
-50,000
Closed -$4.44M
1 2
3
4 5

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AT
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ACM
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ZBI
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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.