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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
MSI icon
76
PUT
Motorola Solutions
MSI
$70.3B
– –
-100,000
Closed -$6.84M
NFLX icon
77
Netflix
NFLX
$293B
– –
-1,000,000
Closed -$10.3M
NOK icon
78
Nokia
NOK
$51.8B
– –
-600,000
Closed -$4.07M
PYPL icon
79
PayPal
PYPL
$49.5B
– –
-187,500
Closed -$5.82M
QCOM icon
80
Qualcomm
QCOM
$179B
– –
-35,000
Closed -$1.88M
QQQ icon
81
PUT
Invesco QQQ Trust
QQQ
$449B
– –
-500,000
Closed -$50.9M
SPY icon
82
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$781B
– –
-312,500
Closed -$59.9M
TRIP icon
83
CALL
TripAdvisor
TRIP
$1.66B
– –
-50,000
Closed -$3.15M
TROW icon
84
PUT
T. Rowe Price
TROW
$25.5B
– –
-100,000
Closed -$6.95M
TRU icon
85
TransUnion
TRU
$14.9B
– –
-62,500
Closed -$1.57M
V icon
86
CALL
Visa
V
$689B
– –
-50,000
Closed -$3.48M
VOYA icon
87
Voya Financial
VOYA
$8.98B
– –
-150,000
Closed -$5.82M
WAT icon
88
CALL
Waters Corp
WAT
$36.4B
– –
-74,700
Closed -$8.83M
WAT icon
89
Waters Corp
WAT
$36.4B
– –
-20,000
Closed -$2.36M
WM icon
90
PUT
Waste Management
WM
$95.5B
– –
-250,000
Closed -$12.5M
XLF icon
91
PUT
State Street Financial Select Sector SPDR ETF
XLF
$56.7B
– –
-284,787
Closed -$5.67M
FLG
92
Flagstar Bank National Association
FLG
$5.74B
– –
-66,667
Closed -$3.61M
EPAY
93
DELISTED
Bottomline Technologies Inc
EPAY
– –
-212,500
Closed -$5.32M
GRUB
94
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
– –
-50,000
Closed -$2.43M
AMTD
95
CALL
DELISTED
TD Ameritrade Holding Corp
AMTD
– –
-165,300
Closed -$5.26M
TIVO
96
DELISTED
Tivo Inc
TIVO
– –
-190,000
Closed -$1.99M
MLNX
97
DELISTED
Mellanox Technologies, Ltd.
MLNX
– –
-50,000
Closed -$1.89M
IMPV
98
DELISTED
Imperva, Inc.
IMPV
– –
-40,000
Closed -$2.62M
CBI
99
PUT
DELISTED
Chicago Bridge & Iron Nv
CBI
– –
-100,000
Closed -$3.97M
LGF
100
DELISTED
Lions Gate Entertainment
LGF
– –
-100,000
Closed -$3.68M
1 2 3
4
5

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EDRS
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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.