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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
+18.39%
1 Year Est. Return
+14.19%
3 Year Est. Return
+97.16%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$942M
AUM Growth
-$481M
Cap. Flow
-$600M
Cap. Flow %
-63.64%
Top 10 Hldgs %
35.5%
Holding
130
New
45
Increased
10
Reduced
24
Closed
47

Top Buys

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$13M
2
TIBX
TIBCO SOFTWARE INC
TIBX
+$12.5M
3
A icon
Agilent Technologies
A
+$11.7M
4
INTC icon
Intel
INTC
+$11.5M
5
NWSA icon
News Corp Class A
NWSA
+$11.2M

Top Sells

Rank Stock Value
1
TIVO
TIVO INC
TIVO
+$26.3M
2
P
Pandora Media Inc
P
+$16.6M
3
MSFT icon
Microsoft
MSFT
+$14.2M
4
CSCO icon
Cisco
CSCO
+$13.4M
5
NWSA
NEWS CORPORATION CL-A
NWSA
+$12.7M

Sector Composition

Rank Sector Weight
1 Financials 17.25%
2 Technology 13.63%
3 Communication Services 6.41%
4 Industrials 4.72%
5 Energy 4.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GRPN icon
101
Groupon
GRPN
$1.05B
– –
-25,000
Closed -$4.98M
HPQ icon
102
HP
HPQ
$24.3B
– –
-550,500
Closed -$6.2M
IDCC icon
103
CALL
InterDigital
IDCC
$6.7B
– –
-100,000
Closed -$4.46M
META icon
104
PUT
Meta Platforms (Facebook)
META
$1.51T
– –
-300,000
Closed -$7.46M
MKTX icon
105
PUT
MarketAxess Holdings
MKTX
$4.19B
– –
-100,000
Closed -$4.67M
MSFT icon
106
Microsoft
MSFT
$2.89T
– –
-410,000
Closed -$14.2M
NOK icon
107
PUT
Nokia
NOK
$51.8B
– –
-968,300
Closed -$3.62M
NYT icon
108
New York Times
NYT
$11.7B
– –
-400,000
Closed -$4.42M
QQQ icon
109
PUT
Invesco QQQ Trust
QQQ
$449B
– –
-1,000,000
Closed -$71.3M
SAP icon
110
PUT
SAP
SAP
$200B
– –
-100,000
Closed -$7.28M
SPY icon
111
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$781B
– –
-97,600
Closed -$15.7M
SWKS icon
112
PUT
Skyworks Solutions
SWKS
$9.54B
– –
-96,800
Closed -$2.12M
TPR icon
113
PUT
Tapestry
TPR
$29.8B
– –
-200,000
Closed -$11.4M
TTWO icon
114
CALL
Take-Two Interactive
TTWO
$45.3B
– –
-300,000
Closed -$4.49M
XLF icon
115
CALL
State Street Financial Select Sector SPDR ETF
XLF
$56.7B
– –
-569,573
Closed -$9.72M
CPAY icon
116
PUT
Corpay
CPAY
$24.8B
– –
-100,000
Closed -$8.13M
SPLK
117
DELISTED
Splunk Inc
SPLK
– –
-235,000
Closed -$10.9M
AMTD
118
CALL
DELISTED
TD Ameritrade Holding Corp
AMTD
– –
-194,000
Closed -$4.71M
SFLY
119
DELISTED
Shutterfly, Inc.
SFLY
– –
-135,000
Closed -$7.55M
KEYW
120
DELISTED
The KEYW Holding Corporation
KEYW
– –
-119,861
Closed -$1.59M
P
121
DELISTED
Pandora Media Inc
P
– –
-900,000
Closed -$16.6M
ANDV
122
CALL
DELISTED
Andeavor
ANDV
– –
-97,600
Closed -$5.11M
CST
123
DELISTED
CST Brands, Inc.
CST
– –
-125,000
Closed -$3.85M
YHOO
124
CALL
DELISTED
Yahoo Inc
YHOO
– –
-100,000
Closed -$2.51M
YHOO
125
PUT
DELISTED
Yahoo Inc
YHOO
– –
-1,250,000
Closed -$31.4M
2 3 4
5
6

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Espalier Global Management's Q3 2013 Portfolio in Review

As of Q3 2013, Espalier Global Management held 130 positions worth $942M, down 34% from $1.42B the previous quarter. Its ten largest holdings account for 36% of the portfolio.

Espalier Global Management withdrew a net $600M in Q3 2013, closing 47 positions and reducing 24 holdings. Its most notable exit was Pandora Media Inc, an estimated $16.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 17% of assets, up from 12% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Espalier Global Management opened a new position in Meta Platforms (Facebook) worth $17.6M.

  • Espalier Global Management's largest Q3 2013 buy was Meta Platforms (Facebook): 350,000 shares worth $17.6M.
  • Espalier Global Management added most to TIBCO SOFTWARE INC in Q3 2013, an estimated $12.5M increase.
  • Espalier Global Management's biggest Q3 2013 reduction was TIVO INC, cutting an estimated $26.3M.
  • Espalier Global Management fully exited Pandora Media Inc in Q3 2013, selling an estimated $16.6M.
  • Espalier Global Management's ten largest holdings make up 36% of its $942M portfolio in Q3 2013.
  • Espalier Global Management opened 45 new positions and closed 47 in Q3 2013.
  • Espalier Global Management's portfolio value fell 34% quarter-over-quarter to $942M.

Based on Espalier Global Management's 13F filing for Q3 2013, filed 14 Nov 2013.