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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
ALU
101
DELISTED
Alcatel-Lucent
ALU
– –
-750,000
Closed -$2.75M
CY
102
DELISTED
Cypress Semiconductor
CY
– –
-325,000
Closed -$2.77M
RHT
103
CALL
DELISTED
Red Hat Inc
RHT
– –
-35,000
Closed -$2.52M
VXX
104
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
– –
-1,563
Closed -$641K
1 2 3 4
5

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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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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.