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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
+5.03%
1 Year Est. Return
+14.19%
3 Year Est. Return
+97.16%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.29B
AUM Growth
-$499M
Cap. Flow
-$590M
Cap. Flow %
-45.68%
Top 10 Hldgs %
46.33%
Holding
159
New
60
Increased
12
Reduced
17
Closed
64

Top Buys

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$36.3M
2
MSFT icon
Microsoft
MSFT
+$22.3M
3
TWTR
Twitter, Inc.
TWTR
+$18M
4
CSCO icon
Cisco
CSCO
+$14.9M
5
NTAP icon
NetApp
NTAP
+$12.5M

Top Sells

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$22.3M
2
CHKP icon
Check Point Software Technologies
CHKP
+$19.6M
3
C icon
Citigroup
C
+$16.7M
4
WFC icon
Wells Fargo
WFC
+$16.2M
5
GS icon
Goldman Sachs
GS
+$12.3M

Sector Composition

Rank Sector Weight
1 Technology 16.01%
2 Financials 11.46%
3 Communication Services 3.58%
4 Industrials 3.01%
5 Consumer Discretionary 3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MU icon
126
PUT
Micron Technology
MU
$1.04T
– –
-1,000,000
Closed -$23.7M
PAYX icon
127
CALL
Paychex
PAYX
$40.4B
– –
-200,000
Closed -$8.52M
PBI icon
128
CALL
Pitney Bowes
PBI
$2.42B
– –
-100,000
Closed -$2.6M
PBI icon
129
Pitney Bowes
PBI
$2.42B
– –
-400,000
Closed -$10.4M
QQQ icon
130
PUT
Invesco QQQ Trust
QQQ
$455B
– –
-500,000
Closed -$43.8M
SCHW
131
CALL
Charles Schwab
SCHW
$177B
– –
-250,000
Closed -$6.83M
TDG icon
132
PUT
TransDigm Group
TDG
$69.2B
– –
-66,900
Closed -$12.4M
TTWO icon
133
Take-Two Interactive
TTWO
$43B
– –
-375,000
Closed -$8.22M
VCEL icon
134
CALL
Vericel Corp
VCEL
$2.3B
– –
-16,000
Closed -$70K
VIAV icon
135
Viavi Solutions
VIAV
$9.75B
– –
-237,330
Closed -$1.89M
VRSN icon
136
VeriSign
VRSN
$25.3B
– –
-225,800
Closed -$12.2M
WFC icon
137
Wells Fargo
WFC
$261B
– –
-325,000
Closed -$16.2M
BECN
138
DELISTED
Beacon Roofing Supply, Inc.
BECN
– –
-125,000
Closed -$4.83M
ENDP
139
CALL
DELISTED
Endo International plc
ENDP
– –
-100,000
Closed -$6.87M
ZNGA
140
DELISTED
ZYNGA INC. CL A COMMON
ZNGA
– –
-1,600,000
Closed -$5.79M
CVA
141
DELISTED
Covanta Holding Corporation
CVA
– –
-563,700
Closed -$10.2M
AMTD
142
CALL
DELISTED
TD Ameritrade Holding Corp
AMTD
– –
-250,000
Closed -$8.49M
S
143
CALL
DELISTED
Sprint Corporation
S
– –
-600,000
Closed -$5.51M
FIG
144
DELISTED
Fortress Investment Group Llc
FIG
– –
-500,000
Closed -$3.7M
CAB
145
CALL
DELISTED
Cabela's Inc
CAB
– –
-200,000
Closed -$13.1M
YHOO
146
CALL
DELISTED
Yahoo Inc
YHOO
– –
-500,000
Closed -$17.9M
YHOO
147
PUT
DELISTED
Yahoo Inc
YHOO
– –
-600,000
Closed -$21.5M
ISIL
148
DELISTED
Intersil Corp
ISIL
– –
-400,000
Closed -$5.17M
VMEM
149
DELISTED
VIOLIN MEMORY, INC.
VMEM
– –
-43,750
Closed -$700K
SUNE
150
CALL
DELISTED
SUNEDISON, INC COM
SUNE
– –
-100,000
Closed -$1.88M
3 4 5
6
7

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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 Q2 2014 Portfolio in Review

As of Q2 2014, Espalier Global Management held 159 positions worth $1.29B, down 28% from $1.79B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Espalier Global Management withdrew a net $590M in Q2 2014, closing 64 positions and reducing 17 holdings. Its most notable exit was Alphabet (Google) Class C, an estimated $22.3M position sold in full.

By sector, the portfolio is most concentrated in Technology at 16% of assets, up from 8.7% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Espalier Global Management opened a new position in Apple worth $39.6M.

  • Espalier Global Management's largest Q2 2014 buy was Apple: 1,705,024 shares worth $39.6M.
  • Espalier Global Management added most to Cisco in Q2 2014, an estimated $14.9M increase.
  • Espalier Global Management's biggest Q2 2014 reduction was Delta Air Lines, cutting an estimated $5.66M.
  • Espalier Global Management fully exited Alphabet (Google) Class C in Q2 2014, selling an estimated $22.3M.
  • Espalier Global Management's ten largest holdings make up 46% of its $1.29B portfolio in Q2 2014.
  • Espalier Global Management opened 60 new positions and closed 64 in Q2 2014.
  • Espalier Global Management's portfolio value fell 28% quarter-over-quarter to $1.29B.

Based on Espalier Global Management's 13F filing for Q2 2014, filed 14 Aug 2014.