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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
+17.3%
1 Year Est. Return
+14.19%
3 Year Est. Return
+97.16%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.04B
AUM Growth
+$99.7M
Cap. Flow
-$65M
Cap. Flow %
-6.24%
Top 10 Hldgs %
31.04%
Holding
144
New
61
Increased
12
Reduced
18
Closed
48

Top Buys

Rank Stock Value
1
GE icon
GE Aerospace
GE
+$21M
2
C icon
Citigroup
C
+$20.2M
3
MSFT icon
Microsoft
MSFT
+$14.5M
4
SCHW
Charles Schwab
SCHW
+$14.3M
5
TRIP icon
TripAdvisor
TRIP
+$12.3M

Top Sells

Rank Stock Value
1
YHOO
Yahoo Inc
YHOO
+$25.1M
2
TIVO
TIVO INC
TIVO
+$24.9M
3
CA
CA, Inc.
CA
+$19.6M
4
TIBX
TIBCO SOFTWARE INC
TIBX
+$19.2M
5
DGI
DigitalGlobe Inc.
DGI
+$17.4M

Sector Composition

Rank Sector Weight
1 Miscellaneous 46.4%
2 Financials 21.12%
3 Technology 10.13%
4 Communication Services 9.77%
5 Industrials 5.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$810B
$92.3M 8.86%
500,000
+300,000
+150% +$53.1M
DFS
2
CALL
DELISTED
Discover Financial Services
DFS
$33.6M 3.22%
+600,000
New +$31.4M
YHOO
3
CALL
DELISTED
Yahoo Inc
YHOO
$30.3M 2.91%
+750,000
New +$26.9M
DFS
4
DELISTED
Discover Financial Services
DFS
$30.2M 2.9%
540,000
-85,000
-14% -$4.46M
GOOG icon
5
Alphabet (Google) Class C
GOOG
$4.1T
$26.3M 2.53%
943,925
+40,552
+4% +$1.03M
GE icon
6
GE Aerospace
GE
$347B
$22.4M 2.15%
+166,930
New +$21M
A icon
7
CALL
Agilent Technologies
A
$41.4B
$22.3M 2.14%
545,779
-136,445
-20% -$5.19M
YHOO
8
DELISTED
Yahoo Inc
YHOO
$22.2M 2.13%
550,000
-700,000
-56% -$25.1M
META icon
9
Meta Platforms (Facebook)
META
$1.56T
$21.9M 2.1%
400,000
+50,000
+14% +$2.51M
XLF icon
10
CALL
State Street Financial Select Sector SPDR ETF
XLF
$54.3B
$21.9M 2.1%
+1,139,146
New +$21M
C icon
11
Citigroup
C
$229B
$20.8M 2%
+400,000
New +$20.2M
QCOR
12
PUT
DELISTED
QUESTCOR PHARMA INC
QCOR
$19.1M 1.83%
+350,000
New +$20.7M
IBM icon
13
PUT
IBM
IBM
$219B
$18.8M 1.8%
104,600
-313,800
-75% -$54.1M
GRMN
14
CALL
Garmin
GRMN
$53.2B
$18.5M 1.77%
+400,000
New +$19M
AIG icon
15
American International
AIG
$39B
$18.4M 1.76%
360,000
-190,000
-35% -$9.47M
CAT icon
16
PUT
Caterpillar
CAT
$378B
$18.2M 1.74%
200,000
– –
GRPN icon
17
CALL
Groupon
GRPN
$771M
$17.6M 1.69%
75,000
+25,000
+50% +$5.16M
GOGO icon
18
Gogo Inc
GOGO
$373M
$16.8M 1.61%
675,000
+413,400
+158% +$9.56M
SUNE
19
DELISTED
SUNEDISON, INC COM
SUNE
$16.5M 1.58%
1,262,000
-88,000
-7% -$992K
CIT
20
DELISTED
CIT Group Inc.
CIT
$16.2M 1.55%
310,000
+60,000
+24% +$2.98M
ING icon
21
ING
ING
$106B
$15.8M 1.52%
+450,000
New +$5.74M
BX icon
22
Blackstone
BX
$101B
$15.8M 1.51%
509,500
+101,900
+25% +$2.78M
MS icon
23
Morgan Stanley
MS
$340B
$15.7M 1.5%
500,000
+85,000
+20% +$2.53M
SCHW
24
Charles Schwab
SCHW
$185B
$15.6M 1.5%
+600,000
New +$14.3M
AMTD
25
DELISTED
TD Ameritrade Holding Corp
AMTD
$15.3M 1.47%
500,000
-400,000
-44% -$11.4M
1
2 3 4 5

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AFWA
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EDRS
Edmond de Rothschild (Suisse) Geneva, Switzerland $325M AUM 9.16% 1-Year Est. Return
AT
Acadia Trust Portland, Maine $330M AUM 22.42% 1-Year Est. Return
ACM
Argentus Capital Management Dallas, Texas $284M AUM 12.72% 1-Year Est. Return
MHAM
Monroe Hall Asset Management New York $345M AUM 6.84% 1-Year Est. Return
ZBI
Ziff Brothers Investments New York $267M AUM 49.36% 1-Year Est. Return
TI
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Espalier Global Management's Q4 2013 Portfolio in Review

As of Q4 2013, Espalier Global Management held 144 positions worth $1.04B, up 11% from $942M the previous quarter. Its ten largest holdings account for 31% of the portfolio.

Espalier Global Management withdrew a net $65M in Q4 2013, closing 48 positions and reducing 18 holdings. Its most notable exit was TIVO INC, an estimated $24.9M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 46% of assets, up from 46% a quarter earlier, followed by Financials and Technology.

Against the trend, Espalier Global Management opened a new position in GE Aerospace worth $22.4M.

  • Espalier Global Management's largest Q4 2013 buy was GE Aerospace: 166,930 shares worth $22.4M.
  • Espalier Global Management added most to Gogo Inc in Q4 2013, an estimated $9.56M increase.
  • Espalier Global Management's biggest Q4 2013 reduction was Yahoo Inc, cutting an estimated $25.1M.
  • Espalier Global Management fully exited TIVO INC in Q4 2013, selling an estimated $24.9M.
  • Espalier Global Management's ten largest holdings make up 31% of its $1.04B portfolio in Q4 2013.
  • Espalier Global Management opened 61 new positions and closed 48 in Q4 2013.
  • Espalier Global Management's portfolio value rose 11% quarter-over-quarter to $1.04B.

Based on Espalier Global Management's 13F filing for Q4 2013, filed 14 Feb 2014.