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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
BA icon
1
PUT
Boeing
BA
$165B
$43.4M 11.12%
300,000
+175,000
+140% +$25.2M
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$80.9B
$28.2M 7.22%
250,000
-625,000
-71% -$72.1M
SPY icon
3
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$25.5M 6.53%
125,000
-125,000
-50% -$25.7M
BABA icon
4
PUT
Alibaba
BABA
$269B
$24.4M 6.25%
300,000
+50,000
+20% +$3.92M
DIS icon
5
PUT
Walt Disney
DIS
$165B
$21M 5.39%
+200,000
New +$22.3M
IBM icon
6
PUT
IBM
IBM
$202B
$18.2M 4.67%
+138,595
New +$18.6M
CHKP icon
7
PUT
Check Point Software Technologies
CHKP
$13.3B
$12.2M 3.13%
+150,000
New +$12.4M
AAPL icon
8
PUT
Apple
AAPL
$4.89T
$10.5M 2.7%
400,000
+200,000
+100% +$5.72M
SYF icon
9
Synchrony
SYF
$23.7B
$9.5M 2.44%
+312,500
New +$9.79M
NEM icon
10
CALL
Newmont
NEM
$98.2B
$8.99M 2.31%
500,000
– –
MBLY
11
PUT
DELISTED
Mobileye N.V.
MBLY
$8.32M 2.13%
196,800
+27,500
+16% +$1.23M
GE icon
12
PUT
GE Aerospace
GE
$367B
$7.79M 2%
+52,166
New +$7.41M
AZO icon
13
PUT
AutoZone
AZO
$48.3B
$7.42M 1.9%
+10,000
New +$7.63M
ETFC
14
CALL
DELISTED
E*Trade Financial Corporation
ETFC
$7.41M 1.9%
250,000
+74,500
+42% +$2.14M
AMTD
15
DELISTED
TD Ameritrade Holding Corp
AMTD
$6.94M 1.78%
200,000
+25,000
+14% +$868K
SCHW
16
Charles Schwab
SCHW
$177B
$6.32M 1.62%
+192,000
New +$6.08M
TTWO icon
17
Take-Two Interactive
TTWO
$43B
$6.2M 1.59%
178,000
+3,000
+2% +$101K
AIG icon
18
PUT
American International
AIG
$41.9B
$6.2M 1.59%
+100,000
New +$6.1M
LMT icon
19
Lockheed Martin
LMT
$134B
$5.97M 1.53%
+27,500
New +$5.97M
ATVI
20
DELISTED
Activision Blizzard
ATVI
$5.87M 1.5%
151,500
+14,000
+10% +$504K
ADI icon
21
PUT
Analog Devices
ADI
$181B
$5.53M 1.42%
+100,000
New +$5.89M
PAYX icon
22
PUT
Paychex
PAYX
$40.4B
$5.29M 1.36%
+100,000
New +$5.23M
HRB icon
23
H&R Block
HRB
$5.18B
$5.28M 1.35%
158,500
+58,500
+59% +$2.08M
GD icon
24
General Dynamics
GD
$105B
$5.15M 1.32%
+37,500
New +$5.36M
SCTY
25
PUT
DELISTED
SolarCity Corporation
SCTY
$5.1M 1.31%
+100,000
New +$3.88M
1
2 3 4 5

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AFWA
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EDRS
Edmond de Rothschild (Suisse) Geneva, Switzerland $325M AUM 9.15% 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
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ZBI
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TI
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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.