FVP

Firefly Value Partners Portfolio holdings

AUM $53M

2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

-2.88%

1 Year Return

-3.2%

3 Year Return

-11.98%

5 Year Return

+26.56%

10 Year Return

–

AUM

$618M

AUM Growth

+$618M (-2.8%)

Cap. Flow

+$15.5M

Cap. Flow % of AUM

2.52%

Top 10 Holdings % Top 10 Hldgs %

88.73%

Holding

New

Increased

Reduced

Closed

Top Buys

1	RICE Rice Energy Inc. RICE	$12.9M
2	NE Noble Corporation NE	$12.1M
3	PGN PARAGON OFFSHORE PLC (GBR) PGN	$7.2M
4	BHBK Blue Hills Bancorp, Inc. BHBK	$1.31M
5	EDMC EDUCATION MGMT CORP NEW COM STK (PA) EDMC	$138K

Top Sells

1	ISBC Investors Bancorp, Inc. ISBC	$7.13M
2	SPBC SP BANCORP, INC COM STK SPBC	$3.95M
3	CSFL CenterState Bank Corporation Common Stock CSFL	$2.45M
4	MEG Media General, Inc MEG	$2.1M
5	ASBB ASB Bancorp Inc ASBB	$1.21M

Sector Composition

1	Healthcare	19.93%
2	Financials	16.2%
3	Energy	13.96%
4	Real Estate	9.64%
5	Communication Services	0%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
26	PBCP 26 DELISTED POLONIA BANCORP INC MD PBCP	$933K	0.11%	90,526	–	–
27	27 Sound Financial Bancorp SFBC $113M	$801K	0.09%	45,000	–	–
28	EDMC 28 DELISTED EDUCATION MGMT CORP NEW COM STK (PA) EDMC	$138K	0.02%	+126,529	New	+$138K
29	ANAD 29 DELISTED ANADIGICS INC ANAD	$25K	﹤0.01%	+37,433	New	+$25K
30	30 Alibaba BABA $327B	–	–	0	–	–
31	31 Deutsche Bank DB $66.6B	–	–	0	–	–
32	32 Intel INTC $105B	–	–	0	–	–
33	33 JPMorgan Chase JPM $820B	–	–	0	–	–
34	34 Morgan Stanley MS $237B	–	–	0	–	–
35	35 Tesla TSLA $1.06T	–	–	0	–	–
36	ISBC 36 DELISTED Investors Bancorp, Inc. ISBC	–	–	-645,000	Closed	-$7.13M
37	CSFL 37 DELISTED CenterState Bank Corporation Common Stock CSFL	–	–	-218,304	Closed	-$2.45M
38	MEG 38 DELISTED Media General, Inc MEG	–	–	-102,219	Closed	-$2.1M
39	COCO 39 DELISTED CORINTHIAN COLLEGES INC COCO	–	–	-475,000	Closed	-$141K
40	CACH 40 DELISTED CACHE INC (DE) CACH	–	–	-49,323	Closed	-$79K
41	WTSL 41 DELISTED WET SEAL INC CL-A WTSL	–	–	-89,500	Closed	-$81K
42	SPBC 42 DELISTED SP BANCORP, INC COM STK SPBC	–	–	-136,700	Closed	-$3.95M
43	TYNS 43 DELISTED Direxion Daily 7-10 Year Treasury Bear 1X Shares TYNS	–	–	0	–	–