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FRM

Fore Research & Management Portfolio holdings

AUM $221M
1-Year Est. Return 2.93%
This Fund
S&P 500
This Quarter Est. Return
+0.18%
1 Year Est. Return
+2.93%
3 Year Est. Return
+1.94%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$725M
AUM Growth
-$658M
Cap. Flow
-$766M
Cap. Flow %
-105.63%
Top 10 Hldgs %
96.13%
Holding
32
New
13
Increased
3
Reduced
2
Closed
7

Top Buys

Rank Stock Value
1
WFC.WS
Wells Fargo & Company Ws
WFC.WS
+$3.41M
2
CA
CA, Inc.
CA
+$3.19M
3
VOD icon
Vodafone
VOD
+$2.63M
4
LILAK icon
Liberty Latin America Class C
LILAK
+$2.34M
5
NXPI icon
NXP Semiconductors
NXPI
+$1.99M

Top Sells

Rank Stock Value
1
CEF icon
Sprott Physical Gold and Silver Trust
CEF
+$7.8M
2
SLV icon
iShares Silver Trust
SLV
+$5.4M
3
LBTYA icon
Liberty Global Class A
LBTYA
+$5.13M
4
WFC icon
Wells Fargo
WFC
+$4.71M
5
PHYS icon
Sprott Physical Gold
PHYS
+$3.29M

Sector Composition

Rank Sector Weight
1 Technology 0.71%
2 Communication Services 0.63%
3 Materials 0.21%
4 Healthcare 0.06%
5 Financials 0%
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
$787B
$246M 33.92%
1,100,000
+50,000
+5% +$10.9M
GDX icon
2
CALL
VanEck Gold Miners ETF
GDX
$22.7B
$70.6M 9.74%
3,375,000
+1,350,000
+67% +$30M
IWM icon
3
PUT
iShares Russell 2000 ETF
IWM
$82.4B
$53.9M 7.44%
+400,000
New +$51.1M
SLV icon
4
CALL
iShares Silver Trust
SLV
$28.4B
$40.8M 5.63%
2,700,000
-420,000
-13% -$6.83M
EEM icon
5
PUT
iShares MSCI Emerging Markets ETF
EEM
$28.9B
$35M 4.83%
+1,000,000
New +$36.1M
DE icon
6
PUT
Deere & Co
DE
$158B
$30.9M 4.26%
+300,000
New +$28.2M
CAT icon
7
PUT
Caterpillar
CAT
$410B
$27.8M 3.84%
+300,000
New +$27.2M
GDX icon
8
PUT
VanEck Gold Miners ETF
GDX
$22.7B
$20.9M 2.89%
+1,000,000
New +$22.2M
GDX icon
9
VanEck Gold Miners ETF
GDX
$22.7B
$6.28M 0.87%
300,000
+25,000
+9% +$555K
WFC.WS
10
DELISTED
Wells Fargo & Company Ws
WFC.WS
$4.18M 0.58%
+196,000
New +$3.41M
CA
11
DELISTED
CA, Inc.
CA
$3.18M 0.44%
+100,000
New +$3.19M
VOD icon
12
Vodafone
VOD
$35.2B
$2.44M 0.34%
+100,000
New +$2.63M
LILAK icon
13
Liberty Latin America Class C
LILAK
$1.46B
$2.12M 0.29%
+116,820
New +$2.34M
NXPI icon
14
NXP Semiconductors
NXPI
$69B
$1.96M 0.27%
+20,000
New +$1.99M
SYT
15
DELISTED
Syngenta Ag
SYT
$790K 0.11%
+10,000
New +$806K
AGC
16
DELISTED
Advent Claymore Conv Sec & Incme
AGC
$764K 0.11%
+130,000
New +$727K
VTRS icon
17
Viatris
VTRS
$20.5B
$457K 0.06%
12,000
-38,000
-76% -$1.41M
NGD
18
DELISTED
New Gold Inc
NGD
$342K 0.05%
+97,713
New +$371K
B
19
Barrick Mining
B
$60.9B
$159K 0.02%
10,000
– –
GG
20
DELISTED
Goldcorp Inc
GG
$136K 0.02%
10,000
– –
NG icon
21
NovaGold Resources
NG
$2.47B
$98K 0.01%
21,700
– –
CEF icon
22
Sprott Physical Gold and Silver Trust
CEF
$7.5B
– –
-564,040
Closed -$7.8M
GLD icon
23
CALL
SPDR Gold Trust
GLD
$132B
– –
-3,000,000
Closed -$377M
GLD icon
24
PUT
SPDR Gold Trust
GLD
$132B
– –
-2,000,000
Closed -$251M
LBTYA icon
25
Liberty Global Class A
LBTYA
$3.48B
– –
-150,000
Closed -$5.13M
1
2

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ECPI
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IFB
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IPC
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KC
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TC
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KL
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RP
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Fore Research & Management's Q4 2016 Portfolio in Review

As of Q4 2016, Fore Research & Management held 32 positions worth $725M, down 48% from $1.38B the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Fore Research & Management withdrew a net $766M in Q4 2016, closing 7 positions and reducing 2 holdings. Its most notable exit was Sprott Physical Gold and Silver Trust, an estimated $7.8M position sold in full.

By sector, the portfolio is most concentrated in Technology at 0.71% of assets, followed by Communication Services and Materials.

Against the trend, Fore Research & Management opened a new position in Wells Fargo & Company Ws worth $4.18M.

  • Fore Research & Management's largest Q4 2016 buy was Wells Fargo & Company Ws: 196,000 shares worth $4.18M.
  • Fore Research & Management added most to VanEck Gold Miners ETF in Q4 2016, an estimated $555K increase.
  • Fore Research & Management's biggest Q4 2016 reduction was Viatris, cutting an estimated $1.41M.
  • Fore Research & Management fully exited Sprott Physical Gold and Silver Trust in Q4 2016, selling an estimated $7.8M.
  • Fore Research & Management's ten largest holdings make up 96% of its $725M portfolio in Q4 2016.
  • Fore Research & Management opened 13 new positions and closed 7 in Q4 2016.
  • Fore Research & Management's portfolio value fell 48% quarter-over-quarter to $725M.

Based on Fore Research & Management's 13F filing for Q4 2016, filed 14 Feb 2017.