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GC

Gratia Capital Portfolio holdings

AUM $227M
1-Year Est. Return 16.14%
This Fund
S&P 500
This Quarter Est. Return
-5.14%
1 Year Est. Return
+16.14%
3 Year Est. Return
+42.99%
5 Year Est. Return
+66.12%
10 Year Est. Return
+404.7%
AUM
$217M
AUM Growth
-$114M
Cap. Flow
-$114M
Cap. Flow %
-52.35%
Top 10 Hldgs %
75.12%
Holding
55
New
15
Increased
3
Reduced
19
Closed
18

Top Buys

Rank Stock Value
1
USX
U.S. Xpress Enterprises, Inc. Class A Common Stock
USX
+$18.4M
2
MHO icon
M/I Homes
MHO
+$15.8M
3
FG
FGL Holdings Ordinary Shares
FG
+$11.7M
4
BERY
Berry Global Group, Inc.
BERY
+$8.91M
5
SPB icon
Spectrum Brands
SPB
+$8.06M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$26.9M
2
NSIT icon
Insight Enterprises
NSIT
+$12.9M
3
NXST icon
Nexstar Media Group
NXST
+$8.52M
4
BXC icon
BlueLinx
BXC
+$7.72M
5
LGIH icon
LGI Homes
LGIH
+$6.68M

Sector Composition

Rank Sector Weight
1 Industrials 27.16%
2 Real Estate 16.63%
3 Materials 10.43%
4 Consumer Discretionary 7.06%
5 Communication Services 6.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ADT icon
26
ADT
ADT
$5.16B
$549K 0.25%
63,466
-34,600
-35% -$287K
EEX
27
DELISTED
Emerald Holding
EEX
$543K 0.25%
26,337
-307,613
-92% -$6.2M
LIND icon
28
Lindblad Expeditions
LIND
$1.76B
$428K 0.2%
32,320
-312,140
-91% -$3.71M
MBIN icon
29
Merchants Bancorp
MBIN
$2.19B
$419K 0.19%
22,008
-69,900
-76% -$1.14M
BXC icon
30
CALL
BlueLinx
BXC
$455M
$375K 0.17%
+10,000
New +$391K
SPCE icon
31
Virgin Galactic
SPCE
$320M
$353K 0.16%
1,757
-7,343
-81% -$1.47M
FG.WS
32
DELISTED
FGL Holdings Warrants exercisable for one Ordinary Share at a price of $11.50 per share
FG.WS
$340K 0.16%
+283,333
New +$391K
AAMC
33
DELISTED
Altisource Asset Management Corp
AAMC
$179K 0.08%
4,362
-19,005
-81% -$733K
BXC icon
34
BlueLinx
BXC
$455M
$151K 0.07%
4,034
-197,761
-98% -$7.72M
FBM
35
DELISTED
Foundation Building Materials, Inc. Common Stock
FBM
$136K 0.06%
8,853
-89,219
-91% -$1.33M
ATTU
36
DELISTED
Attunity Ltd
ATTU
$125K 0.06%
+10,800
New +$108K
BHR.PRB
37
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$53.3M
$91K 0.04%
+4,835
New +$95.2K
GNW icon
38
Genworth Financial
GNW
$3.8B
– –
-35,075
Closed -$99K
KR icon
39
Kroger
KR
$34.8B
– –
-34,900
Closed -$836K
LGIH icon
40
LGI Homes
LGIH
$1.4B
– –
-94,600
Closed -$6.68M
OCSL icon
41
Oaktree Specialty Lending
OCSL
$1.03B
– –
-72,500
Closed -$916K
PETS icon
42
PUT
PetMed Express
PETS
$42.5M
– –
-100,000
Closed -$4.2M
PLAY icon
43
Dave & Buster's
PLAY
$343M
– –
-38,600
Closed -$1.61M
PLCE icon
44
PUT
Children's Place
PLCE
$53.6M
– –
-23,000
Closed -$3.1M
SPY icon
45
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$778B
– –
-400,600
Closed -$105M
SPY icon
46
State Street SPDR S&P 500 ETF Trust
SPY
$778B
– –
-102,100
Closed -$26.9M
WMT icon
47
Walmart Inc
WMT
$871B
– –
-13,803
Closed -$409K
WU icon
48
CALL
Western Union
WU
$2.57B
– –
-570,000
Closed -$11M
MIC
49
DELISTED
Macquarie Infrastructure Holdings, LLC
MIC
– –
-8,085
Closed -$299K
FRTA
50
DELISTED
Forterra, Inc
FRTA
– –
-765
Closed -$6K
1
2
3

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Gratia Capital's Q2 2018 Portfolio in Review

As of Q2 2018, Gratia Capital held 55 positions worth $217M, down 34% from $330M the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Gratia Capital withdrew a net $114M in Q2 2018, closing 18 positions and reducing 19 holdings. Its most notable exit was State Street SPDR S&P 500 ETF Trust, an estimated $26.9M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 27% of assets, up from 11% a quarter earlier, followed by Real Estate and Materials.

Against the trend, Gratia Capital opened a new position in U.S. Xpress Enterprises, Inc. Class A Common Stock worth $18.5M.

  • Gratia Capital's largest Q2 2018 buy was U.S. Xpress Enterprises, Inc. Class A Common Stock: 1,219,783 shares worth $18.5M.
  • Gratia Capital added most to FGL Holdings Ordinary Shares in Q2 2018, an estimated $11.7M increase.
  • Gratia Capital's biggest Q2 2018 reduction was Insight Enterprises, cutting an estimated $12.9M.
  • Gratia Capital fully exited State Street SPDR S&P 500 ETF Trust in Q2 2018, selling an estimated $26.9M.
  • Gratia Capital's ten largest holdings make up 75% of its $217M portfolio in Q2 2018.
  • Gratia Capital opened 15 new positions and closed 18 in Q2 2018.
  • Gratia Capital's portfolio value fell 34% quarter-over-quarter to $217M.

Based on Gratia Capital's 13F filing for Q2 2018, filed 13 Aug 2018.