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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
-20.58%
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
$58.6M
AUM Growth
-$100M
(-63%)
Cap. Flow
-$70.4M
Cap. Flow
% of AUM
-120.17%
Top 10 Holdings %
Top 10 Hldgs %
96.34%
Holding
29
New
3
Increased
1
Reduced
13
Closed
12
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$26.1M |
| 2 |
CTRC
Centric Brands Inc. Common Stock
CTRC
|
+$329K |
| 3 |
Legacy Housing
LEGH
|
+$93.5K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FG
FGL Holdings Ordinary Shares
FG
|
+$11.2M |
| 2 |
M/I Homes
MHO
|
+$9.37M |
| 3 |
Whirlpool
WHR
|
+$8.43M |
| 4 |
GMS
GMS Inc
GMS
|
+$8.3M |
| 5 |
Century Communities
CCS
|
+$7.82M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 20.01% |
| 2 | Industrials | 6.73% |
| 3 | Consumer Discretionary | 3.89% |
| 4 | Financials | 2.33% |
| 5 | Materials | 1.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$781B
| $24.2M | 41.3% |
+96,800
| New | +$26.1M |
|
2
Newmark Group
NMRK
$2.76B
| $9.13M | 15.59% |
1,138,950
-230,071
| -17% | -$2.18M |
|
3
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$42.3B
| $7.59M | 12.96% |
62,500
+39,000
| +166% | +$4.51M |
|
4
CALL
BGC Group
BGC
$5.55B
| $6.41M | 10.94% |
1,240,000
-688,200
| -36% | -$4.53M |
|
|
GMS
5
DELISTED
GMS Inc
GMS
| $2.66M | 4.54% |
248,485
-472,948
| -66% | -$8.3M |
|
|
6
Century Communities
CCS
$1.98B
| $2.59M | 4.42% |
150,011
-374,865
| -71% | -$7.82M |
|
|
7
M/I Homes
MHO
$3.83B
| $1.51M | 2.57% |
71,766
-405,902
| -85% | -$9.37M |
|
|
FG
8
DELISTED
FGL Holdings Ordinary Shares
FG
| $998K | 1.7% |
149,781
-1,446,236
| -91% | -$11.2M |
|
|
BERY
9
DELISTED
Berry Global Group, Inc.
BERY
| $804K | 1.37% |
18,429
-96,134
| -84% | -$4.1M |
|
|
USX
10
DELISTED
U.S. Xpress Enterprises, Inc. Class A Common Stock
USX
| $544K | 0.93% |
97,109
-915,584
| -90% | -$7.69M |
|
11
Construction Partners
ROAD
$5.86B
| $487K | 0.83% |
55,180
-386,999
| -88% | -$3.76M |
|
|
BRSL
12
Brightstar Lottery PLC
BRSL
$1.93B
| $441K | 0.75% |
30,125
-267,875
| -90% | -$4.43M |
|
|
13
BGC Group
BGC
$5.55B
| $368K | 0.63% |
71,082
-39,451
| -36% | -$260K |
|
14
Nexstar Media Group
NXST
$5.59B
| $268K | 0.46% |
3,412
-8,296
| -71% | -$656K |
|
|
RJET
15
Republic Airways Holdings
RJET
$810M
| $249K | 0.43% |
2,152
-2,848
| -57% | -$528K |
|
|
CTRC
16
DELISTED
Centric Brands Inc. Common Stock
CTRC
| $237K | 0.4% |
+69,072
| New | +$329K |
|
|
17
Legacy Housing
LEGH
$627M
| $95K | 0.16% |
+8,000
| New | +$93.5K |
|
18
CALL
BlueLinx
BXC
$458M
| – | – |
-10,000
| Closed | -$315K |
|
19
Masco
MAS
$16B
| – | – |
-129,708
| Closed | -$4.75M |
|
20
Martin Marietta Materials
MLM
$33.6B
| – | – |
-11,832
| Closed | -$2.15M |
|
|
21
CALL
Newmark Group
NMRK
$2.76B
| – | – |
-65,000
| Closed | -$727K |
|
22
Owens Corning
OC
$11.5B
| – | – |
-63,600
| Closed | -$3.45M |
|
23
PetMed Express
PETS
$43M
| – | – |
-34,453
| Closed | -$1.14M |
|
|
24
Whirlpool
WHR
$2.41B
| – | – |
-71,000
| Closed | -$8.43M |
|
25
PUT
State Street SPDR S&P Retail ETF
XRT
$367M
| – | – |
-127,500
| Closed | -$6.5M |
|
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Gratia Capital's Q4 2018 Portfolio in Review
As of Q4 2018, Gratia Capital held 29 positions worth $58.6M, down 63% from $159M the previous quarter. Its ten largest holdings account for 96% of the portfolio.
Gratia Capital withdrew a net $70.4M in Q4 2018, closing 12 positions and reducing 13 holdings. Its most notable exit was Whirlpool, an estimated $8.43M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 20% of assets, up from 18% a quarter earlier, followed by Industrials and Consumer Discretionary.
Against the trend, Gratia Capital opened a new position in State Street SPDR S&P 500 ETF Trust worth $24.2M.
- Gratia Capital's largest Q4 2018 buy was State Street SPDR S&P 500 ETF Trust: 96,800 shares worth $24.2M.
- Gratia Capital's biggest Q4 2018 reduction was FGL Holdings Ordinary Shares, cutting an estimated $11.2M.
- Gratia Capital fully exited Whirlpool in Q4 2018, selling an estimated $8.43M.
- Gratia Capital's ten largest holdings make up 96% of its $58.6M portfolio in Q4 2018.
- Gratia Capital opened 3 new positions and closed 12 in Q4 2018.
- Gratia Capital's portfolio value fell 63% quarter-over-quarter to $58.6M.
Based on Gratia Capital's 13F filing for Q4 2018, filed 13 Feb 2019.