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HC

Hourglass Capital Portfolio holdings

AUM $508M
1-Year Est. Return 32.5%
This Fund
S&P 500
This Quarter Est. Return
+2.68%
1 Year Est. Return
+32.5%
3 Year Est. Return
+89.61%
5 Year Est. Return
+121.03%
10 Year Est. Return
+312.1%
AUM
$600M
AUM Growth
-$25.3M
Cap. Flow
-$34.9M
Cap. Flow %
-5.82%
Top 10 Hldgs %
30.54%
Holding
133
New
17
Increased
27
Reduced
47
Closed
16

Top Buys

Rank Stock Value
1
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$10.7M
2
CIE
Cobalt International Energy, Inc
CIE
+$9.44M
3
EWW icon
iShares MSCI Mexico ETF
EWW
+$8.55M
4
EWZ icon
iShares MSCI Brazil ETF
EWZ
+$8.41M
5
ELV icon
Elevance Health
ELV
+$7.32M

Top Sells

Rank Stock Value
1
NUAN
Nuance Communications, Inc.
NUAN
+$12.8M
2
M icon
Macy's
M
+$7.82M
3
MS icon
Morgan Stanley
MS
+$7.15M
4
INTC icon
Intel
INTC
+$7M
5
RAIL icon
FreightCar America
RAIL
+$6.92M

Sector Composition

Rank Sector Weight
1 Industrials 19.01%
2 Energy 17.72%
3 Financials 12.03%
4 Technology 9.2%
5 Real Estate 8.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IBM icon
101
IBM
IBM
$213B
$269K 0.04%
1,464
– –
BCR
102
DELISTED
CR Bard Inc.
BCR
$268K 0.04%
1,809
– –
HD icon
103
Home Depot
HD
$337B
$262K 0.04%
3,314
– –
RDS.A
104
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
$239K 0.04%
+3,267
New +$234K
TGT icon
105
Target
TGT
$66.3B
$237K 0.04%
3,924
– –
SO icon
106
Southern Company
SO
$108B
$236K 0.04%
5,370
– –
AKAM icon
107
Akamai
AKAM
$15.6B
$233K 0.04%
+4,000
New +$221K
DD icon
108
DuPont de Nemours
DD
$18.6B
$232K 0.04%
1,888
-51,895
-96% -$6.12M
F icon
109
Ford
F
$60.9B
$226K 0.04%
14,497
+1,797
+14% +$27.8K
COST icon
110
Costco
COST
$432B
$219K 0.04%
1,962
– –
LOW icon
111
Lowe's Companies
LOW
$121B
$219K 0.04%
4,485
– –
TM icon
112
Toyota
TM
$228B
$215K 0.04%
1,900
– –
ADSK icon
113
Autodesk
ADSK
$51.8B
$211K 0.04%
4,300
– –
ACN icon
114
Accenture
ACN
$106B
$206K 0.03%
2,580
– –
ATO icon
115
Atmos Energy
ATO
$29.7B
$203K 0.03%
+4,300
New +$198K
UMH
116
UMH Properties
UMH
$1.34B
$167K 0.03%
17,025
– –
ESXB
117
DELISTED
Community Bankers Trust Corporation
ESXB
$100K 0.02%
24,895
– –
FE icon
118
FirstEnergy
FE
$28.4B
– –
-72,360
Closed -$2.39M
KMB icon
119
Kimberly-Clark
KMB
$37.6B
– –
-41,105
Closed -$4.12M
OXY icon
120
CALL
Occidental Petroleum
OXY
$55.7B
– –
-288,708
Closed -$26.3M
VFC icon
121
VF Corp
VFC
$5.92B
– –
-44,154
Closed -$2.59M
NUAN
122
DELISTED
Nuance Communications, Inc.
NUAN
– –
-969,969
Closed -$12.8M
BWP
123
DELISTED
Boardwalk Pipeline Partners
BWP
– –
-107,270
Closed -$2.74M
CIE
124
CALL
DELISTED
Cobalt International Energy, Inc
CIE
– –
-46,660
Closed -$11.5M
UFS
125
DELISTED
DOMTAR CORPORATION (New)
UFS
– –
-139,800
Closed -$6.59M
1 2 3 4
5

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MC
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OA
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MCA
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MCM
Maltese Capital Management New York $508M AUM 21.31% 1-Year Est. Return
WMG
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PWMG
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PP
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RFG
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Hourglass Capital's Q1 2014 Portfolio in Review

As of Q1 2014, Hourglass Capital held 133 positions worth $600M, down 4% from $625M the previous quarter. Its ten largest holdings account for 31% of the portfolio.

Hourglass Capital withdrew a net $34.9M in Q1 2014, closing 16 positions and reducing 47 holdings. Its most notable exit was Nuance Communications, Inc., an estimated $12.8M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 19% of assets, up from 15% a quarter earlier, followed by Energy and Financials.

Against the trend, Hourglass Capital opened a new position in iShares MSCI Emerging Markets ETF worth $11.2M.

  • Hourglass Capital's largest Q1 2014 buy was iShares MSCI Emerging Markets ETF: 273,345 shares worth $11.2M.
  • Hourglass Capital added most to Cobalt International Energy, Inc in Q1 2014, an estimated $9.44M increase.
  • Hourglass Capital's biggest Q1 2014 reduction was Macy's, cutting an estimated $7.82M.
  • Hourglass Capital fully exited Nuance Communications, Inc. in Q1 2014, selling an estimated $12.8M.
  • Hourglass Capital's ten largest holdings make up 31% of its $600M portfolio in Q1 2014.
  • Hourglass Capital opened 17 new positions and closed 16 in Q1 2014.
  • Hourglass Capital's portfolio value fell 4% quarter-over-quarter to $600M.

Based on Hourglass Capital's 13F filing for Q1 2014, filed 6 May 2014.