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ICM

III Capital Management Portfolio holdings

AUM $344M
1-Year Est. Return 11.22%
This Fund
S&P 500
This Quarter Est. Return
+2.77%
1 Year Est. Return
+11.22%
3 Year Est. Return
+12.16%
5 Year Est. Return
+12.02%
10 Year Est. Return
–
AUM
$791M
AUM Growth
+$237M
Cap. Flow
-$216M
Cap. Flow %
-27.32%
Top 10 Hldgs %
55.28%
Holding
108
New
21
Increased
4
Reduced
15
Closed
13

Top Buys

Rank Stock Value
1
BSX icon
Boston Scientific
BSX
+$9.33M
2
PCGU
PG&E Corporation
PCGU
+$5.68M
3
NEE.PRP
NextEra Energy, Inc. 5.279% Corporate Units
NEE.PRP
+$4.25M
4
CHNGU
Change Healthcare Inc. Tangible Equity Units
CHNGU
+$2.95M
5
DAL icon
Delta Air Lines
DAL
+$2.73M

Top Sells

Rank Stock Value
1
DHR.PRA
Danaher Corporation 4.75% Mandatory Convertible Preferred Stock, Series A
DHR.PRA
+$16.2M
2
GFLU
GFL Environmental Inc. Tangible Equity Units
GFLU
+$3.02M
3
SOLN
The Southern Company
SOLN
+$2.33M
4
BKNG icon
Booking.com
BKNG
+$1.64M
5
LBRDK icon
Liberty Broadband Class C
LBRDK
+$1.22M

Sector Composition

Rank Sector Weight
1 Healthcare 1.65%
2 Consumer Discretionary 1.17%
3 Industrials 1.11%
4 Communication Services 0.67%
5 Real Estate 0.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TSIAU
26
DELISTED
TS Innovation Acquisitions Corp. Unit
TSIAU
$1.05M 0.13%
+100,000
New +$1.02M
CONXU
27
DELISTED
CONX Corp. Unit
CONXU
$783K 0.1%
+75,000
New +$761K
CAS.U
28
DELISTED
Cascade Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-half o
CAS.U
$783K 0.1%
+75,000
New +$763K
QVCGA
29
DELISTED
QVC Group Inc Series A
QVCGA
$767K 0.1%
1,400
-2,000
-59% -$900K
LAMR icon
30
Lamar Advertising Co
LAMR
$16.2B
$707K 0.09%
+8,500
New +$636K
PHM icon
31
Pultegroup
PHM
$24.9B
$689K 0.09%
16,000
– –
YSAC.U
32
DELISTED
Yellowstone Acquisition Company Units, each consisting of one share of Class A common stock and one-
YSAC.U
$679K 0.09%
+63,840
New +$656K
SPNV.U
33
DELISTED
Supernova Partners Acquisition Company, Inc. Units, each consisting of one share of Class A common s
SPNV.U
$580K 0.07%
+50,000
New +$530K
HIGA.U
34
DELISTED
H.I.G. Acquisition Corp. Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant
HIGA.U
$555K 0.07%
+53,222
New +$538K
IQ icon
35
PUT
iQIYI
IQ
$1.28B
$452K 0.06%
9,500
– –
JOYY
36
PUT
JOYY Inc
JOYY
$3.75B
$391K 0.05%
+1,158
New +$99.5K
MDC
37
DELISTED
M.D.C. Holdings, Inc.
MDC
$364K 0.05%
8,100
– –
BABA icon
38
CALL
Alibaba
BABA
$307B
$338K 0.04%
125
-320
-72% -$88.8K
ASPL.U
39
DELISTED
Aspirational Consumer Lifestyle Corp. Units, each consisting of one Class A ordinary share and one-t
ASPL.U
$318K 0.04%
30,460
-19,540
-39% -$197K
GOAC.U
40
DELISTED
GO Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-third of on
GOAC.U
$317K 0.04%
29,861
-45,139
-60% -$458K
BSX icon
41
CALL
Boston Scientific
BSX
$71.8B
$228K 0.03%
+1,000
New +$36K
FLACU
42
DELISTED
Frazier Lifesciences Acquisition Corporation Unit
FLACU
$155K 0.02%
+15,000
New +$157K
CRHC.U
43
DELISTED
Cohn Robbins Holdings Corp. Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant
CRHC.U
$145K 0.02%
13,556
-19,705
-59% -$201K
TMPMU
44
DELISTED
Turmeric Acquisition Corp. Unit
TMPMU
$133K 0.02%
+13,005
New +$132K
LOKB.U
45
DELISTED
Live Oak Acquisition Corp. II Units, each consisting of one share of Class A common stock and one-th
LOKB.U
$108K 0.01%
+10,000
New +$105K
SYNA icon
46
PUT
Synaptics
SYNA
$4.14B
$107K 0.01%
1,000
– –
NSH.U
47
DELISTED
NavSight Holdings, Inc. Units, each consisting of one share of Class A Common Stock and one-half of
NSH.U
$105K 0.01%
10,196
-14,804
-59% -$150K
TVACU
48
DELISTED
Thayer Ventures Acquisition Corporation Units
TVACU
$104K 0.01%
+10,000
New +$104K
ILMN icon
49
CALL
Illumina
ILMN
$28.9B
$77K 0.01%
118
– –
IONS icon
50
PUT
Ionis Pharmaceuticals
IONS
$9.21B
$75K 0.01%
1,000
– –
1
2
3

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III Capital Management's Q4 2020 Portfolio in Review

As of Q4 2020, III Capital Management held 108 positions worth $791M, up 43% from $554M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

III Capital Management withdrew a net $216M in Q4 2020, closing 13 positions and reducing 15 holdings. Its most notable exit was Danaher Corporation 4.75% Mandatory Convertible Preferred Stock, Series A, an estimated $16.2M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 1.7% of assets, up from 0.64% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, III Capital Management opened a new position in Boston Scientific worth $9.31M.

  • III Capital Management's largest Q4 2020 buy was Boston Scientific: 259,000 shares worth $9.31M.
  • III Capital Management added most to PG&E Corporation in Q4 2020, an estimated $5.68M increase.
  • III Capital Management's biggest Q4 2020 reduction was GFL Environmental Inc. Tangible Equity Units, cutting an estimated $3.02M.
  • III Capital Management fully exited Danaher Corporation 4.75% Mandatory Convertible Preferred Stock, Series A in Q4 2020, selling an estimated $16.2M.
  • III Capital Management's ten largest holdings make up 55% of its $791M portfolio in Q4 2020.
  • III Capital Management opened 21 new positions and closed 13 in Q4 2020.
  • III Capital Management's portfolio value rose 43% quarter-over-quarter to $791M.

Based on III Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.