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Indaba Capital Management Portfolio holdings

AUM $33.8M
1-Year Est. Return 33.83%
This Fund
S&P 500
This Quarter Est. Return
+2.22%
1 Year Est. Return
+33.83%
3 Year Est. Return
+66.66%
5 Year Est. Return
+44.49%
10 Year Est. Return
+91.89%
AUM
$434M
AUM Growth
-$171M
Cap. Flow
-$189M
Cap. Flow %
-43.52%
Top 10 Hldgs %
80.51%
Holding
26
New
4
Increased
1
Reduced
5
Closed
5

Top Buys

Rank Stock Value
1
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
+$16.1M
2
ILPT
Industrial Logistics Properties Trust
ILPT
+$15.2M
3
EVRI
Everi Holdings
EVRI
+$6.42M
4
WSC icon
WillScot Mobile Mini Holdings
WSC
+$3.2M
5
STGW icon
Stagwell
STGW
+$1.88M

Top Sells

Rank Stock Value
1
AABA
Altaba Inc
AABA
+$35.9M
2
LADR
Ladder Capital
LADR
+$34.7M
3
EQC
Equity Commonwealth
EQC
+$31.3M
4
LTRPA
Liberty TripAdvisor Holdings, Inc. Series A
LTRPA
+$22M
5
TNC icon
Tennant Co
TNC
+$18.9M

Sector Composition

Rank Sector Weight
1 Technology 28.32%
2 Real Estate 13.68%
3 Consumer Discretionary 8.94%
4 Communication Services 4.41%
5 Industrials 3.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AABA
1
DELISTED
Altaba Inc
AABA
$123M 28.32%
1,680,387
-479,000
-22% -$35.9M
RLJ.PRA icon
2
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$323M
$33.4M 7.69%
1,272,297
– –
NYRT
3
DELISTED
New York REIT, Inc.
NYRT
$30M 6.91%
1,645,561
-100
-0% -$1.98K
EVRI
4
DELISTED
Everi Holdings
EVRI
$23.9M 5.49%
3,314,517
+895,787
+37% +$6.42M
WOW
5
DELISTED
WideOpenWest
WOW
$17.7M 4.07%
1,829,062
-338,907
-16% -$2.73M
LSXMA
6
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$16.5M 3.81%
+507,854
New +$16.1M
ILPT
7
Industrial Logistics Properties Trust
ILPT
$613M
$16.1M 3.7%
+719,725
New +$15.2M
AY
8
DELISTED
Atlantica Sustainable Infrastructure plc Ordinary Shares
AY
$15.1M 3.49%
750,370
-585,395
-44% -$11.6M
ACEL icon
9
Accel Entertainment
ACEL
$979M
$15M 3.45%
1,500,000
– –
CLPR
10
Clipper Realty
CLPR
$46.5M
$14.9M 3.43%
1,742,092
– –
SIR
11
DELISTED
SELECT INCOME REIT
SIR
$14.5M 3.34%
1,470,537
-141,517
-9% -$1.27M
VVNT
12
DELISTED
Vivint Smart Home, Inc. Class A Common Stock
VVNT
$12.1M 2.79%
1,250,001
– –
WSC icon
13
WillScot Mobile Mini Holdings
WSC
$4.8B
$3.67M 0.85%
+248,026
New +$3.2M
STGW icon
14
Stagwell
STGW
$1.84B
$1.48M 0.34%
+322,211
New +$1.88M
TPGH.WS
15
DELISTED
TPG Pace Holdings Corp. Warrants, each exercisable for one Class A Ordinary Share at an exercise pri
TPGH.WS
$850K 0.2%
500,000
– –
MOSC.WS
16
DELISTED
Mosaic Acquisition Corp. Warrants, each exercisable for one Class A Common Stock at an exercise pric
MOSC.WS
$521K 0.12%
416,667
– –
LADR
17
Ladder Capital
LADR
$1.25B
– –
-2,300,088
Closed -$34.7M
TNC icon
18
Tennant Co
TNC
$1.5B
– –
-279,681
Closed -$18.9M
TRTX
19
TPG RE Finance Trust
TRTX
$666M
– –
-667,555
Closed -$13.3M
EQC
20
DELISTED
Equity Commonwealth
EQC
– –
-1,020,504
Closed -$31.3M
LTRPA
21
DELISTED
Liberty TripAdvisor Holdings, Inc. Series A
LTRPA
– –
-2,044,031
Closed -$22M

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CI
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MIG
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SPA
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SM
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2C
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SIM
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SWM
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Indaba Capital Management's Q2 2018 Portfolio in Review

As of Q2 2018, Indaba Capital Management held 26 positions worth $434M, down 28% from $605M the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Indaba Capital Management withdrew a net $189M in Q2 2018, closing 5 positions and reducing 5 holdings. Its most notable exit was Ladder Capital, an estimated $34.7M position sold in full.

By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 30% a quarter earlier, followed by Real Estate and Consumer Discretionary.

Against the trend, Indaba Capital Management opened a new position in Liberty Media Corporation Series A Liberty SiriusXM Common Stock worth $16.5M.

  • Indaba Capital Management's largest Q2 2018 buy was Liberty Media Corporation Series A Liberty SiriusXM Common Stock: 507,854 shares worth $16.5M.
  • Indaba Capital Management added most to Everi Holdings in Q2 2018, an estimated $6.42M increase.
  • Indaba Capital Management's biggest Q2 2018 reduction was Altaba Inc, cutting an estimated $35.9M.
  • Indaba Capital Management fully exited Ladder Capital in Q2 2018, selling an estimated $34.7M.
  • Indaba Capital Management's ten largest holdings make up 81% of its $434M portfolio in Q2 2018.
  • Indaba Capital Management opened 4 new positions and closed 5 in Q2 2018.
  • Indaba Capital Management's portfolio value fell 28% quarter-over-quarter to $434M.

Based on Indaba Capital Management's 13F filing for Q2 2018, filed 14 Aug 2018.