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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
+20.42%
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
$490M
AUM Growth
+$34.7M
Cap. Flow
+$22.6M
Cap. Flow %
4.61%
Top 10 Hldgs %
66.52%
Holding
29
New
6
Increased
7
Reduced
5
Closed
5

Top Buys

Rank Stock Value
1
CLDR
Cloudera, Inc.
CLDR
+$37.1M
2
CARB
Carbonite Inc
CARB
+$27.7M
3
ILPT
Industrial Logistics Properties Trust
ILPT
+$27.5M
4
ECHO
EchoStar
ECHO
+$26.4M
5
LOGM
LogMein, Inc.
LOGM
+$26.3M

Top Sells

Rank Stock Value
1
SGI
Somnigroup International
SGI
+$25.8M
2
LNW
Light & Wonder
LNW
+$22.9M
3
RLJ.PRA icon
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
+$21.5M
4
PLAY icon
Dave & Buster's
PLAY
+$18.6M
5
GRPN icon
Groupon
GRPN
+$13.9M

Sector Composition

Rank Sector Weight
1 Technology 25.58%
2 Real Estate 18.53%
3 Consumer Discretionary 17.74%
4 Communication Services 11.79%
5 Financials 5.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EVRI
1
DELISTED
Everi Holdings
EVRI
$73.7M 15.05%
7,009,118
– –
ILPT
2
Industrial Logistics Properties Trust
ILPT
$613M
$38.3M 7.81%
1,898,009
+1,334,234
+237% +$27.5M
CLDR
3
DELISTED
Cloudera, Inc.
CLDR
$31.6M 6.44%
+2,884,700
New +$37.1M
VISN
4
Vistance Networks Inc
VISN
$2.66B
$27.9M 5.68%
1,281,776
-139,921
-10% -$2.94M
BCSF icon
5
Bain Capital Specialty
BCSF
$802M
$27M 5.51%
1,426,033
-146,108
-9% -$2.74M
CARB
6
DELISTED
Carbonite Inc
CARB
$26.7M 5.45%
+1,076,111
New +$27.7M
UHAL icon
7
U-Haul Holding Co
UHAL
$14B
$25.2M 5.13%
677,180
-50,590
-7% -$1.84M
ECHO
8
EchoStar
ECHO
$25.5B
$24.8M 5.05%
+838,033
New +$26.4M
LOGM
9
DELISTED
LogMein, Inc.
LOGM
$24.7M 5.04%
+308,300
New +$26.3M
CLPR
10
Clipper Realty
CLPR
$46.5M
$23.3M 4.76%
1,742,092
– –
SMTA
11
DELISTED
Spirit MTA REIT Common Shares of Beneficial Interest
SMTA
$22.2M 4.54%
3,427,725
+504,650
+17% +$3.78M
RVI
12
DELISTED
Retail Value Inc. Common Shares
RVI
$20.8M 4.24%
7,261,237
+2,726,763
+60% +$7.66M
STGW icon
13
Stagwell
STGW
$1.84B
$15.6M 3.18%
6,916,066
+2,588,651
+60% +$7.09M
CPLG
14
DELISTED
CorePoint Lodging Inc. Common Stock
CPLG
$14.4M 2.93%
1,287,077
+363,941
+39% +$4.7M
TLND
15
DELISTED
Talend S.A. American Depositary Shares
TLND
$13.9M 2.84%
+275,551
New +$11.8M
GDEN
16
DELISTED
Golden Entertainment
GDEN
$13.2M 2.69%
932,084
+160,800
+21% +$2.81M
GRPN icon
17
Groupon
GRPN
$980M
$12.5M 2.55%
175,982
-197,250
-53% -$13.9M
ACR
18
ACRES Commercial Realty
ACR
$126M
$10.1M 2.06%
316,595
+128,949
+69% +$4.1M
WOW
19
DELISTED
WideOpenWest
WOW
$4.98M 1.02%
547,432
-940,761
-63% -$7.69M
TPGH.WS
20
DELISTED
TPG Pace Holdings Corp. Warrants, each exercisable for one Class A Ordinary Share at an exercise pri
TPGH.WS
$845K 0.17%
500,000
– –
CISN
21
DELISTED
Cision Ltd. Ordinary Share
CISN
$629K 0.13%
+45,659
New +$588K
MOSC.WS
22
DELISTED
Mosaic Acquisition Corp. Warrants, each exercisable for one Class A Common Stock at an exercise pric
MOSC.WS
$339K 0.07%
416,667
– –
LAB icon
23
Standard BioTools
LAB
$326M
– –
-400,000
Closed -$3.45M
LNW
24
DELISTED
Light & Wonder
LNW
– –
-1,281,230
Closed -$22.9M
PLAY icon
25
Dave & Buster's
PLAY
$343M
– –
-418,408
Closed -$18.6M
1
2

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MIG
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SPA
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SM
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2C
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Indaba Capital Management's Q1 2019 Portfolio in Review

As of Q1 2019, Indaba Capital Management held 29 positions worth $490M, up 7.6% from $455M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Indaba Capital Management deployed $22.6M of net new capital in Q1 2019, opening 6 new positions and adding to 7 existing holdings. Its largest new stake was Cloudera, Inc.: 2,884,700 shares worth $31.6M.

By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 5.1% a quarter earlier, followed by Real Estate and Consumer Discretionary.

On the sell side, the largest reduction was Groupon, an estimated $13.9M trimmed.

  • Indaba Capital Management's largest Q1 2019 buy was Cloudera, Inc.: 2,884,700 shares worth $31.6M.
  • Indaba Capital Management added most to Industrial Logistics Properties Trust in Q1 2019, an estimated $27.5M increase.
  • Indaba Capital Management's biggest Q1 2019 reduction was Groupon, cutting an estimated $13.9M.
  • Indaba Capital Management fully exited Somnigroup International in Q1 2019, selling an estimated $25.8M.
  • Indaba Capital Management's ten largest holdings make up 67% of its $490M portfolio in Q1 2019.
  • Indaba Capital Management opened 6 new positions and closed 5 in Q1 2019.
  • Indaba Capital Management's portfolio value rose 7.6% quarter-over-quarter to $490M.

Based on Indaba Capital Management's 13F filing for Q1 2019, filed 15 May 2019.