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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
-4.55%
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
$428M
AUM Growth
-$89.4M
Cap. Flow
-$129M
Cap. Flow %
-30.2%
Top 10 Hldgs %
78.03%
Holding
24
New
2
Increased
3
Reduced
4
Closed
5

Top Buys

Rank Stock Value
1
LAB icon
Standard BioTools
LAB
+$21.4M
2
SMTA
Spirit MTA REIT Common Shares of Beneficial Interest
SMTA
+$6.41M
3
RVI
Retail Value Inc. Common Shares
RVI
+$2.58M
4
PLAY icon
Dave & Buster's
PLAY
+$1.77M
5
CBL
CBL& Associates Properties, Inc.
CBL
+$1.41M

Top Sells

Rank Stock Value
1
VISN
Vistance Networks Inc
VISN
+$24.8M
2
LOGM
LogMein, Inc.
LOGM
+$23.5M
3
CARB
Carbonite Inc
CARB
+$22.9M
4
ECHO
EchoStar
ECHO
+$18M
5
CLDR
Cloudera, Inc.
CLDR
+$15.9M

Sector Composition

Rank Sector Weight
1 Real Estate 29.21%
2 Consumer Discretionary 16.79%
3 Communication Services 14.68%
4 Industrials 5.68%
5 Financials 5.13%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EVRI
1
DELISTED
Everi Holdings
EVRI
$59.3M 13.86%
7,009,118
– –
ILPT
2
Industrial Logistics Properties Trust
ILPT
$613M
$39.9M 9.33%
1,878,030
-661,128
-26% -$14.1M
RVI
3
DELISTED
Retail Value Inc. Common Shares
RVI
$36.2M 8.47%
10,657,604
+764,298
+8% +$2.58M
SMTA
4
DELISTED
Spirit MTA REIT Common Shares of Beneficial Interest
SMTA
$35.7M 8.34%
4,229,177
+758,762
+22% +$6.41M
PLAY icon
5
Dave & Buster's
PLAY
$343M
$25.5M 5.96%
655,028
+44,028
+7% +$1.77M
UHAL icon
6
U-Haul Holding Co
UHAL
$14B
$24.3M 5.68%
623,010
-32,250
-5% -$1.19M
RMR icon
7
The RMR Group
RMR
$342M
$22.7M 5.31%
500,000
– –
BCSF icon
8
Bain Capital Specialty
BCSF
$802M
$22M 5.13%
1,179,700
-167,405
-12% -$3.02M
STGW icon
9
Stagwell
STGW
$1.84B
$20.3M 4.73%
7,181,301
– –
CLPR
10
Clipper Realty
CLPR
$46.5M
$17.8M 4.15%
1,742,092
– –
ECHO
11
EchoStar
ECHO
$25.5B
$17.1M 3.99%
430,412
-497,463
-54% -$18M
LAB icon
12
Standard BioTools
LAB
$326M
$12.6M 2.95%
+2,721,288
New +$21.4M
GDEN
13
DELISTED
Golden Entertainment
GDEN
$12.5M 2.93%
942,099
– –
ACR
14
ACRES Commercial Realty
ACR
$126M
$10.8M 2.52%
316,595
– –
CBL
15
DELISTED
CBL& Associates Properties, Inc.
CBL
$1.74M 0.41%
+1,349,934
New +$1.41M
TPGH.WS
16
DELISTED
TPG Pace Holdings Corp. Warrants, each exercisable for one Class A Ordinary Share at an exercise pri
TPGH.WS
$790K 0.18%
500,000
– –
MOSC.WS
17
DELISTED
Mosaic Acquisition Corp. Warrants, each exercisable for one Class A Common Stock at an exercise pric
MOSC.WS
$479K 0.11%
416,667
– –
VISN
18
Vistance Networks Inc
VISN
$2.66B
– –
-1,574,776
Closed -$24.8M
GCP
19
DELISTED
GCP Applied Technologies Inc.
GCP
– –
-617,289
Closed -$14M
CLDR
20
DELISTED
Cloudera, Inc.
CLDR
– –
-3,022,322
Closed -$15.9M
LOGM
21
DELISTED
LogMein, Inc.
LOGM
– –
-319,247
Closed -$23.5M
CARB
22
DELISTED
Carbonite Inc
CARB
– –
-878,366
Closed -$22.9M

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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 Q3 2019 Portfolio in Review

As of Q3 2019, Indaba Capital Management held 24 positions worth $428M, down 17% from $517M the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Indaba Capital Management withdrew a net $129M in Q3 2019, closing 5 positions and reducing 4 holdings. Its most notable exit was Vistance Networks Inc, an estimated $24.8M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 29% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Indaba Capital Management opened a new position in Standard BioTools worth $12.6M.

  • Indaba Capital Management's largest Q3 2019 buy was Standard BioTools: 2,721,288 shares worth $12.6M.
  • Indaba Capital Management added most to Spirit MTA REIT Common Shares of Beneficial Interest in Q3 2019, an estimated $6.41M increase.
  • Indaba Capital Management's biggest Q3 2019 reduction was EchoStar, cutting an estimated $18M.
  • Indaba Capital Management fully exited Vistance Networks Inc in Q3 2019, selling an estimated $24.8M.
  • Indaba Capital Management's ten largest holdings make up 78% of its $428M portfolio in Q3 2019.
  • Indaba Capital Management opened 2 new positions and closed 5 in Q3 2019.
  • Indaba Capital Management's portfolio value fell 17% quarter-over-quarter to $428M.

Based on Indaba Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.