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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
+13.23%
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
$247M
AUM Growth
-$181M
Cap. Flow
-$164M
Cap. Flow %
-66.29%
Top 10 Hldgs %
90.46%
Holding
21
New
3
Increased
4
Reduced
3
Closed
5

Top Buys

Rank Stock Value
1
DBD
Diebold Nixdorf Incorporated
DBD
+$8.83M
2
PRTY
Party City Holdco Inc.
PRTY
+$7.97M
3
CBL
CBL& Associates Properties, Inc.
CBL
+$5.81M
4
RVI
Retail Value Inc. Common Shares
RVI
+$3.75M
5
LAB icon
Standard BioTools
LAB
+$2.12M

Top Sells

Rank Stock Value
1
ILPT
Industrial Logistics Properties Trust
ILPT
+$33.2M
2
EVRI
Everi Holdings
EVRI
+$32M
3
PLAY icon
Dave & Buster's
PLAY
+$25.5M
4
UHAL icon
U-Haul Holding Co
UHAL
+$24.3M
5
RMR icon
The RMR Group
RMR
+$22.7M

Sector Composition

Rank Sector Weight
1 Real Estate 32.69%
2 Consumer Discretionary 30.21%
3 Communication Services 8.08%
4 Healthcare 4.68%
5 Technology 4.25%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EVRI
1
DELISTED
Everi Holdings
EVRI
$56.5M 22.88%
4,206,589
-2,802,529
-40% -$32M
RVI
2
DELISTED
Retail Value Inc. Common Shares
RVI
$39.8M 16.11%
11,778,738
+1,121,134
+11% +$3.75M
STGW icon
3
Stagwell
STGW
$1.84B
$20M 8.08%
7,181,301
– –
CLPR
4
Clipper Realty
CLPR
$46.5M
$18.5M 7.48%
1,742,092
– –
GDEN
5
DELISTED
Golden Entertainment
GDEN
$18.1M 7.33%
942,099
– –
ACR
6
ACRES Commercial Realty
ACR
$126M
$13.2M 5.33%
371,247
+54,652
+17% +$1.92M
LAB icon
7
Standard BioTools
LAB
$326M
$11.6M 4.68%
3,322,988
+601,700
+22% +$2.12M
DBD
8
DELISTED
Diebold Nixdorf Incorporated
DBD
$10.5M 4.25%
+995,045
New +$8.83M
BCSF icon
9
Bain Capital Specialty
BCSF
$802M
$8.36M 3.39%
431,254
-748,446
-63% -$14.1M
ILPT
10
Industrial Logistics Properties Trust
ILPT
$613M
$7.4M 3%
330,201
-1,547,829
-82% -$33.2M
CBL
11
DELISTED
CBL& Associates Properties, Inc.
CBL
$6.08M 2.46%
5,787,879
+4,437,945
+329% +$5.81M
PRTY
12
DELISTED
Party City Holdco Inc.
PRTY
$4.95M 2%
+2,116,000
New +$7.97M
SMTA
13
DELISTED
Spirit MTA REIT Common Shares of Beneficial Interest
SMTA
$3.25M 1.31%
4,229,177
– –
ACEL.WS
14
DELISTED
Accel Entertainment Inc Warrant
ACEL.WS
$1.48M 0.6%
+500,000
New +$1.32M
MOSC.WS
15
DELISTED
Mosaic Acquisition Corp. Warrants, each exercisable for one Class A Common Stock at an exercise pric
MOSC.WS
$404K 0.16%
416,667
– –
PLAY icon
16
Dave & Buster's
PLAY
$343M
– –
-655,028
Closed -$25.5M
RMR icon
17
The RMR Group
RMR
$342M
– –
-500,000
Closed -$22.7M
ECHO
18
EchoStar
ECHO
$25.5B
– –
-430,412
Closed -$17.1M
UHAL icon
19
U-Haul Holding Co
UHAL
$14B
– –
-623,010
Closed -$24.3M
TPGH.WS
20
DELISTED
TPG Pace Holdings Corp. Warrants, each exercisable for one Class A Ordinary Share at an exercise pri
TPGH.WS
– –
-500,000
Closed -$790K

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APM
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CI
Centerstone Investors New York $31.8M AUM 32.46% 1-Year Est. Return
MIG
Meketa Investment Group Westwood, Massachusetts $29.6M AUM 2.01% 1-Year Est. Return
SPA
Sherbrooke Park Advisers White Plains, New York $38.7M AUM 5.29% 1-Year Est. Return
SM
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2C
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SIM
Sandia Investment Management Boston, Massachusetts $40.1M AUM 14.58% 1-Year Est. Return
SWM
Stark Wealth Management Bethlehem, Pennsylvania $26.6M AUM 23.19% 1-Year Est. Return

Indaba Capital Management's Q4 2019 Portfolio in Review

As of Q4 2019, Indaba Capital Management held 21 positions worth $247M, down 42% from $428M the previous quarter. Its ten largest holdings account for 90% of the portfolio.

Indaba Capital Management withdrew a net $164M in Q4 2019, closing 5 positions and reducing 3 holdings. Its most notable exit was Dave & Buster's, an estimated $25.5M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 33% of assets, up from 29% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Indaba Capital Management opened a new position in Diebold Nixdorf Incorporated worth $10.5M.

  • Indaba Capital Management's largest Q4 2019 buy was Diebold Nixdorf Incorporated: 995,045 shares worth $10.5M.
  • Indaba Capital Management added most to CBL& Associates Properties, Inc. in Q4 2019, an estimated $5.81M increase.
  • Indaba Capital Management's biggest Q4 2019 reduction was Industrial Logistics Properties Trust, cutting an estimated $33.2M.
  • Indaba Capital Management fully exited Dave & Buster's in Q4 2019, selling an estimated $25.5M.
  • Indaba Capital Management's ten largest holdings make up 90% of its $247M portfolio in Q4 2019.
  • Indaba Capital Management opened 3 new positions and closed 5 in Q4 2019.
  • Indaba Capital Management's portfolio value fell 42% quarter-over-quarter to $247M.

Based on Indaba Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.