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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
-43.73%
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
$186M
AUM Growth
-$61.4M
Cap. Flow
+$88.9M
Cap. Flow %
47.9%
Top 10 Hldgs %
83.1%
Holding
28
New
12
Increased
3
Reduced
1
Closed
7

Top Buys

Rank Stock Value
1
CSOD
Cornerstone OnDemand, Inc.
CSOD
+$51.1M
2
SBGI icon
Sinclair Inc
SBGI
+$31.2M
3
PPD
PPD, Inc. Common Stock
PPD
+$25.5M
4
BERY
Berry Global Group, Inc.
BERY
+$12.2M
5
ABR icon
Arbor Realty Trust
ABR
+$7.1M

Top Sells

Rank Stock Value
1
ACR
ACRES Commercial Realty
ACR
+$13.2M
2
DBD
Diebold Nixdorf Incorporated
DBD
+$10.5M
3
BCSF icon
Bain Capital Specialty
BCSF
+$8.36M
4
ILPT
Industrial Logistics Properties Trust
ILPT
+$7.4M
5
PRTY
Party City Holdco Inc.
PRTY
+$4.95M

Sector Composition

Rank Sector Weight
1 Communication Services 18.95%
2 Real Estate 18.18%
3 Healthcare 14.97%
4 Consumer Discretionary 11.15%
5 Materials 5.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CSOD
1
DELISTED
Cornerstone OnDemand, Inc.
CSOD
$33.3M 17.93%
+1,047,908
New +$51.1M
SBGI icon
2
Sinclair Inc
SBGI
$974M
$19.3M 10.39%
+1,198,502
New +$31.2M
PPD
3
DELISTED
PPD, Inc. Common Stock
PPD
$18.1M 9.74%
+1,015,079
New +$25.5M
RVI
4
DELISTED
Retail Value Inc. Common Shares
RVI
$15.2M 8.21%
13,540,572
+1,761,834
+15% +$4.6M
EVRI
5
DELISTED
Everi Holdings
EVRI
$14.5M 7.8%
4,383,290
+176,701
+4% +$1.8M
STGW icon
6
Stagwell
STGW
$1.84B
$10.4M 5.61%
7,181,301
– –
BERY
7
DELISTED
Berry Global Group, Inc.
BERY
$10.3M 5.55%
+332,416
New +$12.2M
LAB icon
8
Standard BioTools
LAB
$326M
$9.7M 5.23%
3,819,966
+496,978
+15% +$1.63M
CLPR
9
Clipper Realty
CLPR
$46.5M
$9.02M 4.86%
1,742,092
– –
GDEN
10
DELISTED
Golden Entertainment
GDEN
$6.23M 3.36%
942,099
– –
BL icon
11
BlackLine
BL
$1.69B
$6.01M 3.24%
+114,308
New +$6.69M
WOW
12
DELISTED
WideOpenWest
WOW
$5.48M 2.95%
+1,150,861
New +$6.98M
BRMK
13
DELISTED
Broadmark Realty Capital Inc. Common Stock
BRMK
$3.68M 1.99%
+489,950
New +$5.4M
ABR icon
14
Arbor Realty Trust
ABR
$960M
$2.84M 1.53%
+580,500
New +$7.1M
MIME
15
DELISTED
Mimecast Limited
MIME
$2.83M 1.53%
+80,205
New +$3.47M
LADR
16
Ladder Capital
LADR
$1.25B
$1.56M 0.84%
+330,000
New +$5.01M
TRTX
17
TPG RE Finance Trust
TRTX
$666M
$1.26M 0.68%
+230,000
New +$3.97M
ACEL.WS
18
DELISTED
Accel Entertainment Inc Warrant
ACEL.WS
$750K 0.4%
500,000
– –
VVNT.WS
19
DELISTED
Vivint Smart Home, Inc. Warrants, each exercisable for one Class A Common Stock at an exercise price
VVNT.WS
$582K 0.31%
+416,667
New +$779K
CBL
20
DELISTED
CBL& Associates Properties, Inc.
CBL
$127K 0.07%
632,561
-5,155,318
-89% -$3.5M
ACR
21
ACRES Commercial Realty
ACR
$126M
– –
-371,247
Closed -$13.2M
BCSF icon
22
Bain Capital Specialty
BCSF
$802M
– –
-431,254
Closed -$8.36M
ILPT
23
Industrial Logistics Properties Trust
ILPT
$613M
– –
-330,201
Closed -$7.4M
DBD
24
DELISTED
Diebold Nixdorf Incorporated
DBD
– –
-995,045
Closed -$10.5M
PRTY
25
DELISTED
Party City Holdco Inc.
PRTY
– –
-2,116,000
Closed -$4.95M
1
2

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MIG
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SPA
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SWM
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Indaba Capital Management's Q1 2020 Portfolio in Review

As of Q1 2020, Indaba Capital Management held 28 positions worth $186M, down 25% from $247M the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Indaba Capital Management deployed $88.9M of net new capital in Q1 2020, opening 12 new positions and adding to 3 existing holdings. Its largest new stake was Cornerstone OnDemand, Inc.: 1,047,908 shares worth $33.3M.

By sector, the portfolio is most concentrated in Communication Services at 19% of assets, up from 8.1% a quarter earlier, followed by Real Estate and Healthcare.

On the sell side, the largest reduction was CBL& Associates Properties, Inc., an estimated $3.5M trimmed.

  • Indaba Capital Management's largest Q1 2020 buy was Cornerstone OnDemand, Inc.: 1,047,908 shares worth $33.3M.
  • Indaba Capital Management added most to Retail Value Inc. Common Shares in Q1 2020, an estimated $4.6M increase.
  • Indaba Capital Management's biggest Q1 2020 reduction was CBL& Associates Properties, Inc., cutting an estimated $3.5M.
  • Indaba Capital Management fully exited ACRES Commercial Realty in Q1 2020, selling an estimated $13.2M.
  • Indaba Capital Management's ten largest holdings make up 83% of its $186M portfolio in Q1 2020.
  • Indaba Capital Management opened 12 new positions and closed 7 in Q1 2020.
  • Indaba Capital Management's portfolio value fell 25% quarter-over-quarter to $186M.

Based on Indaba Capital Management's 13F filing for Q1 2020, filed 15 May 2020.