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ICM

Indaba Capital Management Portfolio holdings

AUM $33.8M
1-Year Est. Return 33.83%
This Fund
S&P 500
This Quarter Est. Return
-3.33%
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
$933M
AUM Growth
-$11.4M
Cap. Flow
-$204M
Cap. Flow %
-21.88%
Top 10 Hldgs %
55.47%
Holding
64
New
5
Increased
6
Reduced
4
Closed
16

Top Buys

Rank Stock Value
1
HRT
HireRight Holdings Corporation
HRT
+$51.8M
2
BLND icon
Blend Labs
BLND
+$46M
3
CXM icon
Sprinklr
CXM
+$33.4M
4
FA icon
First Advantage
FA
+$24.1M
5
ONTF
ON24
ONTF
+$20.1M

Top Sells

Rank Stock Value
1
STGW icon
Stagwell
STGW
+$29M
2
RVI
Retail Value Inc. Common Shares
RVI
+$26.7M
3
PSFE icon
Paysafe
PSFE
+$26.4M
4
AGL icon
Agilon Health
AGL
+$13.1M
5
MSP
Datto Holding Corp.
MSP
+$10.7M

Sector Composition

Rank Sector Weight
1 Technology 39.7%
2 Industrials 7.86%
3 Communication Services 7.73%
4 Consumer Discretionary 5.92%
5 Financials 4.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IS
1
DELISTED
ironSource Ltd.
IS
$71.6M 7.68%
9,248,263
– –
SNPO
2
DELISTED
Snap One Holdings Corp. Common Stock
SNPO
$64.7M 6.94%
3,069,000
+69,000
+2% +$1.31M
ONTF
3
DELISTED
ON24
ONTF
$60.7M 6.51%
3,500,000
+1,126,327
+47% +$20.1M
HRT
4
DELISTED
HireRight Holdings Corporation
HRT
$49.5M 5.31%
+3,096,533
New +$51.8M
MCFE
5
DELISTED
McAfee Corp. Class A Common Stock
MCFE
$45.8M 4.91%
1,774,550
+124,550
+8% +$3M
BLND icon
6
Blend Labs
BLND
$409M
$44.6M 4.78%
6,075,000
+3,972,171
+189% +$46M
INST
7
DELISTED
Instructure Holdings, Inc.
INST
$44M 4.72%
1,835,668
+81,959
+5% +$1.98M
BNFT
8
DELISTED
Benefitfocus, Inc.
BNFT
$35.3M 3.78%
3,307,081
– –
CXM icon
9
Sprinklr
CXM
$1.33B
$32.4M 3.48%
+2,044,172
New +$33.4M
STGW icon
10
Stagwell
STGW
$1.84B
$32.3M 3.47%
3,730,201
-3,376,795
-48% -$29M
LAB icon
11
Standard BioTools
LAB
$326M
$29.2M 3.13%
7,446,229
– –
HLLY icon
12
Holley
HLLY
$314M
$28.4M 3.05%
2,188,188
-111,812
-5% -$1.35M
OBDC icon
13
Blue Owl Capital
OBDC
$5.35B
$27.1M 2.9%
1,910,718
-160,000
-8% -$2.29M
GDEN
14
DELISTED
Golden Entertainment
GDEN
$26.8M 2.88%
530,691
+36,300
+7% +$1.8M
IAS
15
DELISTED
Integral Ad Science
IAS
$26.4M 2.83%
1,188,298
-288,165
-20% -$6.56M
FA icon
16
First Advantage
FA
$3.37B
$23.8M 2.55%
+1,250,000
New +$24.1M
PLAY icon
17
Dave & Buster's
PLAY
$343M
$13.3M 1.43%
+347,000
New +$12.9M
DGNU
18
DELISTED
Dragoneer Growth Opportunities Corp. III Class A Ordinary Shares
DGNU
$9.77M 1.05%
1,000,000
– –
MLNK
19
DELISTED
MeridianLink
MLNK
$6.47M 0.69%
300,000
– –
AGCB
20
DELISTED
Altimeter Growth Corp 2
AGCB
$4.93M 0.53%
500,000
– –
HLLY.WS
21
DELISTED
Holley Inc Warrants
HLLY.WS
$2.64M 0.28%
669,159
– –
BCIC
22
BCP Investment Corp
BCIC
$86.9M
$1.57M 0.17%
+63,403
New +$1.55M
CZOO.WS
23
DELISTED
Cazoo Group Ltd Redeemable Warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
CZOO.WS
$675K 0.07%
750,000
– –
OPAD.WS
24
DELISTED
Offerpad Solutions Inc. Warrants, Every 15 warrants will be exercisable for one share of Class A Common Stock at an exercise price of $172.50 per share of Class A Common Stock
OPAD.WS
$285K 0.03%
266,667
– –
CRU.WS
25
DELISTED
Crucible Acquisition Corporation Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
CRU.WS
$234K 0.03%
329,623
– –
1
2 3

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MIG
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Indaba Capital Management's Q4 2021 Portfolio in Review

As of Q4 2021, Indaba Capital Management held 64 positions worth $933M, down 1.2% from $944M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Indaba Capital Management withdrew a net $204M in Q4 2021, closing 16 positions and reducing 4 holdings. Its most notable exit was Retail Value Inc. Common Shares, an estimated $26.7M position sold in full.

By sector, the portfolio is most concentrated in Technology at 40% of assets, up from 37% a quarter earlier, followed by Industrials and Communication Services.

Against the trend, Indaba Capital Management opened a new position in HireRight Holdings Corporation worth $49.5M.

  • Indaba Capital Management's largest Q4 2021 buy was HireRight Holdings Corporation: 3,096,533 shares worth $49.5M.
  • Indaba Capital Management added most to Blend Labs in Q4 2021, an estimated $46M increase.
  • Indaba Capital Management's biggest Q4 2021 reduction was Stagwell, cutting an estimated $29M.
  • Indaba Capital Management fully exited Retail Value Inc. Common Shares in Q4 2021, selling an estimated $26.7M.
  • Indaba Capital Management's ten largest holdings make up 55% of its $933M portfolio in Q4 2021.
  • Indaba Capital Management opened 5 new positions and closed 16 in Q4 2021.
  • Indaba Capital Management's portfolio value fell 1.2% quarter-over-quarter to $933M.

Based on Indaba Capital Management's 13F filing for Q4 2021, filed 14 Feb 2022.