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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
-1.46%
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
$650M
AUM Growth
-$110M
Cap. Flow
-$281M
Cap. Flow %
-43.24%
Top 10 Hldgs %
58.58%
Holding
48
New
–
Increased
4
Reduced
7
Closed
4

Top Buys

Rank Stock Value
1
BLKB icon
Blackbaud
BLKB
+$11.4M
2
TRHC
Tabula Rasa HealthCare, Inc. Common Stock
TRHC
+$5.8M
3
EVBG
Everbridge, Inc. Common Stock
EVBG
+$3.27M
4
MNTV
Momentive Global Inc. Common Stock
MNTV
+$1.37M

Top Sells

Rank Stock Value
1
ZEN
ZENDESK INC
ZEN
+$58M
2
INST
Instructure Holdings, Inc.
INST
+$19.2M
3
HRT
HireRight Holdings Corporation
HRT
+$13.6M
4
FA icon
First Advantage
FA
+$8.63M
5
IS
ironSource Ltd.
IS
+$2.38M

Sector Composition

Rank Sector Weight
1 Technology 33.63%
2 Industrials 14.3%
3 Communication Services 7.91%
4 Consumer Discretionary 6.7%
5 Healthcare 1.26%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HRT
1
DELISTED
HireRight Holdings Corporation
HRT
$42.2M 6.5%
2,767,440
-856,981
-24% -$13.6M
ONTF
2
DELISTED
ON24
ONTF
$37.3M 5.74%
4,240,256
– –
BLKB icon
3
Blackbaud
BLKB
$1.5B
$33.9M 5.22%
769,891
+210,837
+38% +$11.4M
CXM icon
4
Sprinklr
CXM
$1.33B
$32.5M 5%
3,527,929
– –
SPLK
5
DELISTED
Splunk Inc
SPLK
$32.4M 4.98%
430,462
-22,502
-5% -$2.21M
SNPO
6
DELISTED
Snap One Holdings Corp. Common Stock
SNPO
$31.5M 4.85%
3,109,281
– –
TRHC
7
DELISTED
Tabula Rasa HealthCare, Inc. Common Stock
TRHC
$31.3M 4.82%
6,521,578
+1,352,554
+26% +$5.8M
BNFT
8
DELISTED
Benefitfocus, Inc.
BNFT
$25.2M 3.87%
3,963,694
– –
MNTV
9
DELISTED
Momentive Global Inc. Common Stock
MNTV
$24.2M 3.72%
4,163,276
+176,226
+4% +$1.37M
INST
10
DELISTED
Instructure Holdings, Inc.
INST
$23.1M 3.55%
1,036,091
-823,412
-44% -$19.2M
IAA
11
DELISTED
IAA, Inc. Common Stock
IAA
$23M 3.53%
720,650
– –
GDEN
12
DELISTED
Golden Entertainment
GDEN
$20.6M 3.17%
590,499
-12,000
-2% -$480K
ENV
13
DELISTED
ENVESTNET, INC.
ENV
$19.4M 2.99%
437,397
– –
EVBG
14
DELISTED
Everbridge, Inc. Common Stock
EVBG
$18.3M 2.82%
593,364
+99,664
+20% +$3.27M
IAS
15
DELISTED
Integral Ad Science
IAS
$17.6M 2.7%
2,427,802
– –
LAB icon
16
Standard BioTools
LAB
$326M
$8.19M 1.26%
7,446,229
– –
APP icon
17
Applovin
APP
$132B
$5.55M 0.85%
284,700
-74,700
-21% -$2.23M
IS
18
DELISTED
ironSource Ltd.
IS
$5.08M 0.78%
1,477,147
-625,000
-30% -$2.38M
BLND icon
19
Blend Labs
BLND
$409M
$4.45M 0.69%
2,015,236
– –
STGW icon
20
Stagwell
STGW
$1.84B
$4.13M 0.63%
593,562
-188,364
-24% -$1.22M
HLLY.WS
21
DELISTED
Holley Inc Warrants
HLLY.WS
$432K 0.07%
669,159
– –
OPAD.WS
22
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
$45K 0.01%
266,667
– –
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
$40K 0.01%
750,000
– –
ALLG.WS
24
DELISTED
Allego N.V. Warrants
ALLG.WS
$34K 0.01%
75,000
– –
ACQRW
25
DELISTED
Independence Holdings Corp. Warrant
ACQRW
$15K ﹤0.01%
120,000
– –
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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SIM
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SWM
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Indaba Capital Management's Q3 2022 Portfolio in Review

As of Q3 2022, Indaba Capital Management held 48 positions worth $650M, down 15% from $760M the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Indaba Capital Management withdrew a net $281M in Q3 2022, closing 4 positions and reducing 7 holdings. Its most notable exit was ZENDESK INC, an estimated $58M position sold in full.

By sector, the portfolio is most concentrated in Technology at 34% of assets, down from 40% a quarter earlier, followed by Industrials and Communication Services.

Against the trend, Indaba Capital Management added an estimated $11.4M to Blackbaud.

  • Indaba Capital Management added most to Blackbaud in Q3 2022, an estimated $11.4M increase.
  • Indaba Capital Management's biggest Q3 2022 reduction was Instructure Holdings, Inc., cutting an estimated $19.2M.
  • Indaba Capital Management fully exited ZENDESK INC in Q3 2022, selling an estimated $58M.
  • Indaba Capital Management's ten largest holdings make up 59% of its $650M portfolio in Q3 2022.
  • Indaba Capital Management opened 0 new positions and closed 4 in Q3 2022.
  • Indaba Capital Management's portfolio value fell 15% quarter-over-quarter to $650M.

Based on Indaba Capital Management's 13F filing for Q3 2022, filed 14 Nov 2022.