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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
+11.18%
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
$323M
AUM Growth
-$194M
Cap. Flow
-$352M
Cap. Flow %
-108.89%
Top 10 Hldgs %
94.93%
Holding
33
New
–
Increased
–
Reduced
4
Closed
14

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
BNFT
Benefitfocus, Inc.
BNFT
+$41.5M
2
MNTV
Momentive Global Inc. Common Stock
MNTV
+$25.8M
3
CXM icon
Sprinklr
CXM
+$24.2M
4
SPLK
Splunk Inc
SPLK
+$22.3M
5
IAS
Integral Ad Science
IAS
+$20.8M

Sector Composition

Rank Sector Weight
1 Technology 31.01%
2 Industrials 15.79%
3 Healthcare 4.49%
4 Communication Services 2.37%
5 Consumer Discretionary 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ONTF
1
DELISTED
ON24
ONTF
$37.1M 11.49%
4,240,256
– –
TRHC
2
DELISTED
Tabula Rasa HealthCare, Inc. Common Stock
TRHC
$36.5M 11.27%
6,521,578
– –
SNPO
3
DELISTED
Snap One Holdings Corp. Common Stock
SNPO
$29.1M 8.99%
3,109,281
– –
BLKB icon
4
Blackbaud
BLKB
$1.5B
$23.8M 7.37%
343,803
-193,515
-36% -$11.6M
HRT
5
DELISTED
HireRight Holdings Corporation
HRT
$14.6M 4.52%
1,376,700
-975,099
-41% -$11M
LAB icon
6
Standard BioTools
LAB
$326M
$14.5M 4.49%
7,446,229
– –
CXM icon
7
Sprinklr
CXM
$1.33B
$10.2M 3.17%
790,000
-2,382,672
-75% -$24.2M
IAS
8
DELISTED
Integral Ad Science
IAS
$7.68M 2.37%
538,000
-1,847,840
-77% -$20.8M
HLLY.WS
9
DELISTED
Holley Inc Warrants
HLLY.WS
$242K 0.07%
669,159
– –
ALLG.WS
10
DELISTED
Allego N.V. Warrants
ALLG.WS
$18.6K 0.01%
75,000
– –
MVLAW
11
DELISTED
Movella Holdings Inc. Warrant
MVLAW
$16.9K 0.01%
125,265
– –
OPAD.WS
12
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
$10.7K ﹤0.01%
266,667
– –
RGTIW icon
13
Rigetti Computing Warrants
RGTIW
$121M
$6.88K ﹤0.01%
62,500
– –
MKFG.WS
14
DELISTED
Markforged Holding Corporation Warrants, each whole warrant exercisable to purchase one-tenth (1/10th) of a share of Common Stock at an exercise price of $115.00 per share
MKFG.WS
$3.75K ﹤0.01%
25,000
– –
DAVEW icon
15
Dave Inc Warrants
DAVEW
$34.3M
$2.76K ﹤0.01%
125,000
– –
BLND icon
16
Blend Labs
BLND
$409M
– –
-2,015,236
Closed -$2.9M
GDEN
17
DELISTED
Golden Entertainment
GDEN
– –
-538,821
Closed -$20.2M
STGW icon
18
Stagwell
STGW
$1.84B
– –
-278,542
Closed -$1.73M
INST
19
DELISTED
Instructure Holdings, Inc.
INST
– –
-241,103
Closed -$5.65M
EVBG
20
DELISTED
Everbridge, Inc. Common Stock
EVBG
– –
-690,487
Closed -$20.4M
SPLK
21
DELISTED
Splunk Inc
SPLK
– –
-259,095
Closed -$22.3M
MNTV
22
DELISTED
Momentive Global Inc. Common Stock
MNTV
– –
-3,692,083
Closed -$25.8M
VPCBW
23
DELISTED
VPC Impact Acquisition Holdings II Warrant
VPCBW
– –
-125,000
Closed -$1.52K
ACQRW
24
DELISTED
Independence Holdings Corp. Warrant
ACQRW
– –
-120,000
Closed -$732
ANAC.WS
25
DELISTED
Arctos NorthStar Acquisition Corp. Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
ANAC.WS
– –
-100,000
Closed -$4.23K
1
2

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Indaba Capital Management's Q1 2023 Portfolio in Review

As of Q1 2023, Indaba Capital Management held 33 positions worth $323M, down 37% from $517M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Indaba Capital Management withdrew a net $352M in Q1 2023, closing 14 positions and reducing 4 holdings. Its most notable exit was Benefitfocus, Inc., an estimated $41.5M position sold in full.

By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 33% a quarter earlier, followed by Industrials and Healthcare.

  • Indaba Capital Management's biggest Q1 2023 reduction was Sprinklr, cutting an estimated $24.2M.
  • Indaba Capital Management fully exited Benefitfocus, Inc. in Q1 2023, selling an estimated $41.5M.
  • Indaba Capital Management's ten largest holdings make up 95% of its $323M portfolio in Q1 2023.
  • Indaba Capital Management opened 0 new positions and closed 14 in Q1 2023.
  • Indaba Capital Management's portfolio value fell 37% quarter-over-quarter to $323M.

Based on Indaba Capital Management's 13F filing for Q1 2023, filed 15 May 2023.