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Ironsides Partners Portfolio holdings

AUM $27.7M
1-Year Est. Return 1.11%
This Fund
S&P 500
This Quarter Est. Return
+11.23%
1 Year Est. Return
-1.11%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$110M
AUM Growth
-$93.7M
Cap. Flow
-$83.1M
Cap. Flow %
-75.7%
Top 10 Hldgs %
89.23%
Holding
24
New
8
Increased
1
Reduced
6
Closed
6

Top Buys

Rank Stock Value
1
ARCC icon
Ares Capital
ARCC
+$26M
2
NMM icon
Navios Maritime Partners
NMM
+$5.74M
3
AGNC icon
AGNC Investment
AGNC
+$1.93M
4
BBDC icon
Barings BDC
BBDC
+$1.92M
5
TGP
Teekay LNG Partners L.P.
TGP
+$1.76M

Top Sells

Rank Stock Value
1
ACAS
American Capital Ltd
ACAS
+$60.2M
2
PNNT
Pennant Park Investment Corp
PNNT
+$8.04M
3
PFX icon
PhenixFIN
PFX
+$7.92M
4
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$7.86M
5
NVG icon
Nuveen AMT-Free Municipal Credit Income Fund
NVG
+$7.66M

Sector Composition

Rank Sector Weight
1 Financials 64.99%
2 Real Estate 19.22%
3 Industrials 8.53%
4 Miscellaneous 7.27%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARCC icon
1
Ares Capital
ARCC
$14.3B
$30.5M 27.76%
1,752,618
+1,502,568
+601% +$26M
CYS
2
DELISTED
CYS Investments Inc.
CYS
$19.1M 17.41%
2,402,253
– –
PFLT icon
3
PennantPark Floating Rate Capital
PFLT
$738M
$10.5M 9.53%
750,000
-267,420
-26% -$3.71M
PNNT
4
Pennant Park Investment Corp
PNNT
$244M
$10.2M 9.27%
1,250,000
-997,197
-44% -$8.04M
ACSF
5
DELISTED
American Capital Senior Floating, Ltd.
ACSF
$6.85M 6.24%
498,053
-95,000
-16% -$1.22M
NMM icon
6
Navios Maritime Partners
NMM
$2.51B
$6.43M 5.86%
+207,190
New +$5.74M
BCIC
7
BCP Investment Corp
BCIC
$95M
$5.61M 5.11%
137,756
– –
BANX
8
ArrowMark Financial
BANX
$200M
$3.72M 3.39%
184,605
-1,063
-0.6% -$20.8K
FCRD
9
DELISTED
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
$2.13M 1.94%
213,612
-105,432
-33% -$1.08M
NM.PRH
10
DELISTED
NAVIOS MARITIME HOLDNGS INC. 8.625% SER H
NM.PRH
$2.06M 1.88%
+131,000
New +$1.53M
AGNC icon
11
AGNC Investment
AGNC
$13B
$1.99M 1.81%
+100,000
New +$1.93M
BBDC icon
12
Barings BDC
BBDC
$982M
$1.91M 1.74%
+100,000
New +$1.92M
TGP
13
DELISTED
Teekay LNG Partners L.P.
TGP
$1.75M 1.6%
+100,000
New +$1.76M
NM.PRG
14
DELISTED
NAVIOS MARITIME HOLDINGS INC. American Depositary Shares, each representing 1/100th of a 8.75% Series G Cummulative Redeemable Perpetual Preferred Stock, $0.0001 par value
NM.PRG
$1.58M 1.44%
+100,000
New +$1.22M
HMLP
15
DELISTED
HOEGH LNG PARTNERS LP
HMLP
$1.17M 1.06%
59,415
-275,585
-82% -$5.35M
OEF icon
16
PUT
iShares S&P 100 ETF
OEF
$20.5B
$1.02M 0.93%
+18,000
New +$1.86M
USO icon
17
PUT
United States Oil Fund
USO
$2.03B
$334K 0.3%
+1,250
New +$111K
NVG icon
18
Nuveen AMT-Free Municipal Credit Income Fund
NVG
$2.65B
– –
-529,887
Closed -$7.66M
PFX icon
19
PhenixFIN
PFX
$102M
– –
-52,753
Closed -$7.92M
PCI
20
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
– –
-1,072
Closed -$22K
EMG
21
DELISTED
Emergent Capital, Inc.
EMG
– –
-582,273
Closed -$705K
EGLE
22
DELISTED
Eagle Bulk Shipping Inc.
EGLE
– –
-178,571
Closed -$7.86M
ACAS
23
DELISTED
American Capital Ltd
ACAS
– –
-3,360,700
Closed -$60.2M

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Ironsides Partners's Q1 2017 Portfolio in Review

As of Q1 2017, Ironsides Partners held 24 positions worth $110M, down 46% from $203M the previous quarter. Its ten largest holdings account for 89% of the portfolio.

Ironsides Partners withdrew a net $83.1M in Q1 2017, closing 6 positions and reducing 6 holdings. Its most notable exit was American Capital Ltd, an estimated $60.2M position sold in full.

By sector, the portfolio is most concentrated in Financials at 65% of assets, up from 61% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Ironsides Partners opened a new position in Navios Maritime Partners worth $6.43M.

  • Ironsides Partners's largest Q1 2017 buy was Navios Maritime Partners: 207,190 shares worth $6.43M.
  • Ironsides Partners added most to Ares Capital in Q1 2017, an estimated $26M increase.
  • Ironsides Partners's biggest Q1 2017 reduction was Pennant Park Investment Corp, cutting an estimated $8.04M.
  • Ironsides Partners fully exited American Capital Ltd in Q1 2017, selling an estimated $60.2M.
  • Ironsides Partners's ten largest holdings make up 89% of its $110M portfolio in Q1 2017.
  • Ironsides Partners opened 8 new positions and closed 6 in Q1 2017.
  • Ironsides Partners's portfolio value fell 46% quarter-over-quarter to $110M.

Based on Ironsides Partners's 13F filing for Q1 2017, filed 15 May 2017.