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Jonathan Kolatch Redwood Capital Management
AUM
$927M
Turnover
37.93%
1-Year Est. Return
153.64%
Jonathan Kolatch is associated with Redwood Capital Management, a firm active in credit and special-situation investing. Redwood’s approach typically emphasizes complex capital structures, event-driven opportunities, and rigorous credit analysis. The firm’s activity is followed by investors who track credit-oriented alternative managers.
This Fund
S&P 500
This Quarter Est. Return
-10.94%
1 Year Est. Return
+153.64%
3 Year Est. Return
+312.54%
5 Year Est. Return
+223.92%
10 Year Est. Return
+552.34%
AUM
$685M
AUM Growth
-$151M
(-18%)
Cap. Flow
-$69.4M
Cap. Flow % of AUM
Cap. Flow %
-10.14%
Top 10 Holdings %
Top 10 Hldgs %
64.01%
Holding
45
New
2
Increased
5
Reduced
6
Closed
2
Avg Time Held
1.7
years
Top 10 Avg Time Held
1.3
years
Top 20 Avg Time Held
1.6
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$13.1M |
| 2 |
VER
VEREIT, Inc.
VER
|
+$8.44M |
| 3 |
BHI
Baker Hughes
BHI
|
+$5.58M |
| 4 |
YHOO
Yahoo Inc
YHOO
|
+$5.2M |
| 5 |
Stagwell
STGW
|
+$3.74M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American International
AIG
|
+$45M |
| 2 |
Hartford Financial Services
HIG
|
+$21.9M |
| 3 |
Elevance Health
ELV
|
+$12.3M |
| 4 |
BRSS
Global Brass & Copper Hldgs, Inc
BRSS
|
+$8.59M |
| 5 |
Equity Commonwealth
EQC
|
+$7.16M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.49% |
| 2 | Industrials | 16.44% |
| 3 | Real Estate | 15.24% |
| 4 | Healthcare | 11.67% |
| 5 | Energy | 7.83% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Cigna
CI
$83.5B
| $75.9M | 11.08% |
562,130
+90,000
| +19% | +$13.1M |
2013 Q2
9 quarters
|
|
|
VER
2
DELISTED
VEREIT, Inc.
VER
| $71.8M | 10.48% |
1,860,355
+202,039
| +12% | +$8.44M |
2014 Q2
5 quarters
|
|
3
MetLife
MET
$65.8B
| $49.9M | 7.29% |
1,188,198
| – | – |
2013 Q2
9 quarters
|
|
4
Delta Air Lines
DAL
$52.1B
| $42.6M | 6.22% |
950,000
| – | – |
2013 Q2
9 quarters
|
|
5
Citigroup
C
$206B
| $38.2M | 5.58% |
770,000
| – | – |
2013 Q2
9 quarters
|
|
6
General Motors
GM
$67.7B
| $37.7M | 5.5% |
1,254,422
-200,000
| -14% | -$6.13M |
2013 Q2
9 quarters
|
|
|
7
DELISTED
Equity Commonwealth
EQC
| $32.6M | 4.76% |
1,196,300
-270,000
| -18% | -$7.16M |
2013 Q2
9 quarters
|
|
8
JPMorgan Chase
JPM
$894B
| $30.5M | 4.45% |
500,000
-67,979
| -12% | -$4.45M |
2013 Q2
9 quarters
|
|
9
Herc Holdings
HRI
$4.46B
| $30.1M | 4.4% |
600,000
| – | – |
2013 Q2
9 quarters
|
|
10
YPF Sociedad Anonima ADS
YPF
$19.3B
| $29.2M | 4.26% |
1,914,900
| – | – |
2013 Q2
9 quarters
|
|
11
United Airlines
UAL
$33.1B
| $26.3M | 3.83% |
494,885
| – | – |
2013 Q2
9 quarters
|
|
12
Bank of America
BAC
$357B
| $25.7M | 3.75% |
1,647,400
| – | – |
2013 Q2
9 quarters
|
|
13
Mercer International
MERC
$9.4M
| $21.1M | 3.08% |
2,106,367
| – | – |
2013 Q2
9 quarters
|
|
14
Prudential Financial
PRU
$40.8B
| $18M | 2.63% |
236,000
| – | – |
2013 Q2
9 quarters
|
|
|
YHOO
15
DELISTED
Yahoo Inc
YHOO
| $17.8M | 2.6% |
615,000
+150,000
| +32% | +$5.2M |
2014 Q4
3 quarters
|
|
|
16
Hartford Financial Services
HIG
$37.8B
| $13.7M | 2% |
300,000
-474,055
| -61% | -$21.9M |
2013 Q2
9 quarters
|
|
17
Micron Technology
MU
$969B
| $13.5M | 1.97% |
900,000
| – | – |
2013 Q4
7 quarters
|
|
18
Sinclair Inc
SBGI
$926M
| $12.8M | 1.87% |
505,000
| – | – |
2014 Q1
6 quarters
|
|
|
ACAS
19
DELISTED
American Capital Ltd
ACAS
| $12.2M | 1.78% |
1,002,700
| – | – |
2013 Q2
9 quarters
|
|
20
Nexstar Media Group
NXST
$5.2B
| $11.8M | 1.73% |
250,000
| – | – |
2014 Q1
6 quarters
|
|
21
StealthGas
GASS
$305M
| $10.8M | 1.58% |
2,415,287
| – | – |
2014 Q2
5 quarters
|
|
|
22
Stagwell
STGW
$2.2B
| $7.46M | 1.09% |
404,940
+200,000
| +98% | +$3.74M |
2015 Q2
1 quarter
|
|
|
NTL
23
DELISTED
Nortel Invesora 1/20 Ser B Shr
NTL
| $6.71M | 0.98% |
442,435
| – | – |
2013 Q2
9 quarters
|
|
|
BHI
24
DELISTED
Baker Hughes
BHI
| $5.2M | 0.76% |
+100,000
| New | +$5.58M |
2015 Q3
0 quarters
|
|
25
NXP Semiconductors
NXPI
$60B
| $4.35M | 0.64% |
50,000
| – | – |
2013 Q4
7 quarters
|
|
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Jonathan Kolatch's Q3 2015 Portfolio in Review
As of Q3 2015, Jonathan Kolatch held 45 positions worth $685M, down 18% from $836M the previous quarter. Its ten largest holdings account for 64% of the portfolio.
Jonathan Kolatch withdrew a net $69.4M in Q3 2015, closing 2 positions and reducing 6 holdings. Its most notable exit was American International, an estimated $45M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 34% a quarter earlier, followed by Industrials and Real Estate.
Against the trend, Jonathan Kolatch opened a new position in Baker Hughes worth $5.2M.
- Jonathan Kolatch's largest Q3 2015 buy was Baker Hughes: 100,000 shares worth $5.2M.
- Jonathan Kolatch added most to Cigna in Q3 2015, an estimated $13.1M increase.
- Jonathan Kolatch's biggest Q3 2015 reduction was Hartford Financial Services, cutting an estimated $21.9M.
- Jonathan Kolatch fully exited American International in Q3 2015, selling an estimated $45M.
- Jonathan Kolatch's ten largest holdings make up 64% of its $685M portfolio in Q3 2015.
- Jonathan Kolatch opened 2 new positions and closed 2 in Q3 2015.
- Jonathan Kolatch's portfolio value fell 18% quarter-over-quarter to $685M.
Based on Redwood Capital Management's 13F filing for Q3 2015, filed 16 Nov 2015.