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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
+1.56%
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
$1.4B
AUM Growth
-$50.6M
(-3.5%)
Cap. Flow
-$61.6M
Cap. Flow % of AUM
Cap. Flow %
-4.4%
Top 10 Holdings %
Top 10 Hldgs %
72.03%
Holding
61
New
8
Increased
4
Reduced
12
Closed
8
Avg Time Held
Equity + Options
2
years
Top 10 Avg Time Held
Equity + Options
1.9
years
Top 20 Avg Time Held
Equity + Options
1.8
years
Avg Time Held Equity only
2.1
years
Top 10 Avg Time Held Equity only
1.9
years
Top 20 Avg Time Held Equity only
1.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
PG&E
PCG
|
+$22.3M |
| 2 |
OIBR.C
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
|
+$13.7M |
| 3 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$12.1M |
| 4 |
SHPG
Shire pic
SHPG
|
+$11.2M |
| 5 |
Meta Platforms (Facebook)
META
|
+$4.53M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
United Airlines
UAL
|
+$20.9M |
| 2 |
CIT
CIT Group Inc.
CIT
|
+$20.2M |
| 3 |
Brunswick
BC
|
+$13.6M |
| 4 |
Qualcomm
QCOM
|
+$12.6M |
| 5 |
Bank of America
BAC
|
+$11.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 38.08% |
| 2 | Financials | 21.73% |
| 3 | Industrials | 6.8% |
| 4 | Communication Services | 6.65% |
| 5 | Healthcare | 5.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
AABA
1
DELISTED
Altaba Inc
AABA
| $408M | 29.13% |
5,984,547
| – | – |
2017 Q2
5 quarters
|
|
|
AET
2
DELISTED
Aetna Inc
AET
| $188M | 13.4% |
924,330
| – | – |
2017 Q4
3 quarters
|
|
3
Dell
DELL
$290B
| $75.8M | 5.41% |
2,779,326
+151,684
| +6% | +$4.05M |
2016 Q3
8 quarters
|
|
|
VER
4
DELISTED
VEREIT, Inc.
VER
| $67.5M | 4.83% |
1,860,355
| – | – |
2014 Q2
17 quarters
|
|
|
5
PG&E
PCG
$37.9B
| $60.7M | 4.34% |
1,320,000
+500,000
| +61% | +$22.3M |
2017 Q4
3 quarters
|
|
6
Citigroup
C
$202B
| $55.2M | 3.95% |
770,000
| – | – |
2013 Q2
21 quarters
|
|
7
Delta Air Lines
DAL
$50.5B
| $52M | 3.72% |
900,000
-100,000
| -10% | -$5.51M |
2013 Q2
21 quarters
|
|
8
Micron Technology
MU
$993B
| $33.9M | 2.42% |
750,000
+50,000
| +7% | +$2.52M |
2013 Q4
19 quarters
|
|
9
JPMorgan Chase
JPM
$881B
| $33.9M | 2.42% |
300,000
-53,300
| -15% | -$6.05M |
2013 Q2
21 quarters
|
|
10
Mercer International
MERC
$9.34M
| $33.8M | 2.42% |
2,011,796
-2,300
| -0.1% | -$40.1K |
2013 Q2
21 quarters
|
|
|
EVHC
11
DELISTED
Envision Healthcare Holdings Inc
EVHC
| $25.5M | 1.82% |
556,803
| – | – |
2017 Q4
3 quarters
|
|
|
VRS
12
DELISTED
Verso Corporation
VRS
| $25.1M | 1.79% |
744,114
-383,589
| -34% | -$10M |
2016 Q3
8 quarters
|
|
13
Telecom Argentina
TEO
$5.56B
| $22.3M | 1.6% |
1,281,992
| – | – |
2013 Q2
21 quarters
|
|
14
DELISTED
Paramount Global Class B
PARA
| $19M | 1.35% |
330,000
| – | – |
2018 Q1
2 quarters
|
|
15
Howmet Aerospace
HWM
$74.1B
| $17.3M | 1.23% |
1,022,296
| – | – |
2018 Q1
2 quarters
|
|
16
Tenet Healthcare
THC
$21.6B
| $17.1M | 1.22% |
600,000
-42,477
| -7% | -$1.4M |
2017 Q1
6 quarters
|
|
17
CALL
General Motors
GM
$66.6B
| $16.8M | 1.2% |
500,000
| – | – |
2018 Q1
2 quarters
|
|
|
VIAB
18
DELISTED
Viacom Inc. Class B
VIAB
| $14.9M | 1.06% |
440,000
| – | – |
2017 Q4
3 quarters
|
|
|
19
Bank of America
BAC
$354B
| $14.7M | 1.05% |
500,000
-372,400
| -43% | -$11.3M |
2013 Q2
21 quarters
|
|
20
YPF Sociedad Anonima ADS
YPF
$19.9B
| $13.6M | 0.97% |
880,385
| – | – |
2013 Q2
21 quarters
|
|
|
21
General Motors
GM
$66.6B
| $13.5M | 0.96% |
400,000
| – | – |
2013 Q2
21 quarters
|
|
22
Kinder Morgan
KMI
$76.7B
| $12.4M | 0.89% |
700,000
-370,000
| -35% | -$6.61M |
2018 Q1
2 quarters
|
|
|
TFCFA
23
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $12.3M | 0.88% |
+265,000
| New | +$12.1M |
2018 Q3
0 quarters
|
|
24
Newell Brands
NWL
$2.28B
| $11.8M | 0.84% |
581,456
| – | – |
2018 Q1
2 quarters
|
|
|
SHPG
25
DELISTED
Shire pic
SHPG
| $11.8M | 0.84% |
+65,000
| New | +$11.2M |
2018 Q3
0 quarters
|
|
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Jonathan Kolatch's Q3 2018 Portfolio in Review
As of Q3 2018, Jonathan Kolatch held 61 positions worth $1.4B, down 3.5% from $1.45B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Jonathan Kolatch withdrew a net $61.6M in Q3 2018, closing 8 positions and reducing 12 holdings. Its most notable exit was United Airlines, an estimated $20.9M position sold in full.
By sector, the portfolio is most concentrated in Technology at 38% of assets, down from 39% a quarter earlier, followed by Financials and Industrials.
Against the trend, Jonathan Kolatch opened a new position in OI S.A. American Depositary Shares, each representing five shares of common stock worth $10M.
- Jonathan Kolatch's largest Q3 2018 buy was OI S.A. American Depositary Shares, each representing five shares of common stock: 3,649,165 shares worth $10M.
- Jonathan Kolatch added most to PG&E in Q3 2018, an estimated $22.3M increase.
- Jonathan Kolatch's biggest Q3 2018 reduction was Brunswick, cutting an estimated $13.6M.
- Jonathan Kolatch fully exited United Airlines in Q3 2018, selling an estimated $20.9M.
- Jonathan Kolatch's ten largest holdings make up 72% of its $1.4B portfolio in Q3 2018.
- Jonathan Kolatch opened 8 new positions and closed 8 in Q3 2018.
- Jonathan Kolatch's portfolio value fell 3.5% quarter-over-quarter to $1.4B.
Based on Redwood Capital Management's 13F filing for Q3 2018, filed 14 Nov 2018.