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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
-19.23%
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
$1.19B
AUM Growth
-$205M
(-15%)
Cap. Flow
+$55M
Cap. Flow % of AUM
Cap. Flow %
4.6%
Top 10 Holdings %
Top 10 Hldgs %
61.41%
Holding
70
New
16
Increased
16
Reduced
8
Closed
7
Avg Time Held
Equity + Options
1.8
years
Top 10 Avg Time Held
Equity + Options
1.5
years
Top 20 Avg Time Held
Equity + Options
1.4
years
Avg Time Held Equity only
1.8
years
Top 10 Avg Time Held Equity only
1.5
years
Top 20 Avg Time Held Equity only
1.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
PG&E
PCG
|
+$104M |
| 2 |
GE Aerospace
GE
|
+$28.2M |
| 3 |
SHPG
Shire pic
SHPG
|
+$22.5M |
| 4 |
Equitrans Midstream Corporation Common Stock
ETRN
|
+$22.2M |
| 5 |
Studio City International Holdings
MSC
|
+$22M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$188M |
| 2 |
Dell
DELL
|
+$54.3M |
| 3 |
EVHC
Envision Healthcare Holdings Inc
EVHC
|
+$25.5M |
| 4 |
JPMorgan Chase
JPM
|
+$16.1M |
| 5 |
VIAB
Viacom Inc. Class B
VIAB
|
+$12.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.91% |
| 2 | Industrials | 9.64% |
| 3 | Utilities | 8.53% |
| 4 | Communication Services | 8.08% |
| 5 | Financials | 7.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
AABA
1
DELISTED
Altaba Inc
AABA
| $336M | 28.11% |
5,796,072
-188,475
| -3% | -$11.6M |
2017 Q2
6 quarters
|
|
|
2
PG&E
PCG
$38.9B
| $100M | 8.38% |
4,217,099
+2,897,099
| +219% | +$104M |
2017 Q4
4 quarters
|
|
|
VER
3
DELISTED
VEREIT, Inc.
VER
| $66.5M | 5.57% |
1,860,355
| – | – |
2014 Q2
18 quarters
|
|
4
Citigroup
C
$203B
| $42.7M | 3.57% |
820,000
+50,000
| +6% | +$3.17M |
2013 Q2
22 quarters
|
|
5
Delta Air Lines
DAL
$53.6B
| $39.9M | 3.34% |
800,000
-100,000
| -11% | -$5.45M |
2013 Q2
22 quarters
|
|
|
TFCFA
6
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $34.1M | 2.85% |
708,000
+443,000
| +167% | +$21M |
2018 Q3
1 quarter
|
|
|
SHPG
7
DELISTED
Shire pic
SHPG
| $33.7M | 2.82% |
193,833
+128,833
| +198% | +$22.5M |
2018 Q3
1 quarter
|
|
8
Micron Technology
MU
$1.05T
| $28.7M | 2.4% |
904,300
+154,300
| +21% | +$5.85M |
2013 Q4
20 quarters
|
|
|
9
GE Aerospace
GE
$309B
| $22.7M | 1.9% |
+624,526
| New | +$28.2M |
2018 Q4
0 quarters
|
|
10
Mercer International
MERC
$8.5M
| $21.6M | 1.81% |
2,070,724
+58,928
| +3% | +$819K |
2013 Q2
22 quarters
|
|
|
11
DELISTED
Equitrans Midstream Corporation Common Stock
ETRN
| $21.1M | 1.76% |
+1,052,453
| New | +$22.2M |
2018 Q4
0 quarters
|
|
12
Tenet Healthcare
THC
$21.1B
| $20.3M | 1.7% |
1,187,055
+587,055
| +98% | +$14.2M |
2017 Q1
7 quarters
|
|
|
13
Studio City International Holdings
MSC
$153M
| $20.3M | 1.7% |
+1,216,434
| New | +$22M |
2018 Q4
0 quarters
|
|
14
Telecom Argentina
TEO
$4.98B
| $19.9M | 1.67% |
1,281,992
| – | – |
2013 Q2
22 quarters
|
|
|
15
Dell
DELL
$319B
| $19.7M | 1.65% |
794,109
-1,985,217
| -71% | -$54.3M |
2016 Q3
9 quarters
|
|
|
VRS
16
DELISTED
Verso Corporation
VRS
| $17.2M | 1.44% |
769,114
+25,000
| +3% | +$675K |
2016 Q3
9 quarters
|
|
17
DELISTED
Paramount Global Class B
PARA
| $16.8M | 1.41% |
384,200
+54,200
| +16% | +$2.88M |
2018 Q1
3 quarters
|
|
18
CALL
General Motors
GM
$68.4B
| $16.7M | 1.4% |
500,000
| – | – |
2018 Q1
3 quarters
|
|
19
CVS Health
CVS
$117B
| $16.5M | 1.38% |
+252,284
| New | +$18.8M |
2018 Q4
0 quarters
|
|
20
Prudential Financial
PRU
$39.7B
| $16.3M | 1.37% |
200,000
+100,000
| +100% | +$9.21M |
2013 Q2
22 quarters
|
|
|
21
JPMorgan Chase
JPM
$892B
| $14.5M | 1.22% |
149,000
-151,000
| -50% | -$16.1M |
2013 Q2
22 quarters
|
|
22
Owens Corning
OC
$9.19B
| $14.3M | 1.2% |
+325,000
| New | +$15.8M |
2018 Q4
0 quarters
|
|
23
Howmet Aerospace
HWM
$76.6B
| $13.2M | 1.11% |
1,022,296
| – | – |
2018 Q1
3 quarters
|
|
24
Dauch Corp
DCH
$1.12B
| $12.9M | 1.08% |
1,164,132
+627,199
| +117% | +$8.39M |
2018 Q2
2 quarters
|
|
25
Bank of America
BAC
$351B
| $12.3M | 1.03% |
500,000
| – | – |
2013 Q2
22 quarters
|
|
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Jonathan Kolatch's Q4 2018 Portfolio in Review
As of Q4 2018, Jonathan Kolatch held 70 positions worth $1.19B, down 15% from $1.4B the previous quarter. Its ten largest holdings account for 61% of the portfolio.
Jonathan Kolatch deployed $55M of net new capital in Q4 2018, opening 16 new positions and adding to 16 existing holdings. Its largest new stake was GE Aerospace: 624,526 shares worth $22.7M.
By sector, the portfolio is most concentrated in Technology at 33% of assets, down from 38% a quarter earlier, followed by Industrials and Utilities.
On the sell side, the largest reduction was Dell, an estimated $54.3M trimmed.
- Jonathan Kolatch's largest Q4 2018 buy was GE Aerospace: 624,526 shares worth $22.7M.
- Jonathan Kolatch added most to PG&E in Q4 2018, an estimated $104M increase.
- Jonathan Kolatch's biggest Q4 2018 reduction was Dell, cutting an estimated $54.3M.
- Jonathan Kolatch fully exited Aetna Inc in Q4 2018, selling an estimated $188M.
- Jonathan Kolatch's ten largest holdings make up 61% of its $1.19B portfolio in Q4 2018.
- Jonathan Kolatch opened 16 new positions and closed 7 in Q4 2018.
- Jonathan Kolatch's portfolio value fell 15% quarter-over-quarter to $1.19B.
Based on Redwood Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.