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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
-18.68%
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
$917M
AUM Growth
-$549M
(-37%)
Cap. Flow
-$60M
Cap. Flow % of AUM
Cap. Flow %
-6.53%
Top 10 Holdings %
Top 10 Hldgs %
64.59%
Holding
67
New
5
Increased
5
Reduced
9
Closed
5
Avg Time Held
Equity + Options
2.1
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
2.2
years
Top 10 Avg Time Held Equity only
1.5
years
Top 20 Avg Time Held Equity only
1.5
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
AABA
Altaba Inc
AABA
|
+$49.6M |
| 2 |
Bausch Health
BHC
|
+$18.3M |
| 3 |
Tenet Healthcare
THC
|
+$9.9M |
| 4 |
DXC Technology
DXC
|
+$8.52M |
| 5 |
Antero Midstream
AM
|
+$6.91M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Delta Air Lines
DAL
|
+$35.5M |
| 2 |
PG&E
PCG
|
+$30.9M |
| 3 |
Anadarko Petroleum
APC
|
+$28M |
| 4 |
Micron Technology
MU
|
+$24.9M |
| 5 |
JPMorgan Chase
JPM
|
+$11.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 20.61% |
| 2 | Technology | 13.76% |
| 3 | Utilities | 12.53% |
| 4 | Real Estate | 9.92% |
| 5 | Consumer Discretionary | 9.46% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
AABA
1
DELISTED
Altaba Inc
AABA
| $114M | 12.42% |
5,850,072
+750,000
| +15% | +$49.6M |
2017 Q2
9 quarters
|
|
|
2
PG&E
PCG
$39.6B
| $113M | 12.33% |
11,316,037
-2,045,265
| -15% | -$30.9M |
2017 Q4
7 quarters
|
|
|
VER
3
DELISTED
VEREIT, Inc.
VER
| $91M | 9.92% |
1,860,355
| – | – |
2014 Q2
21 quarters
|
|
|
CELG
4
DELISTED
Celgene Corp
CELG
| $84.9M | 9.25% |
854,500
| – | – |
2019 Q1
2 quarters
|
|
5
Citigroup
C
$208B
| $53.2M | 5.8% |
770,000
| – | – |
2013 Q2
25 quarters
|
|
|
6
Tenet Healthcare
THC
$21.6B
| $38.3M | 4.17% |
1,730,390
+463,335
| +37% | +$9.9M |
2017 Q1
10 quarters
|
|
|
7
Bausch Health
BHC
$3.38B
| $28.4M | 3.1% |
1,300,000
+800,000
| +160% | +$18.3M |
2019 Q2
1 quarter
|
|
8
Mercer International
MERC
$8.24M
| $26M | 2.83% |
2,070,724
| – | – |
2013 Q2
25 quarters
|
|
9
Studio City International Holdings
MSC
$152M
| $24.5M | 2.67% |
1,219,536
| – | – |
2018 Q4
3 quarters
|
|
10
DELISTED
TPI Composites
TPIC
| $19.3M | 2.11% |
1,031,379
+269,971
| +35% | +$5.76M |
2018 Q1
6 quarters
|
|
11
Owens Corning
OC
$9.6B
| $19M | 2.07% |
300,000
| – | – |
2018 Q4
3 quarters
|
|
12
DELISTED
Caesars Entertainment Corporation
CZR
| $18.7M | 2.03% |
1,600,000
| – | – |
2018 Q4
3 quarters
|
|
13
Prudential Financial
PRU
$40.3B
| $18M | 1.96% |
200,000
| – | – |
2013 Q2
25 quarters
|
|
14
Herc Holdings
HRI
$5.81B
| $16.8M | 1.83% |
360,352
| – | – |
2013 Q2
25 quarters
|
|
15
DELISTED
Paramount Global Class B
PARA
| $15.5M | 1.69% |
384,200
| – | – |
2018 Q1
6 quarters
|
|
16
DELISTED
Equitrans Midstream Corporation Common Stock
ETRN
| $15.3M | 1.67% |
1,052,453
| – | – |
2018 Q4
3 quarters
|
|
17
Takeda Pharmaceutical
TAK
$64B
| $14.2M | 1.55% |
827,955
| – | – |
2019 Q1
2 quarters
|
|
18
General Motors
GM
$72.5B
| $13.1M | 1.43% |
350,200
| – | – |
2013 Q2
25 quarters
|
|
19
DELISTED
Playa Hotels & Resorts
PLYA
| $12.8M | 1.4% |
1,638,610
| – | – |
2018 Q4
3 quarters
|
|
20
Telecom Argentina
TEO
$4.76B
| $12.8M | 1.4% |
1,281,992
| – | – |
2013 Q2
25 quarters
|
|
21
CVS Health
CVS
$115B
| $12.6M | 1.37% |
200,000
-52,284
| -21% | -$3.1M |
2018 Q4
3 quarters
|
|
|
FRTA
22
DELISTED
Forterra, Inc
FRTA
| $10.6M | 1.16% |
1,468,585
-50,000
| -3% | -$322K |
2017 Q2
9 quarters
|
|
|
VRS
23
DELISTED
Verso Corporation
VRS
| $9.5M | 1.04% |
769,114
| – | – |
2016 Q3
12 quarters
|
|
24
Dauch Corp
DCH
$1.18B
| $9.16M | 1% |
1,114,132
| – | – |
2018 Q2
5 quarters
|
|
25
YPF Sociedad Anonima ADS
YPF
$18.7B
| $8.14M | 0.89% |
880,385
| – | – |
2013 Q2
25 quarters
|
|
Similar funds
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Jonathan Kolatch's Q3 2019 Portfolio in Review
As of Q3 2019, Jonathan Kolatch held 67 positions worth $917M, down 37% from $1.47B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Jonathan Kolatch withdrew a net $60M in Q3 2019, closing 5 positions and reducing 9 holdings. Its most notable exit was Anadarko Petroleum, an estimated $28M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, up from 11% a quarter earlier, followed by Technology and Utilities.
Against the trend, Jonathan Kolatch opened a new position in DXC Technology worth $5.9M.
- Jonathan Kolatch's largest Q3 2019 buy was DXC Technology: 200,000 shares worth $5.9M.
- Jonathan Kolatch added most to Altaba Inc in Q3 2019, an estimated $49.6M increase.
- Jonathan Kolatch's biggest Q3 2019 reduction was Delta Air Lines, cutting an estimated $35.5M.
- Jonathan Kolatch fully exited Anadarko Petroleum in Q3 2019, selling an estimated $28M.
- Jonathan Kolatch's ten largest holdings make up 65% of its $917M portfolio in Q3 2019.
- Jonathan Kolatch opened 5 new positions and closed 5 in Q3 2019.
- Jonathan Kolatch's portfolio value fell 37% quarter-over-quarter to $917M.
Based on Redwood Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.