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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
+23.27%
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
$940M
AUM Growth
+$393M
(+72%)
Cap. Flow
+$293M
Cap. Flow % of AUM
Cap. Flow %
31.15%
Top 10 Holdings %
Top 10 Hldgs %
76.8%
Holding
57
New
4
Increased
5
Reduced
3
Closed
14
Avg Time Held
2.3
years
Top 10 Avg Time Held
1.1
years
Top 20 Avg Time Held
1.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
EPR Properties
EPR
|
+$125M |
| 2 |
VER
VEREIT, Inc.
VER
|
+$100M |
| 3 |
PG&E
PCG
|
+$97M |
| 4 |
Vornado Realty Trust
VNO
|
+$34.3M |
| 5 |
TCO
Taubman Centers Inc.
TCO
|
+$33.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VICI Properties
VICI
|
+$26.2M |
| 2 |
Williams Companies
WMB
|
+$20.9M |
| 3 |
Caesars Entertainment Corporation
CZR
|
+$10.8M |
| 4 |
TPI Composites
TPIC
|
+$9.14M |
| 5 |
HCA Healthcare
HCA
|
+$8.98M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 42.77% |
| 2 | Utilities | 18.91% |
| 3 | Healthcare | 10.96% |
| 4 | Consumer Discretionary | 6.03% |
| 5 | Materials | 5.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
PG&E
PCG
$29B
| $174M | 18.48% |
19,586,986
+8,901,438
| +83% | +$97M |
2017 Q4
10 quarters
|
|
|
VER
2
DELISTED
VEREIT, Inc.
VER
| $173M | 18.4% |
5,379,665
+3,586,349
| +200% | +$100M |
2014 Q2
24 quarters
|
|
|
3
EPR Properties
EPR
$4.68B
| $139M | 14.8% |
+4,198,360
| New | +$125M |
2020 Q2
0 quarters
|
|
4
Bausch Health
BHC
$3.19B
| $59.4M | 6.32% |
3,248,163
+200,000
| +7% | +$3.52M |
2019 Q2
4 quarters
|
|
|
TCO
5
DELISTED
Taubman Centers Inc.
TCO
| $36.6M | 3.89% |
969,221
+814,221
| +525% | +$33.3M |
2020 Q1
1 quarter
|
|
|
6
Vornado Realty Trust
VNO
$6.94B
| $33.7M | 3.59% |
+882,312
| New | +$34.3M |
2020 Q2
0 quarters
|
|
7
DELISTED
Equitrans Midstream Corporation Common Stock
ETRN
| $33.3M | 3.54% |
4,002,453
| – | – |
2018 Q4
6 quarters
|
|
8
Tenet Healthcare
THC
$23.4B
| $27.1M | 2.89% |
1,499,054
| – | – |
2017 Q1
13 quarters
|
|
9
Loma Negra
LOMA
$1.04B
| $26.7M | 2.84% |
6,268,658
+1,628,224
| +35% | +$6.62M |
2019 Q4
2 quarters
|
|
10
Studio City International Holdings
MSC
$181M
| $19.4M | 2.06% |
1,219,536
| – | – |
2018 Q4
6 quarters
|
|
11
Mercer International
MERC
$16.5M
| $16.9M | 1.8% |
2,070,724
| – | – |
2013 Q2
28 quarters
|
|
12
DELISTED
Playa Hotels & Resorts
PLYA
| $15.7M | 1.67% |
4,343,629
| – | – |
2018 Q4
6 quarters
|
|
13
Citigroup
C
$202B
| $15.3M | 1.63% |
300,000
| – | – |
2013 Q2
28 quarters
|
|
14
Takeda Pharmaceutical
TAK
$67.5B
| $14.8M | 1.58% |
827,955
| – | – |
2019 Q1
5 quarters
|
|
15
Herc Holdings
HRI
$5.58B
| $14.2M | 1.51% |
463,352
| – | – |
2013 Q2
28 quarters
|
|
16
Telecom Argentina
TEO
$4.38B
| $13.3M | 1.41% |
1,482,084
| – | – |
2013 Q2
28 quarters
|
|
|
17
DELISTED
TPI Composites
TPIC
| $11.6M | 1.23% |
494,307
-487,072
| -50% | -$9.14M |
2018 Q1
9 quarters
|
|
|
18
VICI Properties
VICI
$27.8B
| $11.4M | 1.22% |
566,531
-1,427,934
| -72% | -$26.2M |
2020 Q1
1 quarter
|
|
19
Laureate Education
LAUR
$4.66B
| $10.8M | 1.14% |
+1,079,985
| New | +$10.5M |
2020 Q2
0 quarters
|
|
20
MetLife
MET
$64.6B
| $10M | 1.07% |
275,000
| – | – |
2020 Q1
1 quarter
|
|
21
DELISTED
Paramount Global Class B
PARA
| $8.96M | 0.95% |
384,200
| – | – |
2018 Q1
9 quarters
|
|
22
Dauch Corp
DCH
$1.12B
| $8.47M | 0.9% |
1,114,132
| – | – |
2018 Q2
8 quarters
|
|
23
Hilton Grand Vacations
HGV
$3.37B
| $7.45M | 0.79% |
381,214
| – | – |
2019 Q2
4 quarters
|
|
|
VRS
24
DELISTED
Verso Corporation
VRS
| $7.11M | 0.76% |
594,433
| – | – |
2016 Q3
15 quarters
|
|
25
StealthGas
GASS
$299M
| $6.64M | 0.71% |
2,415,287
| – | – |
2014 Q2
24 quarters
|
|
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Jonathan Kolatch's Q2 2020 Portfolio in Review
As of Q2 2020, Jonathan Kolatch held 57 positions worth $940M, up 72% from $547M the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Jonathan Kolatch deployed $293M of net new capital in Q2 2020, opening 4 new positions and adding to 5 existing holdings. Its largest new stake was EPR Properties: 4,198,360 shares worth $139M.
By sector, the portfolio is most concentrated in Real Estate at 43% of assets, up from 18% a quarter earlier, followed by Utilities and Healthcare.
On the sell side, the largest reduction was VICI Properties, an estimated $26.2M trimmed.
- Jonathan Kolatch's largest Q2 2020 buy was EPR Properties: 4,198,360 shares worth $139M.
- Jonathan Kolatch added most to VEREIT, Inc. in Q2 2020, an estimated $100M increase.
- Jonathan Kolatch's biggest Q2 2020 reduction was VICI Properties, cutting an estimated $26.2M.
- Jonathan Kolatch fully exited Williams Companies in Q2 2020, selling an estimated $20.9M.
- Jonathan Kolatch's ten largest holdings make up 77% of its $940M portfolio in Q2 2020.
- Jonathan Kolatch opened 4 new positions and closed 14 in Q2 2020.
- Jonathan Kolatch's portfolio value rose 72% quarter-over-quarter to $940M.
Based on Redwood Capital Management's 13F filing for Q2 2020, filed 14 Aug 2020.