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Karpas Strategies Portfolio holdings

AUM $319M
1-Year Est. Return 14.42%
This Fund
S&P 500
This Quarter Est. Return
-9.21%
1 Year Est. Return
+14.42%
3 Year Est. Return
+16.12%
5 Year Est. Return
+59.2%
10 Year Est. Return
+120.15%
AUM
$181M
AUM Growth
-$19.4M
Cap. Flow
+$829K
Cap. Flow %
0.46%
Top 10 Hldgs %
39.47%
Holding
122
New
3
Increased
12
Reduced
15
Closed
2

Top Buys

Rank Stock Value
1
T icon
AT&T
T
+$1.87M
2
HHH icon
Howard Hughes
HHH
+$1.29M
3
ENH
Endurance Specialty Holdings Ltd
ENH
+$897K
4
C icon
Citigroup
C
+$655K
5
JEF icon
Jefferies Financial Group
JEF
+$321K

Top Sells

Rank Stock Value
1
DTV
DIRECTV COM STK (DE)
DTV
+$2.73M
2
MRH
MONTPELIER RE HOLDINGS LTD
MRH
+$1.15M
3
LBTYK icon
Liberty Global Class C
LBTYK
+$389K
4
CMPR icon
Cimpress
CMPR
+$149K
5
MAR icon
Marriott International
MAR
+$96.9K

Sector Composition

Rank Sector Weight
1 Financials 24.46%
2 Energy 16.02%
3 Healthcare 15.49%
4 Communication Services 9.25%
5 Real Estate 8.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AB icon
76
AllianceBernstein
AB
$3.46B
$412K 0.23%
15,475
– –
NEE icon
77
NextEra Energy
NEE
$181B
$408K 0.23%
16,728
– –
SE
78
DELISTED
Spectra Energy Corp Wi
SE
$363K 0.2%
13,800
– –
DISCK
79
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$356K 0.2%
14,643
– –
PCL
80
DELISTED
PLUM CREEK TIMBER CO (REIT)
PCL
$356K 0.2%
9,000
– –
PEP icon
81
PepsiCo
PEP
$191B
$354K 0.2%
3,750
– –
TD icon
82
Toronto Dominion Bank
TD
$200B
$344K 0.19%
8,726
– –
WMB icon
83
Williams Companies
WMB
$86.1B
$337K 0.19%
9,150
– –
SU icon
84
Suncor Energy
SU
$77.9B
$326K 0.18%
12,200
– –
MDLZ icon
85
Mondelez International
MDLZ
$78.8B
$314K 0.17%
7,500
– –
VZ icon
86
Verizon
VZ
$198B
$314K 0.17%
7,222
– –
SJR
87
DELISTED
Shaw Communications Inc.
SJR
$310K 0.17%
16,000
– –
FWONA icon
88
Liberty Media Series A
FWONA
$22.4B
$298K 0.16%
12,412
– –
STRZA
89
DELISTED
Starz - Series A
STRZA
$298K 0.16%
7,987
– –
LVNTA
90
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$295K 0.16%
7,308
– –
UDR icon
91
UDR
UDR
$12.4B
$293K 0.16%
8,495
– –
TWX
92
DELISTED
Time Warner Inc
TWX
$292K 0.16%
4,254
– –
CAH icon
93
Cardinal Health
CAH
$55.2B
$288K 0.16%
3,753
– –
FLG
94
Flagstar Bank National Association
FLG
$5.93B
$282K 0.16%
5,198
+3
+0.1% +$163
LBRDK icon
95
Liberty Broadband Class C
LBRDK
$4.86B
$280K 0.15%
5,474
– –
TAL
96
DELISTED
TAL INTERNATIONAL GROUP, INC.
TAL
$279K 0.15%
20,400
– –
ETD icon
97
Ethan Allen Interiors
ETD
$598M
$276K 0.15%
10,468
– –
XL
98
DELISTED
XL Group Ltd.
XL
$251K 0.14%
6,900
– –
ABT icon
99
Abbott
ABT
$185B
$245K 0.14%
6,100
– –
SJT
100
San Juan Basin Royalty Trust
SJT
$113M
$238K 0.13%
25,175
+2,500
+11% +$26K
1 2 3
4
5

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GH
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GFWEX
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CCMLC
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CU
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LWMG
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THWM
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VFPI
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Karpas Strategies's Q3 2015 Portfolio in Review

As of Q3 2015, Karpas Strategies held 122 positions worth $181M, down 9.7% from $201M the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Trading was light in Q3 2015: portfolio turnover was 4.1%. Karpas Strategies opened 3 new positions and exited 2, leaving the 122-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 23% a quarter earlier, followed by Energy and Healthcare.

  • Karpas Strategies's largest Q3 2015 buy was Howard Hughes: 10,333 shares worth $1.13M.
  • Karpas Strategies added most to AT&T in Q3 2015, an estimated $1.87M increase.
  • Karpas Strategies's biggest Q3 2015 reduction was Liberty Global Class C, cutting an estimated $389K.
  • Karpas Strategies fully exited DIRECTV COM STK (DE) in Q3 2015, selling an estimated $2.73M.
  • Karpas Strategies's ten largest holdings make up 39% of its $181M portfolio in Q3 2015.
  • Karpas Strategies opened 3 new positions and closed 2 in Q3 2015.
  • Karpas Strategies's portfolio value fell 9.7% quarter-over-quarter to $181M.

Based on Karpas Strategies's 13F filing for Q3 2015, filed 3 Nov 2015.