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KC

Kellner Capital Portfolio holdings

AUM $55.5M
1-Year Est. Return 88.05%
This Fund
S&P 500
This Quarter Est. Return
+3.19%
1 Year Est. Return
+88.05%
3 Year Est. Return
+389.89%
5 Year Est. Return
+1,483.74%
10 Year Est. Return
–
AUM
$152M
AUM Growth
-$129M
Cap. Flow
-$127M
Cap. Flow %
-83.31%
Top 10 Hldgs %
73.17%
Holding
51
New
16
Increased
8
Reduced
5
Closed
21

Top Buys

Rank Stock Value
1
ATHN
Athenahealth, Inc.
ATHN
+$18.4M
2
VLP
Valero Energy Partners LP
VLP
+$16M
3
ARRS
ARRIS International plc Ordinary Shares
ARRS
+$8.42M
4
DNB
Dun & Bradstreet
DNB
+$6.34M
5
ITG
Investment Technology Group Inc
ITG
+$5.49M

Top Sells

Rank Stock Value
1
AET
Aetna Inc
AET
+$25.8M
2
PF
Pinnacle Foods, Inc.
PF
+$25.5M
3
ANDV
Andeavor
ANDV
+$17.4M
4
GPT
Gramercy Property Trust
GPT
+$16.6M
5
ESRX
Express Scripts Holding Company
ESRX
+$14.7M

Sector Composition

Rank Sector Weight
1 Financials 20.17%
2 Technology 16.69%
3 Communication Services 16.1%
4 Industrials 13.82%
5 Energy 11.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
REN
26
DELISTED
Resolute Energy Corporaton
REN
$610K 0.4%
+21,045
New +$664K
DM
27
DELISTED
Dominion Energy Midstream Ptr LP
DM
$568K 0.37%
31,500
+1,500
+5% +$27.6K
RDC
28
DELISTED
Rowan Companies Plc
RDC
$375K 0.25%
+44,700
New +$657K
AKRX
29
DELISTED
Akorn Inc
AKRX
$223K 0.15%
65,700
+2,400
+4% +$14.3K
ESRX
30
DELISTED
Express Scripts Holding Company
ESRX
$156K 0.1%
4,819
-151,981
-97% -$14.7M
T icon
31
AT&T
T
$153B
– –
-48,943
Closed -$1.24M
UPBD icon
32
Upbound Group
UPBD
$1.33B
– –
-17,900
Closed -$257K
SEP
33
DELISTED
Spectra Engy Parters Lp
SEP
– –
-295,660
Closed -$10.6M
FCE.A
34
DELISTED
Forest City Realty Trust, Inc.
FCE.A
– –
-555,000
Closed -$13.9M
SODA
35
DELISTED
SodaStream International Ltd
SODA
– –
-26,500
Closed -$3.79M
AFSI
36
DELISTED
AmTrust Financial Services, Inc.
AFSI
– –
-291,200
Closed -$4.23M
AET
37
DELISTED
Aetna Inc
AET
– –
-127,200
Closed -$25.8M
KMG
38
DELISTED
KMG Chemicals Inc
KMG
– –
-52,800
Closed -$3.99M
KS
39
DELISTED
KapStone Paper and Pack Corp.
KS
– –
-201,200
Closed -$6.82M
PF
40
DELISTED
Pinnacle Foods, Inc.
PF
– –
-393,700
Closed -$25.5M
SVU
41
DELISTED
SUPERVALU Inc.
SVU
– –
-79,800
Closed -$2.57M
ETP
42
DELISTED
Energy Transfer Partners, L.P.
ETP
– –
-262,900
Closed -$5.85M
PNK
43
DELISTED
Pinnacle Entertainment Inc.
PNK
– –
-171,600
Closed -$5.78M
EVHC
44
DELISTED
Envision Healthcare Holdings Inc
EVHC
– –
-188,200
Closed -$8.61M
GPT
45
DELISTED
Gramercy Property Trust
GPT
– –
-603,600
Closed -$16.6M
SYNT
46
DELISTED
Syntel Inc
SYNT
– –
-83,000
Closed -$3.4M
ANDV
47
DELISTED
Andeavor
ANDV
– –
-113,447
Closed -$17.4M
ORIG
48
DELISTED
Ocean Rig UDW Inc. Class A Common Shares
ORIG
– –
-246,100
Closed -$8.52M
CA
49
DELISTED
CA, Inc.
CA
– –
-316,700
Closed -$14M
LPNT
50
DELISTED
LifePoint Health, Inc.
LPNT
– –
-68,400
Closed -$4.41M
1
2
3

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SC
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JCI
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RTM
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AOGP
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Kellner Capital's Q4 2018 Portfolio in Review

As of Q4 2018, Kellner Capital held 51 positions worth $152M, down 46% from $281M the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Kellner Capital withdrew a net $127M in Q4 2018, closing 21 positions and reducing 5 holdings. Its most notable exit was Aetna Inc, an estimated $25.8M position sold in full.

By sector, the portfolio is most concentrated in Financials at 20% of assets, up from 17% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Kellner Capital opened a new position in Athenahealth, Inc. worth $19M.

  • Kellner Capital's largest Q4 2018 buy was Athenahealth, Inc.: 143,700 shares worth $19M.
  • Kellner Capital added most to Dun & Bradstreet in Q4 2018, an estimated $6.34M increase.
  • Kellner Capital's biggest Q4 2018 reduction was Express Scripts Holding Company, cutting an estimated $14.7M.
  • Kellner Capital fully exited Aetna Inc in Q4 2018, selling an estimated $25.8M.
  • Kellner Capital's ten largest holdings make up 73% of its $152M portfolio in Q4 2018.
  • Kellner Capital opened 16 new positions and closed 21 in Q4 2018.
  • Kellner Capital's portfolio value fell 46% quarter-over-quarter to $152M.

Based on Kellner Capital's 13F filing for Q4 2018, filed 11 Feb 2019.