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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
(-46%)
Cap. Flow
-$127M
Cap. Flow
% of AUM
-83.31%
Top 10 Holdings %
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 | |
|---|---|---|---|---|---|---|
|
ATHN
1
DELISTED
Athenahealth, Inc.
ATHN
| $19M | 12.45% |
+143,700
| New | +$18.4M |
|
|
VLP
2
DELISTED
Valero Energy Partners LP
VLP
| $16.3M | 10.69% |
+386,000
| New | +$16M |
|
|
TFCFA
3
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $15.3M | 10.03% |
317,400
-40,200
| -11% | -$1.91M |
|
|
MBFI
4
DELISTED
MB Financial Corp
MBFI
| $13.6M | 8.9% |
342,000
+97,100
| +40% | +$4.22M |
|
5
NXP Semiconductors
NXPI
$67.3B
| $10.4M | 6.86% |
142,501
-175,600
| -55% | -$13.9M |
|
|
DNB
6
DELISTED
Dun & Bradstreet
DNB
| $9.82M | 6.45% |
68,800
+44,500
| +183% | +$6.34M |
|
|
ARRS
7
DELISTED
ARRIS International plc Ordinary Shares
ARRS
| $9.27M | 6.09% |
+303,200
| New | +$8.42M |
|
|
AHL
8
DELISTED
ASPEN Insurance Holding Limited
AHL
| $7.33M | 4.82% |
174,600
+75,900
| +77% | +$3.17M |
|
|
ITG
9
DELISTED
Investment Technology Group Inc
ITG
| $5.79M | 3.8% |
+191,500
| New | +$5.49M |
|
|
SHPG
10
DELISTED
Shire pic
SHPG
| $4.68M | 3.08% |
+26,900
| New | +$4.71M |
|
|
TRCO
11
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $4.48M | 2.94% |
98,700
+57,800
| +141% | +$2.34M |
|
|
SEND
12
DELISTED
SendGrid, Inc.
SEND
| $4.25M | 2.79% |
+98,500
| New | +$3.79M |
|
|
IDTI
13
DELISTED
Integrated Device Technology I
IDTI
| $4.1M | 2.69% |
+84,600
| New | +$4M |
|
|
ESL
14
DELISTED
Esterline Technologies
ESL
| $3.46M | 2.27% |
+28,500
| New | +$3.29M |
|
|
RHT
15
DELISTED
Red Hat Inc
RHT
| $3.14M | 2.07% |
+17,900
| New | +$2.84M |
|
|
LLL
16
DELISTED
L3 Technologies, Inc.
LLL
| $3.09M | 2.03% |
+17,800
| New | +$3.43M |
|
|
NAVG
17
DELISTED
Navigators Group Inc
NAVG
| $2.79M | 1.83% |
40,200
+24,900
| +163% | +$1.73M |
|
|
USG
18
DELISTED
Usg
USG
| $2.5M | 1.64% |
58,500
-9,000
| -13% | -$385K |
|
|
NTRI
19
DELISTED
NutriSystem, Inc.
NTRI
| $2.35M | 1.54% |
+53,500
| New | +$2.02M |
|
|
LKSD
20
DELISTED
LSC Communications, Inc.
LKSD
| $2.08M | 1.36% |
+296,600
| New | +$2.7M |
|
21
Dell
DELL
$256B
| $1.67M | 1.09% |
67,260
-174,506
| -72% | -$4.78M |
|
22
T-Mobile US
TMUS
$208B
| $1.61M | 1.06% |
25,300
| – | – |
|
|
SPA
23
DELISTED
Sparton
SPA
| $1.48M | 0.97% |
81,200
+7,800
| +11% | +$114K |
|
|
ORBK
24
DELISTED
Orbotech Ltd
ORBK
| $1.01M | 0.66% |
+17,900
| New | +$1M |
|
|
TVPT
25
DELISTED
Travelport Worldwide Limited
TVPT
| $906K | 0.6% |
+58,000
| New | +$884K |
|
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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.