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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
+14.03%
1 Year Est. Return
+88.05%
3 Year Est. Return
+389.89%
5 Year Est. Return
+1,483.74%
10 Year Est. Return
–
AUM
$203M
AUM Growth
-$12.4M
Cap. Flow
-$24.9M
Cap. Flow %
-12.26%
Top 10 Hldgs %
86.61%
Holding
38
New
6
Increased
12
Reduced
4
Closed
15

Top Buys

1
WTW icon
Willis Towers Watson
WTW
+$14M
2
LOGM
LogMein, Inc.
LOGM
+$6.19M
3
ETFC
E*Trade Financial Corporation
ETFC
+$5.2M
4
IBKC
IBERIABANK Corp
IBKC
+$2.98M
5
WMGI
Wright Medical Group Inc
WMGI
+$2.91M

Top Sells

1
AGN
Allergan plc
AGN
+$25.6M
2
TGE
Tallgrass Energy, LP Class A Shares
TGE
+$9.1M
3
WBC
WABCO HOLDINGS INC.
WBC
+$8.74M
4
FTSV
Forty Seven, Inc. Common Stock
FTSV
+$6.19M
5
RARX
Ra Pharmaceuticals, Inc. Common Stock
RARX
+$5.77M

Sector Composition

1 Financials 37.27%
2 Technology 28.03%
3 Consumer Discretionary 7.71%
4 Healthcare 4.23%
5 Industrials 0.94%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LOGM
1
DELISTED
LogMein, Inc.
LOGM
$29.4M 14.47%
347,031
+73,000
+27% +$6.19M
TIF
2
DELISTED
Tiffany & Co.
TIF
$25.2M 12.38%
206,400
+22,500
+12% +$2.82M
LM
3
DELISTED
Legg Mason, Inc.
LM
$21M 10.31%
421,200
+2,600
+0.6% +$129K
TECD
4
DELISTED
Tech Data Corp
TECD
$19.1M 9.4%
131,900
+4,800
+4% +$664K
IBKC
5
DELISTED
IBERIABANK Corp
IBKC
$18.9M 9.3%
415,303
+72,200
+21% +$2.98M
WTW icon
6
Willis Towers Watson
WTW
$27.8B
$16.2M 7.98%
82,345
+72,900
+772% +$14M
ETFC
7
DELISTED
E*Trade Financial Corporation
ETFC
$15.3M 7.55%
308,642
+120,700
+64% +$5.2M
CZR
8
DELISTED
Caesars Entertainment Corporation
CZR
$11.2M 5.5%
922,518
+203,800
+28% +$2.06M
TCO
9
DELISTED
Taubman Centers Inc.
TCO
$11.2M 5.49%
295,600
-9,500
-3% -$388K
WMGI
10
DELISTED
Wright Medical Group Inc
WMGI
$8.6M 4.23%
289,500
+99,600
+52% +$2.91M
FSCT
11
DELISTED
ForeScout Technologies, Inc. Common Stock
FSCT
$8.46M 4.16%
398,800
+25,000
+7% +$680K
TCBI icon
12
Texas Capital Bancshares
TCBI
$4.71B
$3.67M 1.8%
118,799
-107,258
-47% -$3M
NAV
13
DELISTED
Navistar International
NAV
$3.57M 1.76%
126,700
-25,400
-17% -$603K
MEET
14
DELISTED
The Meet Group, Inc. Common Stock
MEET
$3.5M 1.72%
561,000
+97,000
+21% +$597K
ADSW
15
DELISTED
Advanced Disposal Services Inc
ADSW
$1.9M 0.94%
+63,100
New +$2.01M
WUBA
16
DELISTED
58.com Inc
WUBA
$1.46M 0.72%
+27,000
New +$1.39M
PTLA
17
DELISTED
Portola Pharmaceuticals, Inc.
PTLA
$1.22M 0.6%
+67,800
New +$943K
DLPH
18
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
$905K 0.45%
+63,700
New +$714K
CETV
19
DELISTED
Central European Media Enterprises Ltd
CETV
$813K 0.4%
229,583
+77,900
+51% +$288K
BITA
20
DELISTED
Bitauto Holdings Limited
BITA
$785K 0.39%
+49,500
New +$625K
GCAP
21
DELISTED
Gain Capital Holdings, Inc.
GCAP
$674K 0.33%
112,001
-110,626
-50% -$681K
FIT
22
DELISTED
Fitbit, Inc. Class A common stock
FIT
$219K 0.11%
+33,900
New +$221K
BMY.RT
23
DELISTED
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
$58K 0.03%
16,300
– –
ADEA icon
24
Adeia
ADEA
$2.86B
– –
-76,364
Closed -$281K
HXL icon
25
Hexcel
HXL
$7.67B
– –
-39,200
Closed -$1.46M
1
2

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Kellner Capital's Q2 2020 Portfolio in Review

As of Q2 2020, Kellner Capital held 38 positions worth $203M, down 5.8% from $216M the previous quarter. Its ten largest holdings account for 87% of the portfolio.

Kellner Capital withdrew a net $24.9M in Q2 2020, closing 15 positions and reducing 4 holdings. Its most notable exit was Allergan plc, an estimated $25.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 37% of assets, up from 23% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, Kellner Capital opened a new position in Advanced Disposal Services Inc worth $1.9M.

  • Kellner Capital's largest Q2 2020 buy was Advanced Disposal Services Inc: 63,100 shares worth $1.9M.
  • Kellner Capital added most to Willis Towers Watson in Q2 2020, an estimated $14M increase.
  • Kellner Capital's biggest Q2 2020 reduction was Texas Capital Bancshares, cutting an estimated $3M.
  • Kellner Capital fully exited Allergan plc in Q2 2020, selling an estimated $25.6M.
  • Kellner Capital's ten largest holdings make up 87% of its $203M portfolio in Q2 2020.
  • Kellner Capital opened 6 new positions and closed 15 in Q2 2020.
  • Kellner Capital's portfolio value fell 5.8% quarter-over-quarter to $203M.

Based on Kellner Capital's 13F filing for Q2 2020, filed 11 Aug 2020.