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Kellner Capital Portfolio holdings

AUM $55.5M
1-Year Est. Return 88.05%
This Fund
S&P 500
This Quarter Est. Return
+30.98%
1 Year Est. Return
+88.05%
3 Year Est. Return
+389.89%
5 Year Est. Return
+1,483.74%
10 Year Est. Return
–
AUM
$185M
AUM Growth
-$18.6M
Cap. Flow
-$33.7M
Cap. Flow %
-18.25%
Top 10 Hldgs %
74.51%
Holding
38
New
15
Increased
9
Reduced
2
Closed
10

Top Buys

1
MNTA
Momenta Pharmaceuticals, Inc.
MNTA
+$10.8M
2
VAR
Varian Medical Systems, Inc.
VAR
+$9.92M
3
IMMU
Immunomedics Inc
IMMU
+$8.2M
4
ADSW
Advanced Disposal Services Inc
ADSW
+$7.67M
5
NGHC
National General Holdings Corp
NGHC
+$7.42M

Top Sells

1
LOGM
LogMein, Inc.
LOGM
+$29.4M
2
LM
Legg Mason, Inc.
LM
+$21M
3
TECD
Tech Data Corp
TECD
+$19.1M
4
IBKC
IBERIABANK Corp
IBKC
+$18.9M
5
CZR
Caesars Entertainment Corporation
CZR
+$11.2M

Sector Composition

1 Financials 28.22%
2 Healthcare 14.66%
3 Technology 5.32%
4 Industrials 5.19%
5 Consumer Discretionary 3.83%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TIF
1
DELISTED
Tiffany & Co.
TIF
$25M 13.51%
215,400
+9,000
+4% +$1.09M
WTW icon
2
Willis Towers Watson
WTW
$27.8B
$19.1M 10.33%
91,345
+9,000
+11% +$1.84M
ETFC
3
DELISTED
E*Trade Financial Corporation
ETFC
$18.3M 9.89%
365,142
+56,500
+18% +$2.95M
IMMU
4
DELISTED
Immunomedics Inc
IMMU
$13.8M 7.47%
+162,200
New +$8.2M
MNTA
5
DELISTED
Momenta Pharmaceuticals, Inc.
MNTA
$13.7M 7.39%
+260,300
New +$10.8M
VAR
6
DELISTED
Varian Medical Systems, Inc.
VAR
$10.9M 5.87%
+63,100
New +$9.92M
TCO
7
DELISTED
Taubman Centers Inc.
TCO
$9.99M 5.41%
300,100
+4,500
+2% +$168K
WMGI
8
DELISTED
Wright Medical Group Inc
WMGI
$9.9M 5.36%
324,200
+34,700
+12% +$1.05M
ADSW
9
DELISTED
Advanced Disposal Services Inc
ADSW
$9.6M 5.19%
317,400
+254,300
+403% +$7.67M
NGHC
10
DELISTED
National General Holdings Corp
NGHC
$7.56M 4.09%
+224,000
New +$7.42M
RST
11
DELISTED
ROSETTA STONE INC
RST
$7.32M 3.96%
+244,100
New +$6.32M
LVGO
12
DELISTED
Livongo Health, Inc. Common Stock
LVGO
$5.83M 3.15%
+41,600
New +$5.07M
AMTD
13
DELISTED
TD Ameritrade Holding Corp
AMTD
$5.23M 2.83%
+133,562
New +$5.03M
NAV
14
DELISTED
Navistar International
NAV
$5.12M 2.77%
117,500
-9,200
-7% -$316K
AKCA
15
DELISTED
Akcea Therapeutics Inc
AKCA
$3.52M 1.91%
+194,100
New +$2.75M
HUD
16
DELISTED
Hudson Ltd. Class A Common Shares
HUD
$3.16M 1.71%
+416,000
New +$2.52M
CLGX
17
DELISTED
Corelogic, Inc.
CLGX
$2.94M 1.59%
+43,400
New +$2.92M
AIMT
18
DELISTED
Aimmune Therapeutics
AIMT
$2.64M 1.43%
+76,600
New +$1.63M
SINA
19
DELISTED
Sina Corp
SINA
$2.4M 1.3%
+56,200
New +$2.26M
TCBI icon
20
Texas Capital Bancshares
TCBI
$4.71B
$1.99M 1.08%
63,937
-54,862
-46% -$1.73M
DLPH
21
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
$1.96M 1.06%
117,000
+53,300
+84% +$878K
SOGO
22
DELISTED
Sogou Inc. American Depositary Shares, each representing one Class A Ordinary Share
SOGO
$1.52M 0.82%
+171,100
New +$1.31M
BITA
23
DELISTED
Bitauto Holdings Limited
BITA
$1.13M 0.61%
72,000
+22,500
+45% +$356K
ADI icon
24
Analog Devices
ADI
$185B
$993K 0.54%
+8,505
New +$996K
CETV
25
DELISTED
Central European Media Enterprises Ltd
CETV
$962K 0.52%
229,583
– –
1
2

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Kellner Capital's Q3 2020 Portfolio in Review

As of Q3 2020, Kellner Capital held 38 positions worth $185M, down 9.1% from $203M the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Kellner Capital withdrew a net $33.7M in Q3 2020, closing 10 positions and reducing 2 holdings. Its most notable exit was LogMein, Inc., an estimated $29.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 37% a quarter earlier, followed by Healthcare and Technology.

Against the trend, Kellner Capital opened a new position in Momenta Pharmaceuticals, Inc. worth $13.7M.

  • Kellner Capital's largest Q3 2020 buy was Momenta Pharmaceuticals, Inc.: 260,300 shares worth $13.7M.
  • Kellner Capital added most to Advanced Disposal Services Inc in Q3 2020, an estimated $7.67M increase.
  • Kellner Capital's biggest Q3 2020 reduction was Texas Capital Bancshares, cutting an estimated $1.73M.
  • Kellner Capital fully exited LogMein, Inc. in Q3 2020, selling an estimated $29.4M.
  • Kellner Capital's ten largest holdings make up 75% of its $185M portfolio in Q3 2020.
  • Kellner Capital opened 15 new positions and closed 10 in Q3 2020.
  • Kellner Capital's portfolio value fell 9.1% quarter-over-quarter to $185M.

Based on Kellner Capital's 13F filing for Q3 2020, filed 9 Nov 2020.