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KCM

Kingstown Capital Management Portfolio holdings

AUM $30.4M
1-Year Est. Return 3.71%
This Fund
S&P 500
This Quarter Est. Return
+14.9%
1 Year Est. Return
-3.71%
3 Year Est. Return
+38.62%
5 Year Est. Return
+13.87%
10 Year Est. Return
–
AUM
$806M
AUM Growth
+$150M
Cap. Flow
+$54.9M
Cap. Flow %
6.81%
Top 10 Hldgs %
70.23%
Holding
24
New
5
Increased
9
Reduced
5
Closed
2

Top Buys

Rank Stock Value
1
VER
VEREIT, Inc.
VER
+$45.3M
2
MDR
McDermott International
MDR
+$37.1M
3
BWXT icon
BWX Technologies
BWXT
+$13.1M
4
AJRD
Aerojet Rocketdyne Holdings
AJRD
+$12.8M
5
SPR
Spirit AeroSystems
SPR
+$7.36M

Top Sells

Rank Stock Value
1
MESG
XURA INC COM (DE)
MESG
+$31.9M
2
ETFC
E*Trade Financial Corporation
ETFC
+$15.5M
3
SXC icon
SunCoke Energy
SXC
+$12.4M
4
GD icon
General Dynamics
GD
+$8.93M
5
PHH
PHH Corporation
PHH
+$6.01M

Sector Composition

Rank Sector Weight
1 Industrials 31.51%
2 Communication Services 25.33%
3 Materials 10.19%
4 Consumer Discretionary 9.3%
5 Real Estate 8.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VOD icon
1
Vodafone
VOD
$37.1B
$86.5M 10.73%
2,158,200
– –
NWSA icon
2
News Corp Class A
NWSA
$15.6B
$81.1M 10.06%
4,500,000
+100,000
+2% +$1.73M
BWXT icon
3
BWX Technologies
BWXT
$14.4B
$61.5M 7.63%
2,516,400
+559,200
+29% +$13.1M
GM icon
4
General Motors
GM
$80.9B
$61.5M 7.63%
1,505,287
+5,287
+0.4% +$200K
SPR
5
DELISTED
Spirit AeroSystems
SPR
$59.6M 7.4%
1,750,000
+250,000
+17% +$7.36M
SXC icon
6
SunCoke Energy
SXC
$794M
$45.6M 5.66%
2,000,000
-600,000
-23% -$12.4M
AJRD
7
DELISTED
Aerojet Rocketdyne Holdings
AJRD
$45M 5.59%
2,500,000
+750,000
+43% +$12.8M
VER
8
DELISTED
VEREIT, Inc.
VER
$45M 5.58%
+700,000
New +$45.3M
MDR
9
DELISTED
McDermott International
MDR
$43.5M 5.4%
+1,583,333
New +$37.1M
FWONA icon
10
Liberty Media Series A
FWONA
$23.4B
$36.6M 4.54%
1,407,242
+140,724
+11% +$3.73M
PHH
11
DELISTED
PHH Corporation
PHH
$36.5M 4.53%
1,500,000
-250,000
-14% -$6.01M
RHP icon
12
Ryman Hospitality Properties
RHP
$8.56B
$35.5M 4.41%
850,000
– –
MRVL icon
13
Marvell Technology
MRVL
$147B
$32.4M 4.01%
2,250,000
– –
LPS
14
DELISTED
LENDER PROCESSING SERVICES INC
LPS
$29.9M 3.71%
800,000
-50,000
-6% -$1.73M
ETFC
15
DELISTED
E*Trade Financial Corporation
ETFC
$29.5M 3.65%
1,500,000
-870,200
-37% -$15.5M
AMH icon
16
American Homes 4 Rent
AMH
$12.1B
$26.7M 3.32%
1,650,000
+300,000
+22% +$4.82M
QLTI
17
DELISTED
QLT Inc
QLTI
$18.1M 2.25%
3,250,000
+100,000
+3% +$496K
GD icon
18
General Dynamics
GD
$103B
$14.3M 1.78%
150,000
-100,000
-40% -$8.93M
BKS
19
DELISTED
Barnes & Noble
BKS
$13.5M 1.67%
1,373,400
+228,900
+20% +$2.21M
FCE.A
20
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$3.34M 0.41%
+175,000
New +$3.4M
GM.WS.A
21
DELISTED
GENERAL MOTORS COMPANY WARRANT (EXPIRES 07/10/2016)
GM.WS.A
$150K 0.02%
+4,806
New +$136K
GM.WS.B
22
DELISTED
General Motors Company
GM.WS.B
$111K 0.01%
+4,806
New +$97.9K
MESG
23
DELISTED
XURA INC COM (DE)
MESG
– –
-1,000,000
Closed -$31.9M
BTH
24
DELISTED
BLYTH,INC
BTH
– –
-77,184
Closed -$1.07M

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Kingstown Capital Management's Q4 2013 Portfolio in Review

As of Q4 2013, Kingstown Capital Management held 24 positions worth $806M, up 23% from $656M the previous quarter. Its ten largest holdings account for 70% of the portfolio.

Kingstown Capital Management deployed $54.9M of net new capital in Q4 2013, opening 5 new positions and adding to 9 existing holdings. Its largest new stake was VEREIT, Inc.: 700,000 shares worth $45M.

By sector, the portfolio is most concentrated in Industrials at 32% of assets, up from 25% a quarter earlier, followed by Communication Services and Materials.

On the sell side, the largest reduction was E*Trade Financial Corporation, an estimated $15.5M trimmed.

  • Kingstown Capital Management's largest Q4 2013 buy was VEREIT, Inc.: 700,000 shares worth $45M.
  • Kingstown Capital Management added most to BWX Technologies in Q4 2013, an estimated $13.1M increase.
  • Kingstown Capital Management's biggest Q4 2013 reduction was E*Trade Financial Corporation, cutting an estimated $15.5M.
  • Kingstown Capital Management fully exited XURA INC COM (DE) in Q4 2013, selling an estimated $31.9M.
  • Kingstown Capital Management's ten largest holdings make up 70% of its $806M portfolio in Q4 2013.
  • Kingstown Capital Management opened 5 new positions and closed 2 in Q4 2013.
  • Kingstown Capital Management's portfolio value rose 23% quarter-over-quarter to $806M.

Based on Kingstown Capital Management's 13F filing for Q4 2013, filed 14 Feb 2014.