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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
+5.33%
1 Year Est. Return
-3.71%
3 Year Est. Return
+38.62%
5 Year Est. Return
+13.87%
10 Year Est. Return
–
AUM
$668M
AUM Growth
-$131M
(-16%)
Cap. Flow
-$163M
Cap. Flow
% of AUM
-24.47%
Top 10 Holdings %
Top 10 Hldgs %
80.61%
Holding
22
New
1
Increased
6
Reduced
7
Closed
7
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Navient
NAVI
|
+$39.7M |
| 2 |
ONIT
Onity Group
ONIT
|
+$18.1M |
| 3 |
SunCoke Energy
SXC
|
+$12.6M |
| 4 |
AJRD
Aerojet Rocketdyne Holdings
AJRD
|
+$9.11M |
| 5 |
Liberty Media Series A
FWONA
|
+$6.46M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vodafone
VOD
|
+$46M |
| 2 |
VER
VEREIT, Inc.
VER
|
+$45.6M |
| 3 |
NOV
NOV
|
+$38.9M |
| 4 |
Verizon
VZ
|
+$28.5M |
| 5 |
Ryman Hospitality Properties
RHP
|
+$25.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 24.57% |
| 2 | Financials | 23.16% |
| 3 | Communication Services | 18.57% |
| 4 | Real Estate | 13.34% |
| 5 | Consumer Discretionary | 9.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
News Corp Class A
NWSA
$15.6B
| $76.2M | 11.41% |
4,250,000
-500,000
| -11% | -$8.64M |
|
|
SPR
2
DELISTED
Spirit AeroSystems
SPR
| $58.1M | 8.7% |
1,725,000
-275,000
| -14% | -$8.68M |
|
|
AJRD
3
DELISTED
Aerojet Rocketdyne Holdings
AJRD
| $57.3M | 8.58% |
3,000,000
+500,000
| +20% | +$9.11M |
|
|
NGHC
4
DELISTED
National General Holdings Corp
NGHC
| $56.5M | 8.46% |
3,250,000
+250,000
| +8% | +$3.81M |
|
|
ONIT
5
Onity Group
ONIT
$342M
| $55.6M | 8.33% |
100,000
+33,333
| +50% | +$18.1M |
|
6
General Motors
GM
$80.9B
| $49M | 7.34% |
1,350,000
-250,000
| -16% | -$8.72M |
|
7
BWX Technologies
BWXT
$14.4B
| $48.7M | 7.29% |
2,097,000
-349,500
| -14% | -$8.29M |
|
|
8
Liberty Media Series A
FWONA
$23.4B
| $47.8M | 7.16% |
1,970,139
+281,448
| +17% | +$6.46M |
|
|
FCE.A
9
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| $44.7M | 6.69% |
2,250,000
-200,000
| -8% | -$3.82M |
|
10
American Homes 4 Rent
AMH
$12.1B
| $44.4M | 6.65% |
2,500,000
-300,000
| -11% | -$5.12M |
|
|
11
SunCoke Energy
SXC
$794M
| $43M | 6.44% |
2,000,000
+600,000
| +43% | +$12.6M |
|
|
12
Navient
NAVI
$819M
| $42.5M | 6.36% |
+2,400,000
| New | +$39.7M |
|
|
QLTI
13
DELISTED
QLT Inc
QLTI
| $20.1M | 3.01% |
3,250,000
| – | – |
|
|
BKS
14
DELISTED
Barnes & Noble
BKS
| $13.7M | 2.05% |
915,600
-457,800
| -33% | -$5.52M |
|
|
TWGP
15
DELISTED
TOWER GROUP INTL LTD COM STK (BERMUDA)
TWGP
| $10.3M | 1.54% |
5,725,000
+775,000
| +16% | +$1.76M |
|
|
16
NOV
NOV
$6.84B
| – | – |
-554,500
| Closed | -$38.9M |
|
|
17
Ryman Hospitality Properties
RHP
$8.56B
| – | – |
-600,000
| Closed | -$25.5M |
|
|
18
Vodafone
VOD
$37.1B
| – | – |
-1,250,000
| Closed | -$46M |
|
|
19
Verizon
VZ
$197B
| – | – |
-600,000
| Closed | -$28.5M |
|
|
VER
20
DELISTED
VEREIT, Inc.
VER
| – | – |
-650,000
| Closed | -$45.6M |
|
|
MDR
21
DELISTED
McDermott International
MDR
| – | – |
-416,667
| Closed | -$9.78M |
|
|
SHLD
22
DELISTED
Sears Holding Corporation
SHLD
| – | – |
-331,231
| Closed | -$11.9M |
|
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Kingstown Capital Management's Q2 2014 Portfolio in Review
As of Q2 2014, Kingstown Capital Management held 22 positions worth $668M, down 16% from $800M the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Kingstown Capital Management withdrew a net $163M in Q2 2014, closing 7 positions and reducing 7 holdings. Its most notable exit was Vodafone, an estimated $46M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 25% of assets, up from 21% a quarter earlier, followed by Financials and Communication Services.
Against the trend, Kingstown Capital Management opened a new position in Navient worth $42.5M.
- Kingstown Capital Management's largest Q2 2014 buy was Navient: 2,400,000 shares worth $42.5M.
- Kingstown Capital Management added most to Onity Group in Q2 2014, an estimated $18.1M increase.
- Kingstown Capital Management's biggest Q2 2014 reduction was General Motors, cutting an estimated $8.72M.
- Kingstown Capital Management fully exited Vodafone in Q2 2014, selling an estimated $46M.
- Kingstown Capital Management's ten largest holdings make up 81% of its $668M portfolio in Q2 2014.
- Kingstown Capital Management opened 1 new position and closed 7 in Q2 2014.
- Kingstown Capital Management's portfolio value fell 16% quarter-over-quarter to $668M.
Based on Kingstown Capital Management's 13F filing for Q2 2014, filed 14 Aug 2014.