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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
+28.03%
1 Year Est. Return
-3.71%
3 Year Est. Return
+38.62%
5 Year Est. Return
+13.87%
10 Year Est. Return
–
AUM
$212M
AUM Growth
-$438M
(-67%)
Cap. Flow
-$446M
Cap. Flow
% of AUM
-209.87%
Top 10 Holdings %
Top 10 Hldgs %
87.17%
Holding
25
New
5
Increased
–
Reduced
9
Closed
11
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
B
Barrick Mining
B
|
+$21.9M |
| 2 |
Alibaba
BABA
|
+$20.8M |
| 3 |
FTI Consulting
FCN
|
+$19.7M |
| 4 |
EFC
Ellington Financial
EFC
|
+$12.7M |
| 5 |
Pinterest
PINS
|
+$4.88M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FG
FGL Holdings Ordinary Shares
FG
|
+$108M |
| 2 |
Interactive Brokers
IBKR
|
+$43.2M |
| 3 |
CERN
Cerner Corp
CERN
|
+$40.9M |
| 4 |
Goldman Sachs
GS
|
+$38.6M |
| 5 |
Northern Trust
NTRS
|
+$37.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 22.81% |
| 2 | Industrials | 13.83% |
| 3 | Consumer Discretionary | 12.76% |
| 4 | Technology | 12.12% |
| 5 | Materials | 11.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Tencent Music
TME
$15.9B
| $23.6M | 11.09% |
1,750,000
-2,250,000
| -56% | -$26.6M |
|
|
B
2
Barrick Mining
B
$60.9B
| $23.5M | 11.05% |
+875,000
| New | +$21.9M |
|
|
3
Alibaba
BABA
$276B
| $21.6M | 10.15% |
+100,000
| New | +$20.8M |
|
4
Microsoft
MSFT
$2.9T
| $20.4M | 9.58% |
100,000
-125,000
| -56% | -$22.7M |
|
5
FirstEnergy
FE
$28.4B
| $19.4M | 9.13% |
500,000
-500,000
| -50% | -$20.7M |
|
|
TWTR
6
DELISTED
Twitter, Inc.
TWTR
| $19.4M | 9.12% |
650,000
-850,000
| -57% | -$25.6M |
|
|
7
FTI Consulting
FCN
$5.14B
| $18.6M | 8.76% |
+162,500
| New | +$19.7M |
|
|
EFC
8
Ellington Financial
EFC
$1.69B
| $14.7M | 6.93% |
+1,250,000
| New | +$12.7M |
|
|
LSXMA
9
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $12.1M | 5.69% |
476,350
-354,132
| -43% | -$8.66M |
|
|
LSXMK
10
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $12.1M | 5.68% |
451,850
-335,918
| -43% | -$8.64M |
|
|
SPR
11
DELISTED
Spirit AeroSystems
SPR
| $10.8M | 5.07% |
450,000
-650,000
| -59% | -$14.7M |
|
|
12
Pinterest
PINS
$13.7B
| $5.54M | 2.61% |
+250,000
| New | +$4.88M |
|
13
Garrett Motion
GTX
$5.39B
| $5.54M | 2.61% |
1,000,000
-1,000,000
| -50% | -$4.88M |
|
14
Sprout Social
SPT
$530M
| $5.4M | 2.54% |
200,000
-150,000
| -43% | -$3.29M |
|
15
Equitable Holdings
EQH
$13.2B
| – | – |
-500,000
| Closed | -$7.22M |
|
|
16
Goldman Sachs
GS
$289B
| – | – |
-250,000
| Closed | -$38.6M |
|
|
17
Interactive Brokers
IBKR
$38.4B
| – | – |
-4,000,000
| Closed | -$43.2M |
|
18
Madison Square Garden
MSGS
$9.59B
| – | – |
-140,200
| Closed | -$21.1M |
|
|
19
Northern Trust
NTRS
$21.8B
| – | – |
-500,000
| Closed | -$37.7M |
|
20
RTX Corp
RTX
$290B
| – | – |
-556,150
| Closed | -$33M |
|
21
Starbucks
SBUX
$119B
| – | – |
-500,000
| Closed | -$32.9M |
|
|
CERN
22
DELISTED
Cerner Corp
CERN
| – | – |
-650,000
| Closed | -$40.9M |
|
|
MDLY
23
DELISTED
Medley Management Inc
MDLY
| – | – |
-25,000
| Closed | -$170K |
|
|
LK
24
DELISTED
Luckin Coffee Inc. American Depositary Shares
LK
| – | – |
-1,000,000
| Closed | -$27.2M |
|
|
FG
25
DELISTED
FGL Holdings Ordinary Shares
FG
| – | – |
-11,000,000
| Closed | -$108M |
|
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Kingstown Capital Management's Q2 2020 Portfolio in Review
As of Q2 2020, Kingstown Capital Management held 25 positions worth $212M, down 67% from $651M the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Kingstown Capital Management withdrew a net $446M in Q2 2020, closing 11 positions and reducing 9 holdings. Its most notable exit was FGL Holdings Ordinary Shares, an estimated $108M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 23% of assets, up from 15% a quarter earlier, followed by Industrials and Consumer Discretionary.
Against the trend, Kingstown Capital Management opened a new position in Barrick Mining worth $23.5M.
- Kingstown Capital Management's largest Q2 2020 buy was Barrick Mining: 875,000 shares worth $23.5M.
- Kingstown Capital Management's biggest Q2 2020 reduction was Tencent Music, cutting an estimated $26.6M.
- Kingstown Capital Management fully exited FGL Holdings Ordinary Shares in Q2 2020, selling an estimated $108M.
- Kingstown Capital Management's ten largest holdings make up 87% of its $212M portfolio in Q2 2020.
- Kingstown Capital Management opened 5 new positions and closed 11 in Q2 2020.
- Kingstown Capital Management's portfolio value fell 67% quarter-over-quarter to $212M.
Based on Kingstown Capital Management's 13F filing for Q2 2020, filed 17 Aug 2020.