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Linden Advisors Portfolio holdings

AUM $17.9B
1-Year Est. Return 1.72%
This Fund
S&P 500
This Quarter Est. Return
+2.14%
1 Year Est. Return
+1.72%
3 Year Est. Return
+2.79%
5 Year Est. Return
+3.4%
10 Year Est. Return
+25.58%
AUM
$567M
AUM Growth
-$34.3M
Cap. Flow
-$272M
Cap. Flow %
-48.03%
Top 10 Hldgs %
59.4%
Holding
61
New
11
Increased
3
Reduced
5
Closed
13

Top Buys

Rank Stock Value
1
MCP
MOLYCORP INC COM STK
MCP
+$17.8M
2
EWZ icon
iShares MSCI Brazil ETF
EWZ
+$9.5M
3
RYN icon
Rayonier
RYN
+$4.42M
4
CATM
Cardtronics plc Class A Ordinary Shares (UK)
CATM
+$4.11M
5
INVN
Invensense Inc
INVN
+$3.3M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$11.7M
2
GM.PRB
GENERAL MTRS CO JR PFD CONV SER B (DE)
GM.PRB
+$9.91M
3
ALR.PRB
Alere Inc
ALR.PRB
+$7.53M
4
GM.WS.C
GENERAL MTRS CO WTS EXP 12/31/15 (DE)
GM.WS.C
+$2.55M
5
ALJ
Alon USA Energy Inc
ALJ
+$2.03M

Sector Composition

Rank Sector Weight
1 Materials 3.86%
2 Technology 1.66%
3 Industrials 0.86%
4 Real Estate 0.83%
5 Financials 0.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
26
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
– –
-200,000
Closed -$33.3M
USO icon
27
PUT
United States Oil Fund
USO
$2.45B
– –
-12,563
Closed -$3.67M
XHB icon
28
CALL
State Street SPDR S&P Homebuilders ETF
XHB
$1.74B
– –
-200,000
Closed -$6.05M
ALJ
29
DELISTED
Alon USA Energy Inc
ALJ
– –
-248,500
Closed -$2.03M
WY.PRA
30
DELISTED
WEYERHAEUSER COMP PREF CONV SER A (WA)
WY.PRA
– –
-25,000
Closed -$1.04M
ORIG
31
DELISTED
Ocean Rig UDW Inc. Class A Common Shares
ORIG
– –
-2
Closed -$303K
GM.WS.C
32
DELISTED
GENERAL MTRS CO WTS EXP 12/31/15 (DE)
GM.WS.C
– –
-750,000
Closed -$2.55M
GM.PRB
33
DELISTED
GENERAL MTRS CO JR PFD CONV SER B (DE)
GM.PRB
– –
-250,000
Closed -$9.91M
DELL
34
CALL
DELISTED
DELL INC
DELL
– –
-3,064,300
Closed -$42M
DELL
35
DELISTED
DELL INC
DELL
– –
-96,000
Closed -$1.31M
VXX
36
PUT
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
– –
-7,813
Closed -$7.28M
GNK
37
PUT
DELISTED
GENCO SHIPPING & TRADING LTD
GNK
– –
-200,000
Closed -$779K
1
2

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CWP
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FCM
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TAF
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BBA
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FAF
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Linden Advisors's Q4 2013 Portfolio in Review

As of Q4 2013, Linden Advisors held 61 positions worth $567M, down 5.7% from $601M the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Linden Advisors withdrew a net $272M in Q4 2013, closing 13 positions and reducing 5 holdings. Its most notable exit was GENERAL MTRS CO JR PFD CONV SER B (DE), an estimated $9.91M position sold in full.

By sector, the portfolio is most concentrated in Materials at 3.9% of assets, up from 0.56% a quarter earlier, followed by Technology and Industrials.

Against the trend, Linden Advisors opened a new position in Rayonier worth $3.9M.

  • Linden Advisors's largest Q4 2013 buy was Rayonier: 136,814 shares worth $3.9M.
  • Linden Advisors added most to MOLYCORP INC COM STK in Q4 2013, an estimated $17.8M increase.
  • Linden Advisors's biggest Q4 2013 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $11.7M.
  • Linden Advisors fully exited GENERAL MTRS CO JR PFD CONV SER B (DE) in Q4 2013, selling an estimated $9.91M.
  • Linden Advisors's ten largest holdings make up 59% of its $567M portfolio in Q4 2013.
  • Linden Advisors opened 11 new positions and closed 13 in Q4 2013.
  • Linden Advisors's portfolio value fell 5.7% quarter-over-quarter to $567M.

Based on Linden Advisors's 13F filing for Q4 2013, filed 14 Feb 2014.