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Matisse Capital Portfolio holdings

AUM $234M
1-Year Est. Return 19.72%
This Fund
S&P 500
This Quarter Est. Return
-9.99%
1 Year Est. Return
+19.72%
3 Year Est. Return
+52.07%
5 Year Est. Return
+45.94%
10 Year Est. Return
+148.24%
AUM
$79.5M
AUM Growth
-$32M
Cap. Flow
-$21.5M
Cap. Flow %
-27.01%
Top 10 Hldgs %
39.15%
Holding
129
New
9
Increased
15
Reduced
55
Closed
28

Top Buys

Rank Stock Value
1
MYJ
Blackrock Muni Yield New Jersey Fund, Inc.
MYJ
+$1.2M
2
EXD
Eaton Vance TaxManaged Buy-Write Strategy Fund
EXD
+$1.13M
3
EEMS icon
iShares MSCI Emerging Markets Small-Cap ETF
EEMS
+$1.02M
4
GGZ
Gabelli Global Small and Mid-Cap Value Trust
GGZ
+$861K
5
THOR
Synthorx, Inc. Common Stock
THOR
+$798K

Top Sells

Rank Stock Value
1
AEF
abrdn Emerging Markets Equity Income Fund
AEF
+$2.91M
2
EVM
Eaton Vance California Municipal Bond Fund
EVM
+$2.57M
3
NUM
Nuveen Michigan Quality Municipal Income Fund
NUM
+$2.51M
4
LDF
Latin American Discovery Fund
LDF
+$2.38M
5
BFY
BlackRock New York Municipal Income Trust II
BFY
+$1.31M

Sector Composition

Rank Sector Weight
1 Healthcare 6.78%
2 Real Estate 5.14%
3 Technology 5.11%
4 Consumer Discretionary 3.3%
5 Financials 2.97%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INTC icon
26
Intel
INTC
$462B
$857K 1.08%
18,269
+105
+0.6% +$4.92K
EMLC icon
27
VanEck JP Morgan EM Local Currency Bond ETF
EMLC
$4.76B
$789K 0.99%
+23,900
New +$781K
EMJ
28
DELISTED
Eaton Vance New Jersey Municipal Bond Fund
EMJ
$787K 0.99%
65,711
-4,983
-7% -$58.1K
TWN
29
Taiwan Fund
TWN
$488M
$774K 0.97%
51,078
– –
NBW
30
DELISTED
Neuberger Berman California Municipal Fund Inc.
NBW
$751K 0.95%
61,952
-3,745
-6% -$45.4K
NKE icon
31
Nike
NKE
$62.5B
$734K 0.92%
9,906
– –
MXE
32
Mexico Equity and Income Fund
MXE
$58.2M
$696K 0.88%
69,140
-931
-1% -$9.88K
CCA
33
DELISTED
MFS California Municipal Fund
CCA
$643K 0.81%
64,307
-22,043
-26% -$219K
DRNA
34
DELISTED
Dicerna Pharmaceuticals, Inc.
DRNA
$620K 0.78%
58,000
– –
BFY
35
DELISTED
BlackRock New York Municipal Income Trust II
BFY
$593K 0.75%
47,788
-105,512
-69% -$1.31M
STEW
36
SRH Total Return Fund
STEW
$1.76B
$590K 0.74%
56,565
-16,600
-23% -$176K
ARVN icon
37
Arvinas
ARVN
$530M
$535K 0.67%
+41,600
New +$660K
NXJ
38
DELISTED
Nuveen New Jersey Quality Municipal Income Fund
NXJ
$520K 0.65%
40,801
-81,377
-67% -$1.03M
NOC icon
39
Northrop Grumman
NOC
$77.8B
$512K 0.64%
2,092
– –
BRK.B icon
40
Berkshire Hathaway Class B
BRK.B
$1.07T
$471K 0.59%
2,305
– –
ADX icon
41
Adams Diversified Equity Fund
ADX
$3.11B
$466K 0.59%
36,887
-7,889
-18% -$116K
CET
42
Central Securities Corp
CET
$1.55B
$461K 0.58%
18,557
-34,786
-65% -$928K
GD icon
43
General Dynamics
GD
$105B
$435K 0.55%
2,764
+1
+0% +$179
PEO
44
Adams Natural Resources Fund
PEO
$733M
$431K 0.54%
30,752
-49,682
-62% -$824K
ASND icon
45
Ascendis Pharma A/S
ASND
$16.6B
$422K 0.53%
6,730
-4,600
-41% -$289K
LMT icon
46
Lockheed Martin
LMT
$134B
$415K 0.52%
1,586
– –
LRCX icon
47
Lam Research
LRCX
$365B
$404K 0.51%
29,700
– –
ELV icon
48
Elevance Health
ELV
$82.1B
$403K 0.51%
1,534
– –
CAF
49
Morgan Stanley China A Share Fund
CAF
$337M
$398K 0.5%
21,795
-25,270
-54% -$488K
EMD
50
Western Asset Emerging Markets Debt Fund
EMD
$614M
$398K 0.5%
32,367
-7,100
-18% -$89.6K
1
2
3 4 5

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Matisse Capital's Q4 2018 Portfolio in Review

As of Q4 2018, Matisse Capital held 129 positions worth $79.5M, down 29% from $111M the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Matisse Capital withdrew a net $21.5M in Q4 2018, closing 28 positions and reducing 55 holdings. Its most notable exit was Eaton Vance California Municipal Bond Fund, an estimated $2.57M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 6.8% of assets, up from 4.8% a quarter earlier, followed by Real Estate and Technology.

Against the trend, Matisse Capital opened a new position in iShares MSCI Emerging Markets Small-Cap ETF worth $1M.

  • Matisse Capital's largest Q4 2018 buy was iShares MSCI Emerging Markets Small-Cap ETF: 24,000 shares worth $1M.
  • Matisse Capital added most to Blackrock Muni Yield New Jersey Fund, Inc. in Q4 2018, an estimated $1.2M increase.
  • Matisse Capital's biggest Q4 2018 reduction was abrdn Emerging Markets Equity Income Fund, cutting an estimated $2.91M.
  • Matisse Capital fully exited Eaton Vance California Municipal Bond Fund in Q4 2018, selling an estimated $2.57M.
  • Matisse Capital's ten largest holdings make up 39% of its $79.5M portfolio in Q4 2018.
  • Matisse Capital opened 9 new positions and closed 28 in Q4 2018.
  • Matisse Capital's portfolio value fell 29% quarter-over-quarter to $79.5M.

Based on Matisse Capital's 13F filing for Q4 2018, filed 18 Jan 2019.