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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
+3.85%
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
$145M
AUM Growth
-$127M
Cap. Flow
-$132M
Cap. Flow %
-91.32%
Top 10 Hldgs %
41.03%
Holding
172
New
22
Increased
21
Reduced
33
Closed
35

Top Buys

Rank Stock Value
1
AMLP icon
Alerian MLP ETF
AMLP
+$13.5M
2
SBIO icon
ALPS Medical Breakthroughs ETF
SBIO
+$5.99M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$5.25M
4
QQQ icon
Invesco QQQ Trust
QQQ
+$5.16M
5
BTX
BlackRock Technology and Private Equity Term Trust
BTX
+$2.49M

Top Sells

Rank Stock Value
1
PSTH
Pershing Square Tontine Holdings, Ltd.
PSTH
+$13.4M
2
HFRO
Highland Opportunities and Income Fund
HFRO
+$13.3M
3
ADX icon
Adams Diversified Equity Fund
ADX
+$11.4M
4
CET
Central Securities Corp
CET
+$11.1M
5
KMF
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
+$8.38M

Sector Composition

Rank Sector Weight
1 Technology 13.61%
2 Healthcare 5.6%
3 Consumer Discretionary 5.4%
4 Financials 4.78%
5 Communication Services 1.47%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HGLB
151
Highland Global Allocation Fund
HGLB
$172M
– –
-628,923
Closed -$5.72M
JEQ
152
DELISTED
abrdn Japan Equity Fund
JEQ
– –
-254,216
Closed -$2.48M
JOF
153
Japan Smaller Capitalization Fund
JOF
$322M
– –
-366,386
Closed -$3.32M
JPM icon
154
JPMorgan Chase
JPM
$933B
– –
-3,031
Closed -$496K
LPTH icon
155
Lightpath Technologies
LPTH
$648M
– –
-13,480
Closed -$29K
NOC icon
156
Northrop Grumman
NOC
$76B
– –
-1,560
Closed -$562K
PGZ
157
Principal Real Estate Income Fund
PGZ
$68M
– –
-116,000
Closed -$1.71M
RMT
158
Royce Micro-Cap Trust
RMT
$733M
– –
-277,831
Closed -$3.17M
RNG icon
159
RingCentral
RNG
$4.48B
– –
-2,400
Closed -$522K
SLDB icon
160
Solid Biosciences
SLDB
$836M
– –
-1,033
Closed -$37K
SRV
161
NXG Cushing Midstream Energy Fund
SRV
$210M
– –
-44,005
Closed -$1.4M
SWZ
162
Swiss Helvetia Fund
SWZ
$76.4M
– –
-292,100
Closed -$2.68M
TWN
163
Taiwan Fund
TWN
$462M
– –
-84,300
Closed -$2.97M
XYZ
164
Block Inc
XYZ
$49.2B
– –
-3,000
Closed -$720K
NTG
165
DELISTED
Tortoise Midstream Energy Fund, Inc. Common Stock
NTG
– –
-169,891
Closed -$4.91M
FDEU
166
DELISTED
First Trust Dynamic Europe Equity Income Fund
FDEU
– –
-41,600
Closed -$536K
CEN
167
DELISTED
Center Coast Brookfield MLP & Energy Infrastructure Fund
CEN
– –
-126,071
Closed -$1.75M
IRL
168
DELISTED
NEW IRELAND FUND INC
IRL
– –
-89,150
Closed -$1.1M
FMTX
169
DELISTED
Forma Therapeutics Holdings, Inc. Common Stock
FMTX
– –
-10,200
Closed -$237K
SMM
170
DELISTED
Salient Midstream & MLP Fund
SMM
– –
-510,700
Closed -$3.24M
IBTA
171
DELISTED
iShares iBonds Dec 2021 Term Treasury ETF
IBTA
– –
-17,600
Closed -$446K
FINS.RT
172
DELISTED
Angel Oak Financial Strategies Income Term Trust Rights (expires October 14, 2021)
FINS.RT
– –
-33,057
Closed -$7K
3 4 5 6
7

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SP
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CF
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Matisse Capital's Q4 2021 Portfolio in Review

As of Q4 2021, Matisse Capital held 172 positions worth $145M, down 47% from $272M the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Matisse Capital withdrew a net $132M in Q4 2021, closing 35 positions and reducing 33 holdings. Its most notable exit was Highland Opportunities and Income Fund, an estimated $13.3M position sold in full.

By sector, the portfolio is most concentrated in Technology at 14% of assets, up from 6% a quarter earlier, followed by Healthcare and Consumer Discretionary.

Against the trend, Matisse Capital opened a new position in Alerian MLP ETF worth $13.1M.

  • Matisse Capital's largest Q4 2021 buy was Alerian MLP ETF: 400,000 shares worth $13.1M.
  • Matisse Capital added most to ALPS Medical Breakthroughs ETF in Q4 2021, an estimated $5.99M increase.
  • Matisse Capital's biggest Q4 2021 reduction was Pershing Square Tontine Holdings, Ltd., cutting an estimated $13.4M.
  • Matisse Capital fully exited Highland Opportunities and Income Fund in Q4 2021, selling an estimated $13.3M.
  • Matisse Capital's ten largest holdings make up 41% of its $145M portfolio in Q4 2021.
  • Matisse Capital opened 22 new positions and closed 35 in Q4 2021.
  • Matisse Capital's portfolio value fell 47% quarter-over-quarter to $145M.

Based on Matisse Capital's 13F filing for Q4 2021, filed 4 Feb 2022.