Michael Gelband ExodusPoint Capital Management
Michael Gelband is a co-founder of ExodusPoint Capital Management, a multi-strategy hedge fund launched by veterans of larger alternative platforms. The firm pursues diversified strategies across asset classes with a focus on risk-managed absolute returns. Gelband’s firm is followed as part of the newer generation of multi-strategy complexes.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Aramark
ARMK
|
+$65.8M |
| 2 |
Las Vegas Sands
LVS
|
+$61.9M |
| 3 |
Consolidated Edison
ED
|
+$42.4M |
| 4 |
iShares MSCI USA Momentum Factor ETF
MTUM
|
+$39.1M |
| 5 |
CMS Energy
CMS
|
+$29.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AABA
Altaba Inc
AABA
|
+$68.3M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$41.1M |
| 3 |
Pinnacle West Capital
PNW
|
+$25.6M |
| 4 |
Eversource Energy
ES
|
+$23.6M |
| 5 |
FirstEnergy
FE
|
+$15.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Utilities | 15.61% |
| 2 | Technology | 12.98% |
| 3 | Industrials | 12.91% |
| 4 | Consumer Discretionary | 9.54% |
| 5 | Financials | 7.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
726
PENN Entertainment
PENN
$2.45B
| $434K | 0.02% |
23,316
+13,137
| +129% | +$249K |
|
727
Watsco Inc
WSO
$12.8B
| $432K | 0.02% |
+2,553
| New | +$414K |
|
728
Rogers Communications
RCI
$19.7B
| $429K | 0.02% |
+8,800
| New | +$453K |
|
729
Fidus Investment
FDUS
$752M
| $428K | 0.02% |
28,827
+9,427
| +49% | +$145K |
|
730
Marriott Vacations Worldwide
VAC
$3.93B
| $428K | 0.02% |
4,128
+1,176
| +40% | +$116K |
|
731
Fox Factory Holding Corp
FOXF
$910M
| $427K | 0.01% |
+6,864
| New | +$510K |
|
732
Upwork
UPWK
$1.07B
| $427K | 0.01% |
+32,100
| New | +$489K |
|
733
Hancock Whitney
HWC
$6.01B
| $425K | 0.01% |
11,085
+1,267
| +13% | +$48.2K |
|
734
Immersion
IMMR
$250M
| $424K | 0.01% |
55,364
+7,498
| +16% | +$59.5K |
|
735
Morningstar
MORN
$8.16B
| $424K | 0.01% |
+2,900
| New | +$446K |
|
|
DENN
736
DELISTED
Denny's
DENN
| $422K | 0.01% |
18,551
-2,549
| -12% | -$57.2K |
|
737
Ares Capital
ARCC
$14.4B
| $421K | 0.01% |
+22,600
| New | +$419K |
|
738
PennyMac Financial
PFSI
$3.91B
| $421K | 0.01% |
13,846
-2,388
| -15% | -$64.4K |
|
739
Alamos Gold
AGI
$16B
| $420K | 0.01% |
+72,476
| New | +$484K |
|
|
WDR
740
DELISTED
Waddell & Reed Financial, Inc.
WDR
| $416K | 0.01% |
24,200
-8,363
| -26% | -$140K |
|
741
Advanced Drainage Systems
WMS
$10.6B
| $414K | 0.01% |
+12,814
| New | +$416K |
|
742
Lexicon Pharmaceuticals
LXRX
$1.03B
| $412K | 0.01% |
+136,840
| New | +$424K |
|
|
K
743
DELISTED
Kellanova
K
| $410K | 0.01% |
+6,788
| New | +$388K |
|
|
ISBC
744
DELISTED
Investors Bancorp, Inc.
ISBC
| $409K | 0.01% |
+36,010
| New | +$403K |
|
745
Arcosa
ACA
$7.13B
| $408K | 0.01% |
+11,940
| New | +$413K |
|
746
FedEx
FDX
$79.1B
| $408K | 0.01% |
+2,800
| New | +$451K |
|
|
PRSP
747
DELISTED
Perspecta Inc. Common Stock
PRSP
| $408K | 0.01% |
15,614
-1,886
| -11% | -$46.1K |
|
748
Hilton Worldwide
HLT
$74.3B
| $407K | 0.01% |
+4,368
| New | +$415K |
|
|
BLUE
749
DELISTED
bluebird bio
BLUE
| $404K | 0.01% |
340
+55
| +19% | +$84K |
|
750
Carter's
CRI
$1.26B
| $403K | 0.01% |
4,418
-3,568
| -45% | -$325K |
|
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Michael Gelband's Q3 2019 Portfolio in Review
As of Q3 2019, Michael Gelband held 1,809 positions worth $2.86B, up 14% from $2.51B the previous quarter. Its ten largest holdings account for 24% of the portfolio.
Michael Gelband deployed $315M of net new capital in Q3 2019, opening 745 new positions and adding to 318 existing holdings. Its largest new stake was iShares MSCI USA Momentum Factor ETF: 324,777 shares worth $38.7M.
By sector, the portfolio is most concentrated in Utilities at 16% of assets, up from 13% a quarter earlier, followed by Technology and Industrials.
On the sell side, the largest reduction was State Street SPDR S&P 500 ETF Trust, an estimated $41.1M trimmed.
- Michael Gelband's largest Q3 2019 buy was iShares MSCI USA Momentum Factor ETF: 324,777 shares worth $38.7M.
- Michael Gelband added most to Aramark in Q3 2019, an estimated $65.8M increase.
- Michael Gelband's biggest Q3 2019 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $41.1M.
- Michael Gelband fully exited Altaba Inc in Q3 2019, selling an estimated $68.3M.
- Michael Gelband's ten largest holdings make up 24% of its $2.86B portfolio in Q3 2019.
- Michael Gelband opened 745 new positions and closed 516 in Q3 2019.
- Michael Gelband's portfolio value rose 14% quarter-over-quarter to $2.86B.
Based on ExodusPoint Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.