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Opera Trading Capital Portfolio holdings

AUM $419M
1-Year Est. Return 0.58%
This Fund
S&P 500
This Quarter Est. Return
-0.33%
1 Year Est. Return
+0.58%
3 Year Est. Return
+11.35%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$419M
AUM Growth
-$111M
Cap. Flow
-$328M
Cap. Flow %
-78.26%
Top 10 Hldgs %
38.61%
Holding
196
New
19
Increased
10
Reduced
16
Closed
109

Top Buys

1
FTV.PRA
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
+$12.8M
2
CNP.PRB
CenterPoint Energy, Inc. Depositary Shares Each Representing a 1/20th Interest in a Share of 7.00% S
CNP.PRB
+$7.54M
3
SODA
SodaStream International Ltd
SODA
+$6.34M
4
CCI.PRA
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
+$5.79M
5
SJIU
South Jersey Industries, Inc.
SJIU
+$3.1M

Top Sells

1
HES.PRA
Hess Corporation
HES.PRA
+$8.63M
2
IFFT
International Flavors & Fragrances Inc. 6.00% Tangible Equity Units
IFFT
+$8.21M
3
DTV
DTE Energy Company 2016 Corporate Units
DTV
+$8.01M
4
EVHC
Envision Healthcare Holdings Inc
EVHC
+$7.86M
5
IWM icon
iShares Russell 2000 ETF
IWM
+$7.32M

Sector Composition

1 Consumer Discretionary 2.2%
2 Healthcare 0.79%
3 Real Estate 0.39%
4 Consumer Staples 0.25%
5 Industrials 0.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FTV.PRA
1
DELISTED
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
$11.8M 2.81%
+13,000
New +$12.8M
SRE.PRA
2
DELISTED
Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A
SRE.PRA
$11M 2.63%
115,000
-30,000
-21% -$3.03M
DTV
3
DELISTED
DTE Energy Company 2016 Corporate Units
DTV
$9.65M 2.3%
186,300
-150,000
-45% -$8.01M
SJIU
4
DELISTED
South Jersey Industries, Inc.
SJIU
$9.04M 2.16%
195,000
+60,000
+44% +$3.1M
SODA
5
DELISTED
SodaStream International Ltd
SODA
$8.54M 2.04%
59,307
+44,307
+295% +$6.34M
CCI.PRA
6
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$8.41M 2.01%
8,000
+5,500
+220% +$5.79M
VXX
7
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
$7.97M 1.9%
173,666
+71,133
+69% +$2.63M
VNQ icon
8
Vanguard Real Estate ETF
VNQ
$39.6B
$7.78M 1.86%
104,384
-37,165
-26% -$2.93M
CNP.PRB
9
DELISTED
CenterPoint Energy, Inc. Depositary Shares Each Representing a 1/20th Interest in a Share of 7.00% S
CNP.PRB
$7.52M 1.79%
+150,000
New +$7.54M
GDX icon
10
VanEck Gold Miners ETF
GDX
$21.8B
$7.09M 1.69%
336,033
+40,000
+14% +$784K
IWM icon
11
iShares Russell 2000 ETF
IWM
$82.2B
$6.97M 1.66%
52,057
-49,032
-49% -$7.32M
MOSC.U
12
DELISTED
Mosaic Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-third o
MOSC.U
$2.8M 0.67%
276,735
– –
NBR.PRA
13
DELISTED
Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A
NBR.PRA
$2.69M 0.64%
150,000
+67,500
+82% +$2.22M
NEBUU
14
DELISTED
Nebula Acquisition Corporation Unit
NEBUU
$2.54M 0.61%
253,403
+3
+0% +$30
GSAH.U
15
DELISTED
GS Acquisition Holdings Corp. Units, each consisting of one share of Class A common stock and one-th
GSAH.U
$2.09M 0.5%
203,808
– –
TPGH.U
16
DELISTED
TPG Pace Holdings Corp. Units, each consisting of one Class A ordinary share, $.0001 par value, and
TPGH.U
$2.08M 0.5%
200,000
– –
SHPG
17
DELISTED
Shire pic
SHPG
$1.86M 0.44%
+10,700
New +$1.87M
GOV
18
DELISTED
Government Properties Income Trust
GOV
$1.63M 0.39%
237,692
+38,500
+19% +$342K
ECYT
19
DELISTED
Endocyte, Inc. Common Stock
ECYT
$1.44M 0.34%
+59,930
New +$1.31M
VXX icon
20
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$163M
$1.16M 0.28%
+31
New +$73.4K
UNG icon
21
United States Natural Gas Fund
UNG
$374M
$1.14M 0.27%
11,375
-37,125
-77% -$4.5M
CEF icon
22
Sprott Physical Gold and Silver Trust
CEF
$7.3B
$971K 0.23%
77,621
-407,058
-84% -$4.83M
EAGLU
23
DELISTED
Platinum Eagle Acquisition Corp. Unit
EAGLU
$920K 0.22%
87,157
-63,443
-42% -$661K
CEFS icon
24
Saba Closed-End Funds ETF
CEFS
$424M
$580K 0.14%
+30,700
New +$580K
SPY icon
25
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$575K 0.14%
+2,300
New +$620K
1
2 3 4 5

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Opera Trading Capital's Q4 2018 Portfolio in Review

As of Q4 2018, Opera Trading Capital held 196 positions worth $419M, down 21% from $530M the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Opera Trading Capital withdrew a net $328M in Q4 2018, closing 109 positions and reducing 16 holdings. Its most notable exit was Hess Corporation, an estimated $8.63M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 2.2% of assets, up from 1.1% a quarter earlier, followed by Healthcare and Real Estate.

Against the trend, Opera Trading Capital opened a new position in Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A worth $11.8M.

  • Opera Trading Capital's largest Q4 2018 buy was Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A: 13,000 shares worth $11.8M.
  • Opera Trading Capital added most to SodaStream International Ltd in Q4 2018, an estimated $6.34M increase.
  • Opera Trading Capital's biggest Q4 2018 reduction was DTE Energy Company 2016 Corporate Units, cutting an estimated $8.01M.
  • Opera Trading Capital fully exited Hess Corporation in Q4 2018, selling an estimated $8.63M.
  • Opera Trading Capital's ten largest holdings make up 39% of its $419M portfolio in Q4 2018.
  • Opera Trading Capital opened 19 new positions and closed 109 in Q4 2018.
  • Opera Trading Capital's portfolio value fell 21% quarter-over-quarter to $419M.

Based on Opera Trading Capital's 13F filing for Q4 2018, filed 22 Jan 2019.