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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
+1.43%
1 Year Est. Return
+0.58%
3 Year Est. Return
+11.35%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$627M
AUM Growth
+$626M
Cap. Flow
+$29.1M
Cap. Flow %
4.64%
Top 10 Hldgs %
36.72%
Holding
199
New
43
Increased
14
Reduced
23
Closed
33

Top Buys

Rank Stock Value
1
NBR.PRA
Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A
NBR.PRA
+$13.3M
2
VXX
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
+$11.6M
3
HES.PRA
Hess Corporation
HES.PRA
+$9.19M
4
SJIU
South Jersey Industries, Inc.
SJIU
+$8.55M
5
DYNC
Vistra Energy Corp.
DYNC
+$8.43M

Top Sells

Rank Stock Value
1
BDXA
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
+$18.8M
2
SRE.PRA
Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A
SRE.PRA
+$8.98M
3
DCUD
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
+$8.95M
4
CCI.PRA
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
+$7.93M
5
GDX icon
VanEck Gold Miners ETF
GDX
+$6.72M

Sector Composition

Rank Sector Weight
1 Communication Services 2.95%
2 Consumer Discretionary 0.95%
3 Healthcare 0.6%
4 Financials 0.51%
5 Consumer Staples 0.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NEBUU
26
DELISTED
Nebula Acquisition Corporation Unit
NEBUU
$2.01M 0.32%
200,000
– –
GSAH.U
27
DELISTED
GS Acquisition Holdings Corp. Units, each consisting of one share of Class A common stock and one-th
GSAH.U
$1.96M 0.31%
+191,400
New +$1.96M
LSXMA
28
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$1.92M 0.31%
58,996
-65,473
-53% -$2.07M
NTES icon
29
NetEase
NTES
$84.1B
$1.62M 0.26%
+32,000
New +$1.63M
SEP
30
DELISTED
Spectra Engy Parters Lp
SEP
$1.51M 0.24%
+42,617
New +$1.39M
EAGLU
31
DELISTED
Platinum Eagle Acquisition Corp. Unit
EAGLU
$1.51M 0.24%
150,000
– –
FWONA icon
32
Liberty Media Series A
FWONA
$23.5B
$1.47M 0.23%
43,409
-17,575
-29% -$507K
EEP
33
DELISTED
Enbridge Energy Partners
EEP
$1.36M 0.22%
+124,921
New +$1.25M
EEQ
34
DELISTED
Enbridge Energy Management Llc
EEQ
$1.35M 0.22%
+136,266
New +$1.23M
FXI icon
35
iShares China Large-Cap ETF
FXI
$4.6B
$1.18M 0.19%
+27,500
New +$1.29M
TBT icon
36
ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT
$289M
$917K 0.15%
+25,500
New +$954K
LGF.B
37
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$905K 0.14%
38,595
– –
LBRDA icon
38
Liberty Broadband Class A
LBRDA
$4.43B
$848K 0.14%
11,207
-4,793
-30% -$361K
TMUS icon
39
T-Mobile US
TMUS
$208B
$783K 0.12%
+13,099
New +$776K
ON icon
40
ON Semiconductor
ON
$34B
$778K 0.12%
+35,000
New +$846K
UPS icon
41
United Parcel Service
UPS
$100B
$744K 0.12%
7,000
+1,200
+21% +$135K
SPOT icon
42
Spotify
SPOT
$98.3B
$673K 0.11%
+4,000
New +$640K
KKR icon
43
KKR & Co
KKR
$90.6B
$660K 0.11%
26,548
-15,000
-36% -$333K
SMI
44
DELISTED
Semiconductor Manufacturing Intl
SMI
$650K 0.1%
+100,000
New +$666K
UA icon
45
Under Armour Class C
UA
$3.1B
$605K 0.1%
28,694
– –
PF
46
DELISTED
Pinnacle Foods, Inc.
PF
$586K 0.09%
+9,000
New +$554K
AMZN icon
47
Amazon
AMZN
$2.66T
$527K 0.08%
6,200
+6,000
+3,000% +$476K
NXPI icon
48
NXP Semiconductors
NXPI
$67.3B
$515K 0.08%
4,709
+4,476
+1,921% +$493K
KLDX
49
DELISTED
KLONDEX MINES LTD
KLDX
$508K 0.08%
220,000
– –
EL icon
50
Estee Lauder
EL
$29.7B
$499K 0.08%
+3,500
New +$518K
1
2
3 4 5

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Opera Trading Capital's Q2 2018 Portfolio in Review

As of Q2 2018, Opera Trading Capital held 199 positions worth $627M, up 48,375% from $1.29M the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Opera Trading Capital deployed $29.1M of net new capital in Q2 2018, opening 43 new positions and adding to 14 existing holdings. Its largest new stake was Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A: 270,000 shares worth $12.3M.

By sector, the portfolio is most concentrated in Communication Services at 2.9% of assets, up from 1.6% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6, an estimated $18.8M trimmed.

  • Opera Trading Capital's largest Q2 2018 buy was Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A: 270,000 shares worth $12.3M.
  • Opera Trading Capital added most to iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 in Q2 2018, an estimated $11.6M increase.
  • Opera Trading Capital's biggest Q2 2018 reduction was Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6, cutting an estimated $18.8M.
  • Opera Trading Capital fully exited Assurant, Inc. 6.50% Series D Mandatory Convertible Preferred Stock, $1.00 par value in Q2 2018, selling an estimated $16.5K.
  • Opera Trading Capital's ten largest holdings make up 37% of its $627M portfolio in Q2 2018.
  • Opera Trading Capital opened 43 new positions and closed 33 in Q2 2018.
  • Opera Trading Capital's portfolio value rose 48,375% quarter-over-quarter to $627M.

Based on Opera Trading Capital's 13F filing for Q2 2018, filed 10 Aug 2018.