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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
+0.55%
1 Year Est. Return
+0.58%
3 Year Est. Return
+11.35%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$530M
AUM Growth
-$97.3M
Cap. Flow
-$344M
Cap. Flow %
-64.94%
Top 10 Hldgs %
41.17%
Holding
220
New
55
Increased
18
Reduced
23
Closed
40

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$17.1M
2
IFFT
International Flavors & Fragrances Inc. 6.00% Tangible Equity Units
IFFT
+$8.41M
3
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$6.08M
4
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$5.52M
5
CA
CA, Inc.
CA
+$5.26M

Top Sells

Rank Stock Value
1
HES.PRA
Hess Corporation
HES.PRA
+$18.4M
2
DCUD
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
+$12.6M
3
DYNC
Vistra Energy Corp.
DYNC
+$8.64M
4
NBR.PRA
Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A
NBR.PRA
+$8.25M
5
VXX
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
+$6.25M

Sector Composition

Rank Sector Weight
1 Healthcare 3.01%
2 Real Estate 1.64%
3 Technology 1.25%
4 Consumer Discretionary 1.1%
5 Communication Services 0.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TPGH.U
26
DELISTED
TPG Pace Holdings Corp. Units, each consisting of one Class A ordinary share, $.0001 par value, and
TPGH.U
$2.11M 0.4%
200,000
– –
BHC icon
27
Bausch Health
BHC
$1.8B
$1.8M 0.34%
+70,000
New +$1.6M
EAGLU
28
DELISTED
Platinum Eagle Acquisition Corp. Unit
EAGLU
$1.57M 0.3%
150,600
+600
+0.4% +$6.16K
BMRN icon
29
BioMarin Pharmaceuticals
BMRN
$11.5B
$1.3M 0.25%
+13,400
New +$1.34M
FWONA icon
30
Liberty Media Series A
FWONA
$23.5B
$1.22M 0.23%
35,785
-7,624
-18% -$253K
XOP icon
31
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.48B
$1M 0.19%
5,800
-7,500
-56% -$1.26M
LEXEA
32
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
$986K 0.19%
+20,963
New +$980K
AMZN icon
33
Amazon
AMZN
$2.66T
$961K 0.18%
9,600
+3,400
+55% +$320K
LBRDA icon
34
Liberty Broadband Class A
LBRDA
$4.43B
$945K 0.18%
11,207
– –
NWSA icon
35
News Corp Class A
NWSA
$15.4B
$937K 0.18%
+71,053
New +$997K
SKYY icon
36
First Trust Cloud Computing ETF
SKYY
$2.83B
$908K 0.17%
+16,000
New +$888K
XLE icon
37
State Street Energy Select Sector SPDR ETF
XLE
$38.2B
$842K 0.16%
14,230
+3,830
+37% +$144K
AAPL icon
38
Apple
AAPL
$4.9T
$643K 0.12%
11,388
+11,200
+5,957% +$583K
HYG icon
39
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.9B
$617K 0.12%
20,000
+7,403
+59% +$636K
PF
40
DELISTED
Pinnacle Foods, Inc.
PF
$583K 0.11%
9,000
– –
IONS icon
41
Ionis Pharmaceuticals
IONS
$8.99B
$574K 0.11%
+11,134
New +$523K
UPS icon
42
United Parcel Service
UPS
$100B
$537K 0.1%
4,600
-2,400
-34% -$282K
GLIBA
43
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$530K 0.1%
10,392
– –
CPRI icon
44
Capri Holdings
CPRI
$1.88B
$514K 0.1%
+7,500
New +$525K
DM
45
DELISTED
Dominion Energy Midstream Ptr LP
DM
$508K 0.1%
+28,400
New +$455K
WMT icon
46
Walmart Inc
WMT
$909B
$488K 0.09%
+15,600
New +$477K
HQH
47
abrdn Healthcare Investors
HQH
$1.19B
$485K 0.09%
20,942
– –
EEM icon
48
iShares MSCI Emerging Markets ETF
EEM
$28B
$472K 0.09%
+11,000
New +$475K
SEP
49
DELISTED
Spectra Engy Parters Lp
SEP
$470K 0.09%
13,077
-29,540
-69% -$1.09M
TBT icon
50
ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT
$289M
$460K 0.09%
12,000
-13,500
-53% -$496K
1
2
3 4 5

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Opera Trading Capital's Q3 2018 Portfolio in Review

As of Q3 2018, Opera Trading Capital held 220 positions worth $530M, down 16% from $627M the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Opera Trading Capital withdrew a net $344M in Q3 2018, closing 40 positions and reducing 23 holdings. Its most notable exit was Dominion Energy, Inc 2016 Series A Corporate Units, an estimated $12.6M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 3% of assets, up from 0.6% a quarter earlier, followed by Real Estate and Technology.

Against the trend, Opera Trading Capital opened a new position in iShares Russell 2000 ETF worth $16.9M.

  • Opera Trading Capital's largest Q3 2018 buy was iShares Russell 2000 ETF: 101,089 shares worth $16.9M.
  • Opera Trading Capital added most to iShares 20+ Year Treasury Bond ETF in Q3 2018, an estimated $5.52M increase.
  • Opera Trading Capital's biggest Q3 2018 reduction was Hess Corporation, cutting an estimated $18.4M.
  • Opera Trading Capital fully exited Dominion Energy, Inc 2016 Series A Corporate Units in Q3 2018, selling an estimated $12.6M.
  • Opera Trading Capital's ten largest holdings make up 41% of its $530M portfolio in Q3 2018.
  • Opera Trading Capital opened 55 new positions and closed 40 in Q3 2018.
  • Opera Trading Capital's portfolio value fell 16% quarter-over-quarter to $530M.

Based on Opera Trading Capital's 13F filing for Q3 2018, filed 9 Nov 2018.