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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
+2.55%
1 Year Est. Return
+0.58%
3 Year Est. Return
+11.35%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$737M
AUM Growth
+$165M
Cap. Flow
-$144M
Cap. Flow %
-19.58%
Top 10 Hldgs %
32.54%
Holding
183
New
29
Increased
21
Reduced
33
Closed
33

Top Buys

Rank Stock Value
1
CCI.PRA
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
+$24.3M
2
GLD icon
SPDR Gold Trust
GLD
+$23.9M
3
DTV
DTE Energy Company 2016 Corporate Units
DTV
+$17.2M
4
BKHU
Black Hills Corporation
BKHU
+$16.5M
5
BDXA
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
+$8.31M

Top Sells

Rank Stock Value
1
RAI
Reynolds American Inc
RAI
+$21.8M
2
GXP.PRB.CL
Great Plains Energy Incorporated
GXP.PRB.CL
+$7.93M
3
JFC
JPMorgan China Region Fund, Inc.
JFC
+$6.93M
4
DIS icon
Walt Disney
DIS
+$6.48M
5
VRTSP
Virtus Investment Partners, Inc. 7.25% Series D Mandatory Convertible Preferred Stock
VRTSP
+$6M

Sector Composition

Rank Sector Weight
1 Technology 3.74%
2 Consumer Discretionary 3.17%
3 Communication Services 3%
4 Financials 2.7%
5 Industrials 0.89%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KKR icon
51
KKR & Co
KKR
$90.6B
$1.22M 0.17%
60,000
-70,000
-54% -$1.33M
NLY icon
52
Annaly Capital Management
NLY
$16.9B
$1.22M 0.17%
+25,000
New +$1.22M
LBTYK icon
53
Liberty Global Class C
LBTYK
$3.41B
$793K 0.11%
+24,237
New +$783K
NOK icon
54
Nokia
NOK
$56.5B
$598K 0.08%
100,000
-350,000
-78% -$2.18M
RAD
55
DELISTED
Rite Aid Corporation
RAD
$588K 0.08%
+15,000
New +$711K
CPN
56
DELISTED
Calpine Corporation
CPN
$502K 0.07%
+34,057
New +$486K
DSU icon
57
BlackRock Debt Strategies Fund
DSU
$595M
$478K 0.06%
40,992
-31,886
-44% -$370K
FTR
58
DELISTED
Frontier Communications Corp.
FTR
$472K 0.06%
40,000
+6,667
+20% +$93.7K
NWS icon
59
News Corp Class B
NWS
$17.6B
$409K 0.06%
+30,056
New +$418K
JHG
60
DELISTED
Janus Henderson
JHG
$360K 0.05%
10,340
+25
+0.2% +$850
FTRPR
61
DELISTED
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
$285K 0.04%
+15,000
New +$354K
GDL
62
GDL Fund
GDL
$92.2M
$283K 0.04%
27,740
– –
CUK
63
DELISTED
Carnival PLC
CUK
$282K 0.04%
4,377
– –
TLT icon
64
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
$244K 0.03%
1,955
-2,000
-51% -$251K
LBRDA icon
65
Liberty Broadband Class A
LBRDA
$4.43B
$208K 0.03%
2,212
-19,001
-90% -$1.81M
IYW icon
66
iShares US Technology ETF
IYW
$24B
$192K 0.03%
5,120
-30,584
-86% -$1.12M
LILAK icon
67
Liberty Latin America Class C
LILAK
$1.48B
$187K 0.03%
9,396
– –
HLF icon
68
Herbalife
HLF
$1.24B
$185K 0.03%
+5,468
New +$187K
PHK
69
PIMCO High Income Fund
PHK
$878M
$168K 0.02%
20,141
-37,500
-65% -$320K
TMUS icon
70
T-Mobile US
TMUS
$208B
$154K 0.02%
+2,500
New +$157K
TFCF
71
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
$153K 0.02%
5,937
– –
ADX icon
72
Adams Diversified Equity Fund
ADX
$3.18B
$151K 0.02%
9,898
– –
NDRM
73
DELISTED
NeuroDerm Ltd. Ordinary Shares
NDRM
$140K 0.02%
+3,611
New +$133K
KAACU
74
DELISTED
Kayne Anderson Acquisition Corp. Unit
KAACU
$134K 0.02%
+13,300
New +$133K
TIP icon
75
iShares TIPS Bond ETF
TIP
$14.5B
$114K 0.02%
1,000
– –
1 2
3
4 5

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Opera Trading Capital's Q3 2017 Portfolio in Review

As of Q3 2017, Opera Trading Capital held 183 positions worth $737M, up 29% from $572M the previous quarter. Its ten largest holdings account for 33% of the portfolio.

Opera Trading Capital withdrew a net $144M in Q3 2017, closing 33 positions and reducing 33 holdings. Its most notable exit was Reynolds American Inc, an estimated $21.8M position sold in full.

By sector, the portfolio is most concentrated in Technology at 3.7% of assets, up from 3.5% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Opera Trading Capital opened a new position in Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A worth $23.9M.

  • Opera Trading Capital's largest Q3 2017 buy was Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A: 22,500 shares worth $23.9M.
  • Opera Trading Capital added most to SPDR Gold Trust in Q3 2017, an estimated $23.9M increase.
  • Opera Trading Capital's biggest Q3 2017 reduction was NextEra Energy, Inc., cutting an estimated $5.2M.
  • Opera Trading Capital fully exited Reynolds American Inc in Q3 2017, selling an estimated $21.8M.
  • Opera Trading Capital's ten largest holdings make up 33% of its $737M portfolio in Q3 2017.
  • Opera Trading Capital opened 29 new positions and closed 33 in Q3 2017.
  • Opera Trading Capital's portfolio value rose 29% quarter-over-quarter to $737M.

Based on Opera Trading Capital's 13F filing for Q3 2017, filed 6 Nov 2017.