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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
+1.28%
1 Year Est. Return
+0.58%
3 Year Est. Return
+11.35%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$489M
AUM Growth
-$248M
Cap. Flow
-$327M
Cap. Flow %
-66.97%
Top 10 Hldgs %
41.94%
Holding
164
New
24
Increased
12
Reduced
33
Closed
27

Top Buys

Rank Stock Value
1
CEF icon
Sprott Physical Gold and Silver Trust
CEF
+$23.1M
2
DCUD
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
+$10.3M
3
MU icon
Micron Technology
MU
+$7.31M
4
GDX icon
VanEck Gold Miners ETF
GDX
+$6.83M
5
GGP
GGP Inc.
GGP
+$4.76M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$25M
2
CCI.PRA
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
+$16.6M
3
ANTX
Anthem, Inc.
ANTX
+$11.7M
4
DYNC
Vistra Energy Corp.
DYNC
+$11.4M
5
AMZN icon
Amazon
AMZN
+$10.2M

Sector Composition

Rank Sector Weight
1 Technology 3.56%
2 Financials 2.62%
3 Communication Services 1.07%
4 Real Estate 1.02%
5 Consumer Discretionary 0.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AKRX
51
DELISTED
Akorn Inc
AKRX
$274K 0.06%
+8,500
New +$279K
GDL
52
GDL Fund
GDL
$92.2M
$270K 0.06%
27,740
– –
BRK.B icon
53
Berkshire Hathaway Class B
BRK.B
$1.06T
$248K 0.05%
1,250
+750
+150% +$142K
IYR icon
54
iShares US Real Estate ETF
IYR
$4.83B
$227K 0.05%
+2,805
New +$228K
LILAK icon
55
Liberty Latin America Class C
LILAK
$1.48B
$160K 0.03%
9,396
– –
PHK
56
PIMCO High Income Fund
PHK
$878M
$150K 0.03%
20,141
– –
ADX icon
57
Adams Diversified Equity Fund
ADX
$3.18B
$149K 0.03%
9,898
– –
NDRM
58
DELISTED
NeuroDerm Ltd. Ordinary Shares
NDRM
$141K 0.03%
3,611
– –
KAACU
59
DELISTED
Kayne Anderson Acquisition Corp. Unit
KAACU
$132K 0.03%
13,300
– –
LGF.A
60
DELISTED
Lions Gate Entertainment Corp. Class A Voting Shares
LGF.A
$131K 0.03%
+3,860
New +$121K
IYW icon
61
iShares US Technology ETF
IYW
$24B
$123K 0.03%
3,032
-2,088
-41% -$83.7K
TLT icon
62
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
$121K 0.02%
955
-1,000
-51% -$126K
TIP icon
63
iShares TIPS Bond ETF
TIP
$14.5B
$114K 0.02%
1,000
– –
BHP icon
64
BHP
BHP
$205B
$106K 0.02%
+2,591
New +$97.6K
KRE icon
65
State Street SPDR S&P Regional Banking ETF
KRE
$4.97B
$100K 0.02%
+1,705
New +$97.9K
USA icon
66
Liberty All-Star Equity Fund
USA
$1.77B
$98K 0.02%
15,628
– –
GOOGL icon
67
Alphabet (Google) Class A
GOOGL
$4.23T
$95K 0.02%
1,800
-63,760
-97% -$3.29M
LBTYK icon
68
Liberty Global Class C
LBTYK
$3.41B
$94K 0.02%
2,779
-21,458
-89% -$659K
VXX
69
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
$91K 0.02%
10,000
-154,000
-94% -$5.08M
AABA
70
DELISTED
Altaba Inc
AABA
$85K 0.02%
1,219
-77,987
-98% -$5.43M
HEI icon
71
HEICO Corp
HEI
$47.9B
$75K 0.02%
1,545
– –
QQQ icon
72
Invesco QQQ Trust
QQQ
$466B
$55K 0.01%
+350
New +$53.4K
XLF icon
73
State Street Financial Select Sector SPDR ETF
XLF
$54.8B
$53K 0.01%
1,899
-70,000
-97% -$1.88M
WBD icon
74
Warner Bros
WBD
$67.4B
$51K 0.01%
2,268
– –
JCP
75
DELISTED
J.C. Penney Company, Inc.
JCP
$47K 0.01%
+15,000
New +$48.3K
1 2
3
4 5

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Opera Trading Capital's Q4 2017 Portfolio in Review

As of Q4 2017, Opera Trading Capital held 164 positions worth $489M, down 34% from $737M the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Opera Trading Capital withdrew a net $327M in Q4 2017, closing 27 positions and reducing 33 holdings. Its most notable exit was Anthem, Inc., an estimated $11.7M position sold in full.

By sector, the portfolio is most concentrated in Technology at 3.6% of assets, down from 3.7% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Opera Trading Capital opened a new position in Micron Technology worth $7.5M.

  • Opera Trading Capital's largest Q4 2017 buy was Micron Technology: 169,800 shares worth $7.5M.
  • Opera Trading Capital added most to Sprott Physical Gold and Silver Trust in Q4 2017, an estimated $23.1M increase.
  • Opera Trading Capital's biggest Q4 2017 reduction was SPDR Gold Trust, cutting an estimated $25M.
  • Opera Trading Capital fully exited Anthem, Inc. in Q4 2017, selling an estimated $11.7M.
  • Opera Trading Capital's ten largest holdings make up 42% of its $489M portfolio in Q4 2017.
  • Opera Trading Capital opened 24 new positions and closed 27 in Q4 2017.
  • Opera Trading Capital's portfolio value fell 34% quarter-over-quarter to $489M.

Based on Opera Trading Capital's 13F filing for Q4 2017, filed 31 Jan 2018.