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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
-$667M
Cap. Flow
-$307M
Cap. Flow %
-48.9%
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
AIZP
Assurant, Inc. 6.50% Series D Mandatory Convertible Preferred Stock, $1.00 par value
AIZP
+$16.5M
3
ATH
Athene Holding Ltd. Class A Common Shares
ATH
+$9.86M
4
SRE.PRA
Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A
SRE.PRA
+$8.98M
5
DCUD
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
+$8.95M

Sector Composition

Rank Sector Weight
1 Miscellaneous 92.34%
2 Communication Services 3.58%
3 Consumer Discretionary 0.95%
4 Energy 0.67%
5 Healthcare 0.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MDLZ icon
51
Mondelez International
MDLZ
$78.2B
$492K 0.08%
12,000
-25,000
-68% -$1M
GLIBA
52
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$468K 0.07%
10,392
– –
HQH
53
abrdn Healthcare Investors
HQH
$1.29B
$450K 0.07%
20,942
– –
MLCO icon
54
Melco Resorts & Entertainment
MLCO
$1.98B
$448K 0.07%
+16,000
New +$490K
BKNG icon
55
Booking.com
BKNG
$145B
$446K 0.07%
+5,500
New +$463K
DELL icon
56
Dell
DELL
$339B
$410K 0.07%
17,271
– –
CENTA icon
57
Central Garden & Pet Co Class A
CENTA
$2.26B
$397K 0.06%
12,255
-5,365
-30% -$164K
XLE icon
58
State Street Energy Select Sector SPDR ETF
XLE
$42.2B
$395K 0.06%
10,400
– –
IWD icon
59
iShares Russell 1000 Value ETF
IWD
$84.1B
$364K 0.06%
3,000
– –
DSU icon
60
BlackRock Debt Strategies Fund
DSU
$608M
$357K 0.06%
31,965
-9,027
-22% -$103K
EDR
61
DELISTED
Education Realty Trust Inc
EDR
$353K 0.06%
+8,500
New +$303K
NWS icon
62
News Corp Class B
NWS
$18.2B
$333K 0.05%
21,049
-46,713
-69% -$751K
JHG
63
DELISTED
Janus Henderson
JHG
$318K 0.05%
10,340
+9,998
+2,923% +$320K
CPB icon
64
Campbell Soup
CPB
$6.38B
$304K 0.05%
+7,500
New +$292K
XLI icon
65
State Street Industrial Select Sector SPDR ETF
XLI
$32.2B
$280K 0.04%
3,905
– –
AMD icon
66
Advanced Micro Devices
AMD
$780B
$270K 0.04%
+18,000
New +$229K
GDL
67
GDL Fund
GDL
$92M
$255K 0.04%
27,740
– –
ROST icon
68
Ross Stores
ROST
$73.7B
$254K 0.04%
3,000
-9,500
-76% -$773K
CUK
69
DELISTED
Carnival PLC
CUK
$252K 0.04%
4,377
– –
GRFS
70
Grifois
GRFS
$5.31B
$248K 0.04%
11,551
– –
RACE icon
71
Ferrari
RACE
$72.1B
$247K 0.04%
+1,830
New +$241K
KDP icon
72
Keurig Dr Pepper
KDP
$44.3B
$244K 0.04%
+2,000
New +$240K
AVGO icon
73
Broadcom
AVGO
$1.7T
$243K 0.04%
10,000
-4,140
-29% -$102K
PPLI
74
People Inc
PPLI
$2.9B
$243K 0.04%
+8,930
New +$245K
URBN icon
75
Urban Outfitters
URBN
$6.94B
$241K 0.04%
+5,400
New +$226K
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, down 52% from $1.29B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Opera Trading Capital withdrew a net $307M in Q2 2018, closing 33 positions and reducing 23 holdings. Its most notable exit was Assurant, Inc. 6.50% Series D Mandatory Convertible Preferred Stock, $1.00 par value, an estimated $16.5M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 92% of assets, down from 93% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, Opera Trading Capital opened a new position in Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A worth $12.3M.

  • 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 $16.5M.
  • 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 fell 52% quarter-over-quarter to $627M.

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