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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
-0.33%
1 Year Est. Return
+0.58%
3 Year Est. Return
+11.35%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$419M
AUM Growth
-$111M
Cap. Flow
-$328M
Cap. Flow %
-78.26%
Top 10 Hldgs %
38.61%
Holding
196
New
19
Increased
10
Reduced
16
Closed
109

Top Buys

1
FTV.PRA
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
+$12.8M
2
CNP.PRB
CenterPoint Energy, Inc. Depositary Shares Each Representing a 1/20th Interest in a Share of 7.00% S
CNP.PRB
+$7.54M
3
SODA
SodaStream International Ltd
SODA
+$6.34M
4
CCI.PRA
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
+$5.79M
5
SJIU
South Jersey Industries, Inc.
SJIU
+$3.1M

Top Sells

1
HES.PRA
Hess Corporation
HES.PRA
+$8.63M
2
IFFT
International Flavors & Fragrances Inc. 6.00% Tangible Equity Units
IFFT
+$8.21M
3
DTV
DTE Energy Company 2016 Corporate Units
DTV
+$8.01M
4
EVHC
Envision Healthcare Holdings Inc
EVHC
+$7.86M
5
IWM icon
iShares Russell 2000 ETF
IWM
+$7.32M

Sector Composition

1 Consumer Discretionary 2.2%
2 Healthcare 0.79%
3 Real Estate 0.39%
4 Consumer Staples 0.25%
5 Industrials 0.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EA icon
76
Electronic Arts
EA
$52.4B
– –
-2
Closed –
EDD
77
Morgan Stanley Emerging Markets Domestic Debt Fund
EDD
$376M
– –
-1,600
Closed -$11K
EPP icon
78
iShares MSCI Pacific ex Japan ETF
EPP
$2.16B
– –
-267
Closed -$12K
ESPR
79
DELISTED
Esperion Therapeutics
ESPR
– –
-3,896
Closed -$173K
FE icon
80
FirstEnergy
FE
$28.1B
– –
-300
Closed -$11K
FWONA icon
81
Liberty Media Series A
FWONA
$23.5B
– –
-35,785
Closed -$1.22M
GDL
82
GDL Fund
GDL
$92.2M
– –
-27,740
Closed -$252K
GILD icon
83
Gilead Sciences
GILD
$167B
– –
-3,358
Closed -$259K
GLD icon
84
SPDR Gold Trust
GLD
$130B
– –
-58,635
Closed -$6.61M
GOOGL icon
85
Alphabet (Google) Class A
GOOGL
$4.23T
– –
-1,800
Closed -$109K
GRFS
86
Grifois
GRFS
$4.95B
– –
-11,551
Closed -$247K
HALO icon
87
Halozyme
HALO
$9.23B
– –
-14,990
Closed -$272K
HEI icon
88
HEICO Corp
HEI
$47.9B
– –
-1,235
Closed -$114K
HL icon
89
Hecla Mining
HL
$9.61B
– –
-21,601
Closed -$60K
HPE icon
90
Hewlett Packard
HPE
$60.7B
– –
-1,069
Closed -$17K
HQH
91
abrdn Healthcare Investors
HQH
$1.19B
– –
-20,942
Closed -$485K
PPLI
92
People Inc
PPLI
$3.31B
– –
-8,930
Closed -$346K
ICE icon
93
Intercontinental Exchange
ICE
$79B
– –
-2,600
Closed -$195K
INCY icon
94
Incyte
INCY
$23.4B
– –
-5,125
Closed -$354K
INTC icon
95
Intel
INTC
$478B
– –
-22
Closed -$1K
IONS icon
96
Ionis Pharmaceuticals
IONS
$8.99B
– –
-11,134
Closed -$574K
IWO icon
97
iShares Russell 2000 Growth ETF
IWO
$14.7B
– –
-190
Closed -$41K
JHG
98
DELISTED
Janus Henderson
JHG
– –
-10,340
Closed -$279K
LBRDA icon
99
Liberty Broadband Class A
LBRDA
$4.43B
– –
-11,207
Closed -$945K
LBTYK icon
100
Liberty Global Class C
LBTYK
$3.41B
– –
-2,567
Closed -$72K
2 3
4
5 6

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NCMW
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EA
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MCTIC
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PC
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CLM
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Opera Trading Capital's Q4 2018 Portfolio in Review

As of Q4 2018, Opera Trading Capital held 196 positions worth $419M, down 21% from $530M the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Opera Trading Capital withdrew a net $328M in Q4 2018, closing 109 positions and reducing 16 holdings. Its most notable exit was Hess Corporation, an estimated $8.63M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 2.2% of assets, up from 1.1% a quarter earlier, followed by Healthcare and Real Estate.

Against the trend, Opera Trading Capital opened a new position in Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A worth $11.8M.

  • Opera Trading Capital's largest Q4 2018 buy was Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A: 13,000 shares worth $11.8M.
  • Opera Trading Capital added most to SodaStream International Ltd in Q4 2018, an estimated $6.34M increase.
  • Opera Trading Capital's biggest Q4 2018 reduction was DTE Energy Company 2016 Corporate Units, cutting an estimated $8.01M.
  • Opera Trading Capital fully exited Hess Corporation in Q4 2018, selling an estimated $8.63M.
  • Opera Trading Capital's ten largest holdings make up 39% of its $419M portfolio in Q4 2018.
  • Opera Trading Capital opened 19 new positions and closed 109 in Q4 2018.
  • Opera Trading Capital's portfolio value fell 21% quarter-over-quarter to $419M.

Based on Opera Trading Capital's 13F filing for Q4 2018, filed 22 Jan 2019.