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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
+$626M
Cap. Flow
+$29.1M
Cap. Flow %
4.64%
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
SRE.PRA
Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A
SRE.PRA
+$8.98M
3
DCUD
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
+$8.95M
4
CCI.PRA
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
+$7.93M
5
GDX icon
VanEck Gold Miners ETF
GDX
+$6.72M

Sector Composition

Rank Sector Weight
1 Communication Services 2.95%
2 Consumer Discretionary 0.95%
3 Healthcare 0.6%
4 Financials 0.51%
5 Consumer Staples 0.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LHO
76
DELISTED
LaSalle Hotel Properties
LHO
$240K 0.04%
+7,021
New +$227K
CAG icon
77
Conagra Brands
CAG
$6.83B
$232K 0.04%
+6,500
New +$242K
LVS icon
78
Las Vegas Sands
LVS
$30.1B
$229K 0.04%
+3,000
New +$229K
GAP
79
The Gap Inc
GAP
$7.33B
$227K 0.04%
+7,000
New +$215K
URI icon
80
United Rentals
URI
$65.5B
$221K 0.04%
+1,500
New +$245K
STZ icon
81
Constellation Brands
STZ
$22.7B
$219K 0.03%
1,000
-2,000
-67% -$452K
ADX icon
82
Adams Diversified Equity Fund
ADX
$3.18B
$188K 0.03%
12,201
– –
HYG icon
83
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.9B
$188K 0.03%
+12,597
New +$1.08M
RAD
84
DELISTED
Rite Aid Corporation
RAD
$166K 0.03%
4,790
-10,210
-68% -$346K
LILAK icon
85
Liberty Latin America Class C
LILAK
$1.48B
$156K 0.02%
9,396
– –
KAACU
86
DELISTED
Kayne Anderson Acquisition Corp. Unit
KAACU
$138K 0.02%
13,300
– –
PVH icon
87
PVH
PVH
$3.6B
$120K 0.02%
+800
New +$126K
TLT icon
88
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
$116K 0.02%
955
+100
+12% +$12K
TIP icon
89
iShares TIPS Bond ETF
TIP
$14.5B
$113K 0.02%
1,000
– –
QQQ icon
90
Invesco QQQ Trust
QQQ
$466B
$112K 0.02%
+650
New +$109K
GOOGL icon
91
Alphabet (Google) Class A
GOOGL
$4.23T
$102K 0.02%
1,800
– –
BUD icon
92
AB InBev
BUD
$156B
$101K 0.02%
+1,000
New +$99.2K
USA icon
93
Liberty All-Star Equity Fund
USA
$1.77B
$100K 0.02%
15,628
– –
GSAT icon
94
Globalstar
GSAT
$10.2B
$98K 0.02%
+13,333
New +$120K
HEI icon
95
HEICO Corp
HEI
$47.9B
$90K 0.01%
1,235
– –
LBTYK icon
96
Liberty Global Class C
LBTYK
$3.41B
$68K 0.01%
2,567
+2,328
+974% +$68K
TSLA icon
97
Tesla
TSLA
$1.43T
$51K 0.01%
+2,250
New +$45.7K
XLF icon
98
State Street Financial Select Sector SPDR ETF
XLF
$54.8B
$50K 0.01%
1,899
– –
TWN
99
Taiwan Fund
TWN
$495M
$42K 0.01%
2,099
– –
LNW
100
DELISTED
Light & Wonder
LNW
$40K 0.01%
+810
New +$42.8K
2 3
4
5 6

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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, up 48,375% from $1.29M the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Opera Trading Capital deployed $29.1M of net new capital in Q2 2018, opening 43 new positions and adding to 14 existing holdings. Its largest new stake was Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A: 270,000 shares worth $12.3M.

By sector, the portfolio is most concentrated in Communication Services at 2.9% of assets, up from 1.6% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6, an estimated $18.8M trimmed.

  • 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 $16.5K.
  • 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 rose 48,375% quarter-over-quarter to $627M.

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