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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
+0.55%
1 Year Est. Return
+0.58%
3 Year Est. Return
+11.35%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$530M
AUM Growth
-$97.3M
Cap. Flow
-$344M
Cap. Flow %
-64.94%
Top 10 Hldgs %
41.17%
Holding
220
New
55
Increased
18
Reduced
23
Closed
40

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$17.1M
2
IFFT
International Flavors & Fragrances Inc. 6.00% Tangible Equity Units
IFFT
+$8.41M
3
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$6.08M
4
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$5.52M
5
CA
CA, Inc.
CA
+$5.26M

Top Sells

Rank Stock Value
1
HES.PRA
Hess Corporation
HES.PRA
+$18.4M
2
DCUD
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
+$12.6M
3
DYNC
Vistra Energy Corp.
DYNC
+$8.64M
4
NBR.PRA
Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A
NBR.PRA
+$8.25M
5
VXX
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
+$6.25M

Sector Composition

Rank Sector Weight
1 Healthcare 3.01%
2 Real Estate 1.64%
3 Technology 1.25%
4 Consumer Discretionary 1.1%
5 Communication Services 0.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GDL
76
GDL Fund
GDL
$91.8M
$252K 0.05%
27,740
– –
GRFS
77
Grifois
GRFS
$5.27B
$247K 0.05%
11,551
– –
BURL icon
78
Burlington
BURL
$22.5B
$244K 0.05%
+1,500
New +$239K
STZ icon
79
Constellation Brands
STZ
$22.2B
$237K 0.04%
1,100
+100
+10% +$21.3K
SAGE
80
DELISTED
Sage Therapeutics
SAGE
$233K 0.04%
+1,653
New +$255K
UAA icon
81
Under Armour
UAA
$3.02B
$205K 0.04%
+9,669
New +$201K
ADX icon
82
Adams Diversified Equity Fund
ADX
$3.11B
$203K 0.04%
12,201
– –
LHO
83
DELISTED
LaSalle Hotel Properties
LHO
$203K 0.04%
5,866
-1,155
-16% -$40K
ICE icon
84
Intercontinental Exchange
ICE
$84.1B
$195K 0.04%
+2,600
New +$195K
TMUS icon
85
T-Mobile US
TMUS
$190B
$180K 0.03%
2,565
-10,534
-80% -$677K
ESPR
86
DELISTED
Esperion Therapeutics
ESPR
$173K 0.03%
+3,896
New +$179K
EEQ
87
DELISTED
Enbridge Energy Management Llc
EEQ
$173K 0.03%
15,872
-120,394
-88% -$1.28M
LILAK icon
88
Liberty Latin America Class C
LILAK
$1.55B
$166K 0.03%
9,396
– –
KAACU
89
DELISTED
Kayne Anderson Acquisition Corp. Unit
KAACU
$144K 0.03%
13,300
– –
ALNY icon
90
Alnylam Pharmaceuticals
ALNY
$37.2B
$137K 0.03%
+1,562
New +$157K
URBN icon
91
Urban Outfitters
URBN
$6.22B
$123K 0.02%
3,000
-2,400
-44% -$108K
MYOV
92
DELISTED
Myovant Sciences Ltd.
MYOV
$117K 0.02%
+4,417
New +$100K
HEI icon
93
HEICO Corp
HEI
$49.9B
$114K 0.02%
1,235
– –
TIP icon
94
iShares TIPS Bond ETF
TIP
$14.5B
$111K 0.02%
1,000
– –
GOOGL icon
95
Alphabet (Google) Class A
GOOGL
$3.99T
$109K 0.02%
1,800
– –
USA icon
96
Liberty All-Star Equity Fund
USA
$1.76B
$106K 0.02%
15,628
– –
DOCU
97
DocuSign
DOCU
$10.1B
$101K 0.02%
+1,912
New +$108K
REGN icon
98
Regeneron Pharmaceuticals
REGN
$69.9B
$98K 0.02%
+243
New +$92.5K
TPR icon
99
Tapestry
TPR
$29.8B
$90K 0.02%
+1,800
New +$88.1K
TSRO
100
DELISTED
TESARO, Inc.
TSRO
$90K 0.02%
+2,302
New +$81.3K
2 3
4
5 6

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NCMW
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MCTIC
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PC
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CLM
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Opera Trading Capital's Q3 2018 Portfolio in Review

As of Q3 2018, Opera Trading Capital held 220 positions worth $530M, down 16% from $627M the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Opera Trading Capital withdrew a net $344M in Q3 2018, closing 40 positions and reducing 23 holdings. Its most notable exit was Dominion Energy, Inc 2016 Series A Corporate Units, an estimated $12.6M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 3% of assets, up from 0.6% a quarter earlier, followed by Real Estate and Technology.

Against the trend, Opera Trading Capital opened a new position in iShares Russell 2000 ETF worth $16.9M.

  • Opera Trading Capital's largest Q3 2018 buy was iShares Russell 2000 ETF: 101,089 shares worth $16.9M.
  • Opera Trading Capital added most to iShares 20+ Year Treasury Bond ETF in Q3 2018, an estimated $5.52M increase.
  • Opera Trading Capital's biggest Q3 2018 reduction was Hess Corporation, cutting an estimated $18.4M.
  • Opera Trading Capital fully exited Dominion Energy, Inc 2016 Series A Corporate Units in Q3 2018, selling an estimated $12.6M.
  • Opera Trading Capital's ten largest holdings make up 41% of its $530M portfolio in Q3 2018.
  • Opera Trading Capital opened 55 new positions and closed 40 in Q3 2018.
  • Opera Trading Capital's portfolio value fell 16% quarter-over-quarter to $530M.

Based on Opera Trading Capital's 13F filing for Q3 2018, filed 9 Nov 2018.