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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
LILAK icon
101
Liberty Latin America Class C
LILAK
$1.48B
– –
-9,396
Closed -$166K
META icon
102
Meta Platforms (Facebook)
META
$1.64T
– –
-191
Closed -$31K
MGNX icon
103
MacroGenics
MGNX
$285M
– –
-3,996
Closed -$86K
MLCO icon
104
Melco Resorts & Entertainment
MLCO
$2.12B
– –
-14,000
Closed -$296K
MSFT icon
105
Microsoft
MSFT
$2.93T
– –
-3,670
Closed -$420K
NBIX icon
106
Neurocrine Biosciences
NBIX
$17.2B
– –
-3,651
Closed -$449K
NRO
107
Neuberger Real Estate Securities Income Fund Inc
NRO
$194M
– –
-3,622
Closed -$17K
NVAX icon
108
Novavax
NVAX
$1.35B
– –
-710
Closed -$27K
NWSA icon
109
News Corp Class A
NWSA
$15.4B
– –
-71,053
Closed -$937K
PRTA icon
110
Prothena Corp
PRTA
$453M
– –
-2,304
Closed -$30K
QQQ icon
111
Invesco QQQ Trust
QQQ
$466B
– –
-17,850
Closed -$3.32M
RCL icon
112
Royal Caribbean
RCL
$77B
– –
-10
Closed -$1K
REGN icon
113
Regeneron Pharmaceuticals
REGN
$70.9B
– –
-243
Closed -$98K
SAGE
114
DELISTED
Sage Therapeutics
SAGE
– –
-1,653
Closed -$233K
SAP icon
115
SAP
SAP
$186B
– –
-185
Closed -$23K
STE icon
116
Steris
STE
$21.2B
– –
-2
Closed –
STZ icon
117
Constellation Brands
STZ
$22.7B
– –
-1,100
Closed -$237K
TIP icon
118
iShares TIPS Bond ETF
TIP
$14.5B
– –
-1,000
Closed -$111K
TLT icon
119
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
– –
-46,955
Closed -$5.51M
TMUS icon
120
T-Mobile US
TMUS
$208B
– –
-2,565
Closed -$180K
TPR icon
121
Tapestry
TPR
$28.6B
– –
-1,800
Closed -$90K
TSM icon
122
TSMC
TSM
$2.07T
– –
-250
Closed -$11K
TWN
123
Taiwan Fund
TWN
$495M
– –
-2,099
Closed -$40K
TXN icon
124
Texas Instruments
TXN
$258B
– –
-57
Closed -$6K
UAA icon
125
Under Armour
UAA
$3.17B
– –
-9,669
Closed -$205K
3 4
5
6 7

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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.