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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
IWO icon
101
iShares Russell 2000 Growth ETF
IWO
$14.7B
$39K 0.01%
190
– –
FEZ icon
102
State Street SPDR EURO STOXX 50 ETF
FEZ
$4.47B
$38K 0.01%
999
– –
BATRA icon
103
Atlanta Braves Holdings Series A
BATRA
$3.58B
$37K 0.01%
1,458
– –
C icon
104
Citigroup
C
$231B
$37K 0.01%
546
– –
VEU icon
105
Vanguard FTSE All-World ex-US ETF
VEU
$71.3B
$36K 0.01%
700
– –
EUFN icon
106
iShares MSCI Europe Financials ETF
EUFN
$4.33B
$35K 0.01%
1,740
– –
JCP
107
DELISTED
J.C. Penney Company, Inc.
JCP
$35K 0.01%
15,000
– –
PRTA icon
108
Prothena Corp
PRTA
$504M
$33K 0.01%
+2,262
New +$44.7K
MU icon
109
Micron Technology
MU
$1.15T
$26K ﹤0.01%
+417
New +$22.6K
SAP icon
110
SAP
SAP
$248B
$21K ﹤0.01%
185
– –
IGV icon
111
iShares Expanded Tech-Software Sector ETF
IGV
$14.2B
$19K ﹤0.01%
520
– –
NRO
112
Neuberger Real Estate Securities Income Fund Inc
NRO
$181M
$18K ﹤0.01%
3,622
– –
HPE icon
113
Hewlett Packard
HPE
$69B
$16K ﹤0.01%
1,069
– –
EPP icon
114
iShares MSCI Pacific ex Japan ETF
EPP
$2.34B
$12K ﹤0.01%
267
– –
EDD
115
Morgan Stanley Emerging Markets Domestic Debt Fund
EDD
$381M
$11K ﹤0.01%
1,600
– –
FE icon
116
FirstEnergy
FE
$27.1B
$11K ﹤0.01%
300
-1,900
-86% -$65.1K
AAPL icon
117
Apple
AAPL
$4.67T
$9K ﹤0.01%
188
– –
TSM icon
118
TSMC
TSM
$2.22T
$9K ﹤0.01%
250
– –
DXC icon
119
DXC Technology
DXC
$1.86B
$7K ﹤0.01%
83
-13
-14% -$1.12K
MSFT icon
120
Microsoft
MSFT
$3.71T
$7K ﹤0.01%
68
– –
TXN icon
121
Texas Instruments
TXN
$236B
$6K ﹤0.01%
57
– –
SMH icon
122
VanEck Semiconductor ETF
SMH
$69B
$5K ﹤0.01%
104
– –
SPLK
123
DELISTED
Splunk Inc
SPLK
$4K ﹤0.01%
45
– –
ADBE icon
124
Adobe
ADBE
$106B
$3K ﹤0.01%
11
– –
MFGP
125
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
$3K ﹤0.01%
121
– –
3 4
5
6 7

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NCMW
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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.