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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
MFGP
151
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
– –
-121
Closed -$3K
HES.PRA
152
DELISTED
Hess Corporation
HES.PRA
– –
-109,000
Closed -$8.63M
DM
153
DELISTED
Dominion Energy Midstream Ptr LP
DM
– –
-28,400
Closed -$508K
TSRO
154
DELISTED
TESARO, Inc.
TSRO
– –
-2,302
Closed -$90K
EEP
155
DELISTED
Enbridge Energy Partners
EEP
– –
-23,403
Closed -$257K
EEQ
156
DELISTED
Enbridge Energy Management Llc
EEQ
– –
-15,872
Closed -$173K
SEP
157
DELISTED
Spectra Engy Parters Lp
SEP
– –
-13,077
Closed -$470K
FCE.A
158
DELISTED
Forest City Realty Trust, Inc.
FCE.A
– –
-249,472
Closed -$6.26M
LHO
159
DELISTED
LaSalle Hotel Properties
LHO
– –
-5,866
Closed -$203K
KAACU
160
DELISTED
Kayne Anderson Acquisition Corp. Unit
KAACU
– –
-13,300
Closed -$144K
PF
161
DELISTED
Pinnacle Foods, Inc.
PF
– –
-9,000
Closed -$583K
EVHC
162
DELISTED
Envision Healthcare Holdings Inc
EVHC
– –
-171,931
Closed -$7.86M
CA
163
DELISTED
CA, Inc.
CA
– –
-121,979
Closed -$5.38M
CELG
164
DELISTED
Celgene Corp
CELG
– –
-4,761
Closed -$426K
3 4 5 6
7

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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.