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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
STE icon
151
Steris
STE
$21.9B
$0 ﹤0.01%
+2
New +$201
VOYA icon
152
Voya Financial
VOYA
$9.43B
– –
-16,000
Closed -$808K
VST icon
153
Vistra
VST
$50.1B
– –
-400
Closed -$8K
XEL icon
154
Xcel Energy
XEL
$47.3B
– –
-1,100
Closed -$50K
ATH
155
DELISTED
Athene Holding Ltd. Class A Common Shares
ATH
– –
-206,151
Closed -$9.86M
AIZP
156
DELISTED
Assurant, Inc. 6.50% Series D Mandatory Convertible Preferred Stock, $1.00 par value
AIZP
– –
-160,000
Closed -$16.5M
AABA
157
DELISTED
Altaba Inc
AABA
– –
-18,976
Closed -$1.41M
MON
158
DELISTED
Monsanto Co
MON
– –
-7,992
Closed -$933K
STB
159
DELISTED
Student Transportation Inc
STB
– –
-667,000
Closed -$5M
SIVB
160
DELISTED
SVB Financial Group
SIVB
– –
-7,000
Closed -$1.68M
HAWK
161
DELISTED
Blackhawk Network Holdings, Inc. Common Stock
HAWK
– –
-10,000
Closed -$447K
3 4 5 6
7

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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.