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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
+2.55%
1 Year Est. Return
+0.58%
3 Year Est. Return
+11.35%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$737M
AUM Growth
+$165M
Cap. Flow
-$144M
Cap. Flow %
-19.58%
Top 10 Hldgs %
32.54%
Holding
183
New
29
Increased
21
Reduced
33
Closed
33

Top Buys

1
CCI.PRA
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
+$24.3M
2
GLD icon
SPDR Gold Trust
GLD
+$23.9M
3
DTV
DTE Energy Company 2016 Corporate Units
DTV
+$17.2M
4
BKHU
Black Hills Corporation
BKHU
+$16.5M
5
BDXA
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
+$8.31M

Top Sells

1
RAI
Reynolds American Inc
RAI
+$21.8M
2
GXP.PRB.CL
Great Plains Energy Incorporated
GXP.PRB.CL
+$7.93M
3
JFC
JPMorgan China Region Fund, Inc.
JFC
+$6.93M
4
DIS icon
Walt Disney
DIS
+$6.48M
5
VRTSP
Virtus Investment Partners, Inc. 7.25% Series D Mandatory Convertible Preferred Stock
VRTSP
+$6M

Sector Composition

1 Technology 3.74%
2 Consumer Discretionary 3.17%
3 Communication Services 3%
4 Financials 2.7%
5 Industrials 0.89%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLD icon
1
SPDR Gold Trust
GLD
$130B
$31.2M 4.23%
256,459
+196,490
+328% +$23.9M
DTV
2
DELISTED
DTE Energy Company 2016 Corporate Units
DTV
$29.2M 3.96%
536,300
+311,300
+138% +$17.2M
BKHU
3
DELISTED
Black Hills Corporation
BKHU
$23.9M 3.24%
318,759
+218,759
+219% +$16.5M
CCI.PRA
4
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$23.9M 3.24%
+22,500
New +$24.3M
BDXA
5
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
$21.9M 2.97%
400,000
+150,000
+60% +$8.31M
SWP
6
DELISTED
Stanley Black & Decker, Inc. Corporate Units
SWP
$20.5M 2.79%
179,580
– –
ANTX
7
DELISTED
Anthem, Inc.
ANTX
$11.7M 1.59%
225,000
-25,000
-10% -$1.3M
DYNC
8
DELISTED
Vistra Energy Corp.
DYNC
$11.4M 1.55%
170,000
+30,000
+21% +$1.93M
DELL icon
9
Dell
DELL
$256B
$9.94M 1.35%
458,792
+108,800
+31% +$2.1M
MLCO icon
10
Melco Resorts & Entertainment
MLCO
$2.12B
$9.41M 1.28%
390,000
+70,000
+22% +$1.52M
AMZN icon
11
Amazon
AMZN
$2.66T
$8.94M 1.21%
186,000
+107,880
+138% +$5.3M
NXPI icon
12
NXP Semiconductors
NXPI
$67.3B
$8.59M 1.17%
75,953
+49,218
+184% +$5.49M
XLE icon
13
State Street Energy Select Sector SPDR ETF
XLE
$38.2B
$8.49M 1.15%
248,114
-139,600
-36% -$4.54M
DCUD
14
DELISTED
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
$8.19M 1.11%
162,500
-50,000
-24% -$2.54M
GDX icon
15
VanEck Gold Miners ETF
GDX
$21.8B
$6.7M 0.91%
292,000
-200,000
-41% -$4.62M
VXX
16
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
$6.63M 0.9%
+164,000
New +$7.61M
NBIS
17
Nebius Group N.V.
NBIS
$45.1B
$6.59M 0.89%
+200,000
New +$6.1M
BIDU icon
18
Baidu
BIDU
$36.5B
$5.57M 0.76%
+22,500
New +$4.91M
NEE.PRQ
19
DELISTED
NextEra Energy, Inc.
NEE.PRQ
$5.28M 0.72%
+80,000
New +$5.3M
AL
20
DELISTED
Air Lease Corp
AL
$5.28M 0.72%
123,809
+9,709
+9% +$387K
AABA
21
DELISTED
Altaba Inc
AABA
$5.25M 0.71%
79,206
+78,306
+8,701% +$4.8M
CHGG icon
22
Chegg
CHGG
$91.4M
$5.19M 0.7%
+350,000
New +$4.98M
UNG icon
23
United States Natural Gas Fund
UNG
$374M
$5.1M 0.69%
48,500
– –
IWD icon
24
iShares Russell 1000 Value ETF
IWD
$81.9B
$4.91M 0.67%
45,000
+30,200
+204% +$3.52M
VNQ icon
25
Vanguard Real Estate ETF
VNQ
$39.6B
$4.89M 0.66%
+58,817
New +$4.91M
1
2 3 4 5

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Opera Trading Capital's Q3 2017 Portfolio in Review

As of Q3 2017, Opera Trading Capital held 183 positions worth $737M, up 29% from $572M the previous quarter. Its ten largest holdings account for 33% of the portfolio.

Opera Trading Capital withdrew a net $144M in Q3 2017, closing 33 positions and reducing 33 holdings. Its most notable exit was Reynolds American Inc, an estimated $21.8M position sold in full.

By sector, the portfolio is most concentrated in Technology at 3.7% of assets, up from 3.5% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Opera Trading Capital opened a new position in Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A worth $23.9M.

  • Opera Trading Capital's largest Q3 2017 buy was Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A: 22,500 shares worth $23.9M.
  • Opera Trading Capital added most to SPDR Gold Trust in Q3 2017, an estimated $23.9M increase.
  • Opera Trading Capital's biggest Q3 2017 reduction was NextEra Energy, Inc., cutting an estimated $5.2M.
  • Opera Trading Capital fully exited Reynolds American Inc in Q3 2017, selling an estimated $21.8M.
  • Opera Trading Capital's ten largest holdings make up 33% of its $737M portfolio in Q3 2017.
  • Opera Trading Capital opened 29 new positions and closed 33 in Q3 2017.
  • Opera Trading Capital's portfolio value rose 29% quarter-over-quarter to $737M.

Based on Opera Trading Capital's 13F filing for Q3 2017, filed 6 Nov 2017.