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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
HES.PRA
1
DELISTED
Hess Corporation
HES.PRA
$26.9M 4.3%
359,000
+135,000
+60% +$9.19M
DTV
2
DELISTED
DTE Energy Company 2016 Corporate Units
DTV
$18.2M 2.91%
356,300
-130,000
-27% -$6.67M
SRE.PRA
3
DELISTED
Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A
SRE.PRA
$15.1M 2.4%
146,000
-89,000
-38% -$8.98M
DCUD
4
DELISTED
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
$12.6M 2.01%
275,000
-200,000
-42% -$8.95M
NBR.PRA
5
DELISTED
Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A
NBR.PRA
$12.3M 1.96%
+270,000
New +$13.3M
VXX
6
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
$12M 1.92%
310,526
+299,526
+2,723% +$11.6M
SJIU
7
DELISTED
South Jersey Industries, Inc.
SJIU
$8.74M 1.39%
+160,000
New +$8.55M
DYNC
8
DELISTED
Vistra Energy Corp.
DYNC
$8.64M 1.38%
+90,000
New +$8.43M
GLD icon
9
SPDR Gold Trust
GLD
$150B
$7.19M 1.15%
60,630
+60,000
+9,524% +$7.43M
VNQ icon
10
Vanguard Real Estate ETF
VNQ
$38.4B
$6.89M 1.1%
84,629
-16,971
-17% -$1.31M
GDX icon
11
VanEck Gold Miners ETF
GDX
$31.4B
$6.51M 1.04%
292,000
-300,000
-51% -$6.72M
CEF icon
12
Sprott Physical Gold and Silver Trust
CEF
$8.03B
$6.1M 0.97%
484,679
+476,093
+5,545% +$6.29M
CCI.PRA
13
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$5.36M 0.85%
5,000
-7,500
-60% -$7.93M
UNG icon
14
United States Natural Gas Fund
UNG
$550M
$4.6M 0.73%
48,500
– –
TFCF
15
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
$4.27M 0.68%
+86,690
New +$3.39M
BDXA
16
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
$3.71M 0.59%
60,000
-315,000
-84% -$18.8M
META icon
17
Meta Platforms (Facebook)
META
$1.56T
$3.54M 0.56%
18,191
-1,500
-8% -$271K
EVHC
18
DELISTED
Envision Healthcare Holdings Inc
EVHC
$3.51M 0.56%
+79,800
New +$3.28M
CMCSA icon
19
Comcast
CMCSA
$94.6B
$2.89M 0.46%
88,000
+53,000
+151% +$1.73M
MOSC.U
20
DELISTED
Mosaic Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-third o
MOSC.U
$2.5M 0.4%
250,000
– –
XOP icon
21
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$4.1B
$2.29M 0.37%
+13,300
New +$2.14M
BABA icon
22
Alibaba
BABA
$278B
$2.23M 0.35%
12,000
+500
+4% +$95.3K
XL
23
DELISTED
XL Group Ltd.
XL
$2.21M 0.35%
39,527
+400
+1% +$22.3K
TPGH.U
24
DELISTED
TPG Pace Holdings Corp. Units, each consisting of one Class A ordinary share, $.0001 par value, and
TPGH.U
$2.1M 0.33%
200,000
– –
DISCK
25
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$2.04M 0.33%
80,101
-1,185
-1% -$26.4K
1
2 3 4 5

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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.