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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
+0.55%
1 Year Est. Return
+0.58%
3 Year Est. Return
+11.35%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$530M
AUM Growth
-$97.3M
Cap. Flow
-$344M
Cap. Flow %
-64.94%
Top 10 Hldgs %
41.17%
Holding
220
New
55
Increased
18
Reduced
23
Closed
40

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$17.1M
2
IFFT
International Flavors & Fragrances Inc. 6.00% Tangible Equity Units
IFFT
+$8.41M
3
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$6.08M
4
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$5.52M
5
CA
CA, Inc.
CA
+$5.26M

Top Sells

Rank Stock Value
1
HES.PRA
Hess Corporation
HES.PRA
+$18.4M
2
DCUD
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
+$12.6M
3
DYNC
Vistra Energy Corp.
DYNC
+$8.64M
4
NBR.PRA
Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A
NBR.PRA
+$8.25M
5
VXX
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
+$6.25M

Sector Composition

Rank Sector Weight
1 Healthcare 3.01%
2 Real Estate 1.64%
3 Technology 1.25%
4 Consumer Discretionary 1.1%
5 Communication Services 0.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DTV
1
DELISTED
DTE Energy Company 2016 Corporate Units
DTV
$17.4M 3.29%
336,300
-20,000
-6% -$1.05M
IWM icon
2
iShares Russell 2000 ETF
IWM
$82.2B
$16.9M 3.2%
+101,089
New +$17.1M
SRE.PRA
3
DELISTED
Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A
SRE.PRA
$14.6M 2.76%
145,000
-1,000
-0.7% -$103K
VNQ icon
4
Vanguard Real Estate ETF
VNQ
$39.6B
$11.4M 2.16%
141,549
+56,920
+67% +$4.69M
HES.PRA
5
DELISTED
Hess Corporation
HES.PRA
$8.63M 1.63%
109,000
-250,000
-70% -$18.4M
IFFT
6
DELISTED
International Flavors & Fragrances Inc. 6.00% Tangible Equity Units
IFFT
$8.21M 1.55%
+155,000
New +$8.41M
VXX
7
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
$8.14M 1.54%
102,533
-207,993
-67% -$6.25M
EVHC
8
DELISTED
Envision Healthcare Holdings Inc
EVHC
$7.86M 1.48%
171,931
+92,131
+115% +$4.14M
SJIU
9
DELISTED
South Jersey Industries, Inc.
SJIU
$7.58M 1.43%
135,000
-25,000
-16% -$1.37M
GLD icon
10
SPDR Gold Trust
GLD
$130B
$6.61M 1.25%
58,635
-1,995
-3% -$229K
FCE.A
11
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$6.26M 1.18%
+249,472
New +$6.08M
CEF icon
12
Sprott Physical Gold and Silver Trust
CEF
$7.3B
$5.66M 1.07%
484,679
– –
TLT icon
13
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
$5.51M 1.04%
46,955
+46,000
+4,817% +$5.52M
GDX icon
14
VanEck Gold Miners ETF
GDX
$21.8B
$5.48M 1.03%
296,033
+4,033
+1% +$80.5K
CA
15
DELISTED
CA, Inc.
CA
$5.38M 1.02%
+121,979
New +$5.26M
UNG icon
16
United States Natural Gas Fund
UNG
$374M
$4.82M 0.91%
48,500
– –
NBR.PRA
17
DELISTED
Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A
NBR.PRA
$3.61M 0.68%
82,500
-187,500
-69% -$8.25M
QQQ icon
18
Invesco QQQ Trust
QQQ
$466B
$3.32M 0.63%
17,850
+17,200
+2,646% +$3.11M
MOSC.U
19
DELISTED
Mosaic Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-third o
MOSC.U
$2.82M 0.53%
276,735
+26,735
+11% +$272K
CCI.PRA
20
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$2.69M 0.51%
2,500
-2,500
-50% -$2.71M
NEBUU
21
DELISTED
Nebula Acquisition Corporation Unit
NEBUU
$2.54M 0.48%
253,400
+53,400
+27% +$540K
DISCK
22
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$2.37M 0.45%
80,101
– –
GOV
23
DELISTED
Government Properties Income Trust
GOV
$2.25M 0.42%
+199,192
New +$3.09M
SODA
24
DELISTED
SodaStream International Ltd
SODA
$2.15M 0.41%
+15,000
New +$1.81M
GSAH.U
25
DELISTED
GS Acquisition Holdings Corp. Units, each consisting of one share of Class A common stock and one-th
GSAH.U
$2.11M 0.4%
203,808
+12,408
+6% +$129K
1
2 3 4 5

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Opera Trading Capital's Q3 2018 Portfolio in Review

As of Q3 2018, Opera Trading Capital held 220 positions worth $530M, down 16% from $627M the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Opera Trading Capital withdrew a net $344M in Q3 2018, closing 40 positions and reducing 23 holdings. Its most notable exit was Dominion Energy, Inc 2016 Series A Corporate Units, an estimated $12.6M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 3% of assets, up from 0.6% a quarter earlier, followed by Real Estate and Technology.

Against the trend, Opera Trading Capital opened a new position in iShares Russell 2000 ETF worth $16.9M.

  • Opera Trading Capital's largest Q3 2018 buy was iShares Russell 2000 ETF: 101,089 shares worth $16.9M.
  • Opera Trading Capital added most to iShares 20+ Year Treasury Bond ETF in Q3 2018, an estimated $5.52M increase.
  • Opera Trading Capital's biggest Q3 2018 reduction was Hess Corporation, cutting an estimated $18.4M.
  • Opera Trading Capital fully exited Dominion Energy, Inc 2016 Series A Corporate Units in Q3 2018, selling an estimated $12.6M.
  • Opera Trading Capital's ten largest holdings make up 41% of its $530M portfolio in Q3 2018.
  • Opera Trading Capital opened 55 new positions and closed 40 in Q3 2018.
  • Opera Trading Capital's portfolio value fell 16% quarter-over-quarter to $530M.

Based on Opera Trading Capital's 13F filing for Q3 2018, filed 9 Nov 2018.