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PSCM
P&S Credit Management Portfolio holdings
AUM
$62.5M
1-Year Est. Return
31.54%
This Fund
S&P 500
This Quarter
Est. Return
+7.81%
1 Year Est. Return
+31.54%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$140M
AUM Growth
-$35M
(-20%)
Cap. Flow
-$52.6M
Cap. Flow
% of AUM
-37.45%
Top 10 Holdings %
Top 10 Hldgs %
96.73%
Holding
19
New
5
Increased
1
Reduced
4
Closed
5
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Freeport-McMoran
FCX
|
+$1.91M |
| 2 |
Tronox
TROX
|
+$1.26M |
| 3 |
Antero Resources
AR
|
+$1.11M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Nabors Industries
NBR
|
+$1.34M |
| 2 |
Delta Air Lines
DAL
|
+$1.11M |
| 3 |
CNX Resources
CNX
|
+$484K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 4.29% |
| 2 | Materials | 3.76% |
| 3 | Industrials | 2.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$790B
| $99.8M | 71.06% |
225,100
-118,800
| -35% | -$49.9M |
|
2
CALL
iShares MSCI Emerging Markets ETF
EEM
$28.8B
| $11.3M | 8.03% |
285,000
+160,000
| +128% | +$6.29M |
|
3
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.65B
| $10.4M | 7.42% |
23,500
-500
| -2% | -$62.6K |
|
|
4
Delta Air Lines
DAL
$57.5B
| $3.33M | 2.37% |
70,000
-30,000
| -30% | -$1.11M |
|
5
PUT
iShares Russell 2000 ETF
IWM
$79.8B
| $2.49M | 1.77% |
+13,300
| New | +$2.37M |
|
6
Cleveland-Cliffs
CLF
$6.57B
| $2.01M | 1.43% |
120,000
| – | – |
|
|
7
Freeport-McMoran
FCX
$90B
| $2M | 1.42% |
+50,000
| New | +$1.91M |
|
8
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.5B
| $1.82M | 1.29% |
+44,500
| New | +$1.83M |
|
|
SWN
9
DELISTED
Southwestern Energy Company
SWN
| $1.38M | 0.98% |
230,000
| – | – |
|
10
Diamondback Energy
FANG
$57.1B
| $1.31M | 0.94% |
10,000
| – | – |
|
11
ExxonMobil
XOM
$644B
| $1.29M | 0.92% |
12,000
| – | – |
|
|
12
Tronox
TROX
$932M
| $1.27M | 0.91% |
+100,000
| New | +$1.26M |
|
|
13
Antero Resources
AR
$11.1B
| $1.15M | 0.82% |
+50,000
| New | +$1.11M |
|
|
14
CNX Resources
CNX
$5.3B
| $886K | 0.63% |
50,000
-30,000
| -38% | -$484K |
|
15
CALL
Alcoa
AA
$11.9B
| – | – |
-65,000
| Closed | -$2.77M |
|
16
PUT
iShares MSCI Brazil ETF
EWZ
$9.28B
| – | – |
-197,500
| Closed | -$5.41M |
|
17
CALL
General Motors
GM
$80.4B
| – | – |
-87,000
| Closed | -$3.19M |
|
|
18
Nabors Industries
NBR
$1.27B
| – | – |
-11,000
| Closed | -$1.34M |
|
19
CALL
Petrobras
PBR
$125B
| – | – |
-300,000
| Closed | -$3.13M |
|
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P&S Credit Management's Q2 2023 Portfolio in Review
As of Q2 2023, P&S Credit Management held 19 positions worth $140M, down 20% from $175M the previous quarter. Its ten largest holdings account for 97% of the portfolio.
P&S Credit Management withdrew a net $52.6M in Q2 2023, closing 5 positions and reducing 4 holdings. Its most notable exit was Nabors Industries, an estimated $1.34M position sold in full.
By sector, the portfolio is most concentrated in Energy at 4.3% of assets, up from 3.7% a quarter earlier, followed by Materials and Industrials.
Against the trend, P&S Credit Management opened a new position in Freeport-McMoran worth $2M.
- P&S Credit Management's largest Q2 2023 buy was Freeport-McMoran: 50,000 shares worth $2M.
- P&S Credit Management's biggest Q2 2023 reduction was Delta Air Lines, cutting an estimated $1.11M.
- P&S Credit Management fully exited Nabors Industries in Q2 2023, selling an estimated $1.34M.
- P&S Credit Management's ten largest holdings make up 97% of its $140M portfolio in Q2 2023.
- P&S Credit Management opened 5 new positions and closed 5 in Q2 2023.
- P&S Credit Management's portfolio value fell 20% quarter-over-quarter to $140M.
Based on P&S Credit Management's 13F filing for Q2 2023, filed 1 Aug 2023.