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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
+0.71%
1 Year Est. Return
+31.54%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$90.9M
AUM Growth
-$49.5M
(-35%)
Cap. Flow
-$39M
Cap. Flow
% of AUM
-42.94%
Top 10 Holdings %
Top 10 Hldgs %
84.03%
Holding
25
New
11
Increased
3
Reduced
7
Closed
3
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$4.06M |
| 2 |
Invesco QQQ Trust
QQQ
|
+$3.09M |
| 3 |
General Motors
GM
|
+$2.13M |
| 4 |
Petrobras
PBR
|
+$1.28M |
| 5 |
DEN
Denbury Inc.
DEN
|
+$1.23M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Delta Air Lines
DAL
|
+$3.04M |
| 2 |
Tronox
TROX
|
+$869K |
| 3 |
CNX Resources
CNX
|
+$415K |
| 4 |
SWN
Southwestern Energy Company
SWN
|
+$414K |
| 5 |
ExxonMobil
XOM
|
+$329K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 8.51% |
| 2 | Materials | 5.12% |
| 3 | Consumer Discretionary | 2.18% |
| 4 | Industrials | 0% |
| 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
| $31.4M | 34.55% |
73,500
-151,600
| -67% | -$67.4M |
|
2
PUT
iShares Russell 2000 ETF
IWM
$79.8B
| $15M | 16.52% |
85,000
+71,700
| +539% | +$13.5M |
|
3
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
| $8.2M | 9.02% |
+92,500
| New | +$8.89M |
|
|
4
CALL
Delta Air Lines
DAL
$57.5B
| $4.02M | 4.42% |
+108,700
| New | +$4.72M |
|
5
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.65B
| $3.93M | 4.33% |
26,600
+3,100
| +13% | +$444K |
|
|
6
State Street SPDR S&P 500 ETF Trust
SPY
$790B
| $3.91M | 4.29% |
+9,136
| New | +$4.06M |
|
|
7
Invesco QQQ Trust
QQQ
$453B
| $2.99M | 3.28% |
+8,335
| New | +$3.09M |
|
8
CALL
Vale
VALE
$64.1B
| $2.63M | 2.89% |
+196,000
| New | +$2.67M |
|
9
Freeport-McMoran
FCX
$90B
| $2.31M | 2.54% |
62,000
+12,000
| +24% | +$483K |
|
|
10
General Motors
GM
$80.4B
| $1.98M | 2.18% |
+60,000
| New | +$2.13M |
|
11
Cleveland-Cliffs
CLF
$6.57B
| $1.88M | 2.06% |
120,000
| – | – |
|
12
CALL
iShares MSCI Brazil ETF
EWZ
$9.28B
| $1.87M | 2.06% |
+61,000
| New | +$1.94M |
|
|
13
PUT
Invesco QQQ Trust
QQQ
$453B
| $1.58M | 1.73% |
+4,400
| New | +$1.63M |
|
|
14
Petrobras
PBR
$125B
| $1.35M | 1.48% |
+90,000
| New | +$1.28M |
|
|
DEN
15
DELISTED
Denbury Inc.
DEN
| $1.34M | 1.47% |
+13,627
| New | +$1.23M |
|
16
Diamondback Energy
FANG
$57.1B
| $1.24M | 1.36% |
8,000
-2,000
| -20% | -$295K |
|
|
SWN
17
DELISTED
Southwestern Energy Company
SWN
| $1.06M | 1.17% |
165,000
-65,000
| -28% | -$414K |
|
|
18
ExxonMobil
XOM
$644B
| $1.06M | 1.16% |
9,000
-3,000
| -25% | -$329K |
|
19
Antero Resources
AR
$11.1B
| $1.02M | 1.12% |
40,000
-10,000
| -20% | -$258K |
|
|
20
iShares Russell 2000 ETF
IWM
$79.8B
| $993K | 1.09% |
+5,618
| New | +$1.05M |
|
|
21
CNX Resources
CNX
$5.3B
| $677K | 0.74% |
30,000
-20,000
| -40% | -$415K |
|
|
22
Tronox
TROX
$932M
| $470K | 0.52% |
35,000
-65,000
| -65% | -$869K |
|
|
23
Delta Air Lines
DAL
$57.5B
| – | – |
-70,000
| Closed | -$3.04M |
|
24
CALL
iShares MSCI Emerging Markets ETF
EEM
$28.8B
| – | – |
-285,000
| Closed | -$11.3M |
|
25
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.5B
| – | – |
-44,500
| Closed | -$1.82M |
|
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P&S Credit Management's Q3 2023 Portfolio in Review
As of Q3 2023, P&S Credit Management held 25 positions worth $90.9M, down 35% from $140M the previous quarter. Its ten largest holdings account for 84% of the portfolio.
P&S Credit Management withdrew a net $39M in Q3 2023, closing 3 positions and reducing 7 holdings. Its most notable exit was Delta Air Lines, an estimated $3.04M position sold in full.
By sector, the portfolio is most concentrated in Energy at 8.5% of assets, up from 4.3% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, P&S Credit Management opened a new position in State Street SPDR S&P 500 ETF Trust worth $3.91M.
- P&S Credit Management's largest Q3 2023 buy was State Street SPDR S&P 500 ETF Trust: 9,136 shares worth $3.91M.
- P&S Credit Management added most to Freeport-McMoran in Q3 2023, an estimated $483K increase.
- P&S Credit Management's biggest Q3 2023 reduction was Tronox, cutting an estimated $869K.
- P&S Credit Management fully exited Delta Air Lines in Q3 2023, selling an estimated $3.04M.
- P&S Credit Management's ten largest holdings make up 84% of its $90.9M portfolio in Q3 2023.
- P&S Credit Management opened 11 new positions and closed 3 in Q3 2023.
- P&S Credit Management's portfolio value fell 35% quarter-over-quarter to $90.9M.
Based on P&S Credit Management's 13F filing for Q3 2023, filed 19 Oct 2023.