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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
Cap. Flow
+$7.72M
Cap. Flow %
8.49%
Top 10 Hldgs %
84.03%
Holding
25
New
11
Increased
3
Reduced
7
Closed
3

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$4.06M
2
QQQ icon
Invesco QQQ Trust
QQQ
+$3.09M
3
GM icon
General Motors
GM
+$2.13M
4
PBR icon
Petrobras
PBR
+$1.28M
5
DEN
Denbury Inc.
DEN
+$1.23M

Top Sells

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$3.04M
2
TROX icon
Tronox
TROX
+$869K
3
CNX icon
CNX Resources
CNX
+$415K
4
SWN
Southwestern Energy Company
SWN
+$414K
5
XOM icon
ExxonMobil
XOM
+$329K

Sector Composition

Rank Sector Weight
1 Miscellaneous 84.19%
2 Energy 8.51%
3 Materials 5.12%
4 Consumer Discretionary 2.18%
5 Industrials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$799B
$31.4M 34.55%
73,500
-151,600
-67% -$67.4M
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$76.9B
$15M 16.52%
85,000
+71,700
+539% +$13.5M
TLT icon
3
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$46.4B
$8.2M 9.02%
+92,500
New +$8.89M
DAL icon
4
CALL
Delta Air Lines
DAL
$51.9B
$4.02M 4.42%
+108,700
New +$4.72M
XOP icon
5
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$4.19B
$3.93M 4.33%
26,600
+3,100
+13% +$444K
SPY icon
6
State Street SPDR S&P 500 ETF Trust
SPY
$799B
$3.91M 4.29%
+9,136
New +$4.06M
QQQ icon
7
Invesco QQQ Trust
QQQ
$474B
$2.99M 3.28%
+8,335
New +$3.09M
VALE icon
8
CALL
Vale
VALE
$61.6B
$2.63M 2.89%
+196,000
New +$2.67M
FCX icon
9
Freeport-McMoran
FCX
$99.6B
$2.31M 2.54%
62,000
+12,000
+24% +$483K
GM icon
10
General Motors
GM
$74.9B
$1.98M 2.18%
+60,000
New +$2.13M
CLF icon
11
Cleveland-Cliffs
CLF
$6.73B
$1.88M 2.06%
120,000
– –
EWZ icon
12
CALL
iShares MSCI Brazil ETF
EWZ
$8.6B
$1.87M 2.06%
+61,000
New +$1.94M
QQQ icon
13
PUT
Invesco QQQ Trust
QQQ
$474B
$1.58M 1.73%
+4,400
New +$1.63M
PBR icon
14
Petrobras
PBR
$140B
$1.35M 1.48%
+90,000
New +$1.28M
DEN
15
DELISTED
Denbury Inc.
DEN
$1.34M 1.47%
+13,627
New +$1.23M
FANG icon
16
Diamondback Energy
FANG
$59.2B
$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
XOM icon
18
ExxonMobil
XOM
$696B
$1.06M 1.16%
9,000
-3,000
-25% -$329K
AR icon
19
Antero Resources
AR
$11.9B
$1.02M 1.12%
40,000
-10,000
-20% -$258K
IWM icon
20
iShares Russell 2000 ETF
IWM
$76.9B
$993K 1.09%
+5,618
New +$1.05M
CNX icon
21
CNX Resources
CNX
$5.24B
$677K 0.74%
30,000
-20,000
-40% -$415K
TROX icon
22
Tronox
TROX
$699M
$470K 0.52%
35,000
-65,000
-65% -$869K
DAL icon
23
Delta Air Lines
DAL
$51.9B
– –
-70,000
Closed -$3.04M
EEM icon
24
CALL
iShares MSCI Emerging Markets ETF
EEM
$30.6B
– –
-285,000
Closed -$11.3M
KRE icon
25
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.31B
– –
-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 deployed $7.72M of net new capital in Q3 2023, opening 11 new positions and adding to 3 existing holdings. Its largest new stake was State Street SPDR S&P 500 ETF Trust: 9,136 shares worth $3.91M.

By sector, the portfolio is most concentrated in Miscellaneous at 84% of assets, down from 90% a quarter earlier, followed by Energy and Materials.

On the sell side, the largest reduction was Tronox, an estimated $869K trimmed.

  • 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.