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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
+7.15%
1 Year Est. Return
+31.54%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$58.9M
AUM Growth
-$32M
Cap. Flow
-$37.3M
Cap. Flow %
-63.24%
Top 10 Hldgs %
94.33%
Holding
24
New
2
Increased
4
Reduced
4
Closed
9

Top Buys

Rank Stock Value
1
XOM icon
ExxonMobil
XOM
+$1.2M
2
GM icon
General Motors
GM
+$619K
3
FCX icon
Freeport-McMoran
FCX
+$369K

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$4.07M
2
QQQ icon
Invesco QQQ Trust
QQQ
+$2.99M
3
DEN
Denbury Inc.
DEN
+$1.34M
4
IWM icon
iShares Russell 2000 ETF
IWM
+$1.01M
5
PBR icon
Petrobras
PBR
+$689K

Sector Composition

Rank Sector Weight
1 Materials 10.2%
2 Energy 10.13%
3 Consumer Discretionary 4.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$79.8B
$21.3M 36.1%
106,000
+21,000
+25% +$3.76M
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$790B
$11.4M 19.36%
24,000
-49,500
-67% -$22.1M
WYNN icon
3
CALL
Wynn Resorts
WYNN
$10.3B
$4.1M 6.96%
+45,000
New +$3.99M
FXI icon
4
CALL
iShares China Large-Cap ETF
FXI
$4.37B
$3.87M 6.57%
+161,000
New +$4.08M
XOP icon
5
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.65B
$3.42M 5.81%
25,000
-1,600
-6% -$225K
FCX icon
6
Freeport-McMoran
FCX
$90B
$3.07M 5.2%
72,000
+10,000
+16% +$369K
GM icon
7
General Motors
GM
$80.4B
$2.87M 4.88%
80,000
+20,000
+33% +$619K
CLF icon
8
Cleveland-Cliffs
CLF
$6.57B
$2.45M 4.16%
120,000
– –
XOM icon
9
ExxonMobil
XOM
$644B
$2.04M 3.47%
20,446
+11,446
+127% +$1.2M
SWN
10
DELISTED
Southwestern Energy Company
SWN
$1.08M 1.83%
165,000
– –
AR icon
11
Antero Resources
AR
$11.1B
$907K 1.54%
40,000
– –
PBR icon
12
Petrobras
PBR
$125B
$719K 1.22%
45,000
-45,000
-50% -$689K
FANG icon
13
Diamondback Energy
FANG
$57.1B
$620K 1.05%
4,000
-4,000
-50% -$627K
CNX icon
14
CNX Resources
CNX
$5.3B
$600K 1.02%
30,000
– –
TROX icon
15
Tronox
TROX
$932M
$496K 0.84%
35,000
– –
DAL icon
16
CALL
Delta Air Lines
DAL
$57.5B
– –
-108,700
Closed -$4.02M
EWZ icon
17
CALL
iShares MSCI Brazil ETF
EWZ
$9.28B
– –
-61,000
Closed -$1.87M
IWM icon
18
iShares Russell 2000 ETF
IWM
$79.8B
– –
-5,618
Closed -$1.01M
QQQ icon
19
Invesco QQQ Trust
QQQ
$453B
– –
-8,335
Closed -$2.99M
QQQ icon
20
PUT
Invesco QQQ Trust
QQQ
$453B
– –
-4,400
Closed -$1.58M
SPY icon
21
State Street SPDR S&P 500 ETF Trust
SPY
$790B
– –
-9,136
Closed -$4.07M
TLT icon
22
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
– –
-92,500
Closed -$8.2M
VALE icon
23
CALL
Vale
VALE
$64.1B
– –
-196,000
Closed -$2.63M
DEN
24
DELISTED
Denbury Inc.
DEN
– –
-13,627
Closed -$1.34M

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P&S Credit Management's Q4 2023 Portfolio in Review

As of Q4 2023, P&S Credit Management held 24 positions worth $58.9M, down 35% from $90.9M the previous quarter. Its ten largest holdings account for 94% of the portfolio.

P&S Credit Management withdrew a net $37.3M in Q4 2023, closing 9 positions and reducing 4 holdings. Its most notable exit was State Street SPDR S&P 500 ETF Trust, an estimated $4.07M position sold in full.

By sector, the portfolio is most concentrated in Materials at 10% of assets, up from 5.1% a quarter earlier, followed by Energy and Consumer Discretionary.

Against the trend, P&S Credit Management added an estimated $1.2M to ExxonMobil.

  • P&S Credit Management added most to ExxonMobil in Q4 2023, an estimated $1.2M increase.
  • P&S Credit Management's biggest Q4 2023 reduction was Petrobras, cutting an estimated $689K.
  • P&S Credit Management fully exited State Street SPDR S&P 500 ETF Trust in Q4 2023, selling an estimated $4.07M.
  • P&S Credit Management's ten largest holdings make up 94% of its $58.9M portfolio in Q4 2023.
  • P&S Credit Management opened 2 new positions and closed 9 in Q4 2023.
  • P&S Credit Management's portfolio value fell 35% quarter-over-quarter to $58.9M.

Based on P&S Credit Management's 13F filing for Q4 2023, filed 9 Jan 2024.