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Panning Capital Management Portfolio holdings

AUM $97.5M
1-Year Est. Return 302.5%
This Fund
S&P 500
This Quarter Est. Return
+19.57%
1 Year Est. Return
+302.5%
3 Year Est. Return
+348.92%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$570M
AUM Growth
+$248M
Cap. Flow
+$225M
Cap. Flow %
39.38%
Top 10 Hldgs %
84.22%
Holding
29
New
12
Increased
4
Reduced
2
Closed
7

Top Buys

Rank Stock Value
1
NVGS icon
Navigator Holdings
NVGS
+$37.5M
2
GNW icon
Genworth Financial
GNW
+$21.8M
3
ONIT
Onity Group
ONIT
+$18.4M
4
BALT
BALTIC TRADING LIMITED COMMON STOCK
BALT
+$8.78M
5
HRI icon
Herc Holdings
HRI
+$7.14M

Top Sells

Rank Stock Value
1
WLH
WILLIAM LYON HOMES
WLH
+$17.4M
2
NWG icon
NatWest
NWG
+$2.9M
3
DELL
DELL INC
DELL
+$2.75M
4
VLO icon
Valero Energy
VLO
+$1.77M
5
GM.WS.C
GENERAL MTRS CO WTS EXP 12/31/15 (DE)
GM.WS.C
+$973K

Sector Composition

Rank Sector Weight
1 Financials 23.48%
2 Energy 9.07%
3 Industrials 4.13%
4 Consumer Discretionary 2.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XLK icon
1
CALL
State Street Technology Select Sector SPDR ETF
XLK
$115B
$197M 34.47%
+11,000,000
New +$186M
GNW icon
2
Genworth Financial
GNW
$3.8B
$92.9M 16.29%
5,980,515
+1,506,444
+34% +$21.8M
NVGS icon
3
Navigator Holdings
NVGS
$1.34B
$43.5M 7.62%
+1,613,269
New +$37.5M
ONIT
4
Onity Group
ONIT
$333M
$35.2M 6.17%
42,295
+22,295
+111% +$18.4M
ONIT
5
CALL
Onity Group
ONIT
$333M
$27.7M 4.86%
33,333
-66,667
-67% -$54.9M
GM.WS.B
6
DELISTED
General Motors Company
GM.WS.B
$23.8M 4.18%
1,029,796
+149,096
+17% +$3.04M
GNW icon
7
CALL
Genworth Financial
GNW
$3.8B
$18.7M 3.28%
1,204,700
– –
BALT
8
DELISTED
BALTIC TRADING LIMITED COMMON STOCK
BALT
$15M 2.63%
2,326,000
+1,701,000
+272% +$8.78M
DAL icon
9
CALL
Delta Air Lines
DAL
$55.9B
$13.7M 2.41%
+500,000
New +$13.4M
YPF icon
10
CALL
YPF
YPF
$20.2B
$13.2M 2.31%
+400,000
New +$10.2M
KMI.WS
11
DELISTED
Kinder Morgan Inc
KMI.WS
$12.9M 2.27%
3,183,597
– –
GLD icon
12
CALL
SPDR Gold Trust
GLD
$131B
$11.6M 2.04%
100,000
– –
HRI icon
13
Herc Holdings
HRI
$5.43B
$8.59M 1.51%
+100,000
New +$7.14M
WLH
14
DELISTED
WILLIAM LYON HOMES
WLH
$8.49M 1.49%
383,409
-800,762
-68% -$17.4M
YPF icon
15
YPF
YPF
$20.2B
$8.24M 1.45%
+250,000
New +$6.4M
UAL icon
16
CALL
United Airlines
UAL
$38.4B
$7.57M 1.33%
+200,000
New +$7.01M
OSG
17
Octave Specialty Group
OSG
$252M
$5.83M 1.02%
+237,584
New +$4.97M
GM icon
18
General Motors
GM
$74.7B
$5.83M 1.02%
+142,776
New +$5.39M
DYN.WS
19
DELISTED
Dynegy Inc,
DYN.WS
$5.83M 1.02%
4,286,498
– –
GM.WS.A
20
DELISTED
GENERAL MOTORS COMPANY WARRANT (EXPIRES 07/10/2016)
GM.WS.A
$4.04M 0.71%
+129,796
New +$3.66M
BX icon
21
CALL
Blackstone
BX
$104B
– –
-203,800
Closed -$4.98M
EEM icon
22
PUT
iShares MSCI Emerging Markets ETF
EEM
$28B
– –
-500,000
Closed -$20.4M
LUV icon
23
CALL
Southwest Airlines
LUV
$22.1B
– –
-1,000,000
Closed -$14.6M
NWG icon
24
NatWest
NWG
$71.5B
– –
-232,143
Closed -$2.9M
VLO icon
25
Valero Energy
VLO
$89.8B
– –
-51,811
Closed -$1.77M
1
2

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Panning Capital Management's Q4 2013 Portfolio in Review

As of Q4 2013, Panning Capital Management held 29 positions worth $570M, up 77% from $322M the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Panning Capital Management deployed $225M of net new capital in Q4 2013, opening 12 new positions and adding to 4 existing holdings. Its largest new stake was Navigator Holdings: 1,613,269 shares worth $43.5M.

By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 24% a quarter earlier, followed by Energy and Industrials.

On the sell side, the largest reduction was WILLIAM LYON HOMES, an estimated $17.4M trimmed.

  • Panning Capital Management's largest Q4 2013 buy was Navigator Holdings: 1,613,269 shares worth $43.5M.
  • Panning Capital Management added most to Genworth Financial in Q4 2013, an estimated $21.8M increase.
  • Panning Capital Management's biggest Q4 2013 reduction was WILLIAM LYON HOMES, cutting an estimated $17.4M.
  • Panning Capital Management fully exited NatWest in Q4 2013, selling an estimated $2.9M.
  • Panning Capital Management's ten largest holdings make up 84% of its $570M portfolio in Q4 2013.
  • Panning Capital Management opened 12 new positions and closed 7 in Q4 2013.
  • Panning Capital Management's portfolio value rose 77% quarter-over-quarter to $570M.

Based on Panning Capital Management's 13F filing for Q4 2013, filed 14 Feb 2014.