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Raffles Associates Portfolio holdings

AUM $115M
1-Year Est. Return 35.69%
This Fund
S&P 500
This Quarter Est. Return
+8.33%
1 Year Est. Return
+35.69%
3 Year Est. Return
+44.69%
5 Year Est. Return
+37.47%
10 Year Est. Return
+130.35%
AUM
$121M
AUM Growth
-$24.7M
Cap. Flow
-$31.8M
Cap. Flow %
-26.41%
Top 10 Hldgs %
56.77%
Holding
73
New
8
Increased
6
Reduced
15
Closed
22

Top Buys

Rank Stock Value
1
VXX
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
+$4.5M
2
TZA icon
Direxion Daily Small Cap Bear 3x ETF
TZA
+$1.85M
3
SDS icon
ProShares UltraShort S&P500
SDS
+$1.6M
4
NRG icon
NRG Energy
NRG
+$1.15M
5
LONE
Lonestar Resources US Inc. Class A Common Stock
LONE
+$853K

Top Sells

Rank Stock Value
1
PNC icon
PNC Financial Services
PNC
+$5.91M
2
CIFC
CIFC LLC Common Shares
CIFC
+$5.13M
3
STND
STANDARD FINANCIAL CORP COM STK
STND
+$5M
4
TBT icon
ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT
+$1.58M
5
AGN
Allergan plc
AGN
+$1.45M

Sector Composition

Rank Sector Weight
1 Financials 47.26%
2 Materials 14.86%
3 Industrials 11.33%
4 Energy 7.01%
5 Real Estate 1.89%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EPM icon
26
Evolution Petroleum
EPM
$137M
$1.24M 1.03%
123,700
-10,000
-7% -$83.8K
PLG
27
Platinum Group Metals
PLG
$164M
$1.22M 1.01%
85,175
+30,000
+54% +$532K
LSXMK
28
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$1.21M 1.01%
46,946
– –
NVTR
29
DELISTED
Nuvectra Corporation Common Stock
NVTR
$1.21M 1%
239,675
+25,000
+12% +$141K
AAV
30
DELISTED
Advantage Oil & Gas Ltd
AAV
$1.18M 0.98%
175,000
– –
MFNC
31
DELISTED
Mackinac Financial Corporation
MFNC
$1.17M 0.97%
86,583
-8,017
-8% -$101K
DYN
32
DELISTED
Dynegy, Inc.
DYN
$1.06M 0.88%
125,000
+10,000
+9% +$98.5K
CCR
33
DELISTED
CONSOL Coal Resources LP
CCR
$1.06M 0.88%
57,941
-15,000
-21% -$271K
GST
34
DELISTED
Gastar Exploration Inc.
GST
$990K 0.82%
638,764
– –
LONE
35
DELISTED
Lonestar Resources US Inc. Class A Common Stock
LONE
$854K 0.71%
+100,000
New +$853K
WCFB
36
DELISTED
WCF Bancorp, Inc. Common Stock
WCFB
$805K 0.67%
80,541
-15,429
-16% -$139K
LBRDK icon
37
Liberty Broadband Class C
LBRDK
$4.15B
$662K 0.55%
8,939
– –
PARR icon
38
Par Pacific Holdings
PARR
$3.88B
$654K 0.54%
45,000
+15,000
+50% +$214K
DDC
39
DELISTED
Dominion Diamond Corporation
DDC
$629K 0.52%
65,000
-50,000
-43% -$456K
LSXMA
40
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$617K 0.51%
24,746
– –
PBIP
41
DELISTED
Prudential Bancorp, Inc.
PBIP
$566K 0.47%
+33,040
New +$514K
AWX icon
42
Avalon Holdings
AWX
$10.1M
$488K 0.4%
165,548
– –
SELF
43
Global Self Storage
SELF
$57.7M
$369K 0.31%
77,294
+32,494
+73% +$161K
OR icon
44
OR Royalties Inc
OR
$5.47B
$340K 0.28%
+35,000
New +$347K
AYR
45
DELISTED
Aircastle Ltd
AYR
$290K 0.24%
13,900
– –
FWONK icon
46
Liberty Media Series C
FWONK
$24.3B
$280K 0.23%
9,246
– –
NTB icon
47
Bank of N.T. Butterfield & Son
NTB
$2.42B
$220K 0.18%
7,000
-3,000
-30% -$84.1K
UBCP icon
48
United Bancorp
UBCP
$94.3M
$202K 0.17%
15,000
– –
RAND icon
49
Rand Capital
RAND
$30M
$174K 0.14%
+6,111
New +$181K
TERP
50
DELISTED
TerraForm Power, Inc
TERP
$128K 0.11%
10,000
– –
1
2
3

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Raffles Associates's Q4 2016 Portfolio in Review

As of Q4 2016, Raffles Associates held 73 positions worth $121M, down 17% from $145M the previous quarter. Its ten largest holdings account for 57% of the portfolio.

Raffles Associates withdrew a net $31.8M in Q4 2016, closing 22 positions and reducing 15 holdings. Its most notable exit was CIFC LLC Common Shares, an estimated $5.13M position sold in full.

By sector, the portfolio is most concentrated in Financials at 47% of assets, up from 38% a quarter earlier, followed by Materials and Industrials.

Against the trend, Raffles Associates opened a new position in iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 worth $3.83M.

  • Raffles Associates's largest Q4 2016 buy was iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019: 37,500 shares worth $3.83M.
  • Raffles Associates added most to NRG Energy in Q4 2016, an estimated $1.15M increase.
  • Raffles Associates's biggest Q4 2016 reduction was PNC Financial Services, cutting an estimated $5.91M.
  • Raffles Associates fully exited CIFC LLC Common Shares in Q4 2016, selling an estimated $5.13M.
  • Raffles Associates's ten largest holdings make up 57% of its $121M portfolio in Q4 2016.
  • Raffles Associates opened 8 new positions and closed 22 in Q4 2016.
  • Raffles Associates's portfolio value fell 17% quarter-over-quarter to $121M.

Based on Raffles Associates's 13F filing for Q4 2016, filed 15 Feb 2017.