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SCM
SAB Capital Management Portfolio holdings
AUM
$4.44M
1-Year Est. Return
12.21%
This Fund
S&P 500
This Quarter
Est. Return
-9.37%
1 Year Est. Return
-12.21%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$691M
AUM Growth
-$304M
(-31%)
Cap. Flow
-$220M
Cap. Flow
% of AUM
-31.9%
Top 10 Holdings %
Top 10 Hldgs %
94.24%
Holding
36
New
6
Increased
–
Reduced
6
Closed
21
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Citizens Financial Group
CFG
|
+$112M |
| 2 |
Dycom Industries
DY
|
+$68.3M |
| 3 |
Axalta
AXTA
|
+$62.7M |
| 4 |
Aramark
ARMK
|
+$56.9M |
| 5 |
Xerox
XRX
|
+$47.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cheniere Energy
LNG
|
+$124M |
| 2 |
Macy's
M
|
+$71.7M |
| 3 |
Capri Holdings
CPRI
|
+$48M |
| 4 |
Sabre
SABR
|
+$47.6M |
| 5 |
AerCap
AER
|
+$39.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 36.17% |
| 2 | Financials | 23.04% |
| 3 | Real Estate | 16.06% |
| 4 | Materials | 7.74% |
| 5 | Consumer Discretionary | 5.59% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Citizens Financial Group
CFG
$30.4B
| $105M | 15.2% |
+4,400,000
| New | +$112M |
|
2
Rithm Capital
RITM
$5.09B
| $87.2M | 12.63% |
6,655,391
-1,319,300
| -17% | -$19.5M |
|
|
3
AerCap
AER
$23.9B
| $80.2M | 11.61% |
2,097,132
-887,038
| -30% | -$39.2M |
|
|
CLNY
4
DELISTED
Colony Capital, Inc.
CLNY
| $78.8M | 11.41% |
4,029,041
-1,275,712
| -24% | -$28.3M |
|
|
5
Dycom Industries
DY
$13.1B
| $71.4M | 10.35% |
+987,417
| New | +$68.3M |
|
|
6
Axalta
AXTA
$7.09B
| $53.4M | 7.74% |
+2,109,168
| New | +$62.7M |
|
|
7
Aramark
ARMK
$15.1B
| $53.4M | 7.73% |
+2,493,000
| New | +$56.9M |
|
|
8
Xerox
XRX
$335M
| $43.7M | 6.32% |
+1,703,061
| New | +$47.2M |
|
|
ONDK
9
DELISTED
On Deck Capital, Inc.
ONDK
| $41.1M | 5.95% |
4,151,210
-530,731
| -11% | -$5.66M |
|
|
TVPT
10
DELISTED
Travelport Worldwide Limited
TVPT
| $36.6M | 5.3% |
2,769,737
| – | – |
|
|
RESI
11
DELISTED
Front Yard Residential Corporation Common Stock
RESI
| $21M | 3.04% |
1,507,430
-398,140
| -21% | -$6.38M |
|
|
HAPN
12
Happen Inc
HAPN
$2.11B
| $13M | 1.88% |
196,639
| – | – |
|
|
SFR
13
DELISTED
Starwood Waypoint Homes
SFR
| $2.72M | 0.39% |
+114,097
| New | +$2.8M |
|
|
BBQ
14
DELISTED
BBQ Holdings, Inc. Common Stock
BBQ
| $1.95M | 0.28% |
151,284
-398,422
| -72% | -$6.31M |
|
|
PFSW
15
DELISTED
PFSweb, Inc.
PFSW
| $1.11M | 0.16% |
78,084
| – | – |
|
16
CALL
American International
AIG
$41.7B
| – | – |
-150,000
| Closed | -$9.27M |
|
17
CALL
Conagra Brands
CAG
$7.04B
| – | – |
-257,000
| Closed | -$8.74M |
|
18
Canadian Pacific Kansas City
CP
$82B
| – | – |
-625,000
| Closed | -$20M |
|
|
19
Capri Holdings
CPRI
$1.8B
| – | – |
-1,140,279
| Closed | -$48M |
|
20
CALL
CSX Corp
CSX
$98.1B
| – | – |
-600,000
| Closed | -$6.53M |
|
|
DVAX
21
DELISTED
Dynavax Technologies
DVAX
| – | – |
-618,607
| Closed | -$14.5M |
|
22
CALL
Eaton
ETN
$158B
| – | – |
-100,000
| Closed | -$6.75M |
|
23
PUT
iShares China Large-Cap ETF
FXI
$4.32B
| – | – |
-50,000
| Closed | -$2.31M |
|
|
24
Cheniere Energy
LNG
$56.7B
| – | – |
-1,795,113
| Closed | -$124M |
|
|
25
CALL
Macy's
M
$6.13B
| – | – |
-100,000
| Closed | -$6.75M |
|
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SAB Capital Management's Q3 2015 Portfolio in Review
As of Q3 2015, SAB Capital Management held 36 positions worth $691M, down 31% from $995M the previous quarter. Its ten largest holdings account for 94% of the portfolio.
SAB Capital Management withdrew a net $220M in Q3 2015, closing 21 positions and reducing 6 holdings. Its most notable exit was Cheniere Energy, an estimated $124M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 36% of assets, up from 19% a quarter earlier, followed by Financials and Real Estate.
Against the trend, SAB Capital Management opened a new position in Citizens Financial Group worth $105M.
- SAB Capital Management's largest Q3 2015 buy was Citizens Financial Group: 4,400,000 shares worth $105M.
- SAB Capital Management's biggest Q3 2015 reduction was AerCap, cutting an estimated $39.2M.
- SAB Capital Management fully exited Cheniere Energy in Q3 2015, selling an estimated $124M.
- SAB Capital Management's ten largest holdings make up 94% of its $691M portfolio in Q3 2015.
- SAB Capital Management opened 6 new positions and closed 21 in Q3 2015.
- SAB Capital Management's portfolio value fell 31% quarter-over-quarter to $691M.
Based on SAB Capital Management's 13F filing for Q3 2015, filed 16 Nov 2015.