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Sandler Capital Management Portfolio holdings

AUM $193M
1-Year Est. Return 77.14%
This Fund
S&P 500
This Quarter Est. Return
-6.45%
1 Year Est. Return
+77.14%
3 Year Est. Return
+287.77%
5 Year Est. Return
+477.32%
10 Year Est. Return
+5,217.56%
AUM
$1.18B
AUM Growth
-$800M
Cap. Flow
-$651M
Cap. Flow %
-55.12%
Top 10 Hldgs %
37.03%
Holding
153
New
37
Increased
21
Reduced
35
Closed
54

Top Buys

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$48.1M
2
IEF icon
iShares 7-10 Year Treasury Bond ETF
IEF
+$32.2M
3
IJK icon
iShares S&P Mid-Cap 400 Growth ETF
IJK
+$22.2M
4
RSG icon
Republic Services
RSG
+$21.2M
5
KEYS icon
Keysight
KEYS
+$20.5M

Top Sells

Rank Stock Value
1
MA icon
Mastercard
MA
+$65.1M
2
FICO icon
Fair Isaac
FICO
+$37.7M
3
V icon
Visa
V
+$36.3M
4
WCN
Waste Connections
WCN
+$30.9M
5
MLNX
Mellanox Technologies, Ltd.
MLNX
+$26.7M

Sector Composition

Rank Sector Weight
1 Technology 13.95%
2 Healthcare 6.46%
3 Industrials 5%
4 Real Estate 4.56%
5 Financials 4.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AMR icon
76
Alpha Metallurgical Resources
AMR
$1.93B
$1.04M 0.09%
+15,900
New +$1.06M
GLPI icon
77
Gaming and Leisure Properties
GLPI
$12.8B
$979K 0.08%
30,300
-2,500
-8% -$84.6K
ARCH
78
DELISTED
Arch Resources, Inc.
ARCH
$747K 0.06%
9,000
+800
+10% +$71.1K
MPT
79
Medical Properties Trust
MPT
$2.81B
$711K 0.06%
44,200
-12,900
-23% -$204K
IWM icon
80
iShares Russell 2000 ETF
IWM
$83B
$670K 0.06%
+5,000
New +$746K
MRVL icon
81
Marvell Technology
MRVL
$196B
$609K 0.05%
+37,600
New +$623K
FCPT icon
82
Four Corners Property Trust
FCPT
$2.75B
$603K 0.05%
+23,000
New +$609K
CSCO icon
83
Cisco
CSCO
$479B
$602K 0.05%
13,900
-2,200
-14% -$101K
NXPI icon
84
NXP Semiconductors
NXPI
$60.4B
$491K 0.04%
6,700
-2,900
-30% -$230K
MRK icon
85
Merck
MRK
$318B
$474K 0.04%
+6,498
New +$459K
PFE icon
86
Pfizer
PFE
$153B
$463K 0.04%
11,172
-14,651
-57% -$608K
CCI icon
87
Crown Castle
CCI
$32.2B
$380K 0.03%
3,500
– –
AABA
88
DELISTED
Altaba Inc
AABA
$377K 0.03%
+6,500
New +$401K
EQIX icon
89
Equinix
EQIX
$103B
$317K 0.03%
900
-100
-10% -$39K
AMT icon
90
American Tower
AMT
$80.4B
$316K 0.03%
+2,000
New +$313K
CONE
91
DELISTED
CyrusOne Inc Common Stock
CONE
$301K 0.03%
5,700
-4,400
-44% -$251K
SPY icon
92
State Street SPDR S&P 500 ETF Trust
SPY
$823B
$287K 0.02%
+1,150
New +$310K
LPT
93
DELISTED
Liberty Property Trust
LPT
$272K 0.02%
+6,500
New +$281K
URI icon
94
United Rentals
URI
$72.4B
$267K 0.02%
2,600
+500
+24% +$60.2K
ON icon
95
ON Semiconductor
ON
$31.6B
$165K 0.01%
10,000
– –
QHC
96
CALL
DELISTED
Quorum Health Corporation
QHC
$145K 0.01%
50,000
-50,000
-50% -$210K
AAPL icon
97
Apple
AAPL
$4.57T
– –
-324,000
Closed -$18.3M
AIG icon
98
PUT
American International
AIG
$41.3B
– –
-159,000
Closed -$8.46M
AMD icon
99
CALL
Advanced Micro Devices
AMD
$789B
– –
-200,000
Closed -$6.18M
BGS icon
100
PUT
B&G Foods
BGS
$286M
– –
-400,000
Closed -$11M
2 3
4
5 6

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EAM
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CA
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SCPM
Sea Cliff Partners Management San Francisco, California $194M AUM 8.22% 1-Year Est. Return
TVM
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GHI
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LAII
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IA
IFS Advisors Overland Park, Kansas $194M AUM 13.36% 1-Year Est. Return

Sandler Capital Management's Q4 2018 Portfolio in Review

As of Q4 2018, Sandler Capital Management held 153 positions worth $1.18B, down 40% from $1.98B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Sandler Capital Management withdrew a net $651M in Q4 2018, closing 54 positions and reducing 35 holdings. Its most notable exit was Mastercard, an estimated $65.1M position sold in full.

By sector, the portfolio is most concentrated in Technology at 14% of assets, down from 14% a quarter earlier, followed by Healthcare and Industrials.

Against the trend, Sandler Capital Management opened a new position in SPDR Gold Trust worth $50.2M.

  • Sandler Capital Management's largest Q4 2018 buy was SPDR Gold Trust: 414,000 shares worth $50.2M.
  • Sandler Capital Management added most to Keysight in Q4 2018, an estimated $20.5M increase.
  • Sandler Capital Management's biggest Q4 2018 reduction was Visa, cutting an estimated $36.3M.
  • Sandler Capital Management fully exited Mastercard in Q4 2018, selling an estimated $65.1M.
  • Sandler Capital Management's ten largest holdings make up 37% of its $1.18B portfolio in Q4 2018.
  • Sandler Capital Management opened 37 new positions and closed 54 in Q4 2018.
  • Sandler Capital Management's portfolio value fell 40% quarter-over-quarter to $1.18B.

Based on Sandler Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.