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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
+11.68%
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
$803M
AUM Growth
-$118M
Cap. Flow
-$162M
Cap. Flow %
-20.11%
Top 10 Hldgs %
31.85%
Holding
177
New
42
Increased
29
Reduced
23
Closed
69

Top Buys

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$25M
2
C icon
Citigroup
C
+$17.5M
3
LYV icon
Live Nation Entertainment
LYV
+$15.5M
4
IYT icon
iShares US Transportation ETF
IYT
+$10.9M
5
TXN icon
Texas Instruments
TXN
+$10.6M

Top Sells

Rank Stock Value
1
V icon
Visa
V
+$26.3M
2
MSCC
Microsemi Corp
MSCC
+$23.2M
3
BLK icon
Blackrock
BLK
+$21.1M
4
SCI icon
Service Corp International
SCI
+$17.2M
5
WSO icon
Watsco Inc
WSO
+$14.2M

Sector Composition

Rank Sector Weight
1 Industrials 14.04%
2 Technology 13.65%
3 Financials 9.16%
4 Communication Services 5.73%
5 Materials 5.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STLD icon
151
Steel Dynamics
STLD
$37B
– –
-142,550
Closed -$5.11M
TER icon
152
Teradyne
TER
$57.3B
– –
-167,253
Closed -$5.02M
THC icon
153
PUT
Tenet Healthcare
THC
$20.1B
– –
-400,000
Closed -$7.74M
TRU icon
154
TransUnion
TRU
$15.3B
– –
-164,121
Closed -$7.11M
ULTA icon
155
Ulta Beauty
ULTA
$23B
– –
-25,000
Closed -$7.18M
VMC icon
156
Vulcan Materials
VMC
$36.7B
– –
-58,140
Closed -$7.37M
VMI icon
157
Valmont Industries
VMI
$9.43B
– –
-39,550
Closed -$5.92M
WAB icon
158
Wabtec
WAB
$50.1B
– –
-38,372
Closed -$3.51M
WLK icon
159
Westlake Corp
WLK
$8.95B
– –
-64,200
Closed -$4.25M
WSO icon
160
Watsco Inc
WSO
$13.1B
– –
-92,250
Closed -$14.2M
WST icon
161
West Pharmaceutical
WST
$24.5B
– –
-70,024
Closed -$6.62M
XBI icon
162
State Street SPDR S&P Biotech ETF
XBI
$9.62B
– –
-48,800
Closed -$3.77M
SUM
163
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
– –
-359,414
Closed -$10.1M
SIX
164
DELISTED
Six Flags Entertainment Corp.
SIX
– –
-88,710
Closed -$5.29M
AJRD
165
DELISTED
Aerojet Rocketdyne Holdings
AJRD
– –
-370,582
Closed -$7.71M
COUP
166
DELISTED
Coupa Software Incorporated
COUP
– –
-109,060
Closed -$3.16M
FLIR
167
DELISTED
FLIR Systems, Inc. (DE) Common Stock
FLIR
– –
-254,893
Closed -$8.84M
RTN
168
CALL
DELISTED
Raytheon Company
RTN
– –
-100,000
Closed -$16.1M
AABA
169
DELISTED
Altaba Inc
AABA
– –
-6,800
Closed -$370K
KS
170
DELISTED
KapStone Paper and Pack Corp.
KS
– –
-178,465
Closed -$3.97M
MSCC
171
CALL
DELISTED
Microsemi Corp
MSCC
– –
-200,000
Closed -$9.36M
HSNI
172
PUT
DELISTED
HSN, Inc.
HSNI
– –
-170,000
Closed -$5.42M
SNOW
173
DELISTED
Intrawest Resorts Holdings, Inc.
SNOW
– –
-119,149
Closed -$2.83M
SFR
174
DELISTED
Starwood Waypoint Homes
SFR
– –
-92,708
Closed -$3.18M
EVHC.PR
175
DELISTED
Envision Healthcare Corporation
EVHC.PR
– –
-4,100
Closed -$466K
3 4 5 6
7

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DF
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PA
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EAM
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WWC
Waypoint Wealth Counsel Atlanta, Georgia $193M AUM 30.17% 1-Year Est. Return
CA
Carson Advisory Athens, Georgia $193M AUM 14.52% 1-Year Est. Return
JHA
Jackson Hill Advisors Houston, Texas $193M AUM 4.94% 1-Year Est. Return
TDWM
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AIM
Athena Investment Management Orinda, California $193M AUM 22.29% 1-Year Est. Return

Sandler Capital Management's Q3 2017 Portfolio in Review

As of Q3 2017, Sandler Capital Management held 177 positions worth $803M, down 13% from $922M the previous quarter. Its ten largest holdings account for 32% of the portfolio.

Sandler Capital Management withdrew a net $162M in Q3 2017, closing 69 positions and reducing 23 holdings. Its most notable exit was Blackrock, an estimated $21.1M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 14% of assets, down from 17% a quarter earlier, followed by Technology and Financials.

Against the trend, Sandler Capital Management opened a new position in Meta Platforms (Facebook) worth $25.6M.

  • Sandler Capital Management's largest Q3 2017 buy was Meta Platforms (Facebook): 150,000 shares worth $25.6M.
  • Sandler Capital Management added most to Norfolk Southern in Q3 2017, an estimated $5.65M increase.
  • Sandler Capital Management's biggest Q3 2017 reduction was Visa, cutting an estimated $26.3M.
  • Sandler Capital Management fully exited Blackrock in Q3 2017, selling an estimated $21.1M.
  • Sandler Capital Management's ten largest holdings make up 32% of its $803M portfolio in Q3 2017.
  • Sandler Capital Management opened 42 new positions and closed 69 in Q3 2017.
  • Sandler Capital Management's portfolio value fell 13% quarter-over-quarter to $803M.

Based on Sandler Capital Management's 13F filing for Q3 2017, filed 14 Nov 2017.