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Shoals Capital Management Portfolio holdings

AUM $21.5M
1-Year Est. Return 38.8%
This Fund
S&P 500
This Quarter Est. Return
+18.84%
1 Year Est. Return
-38.8%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$114M
AUM Growth
-$75.4M
Cap. Flow
-$100M
Cap. Flow %
-88.19%
Top 10 Hldgs %
95.29%
Holding
24
New
6
Increased
1
Reduced
6
Closed
10

Top Buys

1
WPC icon
W.P. Carey
WPC
+$7.36M
2
CUZ icon
Cousins Properties
CUZ
+$6.86M
3
EFC
Ellington Financial
EFC
+$4.61M
4
RPT
Rithm Property Trust
RPT
+$3.07M
5
QTS.PRB
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
+$1.3M

Top Sells

1
ISBC
Investors Bancorp, Inc.
ISBC
+$18.2M
2
CCS icon
Century Communities
CCS
+$14.7M
3
ESNT icon
Essent Group
ESNT
+$13.3M
4
BKU icon
Bankunited
BKU
+$12.7M
5
MTG icon
MGIC Investment
MTG
+$12M

Sector Composition

1 Real Estate 61.34%
2 Financials 18.08%
3 Consumer Discretionary 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CCS icon
1
Century Communities
CCS
$1.89B
$19.2M 16.89%
800,000
-645,000
-45% -$14.7M
NRE
2
DELISTED
NorthStar Realty Europe Corp.
NRE
$18M 15.87%
1,037,961
-474,539
-31% -$8.06M
RWT
3
Redwood Trust
RWT
$641M
$15.3M 13.51%
950,000
-275,000
-22% -$4.35M
ESNT icon
4
Essent Group
ESNT
$6.15B
$12.6M 11.1%
290,000
-322,500
-53% -$13.3M
JCAP
5
DELISTED
Jernigan Capital, Inc.
JCAP
$8.94M 7.88%
425,000
-150,000
-26% -$3.19M
OPB
6
DELISTED
Opus Bank Common Stock
OPB
$7.92M 6.98%
400,090
-199,910
-33% -$4.24M
WPC icon
7
W.P. Carey
WPC
$16.9B
$7.83M 6.9%
+102,100
New +$7.36M
CUZ icon
8
Cousins Properties
CUZ
$5.23B
$7.25M 6.38%
+187,500
New +$6.86M
RPT
9
Rithm Property Trust
RPT
$84.6M
$6.18M 5.45%
77,626
+40,538
+109% +$3.07M
EFC
10
Ellington Financial
EFC
$1.7B
$4.92M 4.34%
+275,000
New +$4.61M
QTS.PRB
11
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$1.36M 1.2%
+12,500
New +$1.3M
IWM icon
12
PUT
iShares Russell 2000 ETF
IWM
$82.2B
$1.09M 0.96%
+8,750
New +$1.31M
FRC
13
PUT
DELISTED
First Republic Bank
FRC
$66K 0.06%
+500
New +$49.2K
OSG
14
CALL
Octave Specialty Group
OSG
$275M
– –
-4,000
Closed -$60K
BANC icon
15
Banc of California
BANC
$3.27B
– –
-575,000
Closed -$7.65M
BKU icon
16
Bankunited
BKU
$3.55B
– –
-425,000
Closed -$12.7M
KRE icon
17
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.97B
– –
-2,250
Closed -$928K
LEN icon
18
Lennar Class A
LEN
$20.2B
– –
-206,600
Closed -$7.83M
MSBI icon
19
Midland States Bancorp
MSBI
$645M
– –
-120,097
Closed -$2.68M
MTG icon
20
MGIC Investment
MTG
$6.23B
– –
-1,150,000
Closed -$12M
TCBI icon
21
Texas Capital Bancshares
TCBI
$4.59B
– –
-227,246
Closed -$11.6M
ISBC
22
DELISTED
Investors Bancorp, Inc.
ISBC
– –
-1,750,000
Closed -$18.2M
MFNC
23
DELISTED
Mackinac Financial Corporation
MFNC
– –
-40,000
Closed -$546K

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GP
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BIM
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Shoals Capital Management's Q1 2019 Portfolio in Review

As of Q1 2019, Shoals Capital Management held 24 positions worth $114M, down 40% from $189M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Shoals Capital Management withdrew a net $100M in Q1 2019, closing 10 positions and reducing 6 holdings. Its most notable exit was Investors Bancorp, Inc., an estimated $18.2M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 61% of assets, up from 30% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Shoals Capital Management opened a new position in W.P. Carey worth $7.83M.

  • Shoals Capital Management's largest Q1 2019 buy was W.P. Carey: 102,100 shares worth $7.83M.
  • Shoals Capital Management added most to Rithm Property Trust in Q1 2019, an estimated $3.07M increase.
  • Shoals Capital Management's biggest Q1 2019 reduction was Century Communities, cutting an estimated $14.7M.
  • Shoals Capital Management fully exited Investors Bancorp, Inc. in Q1 2019, selling an estimated $18.2M.
  • Shoals Capital Management's ten largest holdings make up 95% of its $114M portfolio in Q1 2019.
  • Shoals Capital Management opened 6 new positions and closed 10 in Q1 2019.
  • Shoals Capital Management's portfolio value fell 40% quarter-over-quarter to $114M.

Based on Shoals Capital Management's 13F filing for Q1 2019, filed 14 May 2019.