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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
+3.24%
1 Year Est. Return
-38.8%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$110M
AUM Growth
-$3.8M
Cap. Flow
-$3.25M
Cap. Flow %
-2.96%
Top 10 Hldgs %
91.76%
Holding
20
New
7
Increased
4
Reduced
4
Closed
3

Top Buys

1
RESI
Front Yard Residential Corporation Common Stock
RESI
+$9.75M
2
CUZ icon
Cousins Properties
CUZ
+$5.35M
3
NRE
NorthStar Realty Europe Corp.
NRE
+$4.86M
4
QTS.PRB
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
+$4.14M
5
BPOP icon
Popular Inc
BPOP
+$4.1M

Top Sells

1
CCS icon
Century Communities
CCS
+$13.9M
2
OPB
Opus Bank Common Stock
OPB
+$7.92M
3
ESNT icon
Essent Group
ESNT
+$6.59M
4
RWT
Redwood Trust
RWT
+$5.67M
5
EFC
Ellington Financial
EFC
+$4.92M

Sector Composition

1 Real Estate 60.45%
2 Financials 13.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NRE
1
DELISTED
NorthStar Realty Europe Corp.
NRE
$21.8M 19.84%
1,325,000
+287,039
+28% +$4.86M
CUZ icon
2
Cousins Properties
CUZ
$5.27B
$11.9M 10.88%
330,030
+142,530
+76% +$5.35M
JCAP
3
DELISTED
Jernigan Capital, Inc.
JCAP
$11.8M 10.74%
575,000
+150,000
+35% +$3.16M
RESI
4
DELISTED
Front Yard Residential Corporation Common Stock
RESI
$11M 10.02%
+900,000
New +$9.75M
RWT
5
Redwood Trust
RWT
$652M
$9.92M 9.04%
600,000
-350,000
-37% -$5.67M
WPC icon
6
W.P. Carey
WPC
$16.7B
$8.12M 7.4%
102,100
– –
CCS icon
7
Century Communities
CCS
$1.96B
$7.28M 6.64%
274,000
-526,000
-66% -$13.9M
ESNT icon
8
Essent Group
ESNT
$6.11B
$7.05M 6.42%
150,000
-140,000
-48% -$6.59M
RPT
9
Rithm Property Trust
RPT
$83.6M
$6.3M 5.74%
77,626
– –
QTS.PRB
10
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$5.54M 5.05%
50,000
+37,500
+300% +$4.14M
BPOP icon
11
Popular Inc
BPOP
$11.2B
$4.07M 3.71%
+75,000
New +$4.1M
PFSI icon
12
PennyMac Financial
PFSI
$4.51B
$3.88M 3.54%
+175,000
New +$3.9M
SPY icon
13
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$782B
$424K 0.39%
+3,350
New +$965K
IWM icon
14
PUT
iShares Russell 2000 ETF
IWM
$82.6B
$370K 0.34%
3,850
-4,900
-56% -$755K
KRE icon
15
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$5.05B
$198K 0.18%
+5,000
New +$267K
MDLY
16
DELISTED
Medley Management Inc
MDLY
$73K 0.07%
+2,982
New +$84.5K
VER
17
CALL
DELISTED
VEREIT, Inc.
VER
$23K 0.02%
+620
New +$26.8K
EFC
18
Ellington Financial
EFC
$1.72B
– –
-275,000
Closed -$4.92M
FRC
19
PUT
DELISTED
First Republic Bank
FRC
– –
-500
Closed -$66K
OPB
20
DELISTED
Opus Bank Common Stock
OPB
– –
-400,090
Closed -$7.92M

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CC
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ABC
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GP
Gresham Partners Chicago, Illinois $26.2M AUM 18.05% 1-Year Est. Return
JA
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BIM
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SC
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QCMA
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AIM
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Shoals Capital Management's Q2 2019 Portfolio in Review

As of Q2 2019, Shoals Capital Management held 20 positions worth $110M, down 3.3% from $114M the previous quarter. Its ten largest holdings account for 92% of the portfolio.

Shoals Capital Management's Q2 2019 filing shows 7 new, 4 increased, 4 reduced and 3 closed positions. Its largest new stake was Front Yard Residential Corporation Common Stock: 900,000 shares worth $11M. The largest sale was Century Communities, an estimated $13.9M.

By sector, the portfolio is most concentrated in Real Estate at 60% of assets, down from 61% a quarter earlier, followed by Financials.

  • Shoals Capital Management's largest Q2 2019 buy was Front Yard Residential Corporation Common Stock: 900,000 shares worth $11M.
  • Shoals Capital Management added most to Cousins Properties in Q2 2019, an estimated $5.35M increase.
  • Shoals Capital Management's biggest Q2 2019 reduction was Century Communities, cutting an estimated $13.9M.
  • Shoals Capital Management fully exited Opus Bank Common Stock in Q2 2019, selling an estimated $7.92M.
  • Shoals Capital Management's ten largest holdings make up 92% of its $110M portfolio in Q2 2019.
  • Shoals Capital Management opened 7 new positions and closed 3 in Q2 2019.
  • Shoals Capital Management's portfolio value fell 3.3% quarter-over-quarter to $110M.

Based on Shoals Capital Management's 13F filing for Q2 2019, filed 13 Aug 2019.