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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
+2.18%
1 Year Est. Return
-38.8%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$72.7M
AUM Growth
-$37M
Cap. Flow
-$34.8M
Cap. Flow %
-47.92%
Top 10 Hldgs %
97.12%
Holding
23
New
6
Increased
4
Reduced
1
Closed
10

Top Buys

1
WLH
WILLIAM LYON HOMES
WLH
+$7.95M
2
VER
VEREIT, Inc.
VER
+$7.55M
3
LPT
Liberty Property Trust
LPT
+$6.96M
4
JCAP
Jernigan Capital, Inc.
JCAP
+$4.46M
5
BPOP icon
Popular Inc
BPOP
+$2.71M

Top Sells

1
NRE
NorthStar Realty Europe Corp.
NRE
+$21.8M
2
CUZ icon
Cousins Properties
CUZ
+$11.9M
3
RWT
Redwood Trust
RWT
+$9.92M
4
WPC icon
W.P. Carey
WPC
+$8.12M
5
CCS icon
Century Communities
CCS
+$7.28M

Sector Composition

1 Real Estate 42.99%
2 Consumer Discretionary 11.9%
3 Financials 11.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JCAP
1
DELISTED
Jernigan Capital, Inc.
JCAP
$15.4M 21.18%
800,000
+225,000
+39% +$4.46M
RESI
2
DELISTED
Front Yard Residential Corporation Common Stock
RESI
$10.4M 14.35%
902,232
+2,232
+0.2% +$25.8K
WLH
3
DELISTED
WILLIAM LYON HOMES
WLH
$8.65M 11.9%
+425,000
New +$7.95M
VER
4
DELISTED
VEREIT, Inc.
VER
$7.82M 10.76%
+160,000
New +$7.55M
LPT
5
DELISTED
Liberty Property Trust
LPT
$6.93M 9.53%
+135,000
New +$6.96M
BPOP icon
6
Popular Inc
BPOP
$11.1B
$6.76M 9.3%
125,000
+50,000
+67% +$2.71M
QTS.PRB
7
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$6.08M 8.36%
50,000
– –
RPT
8
Rithm Property Trust
RPT
$86.6M
$5.42M 7.46%
60,376
-17,250
-22% -$1.45M
OPRT icon
9
Oportun Financial
OPRT
$290M
$1.89M 2.6%
+116,568
New +$1.89M
HYG icon
10
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.9B
$1.22M 1.68%
+26,000
New +$2.26M
XLF icon
11
PUT
State Street Financial Select Sector SPDR ETF
XLF
$54.9B
$1.16M 1.6%
+75,000
New +$2.07M
IWM icon
12
PUT
iShares Russell 2000 ETF
IWM
$82.4B
$891K 1.23%
13,000
+9,150
+238% +$1.4M
VER
13
CALL
DELISTED
VEREIT, Inc.
VER
$39K 0.05%
620
– –
CCS icon
14
Century Communities
CCS
$1.9B
– –
-274,000
Closed -$7.28M
CUZ icon
15
Cousins Properties
CUZ
$5.21B
– –
-330,030
Closed -$11.9M
ESNT icon
16
Essent Group
ESNT
$6.13B
– –
-150,000
Closed -$7.05M
KRE icon
17
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.97B
– –
-5,000
Closed -$198K
PFSI icon
18
PennyMac Financial
PFSI
$4.45B
– –
-175,000
Closed -$3.88M
RWT
19
Redwood Trust
RWT
$640M
– –
-600,000
Closed -$9.92M
SPY icon
20
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
– –
-3,350
Closed -$424K
WPC icon
21
W.P. Carey
WPC
$16.7B
– –
-102,100
Closed -$8.12M
MDLY
22
DELISTED
Medley Management Inc
MDLY
– –
-2,982
Closed -$73K
NRE
23
DELISTED
NorthStar Realty Europe Corp.
NRE
– –
-1,325,000
Closed -$21.8M

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CC
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ABC
Anchor Bolt Capital Chicago, Illinois $18M AUM 26.14% 1-Year Est. Return
GP
Gresham Partners Chicago, Illinois $26.2M AUM 18.05% 1-Year Est. Return
JA
JVL Advisors Houston, Texas $14.6M AUM 82.81% 1-Year Est. Return
BIM
Beach Investment Management West Conshohocken, Pennsylvania $28.8M AUM 11.57% 1-Year Est. Return
SC
Salzman & Co Pittsford, New York $29.7M AUM 12.12% 1-Year Est. Return
QCMA
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AIM
Act II Management New York $33.8M AUM 8.86% 1-Year Est. Return

Shoals Capital Management's Q3 2019 Portfolio in Review

As of Q3 2019, Shoals Capital Management held 23 positions worth $72.7M, down 34% from $110M the previous quarter. Its ten largest holdings account for 97% of the portfolio.

Shoals Capital Management withdrew a net $34.8M in Q3 2019, closing 10 positions and reducing 1 holding. Its most notable exit was NorthStar Realty Europe Corp., an estimated $21.8M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 43% of assets, down from 60% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Shoals Capital Management opened a new position in WILLIAM LYON HOMES worth $8.65M.

  • Shoals Capital Management's largest Q3 2019 buy was WILLIAM LYON HOMES: 425,000 shares worth $8.65M.
  • Shoals Capital Management added most to Jernigan Capital, Inc. in Q3 2019, an estimated $4.46M increase.
  • Shoals Capital Management's biggest Q3 2019 reduction was Rithm Property Trust, cutting an estimated $1.45M.
  • Shoals Capital Management fully exited NorthStar Realty Europe Corp. in Q3 2019, selling an estimated $21.8M.
  • Shoals Capital Management's ten largest holdings make up 97% of its $72.7M portfolio in Q3 2019.
  • Shoals Capital Management opened 6 new positions and closed 10 in Q3 2019.
  • Shoals Capital Management's portfolio value fell 34% quarter-over-quarter to $72.7M.

Based on Shoals Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.