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SCM
Solas Capital Management Portfolio holdings
AUM
$174M
1-Year Est. Return
6.33%
This Fund
S&P 500
This Quarter
Est. Return
+4.17%
1 Year Est. Return
+6.33%
3 Year Est. Return
+41.54%
5 Year Est. Return
+46.6%
10 Year Est. Return
–
AUM
$150M
AUM Growth
-$37M
(-20%)
Cap. Flow
-$41.8M
Cap. Flow
% of AUM
-27.84%
Top 10 Holdings %
Top 10 Hldgs %
71.81%
Holding
27
New
1
Increased
10
Reduced
5
Closed
6
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Garrett Motion
GTX
|
+$5.32M |
| 2 |
Sportsman's Warehouse
SPWH
|
+$3.7M |
| 3 |
Civeo
CVEO
|
+$2.84M |
| 4 |
Algoma Steel
ASTL
|
+$1.97M |
| 5 |
Fennec Pharmaceuticals
FENC
|
+$1.28M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ZIMV
ZimVie
ZIMV
|
+$12.4M |
| 2 |
Sweetgreen
SG
|
+$12.4M |
| 3 |
Cognyte Software
CGNT
|
+$9.11M |
| 4 |
NCR Voyix
VYX
|
+$6.46M |
| 5 |
Flex
FLEX
|
+$5.06M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 24.93% |
| 2 | Energy | 17.59% |
| 3 | Industrials | 14.16% |
| 4 | Technology | 12.7% |
| 5 | Healthcare | 11.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Epsilon Energy
EPSN
$170M
| $19.3M | 12.82% |
3,608,467
| – | – |
|
|
2
Fennec Pharmaceuticals
FENC
$351M
| $12.7M | 8.45% |
1,439,028
+154,485
| +12% | +$1.28M |
|
3
Ardagh Metal Packaging
AMBP
$2.96B
| $12.3M | 8.18% |
3,268,792
+162,275
| +5% | +$599K |
|
|
AAN
4
DELISTED
The Aaron's Company Inc
AAN
| $12.1M | 8.02% |
852,569
-78,400
| -8% | -$969K |
|
|
5
Algoma Steel
ASTL
$445M
| $11.3M | 7.53% |
1,593,618
+265,867
| +20% | +$1.97M |
|
6
Kyndryl
KD
$3.24B
| $10.3M | 6.82% |
772,051
+62,100
| +9% | +$841K |
|
7
Liberty Latin America Class C
LILAK
$1.67B
| $8.66M | 5.76% |
1,105,171
-480,049
| -30% | -$3.58M |
|
|
GAP
8
The Gap Inc
GAP
$7.42B
| $7.54M | 5.02% |
844,250
+15,500
| +2% | +$138K |
|
|
9
Sportsman's Warehouse
SPWH
$44.9M
| $7.47M | 4.97% |
1,310,540
+615,100
| +88% | +$3.7M |
|
10
FTAI Infrastructure
FIP
$402M
| $6.36M | 4.23% |
1,723,533
-496,467
| -22% | -$1.61M |
|
11
California Resources
CRC
$4.66B
| $6.2M | 4.13% |
137,000
-81,000
| -37% | -$3.29M |
|
|
ONL
12
Orion Office REIT
ONL
$154M
| $5.37M | 3.57% |
812,010
| – | – |
|
|
13
Civeo
CVEO
$338M
| $5.15M | 3.43% |
264,396
+140,796
| +114% | +$2.84M |
|
|
14
Garrett Motion
GTX
$5.86B
| $5.02M | 3.34% |
+662,502
| New | +$5.32M |
|
|
15
Cognyte Software
CGNT
$685M
| $4.8M | 3.2% |
788,761
-1,959,076
| -71% | -$9.11M |
|
16
Lee Enterprises
LEE
$181M
| $4.1M | 2.73% |
307,478
+40,598
| +15% | +$513K |
|
17
Quantum Corp
QMCO
$451M
| $4.04M | 2.69% |
186,831
+426
| +0.2% | +$8.81K |
|
|
GIFI
18
DELISTED
Gulf Island Fabrication
GIFI
| $2.87M | 1.91% |
881,717
| – | – |
|
19
Sonida Senior Living
SNDA
$1.83B
| $2.86M | 1.9% |
328,290
| – | – |
|
20
Modular Medical
MODD
$11.7M
| $995K | 0.66% |
33,838
+18,766
| +125% | +$761K |
|
21
Natural Resource Partners
NRP
$1.28B
| $964K | 0.64% |
18,285
| – | – |
|
|
22
Flex
FLEX
$46.8B
| – | – |
-291,940
| Closed | -$5.06M |
|
|
23
Sweetgreen
SG
$679M
| – | – |
-1,575,574
| Closed | -$12.4M |
|
|
24
NCR Voyix
VYX
$1.22B
| – | – |
-446,307
| Closed | -$6.46M |
|
|
ZIMV
25
DELISTED
ZimVie
ZIMV
| – | – |
-1,709,511
| Closed | -$12.4M |
|
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Solas Capital Management's Q2 2023 Portfolio in Review
As of Q2 2023, Solas Capital Management held 27 positions worth $150M, down 20% from $187M the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Solas Capital Management withdrew a net $41.8M in Q2 2023, closing 6 positions and reducing 5 holdings. Its most notable exit was ZimVie, an estimated $12.4M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 25% of assets, up from 22% a quarter earlier, followed by Energy and Industrials.
Against the trend, Solas Capital Management opened a new position in Garrett Motion worth $5.02M.
- Solas Capital Management's largest Q2 2023 buy was Garrett Motion: 662,502 shares worth $5.02M.
- Solas Capital Management added most to Sportsman's Warehouse in Q2 2023, an estimated $3.7M increase.
- Solas Capital Management's biggest Q2 2023 reduction was Cognyte Software, cutting an estimated $9.11M.
- Solas Capital Management fully exited ZimVie in Q2 2023, selling an estimated $12.4M.
- Solas Capital Management's ten largest holdings make up 72% of its $150M portfolio in Q2 2023.
- Solas Capital Management opened 1 new position and closed 6 in Q2 2023.
- Solas Capital Management's portfolio value fell 20% quarter-over-quarter to $150M.
Based on Solas Capital Management's 13F filing for Q2 2023, filed 14 Aug 2023.