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Talkot Capital Portfolio holdings

AUM $73.7M
1-Year Est. Return 8.5%
This Fund
S&P 500
This Quarter Est. Return
+7.27%
1 Year Est. Return
+8.5%
3 Year Est. Return
+13.18%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$122M
AUM Growth
-$24.1M
Cap. Flow
-$28.1M
Cap. Flow %
-23.09%
Top 10 Hldgs %
95.95%
Holding
30
New
3
Increased
6
Reduced
7
Closed
13

Top Buys

Rank Stock Value
1
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$18.4M
2
AGNC icon
AGNC Investment
AGNC
+$6.4M
3
MTGE
MTGE Investment Corp. Common Stock
MTGE
+$4.48M
4
CDE icon
Coeur Mining
CDE
+$1.1M
5
NPO icon
Enpro
NPO
+$945K

Top Sells

Rank Stock Value
1
NMIH icon
NMI Holdings
NMIH
+$13.7M
2
HTS
HATTERAS FINANCIAL CORP
HTS
+$13.4M
3
CYS
CYS Investments Inc.
CYS
+$6.48M
4
IVR icon
Invesco Mortgage Capital
IVR
+$3.93M
5
NGHC
National General Holdings Corp
NGHC
+$2.95M

Sector Composition

Rank Sector Weight
1 Real Estate 41.39%
2 Financials 34.65%
3 Industrials 3.53%
4 Materials 1.8%
5 Technology 0.74%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WD icon
1
Walker & Dunlop
WD
$1.66B
$30.7M 25.21%
1,146,600
-14,400
-1% -$320K
IVR icon
2
Invesco Mortgage Capital
IVR
$809M
$19.7M 16.2%
137,580
-25,143
-15% -$3.93M
TLT icon
3
iShares 20+ Year Treasury Bond ETF
TLT
$42.5B
$17.6M 14.49%
+150,000
New +$18.4M
AGNC icon
4
AGNC Investment
AGNC
$12.5B
$13.6M 11.18%
740,377
+310,418
+72% +$6.4M
DX
5
Dynex Capital
DX
$2.82B
$9.95M 8.18%
435,028
– –
NGHC
6
DELISTED
National General Holdings Corp
NGHC
$9.37M 7.7%
449,696
-150,304
-25% -$2.95M
MTGE
7
DELISTED
MTGE Investment Corp. Common Stock
MTGE
$6.53M 5.37%
408,594
+255,384
+167% +$4.48M
NPO icon
8
Enpro
NPO
$6.86B
$4.29M 3.53%
75,000
+15,000
+25% +$945K
ATAXZ
9
DELISTED
AMERICA FIRST TAX EXEMT INV LP
ATAXZ
$3.1M 2.55%
557,926
+118,413
+27% +$657K
IFT
10
DELISTED
IMPERIAL HLDGS INC COM STK (FL)
IFT
$1.87M 1.54%
323,397
+69,600
+27% +$442K
CDE icon
11
Coeur Mining
CDE
$14.6B
$1.14M 0.94%
+200,000
New +$1.1M
SA
12
Seabridge Gold
SA
$2.67B
$1.05M 0.86%
171,500
+1,500
+0.9% +$9.43K
HTS
13
DELISTED
HATTERAS FINANCIAL CORP
HTS
$931K 0.77%
57,146
-747,394
-93% -$13.4M
APPS icon
14
Digital Turbine
APPS
$1.01B
$906K 0.75%
300,000
-58,009
-16% -$216K
CCG
15
DELISTED
CAMPUS CREST COMMUNITIES INC COM STK (MD)
CCG
$554K 0.46%
+100,000
New +$610K
EARN
16
Ellington Residential Mortgage REIT
EARN
$163M
$246K 0.2%
17,220
-13,544
-44% -$216K
RCPI
17
DELISTED
ROCK CREEK PHARMACEUTICALS INC COM STK (DE)
RCPI
$103K 0.08%
75,291
-1
-0% -$2
ARI
18
Apollo Commercial Real Estate
ARI
$894M
– –
-50,000
Closed -$859K
CFG icon
19
Citizens Financial Group
CFG
$30.2B
– –
-60,000
Closed -$1.45M
GAIN icon
20
Gladstone Investment Corp
GAIN
$653M
– –
-224,728
Closed -$1.66M
GDXJ icon
21
VanEck Junior Gold Miners ETF
GDXJ
$6.62B
– –
-42,500
Closed -$965K
HAS icon
22
PUT
Hasbro
HAS
$11.5B
– –
-100,000
Closed -$6.32M
MITT
23
TPG Mortgage Investment Trust
MITT
$239M
– –
-10,200
Closed -$577K
NKTR icon
24
Nektar Therapeutics
NKTR
$2.19B
– –
-1,667
Closed -$275K
NMIH icon
25
NMI Holdings
NMIH
$3.24B
– –
-1,833,651
Closed -$13.7M
1
2

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Talkot Capital's Q2 2015 Portfolio in Review

As of Q2 2015, Talkot Capital held 30 positions worth $122M, down 17% from $146M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Talkot Capital withdrew a net $28.1M in Q2 2015, closing 13 positions and reducing 7 holdings. Its most notable exit was NMI Holdings, an estimated $13.7M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 41% of assets, up from 39% a quarter earlier, followed by Financials and Industrials.

Against the trend, Talkot Capital opened a new position in iShares 20+ Year Treasury Bond ETF worth $17.6M.

  • Talkot Capital's largest Q2 2015 buy was iShares 20+ Year Treasury Bond ETF: 150,000 shares worth $17.6M.
  • Talkot Capital added most to AGNC Investment in Q2 2015, an estimated $6.4M increase.
  • Talkot Capital's biggest Q2 2015 reduction was HATTERAS FINANCIAL CORP, cutting an estimated $13.4M.
  • Talkot Capital fully exited NMI Holdings in Q2 2015, selling an estimated $13.7M.
  • Talkot Capital's ten largest holdings make up 96% of its $122M portfolio in Q2 2015.
  • Talkot Capital opened 3 new positions and closed 13 in Q2 2015.
  • Talkot Capital's portfolio value fell 17% quarter-over-quarter to $122M.

Based on Talkot Capital's 13F filing for Q2 2015, filed 13 Aug 2015.