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TSP
Tappan Street Partners Portfolio holdings
AUM
$35.7M
1-Year Est. Return
42.68%
This Fund
S&P 500
This Quarter
Est. Return
+14.37%
1 Year Est. Return
+42.68%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$73.8M
AUM Growth
-$7.95M
(-9.7%)
Cap. Flow
-$23.6M
Cap. Flow
% of AUM
-32.01%
Top 10 Holdings %
Top 10 Hldgs %
97.26%
Holding
23
New
1
Increased
1
Reduced
9
Closed
9
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Blue Bird Corp
BLBD
|
+$4.46M |
| 2 |
OA
Orbital ATK, Inc.
OA
|
+$2.87M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
McKesson
MCK
|
+$6.52M |
| 2 |
TriNet
TNET
|
+$6.03M |
| 3 |
Graham Holdings Company
GHC
|
+$4.41M |
| 4 |
SPR
Spirit AeroSystems
SPR
|
+$3.54M |
| 5 |
HMTV
Hemisphere Media Group, Inc.
HMTV
|
+$2.05M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 36.46% |
| 2 | Technology | 27.71% |
| 3 | Financials | 16.8% |
| 4 | Healthcare | 6.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SPA
1
DELISTED
Sparton
SPA
| $13.1M | 17.78% |
500,000
| – | – |
|
2
Voya Financial
VOYA
$8.94B
| $10.7M | 14.44% |
370,000
-5,000
| -1% | -$137K |
|
|
3
Blue Bird Corp
BLBD
$2.41B
| $10.2M | 13.85% |
700,000
+318,306
| +83% | +$4.46M |
|
4
Babcock & Wilcox
BW
$1.43B
| $9.57M | 12.96% |
58,000
| – | – |
|
5
Itron
ITRI
$3.73B
| $7.33M | 9.93% |
131,429
-28,571
| -18% | -$1.37M |
|
|
SPR
6
DELISTED
Spirit AeroSystems
SPR
| $7.13M | 9.65% |
160,000
-80,000
| -33% | -$3.54M |
|
|
SPA
7
CALL
DELISTED
Sparton
SPA
| $5.51M | 7.47% |
210,000
-190,000
| -48% | -$4.36M |
|
|
8
McKesson
MCK
$98.5B
| $4.17M | 5.65% |
25,000
-35,000
| -58% | -$6.52M |
|
|
OA
9
DELISTED
Orbital ATK, Inc.
OA
| $2.74M | 3.72% |
+36,000
| New | +$2.87M |
|
|
HMTV
10
DELISTED
Hemisphere Media Group, Inc.
HMTV
| $1.34M | 1.81% |
105,000
-163,639
| -61% | -$2.05M |
|
|
WBKC
11
DELISTED
Wolverine Bancorp, Inc.
WBKC
| $624K | 0.85% |
23,128
| – | – |
|
|
SFBC
12
Sound Financial Bancorp
SFBC
$107M
| $576K | 0.78% |
23,640
-1,130
| -5% | -$27.6K |
|
|
ASBB
13
DELISTED
ASB Bancorp Inc
ASBB
| $538K | 0.73% |
20,539
-1,142
| -5% | -$28.9K |
|
|
BSTG
14
DELISTED
Biostage, Inc. Common Stock
BSTG
| $284K | 0.38% |
265,018
-34,982
| -12% | -$37.7K |
|
15
First Northwest Bancorp
FNWB
$114M
| – | – |
-18,200
| Closed | -$232K |
|
|
16
Graham Holdings Company
GHC
$4.97B
| – | – |
-9,000
| Closed | -$4.41M |
|
|
IROQ
17
DELISTED
IF Bancorp
IROQ
| – | – |
-28,800
| Closed | -$528K |
|
18
PUT
Transocean
RIG
$5.92B
| – | – |
-200,000
| Closed | -$270K |
|
|
19
TriNet
TNET
$2.84B
| – | – |
-290,000
| Closed | -$6.03M |
|
|
HBK
20
DELISTED
Hamilton Bancorp, Inc. Common Stock
HBK
| – | – |
-14,000
| Closed | -$195K |
|
|
PBSK
21
DELISTED
Poage Bankshares, Inc.
PBSK
| – | – |
-21,500
| Closed | -$369K |
|
|
CHFN
22
DELISTED
Charter Financial Corp
CHFN
| – | – |
-29,060
| Closed | -$386K |
|
|
LPSB
23
DELISTED
LAPORTE BANCORP INC MD COM STK
LPSB
| – | – |
-28,700
| Closed | -$469K |
|
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Tappan Street Partners's Q3 2016 Portfolio in Review
As of Q3 2016, Tappan Street Partners held 23 positions worth $73.8M, down 9.7% from $81.8M the previous quarter. Its ten largest holdings account for 97% of the portfolio.
Tappan Street Partners withdrew a net $23.6M in Q3 2016, closing 9 positions and reducing 9 holdings. Its most notable exit was TriNet, an estimated $6.03M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 36% of assets, down from 41% a quarter earlier, followed by Technology and Financials.
Against the trend, Tappan Street Partners opened a new position in Orbital ATK, Inc. worth $2.74M.
- Tappan Street Partners's largest Q3 2016 buy was Orbital ATK, Inc.: 36,000 shares worth $2.74M.
- Tappan Street Partners added most to Blue Bird Corp in Q3 2016, an estimated $4.46M increase.
- Tappan Street Partners's biggest Q3 2016 reduction was McKesson, cutting an estimated $6.52M.
- Tappan Street Partners fully exited TriNet in Q3 2016, selling an estimated $6.03M.
- Tappan Street Partners's ten largest holdings make up 97% of its $73.8M portfolio in Q3 2016.
- Tappan Street Partners opened 1 new position and closed 9 in Q3 2016.
- Tappan Street Partners's portfolio value fell 9.7% quarter-over-quarter to $73.8M.
Based on Tappan Street Partners's 13F filing for Q3 2016, filed 14 Nov 2016.