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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
+18.37%
1 Year Est. Return
+42.68%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$61.4M
AUM Growth
-$12.4M
(-17%)
Cap. Flow
-$19M
Cap. Flow
% of AUM
-30.87%
Top 10 Holdings %
Top 10 Hldgs %
99.23%
Holding
19
New
5
Increased
–
Reduced
5
Closed
8
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Adient
ADNT
|
+$9.24M |
| 2 |
CCN
CardConnect Corp.
CCN
|
+$2.49M |
| 3 |
HDSN
Hudson Technologies
HDSN
|
+$1.07M |
| 4 |
ARIS
ARI Network Services, Inc.
ARIS
|
+$454K |
| 5 |
CCNWW
CardConnect Corp. Warrants
CCNWW
|
+$335K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Itron
ITRI
|
+$7.33M |
| 2 |
McKesson
MCK
|
+$4.17M |
| 3 |
Blue Bird Corp
BLBD
|
+$3.98M |
| 4 |
Voya Financial
VOYA
|
+$3.88M |
| 5 |
Babcock & Wilcox
BW
|
+$2.79M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 34.48% |
| 2 | Financials | 21.7% |
| 3 | Technology | 19.42% |
| 4 | Consumer Discretionary | 16.7% |
| 5 | Materials | 1.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SPA
1
DELISTED
Sparton
SPA
| $11.9M | 19.43% |
500,000
| – | – |
|
|
2
Adient
ADNT
$1.6B
| $10.3M | 16.7% |
+175,000
| New | +$9.24M |
|
|
3
Voya Financial
VOYA
$8.94B
| $10.2M | 16.61% |
260,000
-110,000
| -30% | -$3.88M |
|
|
SPR
4
DELISTED
Spirit AeroSystems
SPR
| $7.59M | 12.36% |
130,000
-30,000
| -19% | -$1.63M |
|
|
5
Blue Bird Corp
BLBD
$2.41B
| $6.86M | 11.18% |
444,100
-255,900
| -37% | -$3.98M |
|
|
6
Babcock & Wilcox
BW
$1.43B
| $6.72M | 10.94% |
40,500
-17,500
| -30% | -$2.79M |
|
|
CCN
7
DELISTED
CardConnect Corp.
CCN
| $3.13M | 5.09% |
+246,131
| New | +$2.49M |
|
|
SPA
8
CALL
DELISTED
Sparton
SPA
| $2.38M | 3.89% |
100,000
-110,000
| -52% | -$2.66M |
|
|
HDSN
9
Hudson Technologies
HDSN
$267M
| $1.22M | 1.99% |
+152,267
| New | +$1.07M |
|
|
CCNWW
10
DELISTED
CardConnect Corp. Warrants
CCNWW
| $641K | 1.04% |
+203,000
| New | +$335K |
|
|
ARIS
11
DELISTED
ARI Network Services, Inc.
ARIS
| $475K | 0.77% |
+87,884
| New | +$454K |
|
|
12
Itron
ITRI
$3.73B
| – | – |
-131,429
| Closed | -$7.33M |
|
|
13
McKesson
MCK
$98.5B
| – | – |
-25,000
| Closed | -$4.17M |
|
|
SFBC
14
Sound Financial Bancorp
SFBC
$107M
| – | – |
-23,640
| Closed | -$576K |
|
|
HMTV
15
DELISTED
Hemisphere Media Group, Inc.
HMTV
| – | – |
-105,000
| Closed | -$1.34M |
|
|
OA
16
DELISTED
Orbital ATK, Inc.
OA
| – | – |
-36,000
| Closed | -$2.74M |
|
|
WBKC
17
DELISTED
Wolverine Bancorp, Inc.
WBKC
| – | – |
-23,128
| Closed | -$624K |
|
|
BSTG
18
DELISTED
Biostage, Inc. Common Stock
BSTG
| – | – |
-265,018
| Closed | -$284K |
|
|
ASBB
19
DELISTED
ASB Bancorp Inc
ASBB
| – | – |
-20,539
| Closed | -$538K |
|
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Tappan Street Partners's Q4 2016 Portfolio in Review
As of Q4 2016, Tappan Street Partners held 19 positions worth $61.4M, down 17% from $73.8M the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Tappan Street Partners withdrew a net $19M in Q4 2016, closing 8 positions and reducing 5 holdings. Its most notable exit was Itron, an estimated $7.33M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 34% of assets, down from 36% a quarter earlier, followed by Financials and Technology.
Against the trend, Tappan Street Partners opened a new position in Adient worth $10.3M.
- Tappan Street Partners's largest Q4 2016 buy was Adient: 175,000 shares worth $10.3M.
- Tappan Street Partners's biggest Q4 2016 reduction was Blue Bird Corp, cutting an estimated $3.98M.
- Tappan Street Partners fully exited Itron in Q4 2016, selling an estimated $7.33M.
- Tappan Street Partners's ten largest holdings make up 99% of its $61.4M portfolio in Q4 2016.
- Tappan Street Partners opened 5 new positions and closed 8 in Q4 2016.
- Tappan Street Partners's portfolio value fell 17% quarter-over-quarter to $61.4M.
Based on Tappan Street Partners's 13F filing for Q4 2016, filed 14 Feb 2017.