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Three Bays Capital Portfolio holdings
AUM
$848M
1-Year Est. Return
7.41%
This Fund
S&P 500
This Quarter
Est. Return
-3.54%
1 Year Est. Return
+7.41%
3 Year Est. Return
+63.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$848M
AUM Growth
-$1.73B
(-67%)
Cap. Flow
-$1.68B
Cap. Flow
% of AUM
-197.69%
Top 10 Holdings %
Top 10 Hldgs %
69.99%
Holding
29
New
5
Increased
7
Reduced
5
Closed
10
Top Buys
| 1 |
MGM Resorts International
MGM
|
+$62M |
| 2 |
Xerox
XRX
|
+$56.6M |
| 3 |
MOMO
Hello Group
MOMO
|
+$55.6M |
| 4 |
Wynn Resorts
WYNN
|
+$34.3M |
| 5 |
MDCO
Medicines Co
MDCO
|
+$18.4M |
Top Sells
| 1 |
Sinclair Inc
SBGI
|
+$80.2M |
| 2 |
Intercontinental Exchange
ICE
|
+$57.4M |
| 3 |
EGN
Energen
EGN
|
+$56.4M |
| 4 |
Nexstar Media Group
NXST
|
+$53.3M |
| 5 |
ADSW
Advanced Disposal Services Inc
ADSW
|
+$50.6M |
Sector Composition
| 1 | Industrials | 20.65% |
| 2 | Communication Services | 17.24% |
| 3 | Materials | 15.14% |
| 4 | Consumer Discretionary | 10.5% |
| 5 | Healthcare | 10.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SUM
1
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
| $83M | 9.79% |
4,645,656
+202,077
| +5% | +$4.4M |
|
2
Brink's
BCO
$4.94B
| $68.1M | 8.03% |
976,354
+179,754
| +23% | +$13.9M |
|
3
CALL
VeriSign
VRSN
$25.1B
| $64M | 7.55% |
400,000
| – | – |
|
|
4
MGM Resorts International
MGM
$11.8B
| $59.7M | 7.04% |
+2,138,000
| New | +$62M |
|
|
5
Xerox
XRX
$360M
| $57.8M | 6.81% |
+2,141,000
| New | +$56.6M |
|
|
MOMO
6
Hello Group
MOMO
$886M
| $55.7M | 6.56% |
+1,270,779
| New | +$55.6M |
|
|
MDCO
7
DELISTED
Medicines Co
MDCO
| $55.3M | 6.52% |
1,849,822
+489,262
| +36% | +$18.4M |
|
|
TSG
8
DELISTED
The Stars Group Inc.
TSG
| $51.5M | 6.07% |
2,067,674
+419,418
| +25% | +$12.8M |
|
9
Equifax
EFX
$21B
| $49.3M | 5.81% |
377,190
+63,100
| +20% | +$8.22M |
|
10
IQVIA
IQV
$34.4B
| $49.2M | 5.8% |
378,941
-223,300
| -37% | -$26.8M |
|
11
Eagle Materials
EXP
$6.36B
| $45.3M | 5.35% |
531,902
-114,900
| -18% | -$11.2M |
|
12
Broadcom
AVGO
$1.77T
| $41.8M | 4.93% |
1,695,500
-733,000
| -30% | -$16.4M |
|
13
Gray Television
GTN
$405M
| $39M | 4.6% |
2,230,349
+1,092,559
| +96% | +$17.9M |
|
14
HCA Healthcare
HCA
$82.6B
| $38.3M | 4.52% |
275,577
-181,700
| -40% | -$22.6M |
|
|
15
Wynn Resorts
WYNN
$10B
| $29.4M | 3.46% |
+231,000
| New | +$34.3M |
|
|
SUM
16
CALL
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
| $27.3M | 3.22% |
+1,525,500
| New | +$33.2M |
|
|
MRNS
17
DELISTED
Marinus Pharmaceuticals, Inc
MRNS
| $19.1M | 2.25% |
476,367
| – | – |
|
18
Forestar Group
FOR
$1.52B
| $11.5M | 1.36% |
543,571
+206,806
| +61% | +$4.89M |
|
|
19
VeriSign
VRSN
$25.1B
| $2.72M | 0.32% |
17,000
-319,700
| -95% | -$49M |
|
|
20
CALL
Equifax
EFX
$21B
| – | – |
-1,140,000
| Closed | -$143M |
|
|
21
Intercontinental Exchange
ICE
$78.9B
| – | – |
-780,230
| Closed | -$57.4M |
|
22
Middleby
MIDD
$6.01B
| – | – |
-175,000
| Closed | -$18.3M |
|
|
23
Nexstar Media Group
NXST
$5.59B
| – | – |
-725,693
| Closed | -$53.3M |
|
24
PUT
Invesco QQQ Trust
QQQ
$466B
| – | – |
-2,110,000
| Closed | -$362M |
|
|
25
Sinclair Inc
SBGI
$998M
| – | – |
-2,493,986
| Closed | -$80.2M |
|
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Three Bays Capital's Q3 2018 Portfolio in Review
As of Q3 2018, Three Bays Capital held 29 positions worth $848M, down 67% from $2.57B the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Three Bays Capital withdrew a net $1.68B in Q3 2018, closing 10 positions and reducing 5 holdings. Its most notable exit was Sinclair Inc, an estimated $80.2M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 21% of assets, up from 6.7% a quarter earlier, followed by Communication Services and Materials.
Against the trend, Three Bays Capital opened a new position in MGM Resorts International worth $59.7M.
- Three Bays Capital's largest Q3 2018 buy was MGM Resorts International: 2,138,000 shares worth $59.7M.
- Three Bays Capital added most to Medicines Co in Q3 2018, an estimated $18.4M increase.
- Three Bays Capital's biggest Q3 2018 reduction was VeriSign, cutting an estimated $49M.
- Three Bays Capital fully exited Sinclair Inc in Q3 2018, selling an estimated $80.2M.
- Three Bays Capital's ten largest holdings make up 70% of its $848M portfolio in Q3 2018.
- Three Bays Capital opened 5 new positions and closed 10 in Q3 2018.
- Three Bays Capital's portfolio value fell 67% quarter-over-quarter to $848M.
Based on Three Bays Capital's 13F filing for Q3 2018, filed 14 Nov 2018.