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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
Cap. Flow
-$1.68B
Cap. Flow %
-197.69%
Top 10 Hldgs %
69.99%
Holding
29
New
5
Increased
7
Reduced
5
Closed
10

Top Buys

1
MGM icon
MGM Resorts International
MGM
+$62M
2
XRX icon
Xerox
XRX
+$56.6M
3
MOMO
Hello Group
MOMO
+$55.6M
4
WYNN icon
Wynn Resorts
WYNN
+$34.3M
5
MDCO
Medicines Co
MDCO
+$18.4M

Top Sells

1
SBGI icon
Sinclair Inc
SBGI
+$80.2M
2
ICE icon
Intercontinental Exchange
ICE
+$57.4M
3
EGN
Energen
EGN
+$56.4M
4
NXST icon
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
SPY icon
26
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$774B
– –
-3,590,000
Closed -$974M
XRT icon
27
PUT
State Street SPDR S&P Retail ETF
XRT
$450M
– –
-1,600,000
Closed -$77.7M
ADSW
28
DELISTED
Advanced Disposal Services Inc
ADSW
– –
-2,040,700
Closed -$50.6M
EGN
29
DELISTED
Energen
EGN
– –
-774,200
Closed -$56.4M
1
2

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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.