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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
-9.19%
1 Year Est. Return
+7.41%
3 Year Est. Return
+63.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2B
AUM Growth
-$413M
(-17%)
Cap. Flow
-$161M
Cap. Flow
% of AUM
-8.05%
Top 10 Holdings %
Top 10 Hldgs %
84.63%
Holding
30
New
5
Increased
8
Reduced
5
Closed
7
Top Buys
| 1 |
CY
Cypress Semiconductor
CY
|
+$79.6M |
| 2 |
Franklin Resources
BEN
|
+$43.3M |
| 3 |
AGN
Allergan plc
AGN
|
+$41.5M |
| 4 |
VER
VEREIT, Inc.
VER
|
+$41.3M |
| 5 |
Cheniere Energy
LNG
|
+$36.1M |
Top Sells
| 1 |
BRCM
BROADCOM CORP CL-A
BRCM
|
+$125M |
| 2 |
Televisa
TV
|
+$61.9M |
| 3 |
Axalta
AXTA
|
+$45.1M |
| 4 |
HOUS
Anywhere Real Estate
HOUS
|
+$26.2M |
| 5 |
Sensata Technologies
ST
|
+$16.1M |
Sector Composition
| 1 | Technology | 18.13% |
| 2 | Consumer Discretionary | 7.73% |
| 3 | Financials | 6.62% |
| 4 | Healthcare | 6.15% |
| 5 | Energy | 4.3% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$82B
| $599M | 29.99% |
5,485,000
+1,965,000
| +56% | +$233M |
|
|
CY
2
DELISTED
Cypress Semiconductor
CY
| $185M | 9.26% |
21,707,203
+7,583,372
| +54% | +$79.6M |
|
3
PUT
VanEck Semiconductor ETF
SMH
$67.2B
| $180M | 8.99% |
7,200,000
-1,040,000
| -13% | -$26.5M |
|
4
Churchill Downs
CHDN
$5.88B
| $154M | 7.73% |
6,925,950
+121,200
| +2% | +$2.69M |
|
5
Cadence Design Systems
CDNS
$90.3B
| $129M | 6.47% |
6,244,835
-705,654
| -10% | -$14.4M |
|
|
AGN
6
DELISTED
Allergan plc
AGN
| $118M | 5.92% |
435,213
+134,974
| +45% | +$41.5M |
|
7
Intercontinental Exchange
ICE
$79B
| $95M | 4.76% |
2,021,500
| – | – |
|
|
8
Cheniere Energy
LNG
$54.8B
| $86M | 4.3% |
1,779,801
+584,782
| +49% | +$36.1M |
|
9
PUT
First Trust Dow Jones Internet Index Fund ETF
FDN
$5.05B
| $72.7M | 3.64% |
+1,100,000
| New | +$76.4M |
|
10
Aramark
ARMK
$15B
| $71.1M | 3.56% |
3,324,000
+692,500
| +26% | +$15.8M |
|
11
Broadcom
AVGO
$1.76T
| $47.9M | 2.4% |
3,835,000
+985,000
| +35% | +$12.4M |
|
|
AGN
12
CALL
DELISTED
Allergan plc
AGN
| $40.8M | 2.04% |
+150,000
| New | +$46.1M |
|
|
VER
13
DELISTED
VEREIT, Inc.
VER
| $38.2M | 1.91% |
+990,000
| New | +$41.3M |
|
|
14
Franklin Resources
BEN
$16.9B
| $37.3M | 1.87% |
+1,000,000
| New | +$43.3M |
|
|
15
CALL
Cheniere Energy
LNG
$54.8B
| $30.2M | 1.51% |
625,000
| – | – |
|
|
HOUS
16
DELISTED
Anywhere Real Estate
HOUS
| $30.2M | 1.51% |
801,934
-601,580
| -43% | -$26.2M |
|
17
CALL
SPDR Gold Trust
GLD
$129B
| $29.9M | 1.5% |
280,200
| – | – |
|
|
CY
18
CALL
DELISTED
Cypress Semiconductor
CY
| $15.3M | 0.77% |
1,800,000
-3,000,000
| -63% | -$31.5M |
|
19
CALL
Applied Materials
AMAT
$419B
| $13.2M | 0.66% |
900,000
-1,000,000
| -53% | -$16.7M |
|
|
INXN
20
DELISTED
Interxion Holding N.V.
INXN
| $7.31M | 0.37% |
270,000
+100,000
| +59% | +$2.77M |
|
|
AGN.PRA
21
DELISTED
Allergan plc
AGN.PRA
| $7.08M | 0.35% |
7,500
| – | – |
|
22
Advanced Drainage Systems
WMS
$11.3B
| $5.12M | 0.26% |
+177,000
| New | +$5.13M |
|
|
KERX
23
DELISTED
Keryx Biopharmaceuticals Inc
KERX
| $4.52M | 0.23% |
1,284,000
| – | – |
|
|
24
Axalta
AXTA
$6.91B
| – | – |
-1,364,453
| Closed | -$45.1M |
|
25
CALL
Micron Technology
MU
$973B
| – | – |
-1,100,000
| Closed | -$20.7M |
|
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Three Bays Capital's Q3 2015 Portfolio in Review
As of Q3 2015, Three Bays Capital held 30 positions worth $2B, down 17% from $2.41B the previous quarter. Its ten largest holdings account for 85% of the portfolio.
Three Bays Capital withdrew a net $161M in Q3 2015, closing 7 positions and reducing 5 holdings. Its most notable exit was BROADCOM CORP CL-A, an estimated $125M position sold in full.
By sector, the portfolio is most concentrated in Technology at 18% of assets, up from 15% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Three Bays Capital opened a new position in Franklin Resources worth $37.3M.
- Three Bays Capital's largest Q3 2015 buy was Franklin Resources: 1,000,000 shares worth $37.3M.
- Three Bays Capital added most to Cypress Semiconductor in Q3 2015, an estimated $79.6M increase.
- Three Bays Capital's biggest Q3 2015 reduction was Anywhere Real Estate, cutting an estimated $26.2M.
- Three Bays Capital fully exited BROADCOM CORP CL-A in Q3 2015, selling an estimated $125M.
- Three Bays Capital's ten largest holdings make up 85% of its $2B portfolio in Q3 2015.
- Three Bays Capital opened 5 new positions and closed 7 in Q3 2015.
- Three Bays Capital's portfolio value fell 17% quarter-over-quarter to $2B.
Based on Three Bays Capital's 13F filing for Q3 2015, filed 16 Nov 2015.