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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
+7.18%
1 Year Est. Return
+7.41%
3 Year Est. Return
+63.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.23B
AUM Growth
+$228M
(+11%)
Cap. Flow
+$223M
Cap. Flow
% of AUM
10.03%
Top 10 Holdings %
Top 10 Hldgs %
81.11%
Holding
30
New
7
Increased
5
Reduced
5
Closed
8
Top Buys
| 1 |
Williams Companies
WMB
|
+$74.6M |
| 2 |
Franklin Resources
BEN
|
+$44M |
| 3 |
HOT
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
|
+$42.8M |
| 4 |
Churchill Downs
CHDN
|
+$31M |
| 5 |
Broadcom
AVGO
|
+$17.6M |
Top Sells
| 1 |
Cheniere Energy
LNG
|
+$81.1M |
| 2 |
CY
Cypress Semiconductor
CY
|
+$58.1M |
| 3 |
VER
VEREIT, Inc.
VER
|
+$38.2M |
| 4 |
Cadence Design Systems
CDNS
|
+$31.2M |
| 5 |
HOUS
Anywhere Real Estate
HOUS
|
+$30.2M |
Sector Composition
| 1 | Technology | 14.87% |
| 2 | Consumer Discretionary | 8.72% |
| 3 | Financials | 7.93% |
| 4 | Healthcare | 6.84% |
| 5 | Industrials | 2.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$82B
| $332M | 14.93% |
2,950,000
-2,535,000
| -46% | -$292M |
|
2
PUT
Apple
AAPL
$4.89T
| $305M | 13.71% |
+11,600,000
| New | +$331M |
|
3
CALL
Bank of America
BAC
$428B
| $261M | 11.72% |
+15,500,000
| New | +$262M |
|
|
4
Churchill Downs
CHDN
$5.88B
| $194M | 8.72% |
8,233,116
+1,307,166
| +19% | +$31M |
|
|
CY
5
DELISTED
Cypress Semiconductor
CY
| $156M | 6.99% |
15,862,774
-5,844,429
| -27% | -$58.1M |
|
|
AGN
6
DELISTED
Allergan plc
AGN
| $152M | 6.84% |
487,479
+52,266
| +12% | +$15.6M |
|
|
7
CALL
Williams Companies
WMB
$89.7B
| $129M | 5.77% |
+5,000,000
| New | +$175M |
|
|
8
Cadence Design Systems
CDNS
$90.3B
| $100M | 4.49% |
4,806,571
-1,438,264
| -23% | -$31.2M |
|
9
Intercontinental Exchange
ICE
$79.1B
| $98.2M | 4.41% |
1,915,170
-106,330
| -5% | -$5.35M |
|
|
10
Franklin Resources
BEN
$16.9B
| $78.2M | 3.52% |
2,125,000
+1,125,000
| +113% | +$44M |
|
|
11
Broadcom
AVGO
$1.76T
| $75.3M | 3.39% |
5,191,000
+1,356,000
| +35% | +$17.6M |
|
12
Aramark
ARMK
$15B
| $56.7M | 2.55% |
2,435,523
-888,477
| -27% | -$20.3M |
|
|
13
Williams Companies
WMB
$89.7B
| $54.9M | 2.47% |
+2,135,000
| New | +$74.6M |
|
|
AGN
14
CALL
DELISTED
Allergan plc
AGN
| $46.9M | 2.11% |
150,000
| – | – |
|
|
HOT
15
DELISTED
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
| $41.6M | 1.87% |
+600,000
| New | +$42.8M |
|
|
16
CALL
Franklin Resources
BEN
$16.9B
| $36.8M | 1.65% |
+1,000,000
| New | +$39.1M |
|
|
CY
17
CALL
DELISTED
Cypress Semiconductor
CY
| $30.4M | 1.37% |
3,100,000
+1,300,000
| +72% | +$12.9M |
|
18
CALL
SPDR Gold Trust
GLD
$129B
| $28.4M | 1.28% |
280,200
| – | – |
|
|
19
CALL
Cheniere Energy
LNG
$54.8B
| $23.3M | 1.05% |
625,000
| – | – |
|
|
STKL
20
DELISTED
SunOpta
STKL
| $10.3M | 0.46% |
+1,500,000
| New | +$9.29M |
|
|
INXN
21
DELISTED
Interxion Holding N.V.
INXN
| $8.14M | 0.37% |
270,000
| – | – |
|
|
AGN.PRA
22
DELISTED
Allergan plc
AGN.PRA
| $7.72M | 0.35% |
7,500
| – | – |
|
23
CALL
Applied Materials
AMAT
$419B
| – | – |
-900,000
| Closed | -$13.2M |
|
24
PUT
First Trust Dow Jones Internet Index Fund ETF
FDN
$5.05B
| – | – |
-1,100,000
| Closed | -$72.7M |
|
|
HOUS
25
DELISTED
Anywhere Real Estate
HOUS
| – | – |
-801,934
| Closed | -$30.2M |
|
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Three Bays Capital's Q4 2015 Portfolio in Review
As of Q4 2015, Three Bays Capital held 30 positions worth $2.23B, up 11% from $2B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Three Bays Capital deployed $223M of net new capital in Q4 2015, opening 7 new positions and adding to 5 existing holdings. Its largest new stake was Williams Companies: 2,135,000 shares worth $54.9M.
By sector, the portfolio is most concentrated in Technology at 15% of assets, down from 18% a quarter earlier, followed by Consumer Discretionary and Financials.
On the sell side, the largest reduction was Cypress Semiconductor, an estimated $58.1M trimmed.
- Three Bays Capital's largest Q4 2015 buy was Williams Companies: 2,135,000 shares worth $54.9M.
- Three Bays Capital added most to Franklin Resources in Q4 2015, an estimated $44M increase.
- Three Bays Capital's biggest Q4 2015 reduction was Cypress Semiconductor, cutting an estimated $58.1M.
- Three Bays Capital fully exited Cheniere Energy in Q4 2015, selling an estimated $81.1M.
- Three Bays Capital's ten largest holdings make up 81% of its $2.23B portfolio in Q4 2015.
- Three Bays Capital opened 7 new positions and closed 8 in Q4 2015.
- Three Bays Capital's portfolio value rose 11% quarter-over-quarter to $2.23B.
Based on Three Bays Capital's 13F filing for Q4 2015, filed 16 Feb 2016.