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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
-4.43%
1 Year Est. Return
+7.41%
3 Year Est. Return
+63.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.55B
AUM Growth
-$681M
(-31%)
Cap. Flow
-$623M
Cap. Flow
% of AUM
-40.31%
Top 10 Holdings %
Top 10 Hldgs %
78.63%
Holding
25
New
3
Increased
7
Reduced
6
Closed
6
Top Buys
| 1 |
Cheniere Energy
LNG
|
+$79.5M |
| 2 |
Williams Companies
WMB
|
+$59.1M |
| 3 |
Intercontinental Exchange
ICE
|
+$55.3M |
| 4 |
YHOO
Yahoo Inc
YHOO
|
+$28.8M |
| 5 |
Broadcom
AVGO
|
+$14.5M |
Top Sells
| 1 |
HOT
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
|
+$41.6M |
| 2 |
AGN
Allergan plc
AGN
|
+$40.4M |
| 3 |
Cadence Design Systems
CDNS
|
+$29.4M |
| 4 |
Franklin Resources
BEN
|
+$16.3M |
| 5 |
Aramark
ARMK
|
+$7.97M |
Sector Composition
| 1 | Technology | 20.35% |
| 2 | Financials | 13.49% |
| 3 | Energy | 13.36% |
| 4 | Consumer Discretionary | 13.13% |
| 5 | Healthcare | 6.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Churchill Downs
CHDN
$5.85B
| $203M | 13.13% |
8,234,316
+1,200
| +0% | +$27.4K |
|
2
PUT
iShares Russell 2000 ETF
IWM
$82.2B
| $171M | 11.1% |
1,550,000
-1,400,000
| -47% | -$145M |
|
|
3
Intercontinental Exchange
ICE
$79B
| $143M | 9.29% |
3,051,230
+1,136,060
| +59% | +$55.3M |
|
|
CY
4
DELISTED
Cypress Semiconductor
CY
| $137M | 8.89% |
15,862,774
| – | – |
|
|
5
CALL
Franklin Resources
BEN
$17B
| $117M | 7.58% |
3,000,000
+2,000,000
| +200% | +$70.8M |
|
|
6
Broadcom
AVGO
$1.76T
| $96.8M | 6.27% |
6,267,000
+1,076,000
| +21% | +$14.5M |
|
|
AGN
7
DELISTED
Allergan plc
AGN
| $92.9M | 6.01% |
346,479
-141,000
| -29% | -$40.4M |
|
|
8
Williams Companies
WMB
$89.7B
| $89.6M | 5.8% |
5,573,382
+3,438,382
| +161% | +$59.1M |
|
|
9
Cheniere Energy
LNG
$55B
| $83M | 5.37% |
+2,452,729
| New | +$79.5M |
|
|
10
Cadence Design Systems
CDNS
$91B
| $80.2M | 5.19% |
3,402,871
-1,403,700
| -29% | -$29.4M |
|
|
11
Franklin Resources
BEN
$17B
| $64.9M | 4.2% |
1,663,200
-461,800
| -22% | -$16.3M |
|
|
CY
12
CALL
DELISTED
Cypress Semiconductor
CY
| $57.2M | 3.7% |
6,600,000
+3,500,000
| +113% | +$28.3M |
|
13
PUT
Apple
AAPL
$4.9T
| $52.3M | 3.39% |
1,920,000
-9,680,000
| -83% | -$241M |
|
|
14
Aramark
ARMK
$14.9B
| $49.9M | 3.23% |
2,087,888
-347,635
| -14% | -$7.97M |
|
|
15
CALL
Intercontinental Exchange
ICE
$79B
| $47M | 3.04% |
+1,000,000
| New | +$48.6M |
|
|
YHOO
16
DELISTED
Yahoo Inc
YHOO
| $33.9M | 2.19% |
+920,000
| New | +$28.8M |
|
|
INXN
17
DELISTED
Interxion Holding N.V.
INXN
| $11.4M | 0.74% |
330,000
+60,000
| +22% | +$1.87M |
|
|
AGN.PRA
18
DELISTED
Allergan plc
AGN.PRA
| $6.89M | 0.45% |
7,500
| – | – |
|
|
STKL
19
DELISTED
SunOpta
STKL
| $6.69M | 0.43% |
1,500,000
| – | – |
|
20
CALL
Bank of America
BAC
$430B
| – | – |
-15,500,000
| Closed | -$261M |
|
21
CALL
SPDR Gold Trust
GLD
$130B
| – | – |
-280,200
| Closed | -$28.4M |
|
|
22
CALL
Cheniere Energy
LNG
$55B
| – | – |
-625,000
| Closed | -$23.3M |
|
|
23
CALL
Williams Companies
WMB
$89.7B
| – | – |
-5,000,000
| Closed | -$129M |
|
|
AGN
24
CALL
DELISTED
Allergan plc
AGN
| – | – |
-150,000
| Closed | -$46.9M |
|
|
HOT
25
DELISTED
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
| – | – |
-600,000
| Closed | -$41.6M |
|
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Three Bays Capital's Q1 2016 Portfolio in Review
As of Q1 2016, Three Bays Capital held 25 positions worth $1.55B, down 31% from $2.23B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Three Bays Capital withdrew a net $623M in Q1 2016, closing 6 positions and reducing 6 holdings. Its most notable exit was STARWOOD HOTELS & RESORTS WORLDWIDE, INC., an estimated $41.6M position sold in full.
By sector, the portfolio is most concentrated in Technology at 20% of assets, up from 15% a quarter earlier, followed by Financials and Energy.
Against the trend, Three Bays Capital opened a new position in Cheniere Energy worth $83M.
- Three Bays Capital's largest Q1 2016 buy was Cheniere Energy: 2,452,729 shares worth $83M.
- Three Bays Capital added most to Williams Companies in Q1 2016, an estimated $59.1M increase.
- Three Bays Capital's biggest Q1 2016 reduction was Allergan plc, cutting an estimated $40.4M.
- Three Bays Capital fully exited STARWOOD HOTELS & RESORTS WORLDWIDE, INC. in Q1 2016, selling an estimated $41.6M.
- Three Bays Capital's ten largest holdings make up 79% of its $1.55B portfolio in Q1 2016.
- Three Bays Capital opened 3 new positions and closed 6 in Q1 2016.
- Three Bays Capital's portfolio value fell 31% quarter-over-quarter to $1.55B.
Based on Three Bays Capital's 13F filing for Q1 2016, filed 16 May 2016.