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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
+1.7%
1 Year Est. Return
+7.41%
3 Year Est. Return
+63.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.92B
AUM Growth
+$376M
(+24%)
Cap. Flow
+$338M
Cap. Flow
% of AUM
17.57%
Top 10 Holdings %
Top 10 Hldgs %
84.35%
Holding
30
New
11
Increased
3
Reduced
4
Closed
10
Top Buys
| 1 |
United Airlines
UAL
|
+$60.5M |
| 2 |
Sensata Technologies
ST
|
+$51.8M |
| 3 |
AGN
Allergan plc
AGN
|
+$48.3M |
| 4 |
Churchill Downs
CHDN
|
+$33.7M |
| 5 |
ISEE
IVERIC bio, Inc. Common Stock
ISEE
|
+$17.4M |
Top Sells
| 1 |
Cheniere Energy
LNG
|
+$83M |
| 2 |
Cadence Design Systems
CDNS
|
+$80.2M |
| 3 |
Intercontinental Exchange
ICE
|
+$61.3M |
| 4 |
Franklin Resources
BEN
|
+$60.4M |
| 5 |
Aramark
ARMK
|
+$49.9M |
Sector Composition
| 1 | Technology | 15.63% |
| 2 | Consumer Discretionary | 10.7% |
| 3 | Healthcare | 7.62% |
| 4 | Energy | 5.76% |
| 5 | Financials | 4.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares US Real Estate ETF
IYR
$4.83B
| $313M | 16.3% |
+3,800,000
| New | +$298M |
|
2
PUT
VanEck Semiconductor ETF
SMH
$67.5B
| $251M | 13.06% |
+8,800,000
| New | +$241M |
|
|
3
Churchill Downs
CHDN
$5.85B
| $206M | 10.7% |
9,762,180
+1,527,864
| +19% | +$33.7M |
|
4
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$774B
| $174M | 9.05% |
+830,000
| New | +$172M |
|
|
CY
5
DELISTED
Cypress Semiconductor
CY
| $167M | 8.71% |
15,862,774
| – | – |
|
|
AGN
6
DELISTED
Allergan plc
AGN
| $128M | 6.69% |
555,780
+209,301
| +60% | +$48.3M |
|
7
Williams Companies
WMB
$89.7B
| $111M | 5.76% |
5,111,582
-461,800
| -8% | -$9.27M |
|
|
8
Intercontinental Exchange
ICE
$79B
| $94M | 4.89% |
1,836,730
-1,214,500
| -40% | -$61.3M |
|
9
CALL
Broadcom
AVGO
$1.76T
| $93.2M | 4.85% |
+6,000,000
| New | +$91.4M |
|
|
10
Broadcom
AVGO
$1.76T
| $83.4M | 4.34% |
5,367,000
-900,000
| -14% | -$13.7M |
|
|
CY
11
CALL
DELISTED
Cypress Semiconductor
CY
| $73.8M | 3.84% |
7,000,000
+400,000
| +6% | +$3.81M |
|
|
12
CALL
Franklin Resources
BEN
$17B
| $66.7M | 3.47% |
2,000,000
-1,000,000
| -33% | -$36.3M |
|
|
13
United Airlines
UAL
$37.5B
| $52.5M | 2.73% |
+1,279,253
| New | +$60.5M |
|
|
14
Sensata Technologies
ST
$6.55B
| $49.5M | 2.57% |
+1,417,462
| New | +$51.8M |
|
|
ISEE
15
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
| $17.9M | 0.93% |
+350,594
| New | +$17.4M |
|
|
LCAHU
16
DELISTED
Landcadia Holdings, Inc. Unit
LCAHU
| $10M | 0.52% |
+1,000,000
| New | +$10M |
|
|
S
17
DELISTED
Sprint Corporation
S
| $9.06M | 0.47% |
+2,000,000
| New | +$7.41M |
|
18
Coca-Cola Europacific Partners
CCEP
$46.5B
| $8.92M | 0.46% |
+250,000
| New | +$11.8M |
|
|
AGN.PRA
19
DELISTED
Allergan plc
AGN.PRA
| $6.25M | 0.33% |
7,500
| – | – |
|
20
Delta Air Lines
DAL
$55.4B
| $6.01M | 0.31% |
+165,000
| New | +$7.02M |
|
21
PUT
Apple
AAPL
$4.9T
| – | – |
-1,920,000
| Closed | -$52.3M |
|
|
22
Aramark
ARMK
$14.9B
| – | – |
-2,087,888
| Closed | -$49.9M |
|
|
23
Franklin Resources
BEN
$17B
| – | – |
-1,663,200
| Closed | -$60.4M |
|
|
24
Cadence Design Systems
CDNS
$91B
| – | – |
-3,402,871
| Closed | -$80.2M |
|
|
25
CALL
Intercontinental Exchange
ICE
$79B
| – | – |
-1,000,000
| Closed | -$47M |
|
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Three Bays Capital's Q2 2016 Portfolio in Review
As of Q2 2016, Three Bays Capital held 30 positions worth $1.92B, up 24% from $1.55B the previous quarter. Its ten largest holdings account for 84% of the portfolio.
Three Bays Capital deployed $338M of net new capital in Q2 2016, opening 11 new positions and adding to 3 existing holdings. Its largest new stake was United Airlines: 1,279,253 shares worth $52.5M.
By sector, the portfolio is most concentrated in Technology at 16% of assets, down from 20% a quarter earlier, followed by Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was Intercontinental Exchange, an estimated $61.3M trimmed.
- Three Bays Capital's largest Q2 2016 buy was United Airlines: 1,279,253 shares worth $52.5M.
- Three Bays Capital added most to Allergan plc in Q2 2016, an estimated $48.3M increase.
- Three Bays Capital's biggest Q2 2016 reduction was Intercontinental Exchange, cutting an estimated $61.3M.
- Three Bays Capital fully exited Cheniere Energy in Q2 2016, selling an estimated $83M.
- Three Bays Capital's ten largest holdings make up 84% of its $1.92B portfolio in Q2 2016.
- Three Bays Capital opened 11 new positions and closed 10 in Q2 2016.
- Three Bays Capital's portfolio value rose 24% quarter-over-quarter to $1.92B.
Based on Three Bays Capital's 13F filing for Q2 2016, filed 15 Aug 2016.