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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
Cap. Flow
-$162M
Cap. Flow %
-8.43%
Top 10 Hldgs %
84.35%
Holding
30
New
11
Increased
3
Reduced
4
Closed
10

Top Buys

Rank Stock Value
1
UAL icon
United Airlines
UAL
+$60.5M
2
ST icon
Sensata Technologies
ST
+$51.8M
3
AGN
Allergan plc
AGN
+$48.3M
4
CHDN icon
Churchill Downs
CHDN
+$33.7M
5
ISEE
IVERIC bio, Inc. Common Stock
ISEE
+$17.4M

Top Sells

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$83M
2
CDNS icon
Cadence Design Systems
CDNS
+$80.2M
3
ICE icon
Intercontinental Exchange
ICE
+$61.3M
4
BEN icon
Franklin Templeton
BEN
+$60.4M
5
ARMK icon
Aramark
ARMK
+$49.9M

Sector Composition

Rank Sector Weight
1 Miscellaneous 51.42%
2 Technology 15.63%
3 Consumer Discretionary 10.7%
4 Healthcare 7.62%
5 Energy 5.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IYR icon
1
PUT
iShares US Real Estate ETF
IYR
$4.44B
$313M 16.3%
+3,800,000
New +$298M
SMH icon
2
PUT
VanEck Semiconductor ETF
SMH
$69.5B
$251M 13.06%
+8,800,000
New +$241M
CHDN icon
3
Churchill Downs
CHDN
$6.07B
$206M 10.7%
9,762,180
+1,527,864
+19% +$33.7M
SPY icon
4
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$815B
$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
WMB icon
7
Williams Companies
WMB
$90.7B
$111M 5.76%
5,111,582
-461,800
-8% -$9.27M
ICE icon
8
Intercontinental Exchange
ICE
$90.5B
$94M 4.89%
1,836,730
-1,214,500
-40% -$61.3M
AVGO icon
9
CALL
Broadcom
AVGO
$1.7T
$93.2M 4.85%
+6,000,000
New +$91.4M
AVGO icon
10
Broadcom
AVGO
$1.7T
$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
BEN icon
12
CALL
Franklin Templeton
BEN
$17.6B
$66.7M 3.47%
2,000,000
-1,000,000
-33% -$36.3M
UAL icon
13
United Airlines
UAL
$36.2B
$52.5M 2.73%
+1,279,253
New +$60.5M
ST icon
14
Sensata Technologies
ST
$6.27B
$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
CCEP icon
18
Coca-Cola Europacific Partners
CCEP
$46.7B
$8.92M 0.46%
+250,000
New +$11.8M
AGN.PRA
19
DELISTED
Allergan plc
AGN.PRA
$6.25M 0.33%
7,500
– –
DAL icon
20
Delta Air Lines
DAL
$52.7B
$6.01M 0.31%
+165,000
New +$7.02M
AAPL icon
21
PUT
Apple
AAPL
$4.67T
– –
-1,920,000
Closed -$52.3M
ARMK icon
22
Aramark
ARMK
$15B
– –
-2,087,888
Closed -$49.9M
BEN icon
23
Franklin Templeton
BEN
$17.6B
– –
-1,663,200
Closed -$60.4M
CDNS icon
24
Cadence Design Systems
CDNS
$80.6B
– –
-3,402,871
Closed -$80.2M
ICE icon
25
CALL
Intercontinental Exchange
ICE
$90.5B
– –
-1,000,000
Closed -$47M
1
2

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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 withdrew a net $162M in Q2 2016, closing 10 positions and reducing 4 holdings. Its most notable exit was Cheniere Energy, an estimated $83M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 51% of assets, up from 29% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, Three Bays Capital opened a new position in United Airlines worth $52.5M.

  • 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.