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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
+14.51%
1 Year Est. Return
+7.41%
3 Year Est. Return
+63.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.51B
AUM Growth
-$415M
(-22%)
Cap. Flow
-$606M
Cap. Flow
% of AUM
-40.28%
Top 10 Holdings %
Top 10 Hldgs %
82.29%
Holding
23
New
3
Increased
4
Reduced
6
Closed
6
Top Buys
| 1 |
YHOO
Yahoo Inc
YHOO
|
+$99.5M |
| 2 |
IMS
IMS HEALTH HLDGS INC COM STK (DE)
IMS
|
+$31M |
| 3 |
IQVIA
IQV
|
+$31M |
| 4 |
ISEE
IVERIC bio, Inc. Common Stock
ISEE
|
+$27.9M |
| 5 |
Sensata Technologies
ST
|
+$14.1M |
Top Sells
| 1 |
Williams Companies
WMB
|
+$98.3M |
| 2 |
AGN
Allergan plc
AGN
|
+$95.2M |
| 3 |
Churchill Downs
CHDN
|
+$41.7M |
| 4 |
CY
Cypress Semiconductor
CY
|
+$40.4M |
| 5 |
S
Sprint Corporation
S
|
+$9.06M |
Sector Composition
| 1 | Technology | 23.26% |
| 2 | Consumer Discretionary | 12.95% |
| 3 | Energy | 9.82% |
| 4 | Healthcare | 7.34% |
| 5 | Financials | 6.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Churchill Downs
CHDN
$5.85B
| $195M | 12.95% |
7,992,372
-1,769,808
| -18% | -$41.7M |
|
2
PUT
VanEck Semiconductor ETF
SMH
$67.5B
| $174M | 11.53% |
5,000,000
-3,800,000
| -43% | -$122M |
|
3
PUT
iShares US Real Estate ETF
IYR
$4.83B
| $161M | 10.71% |
2,000,000
-1,800,000
| -47% | -$149M |
|
|
CY
4
DELISTED
Cypress Semiconductor
CY
| $150M | 9.96% |
12,331,262
-3,531,512
| -22% | -$40.4M |
|
|
YHOO
5
DELISTED
Yahoo Inc
YHOO
| $105M | 6.95% |
+2,427,000
| New | +$99.5M |
|
6
CALL
Broadcom
AVGO
$1.76T
| $104M | 6.87% |
6,000,000
| – | – |
|
7
Intercontinental Exchange
ICE
$79B
| $98.9M | 6.57% |
1,836,730
| – | – |
|
|
8
Broadcom
AVGO
$1.76T
| $97.7M | 6.49% |
5,663,500
+296,500
| +6% | +$4.96M |
|
|
CY
9
CALL
DELISTED
Cypress Semiconductor
CY
| $85.1M | 5.65% |
7,000,000
| – | – |
|
10
United Airlines
UAL
$37.5B
| $69.4M | 4.61% |
1,323,500
+44,247
| +3% | +$2.13M |
|
|
11
Sensata Technologies
ST
$6.55B
| $69.4M | 4.61% |
1,789,562
+372,100
| +26% | +$14.1M |
|
|
12
Williams Companies
WMB
$89.7B
| $43.2M | 2.87% |
1,406,415
-3,705,167
| -72% | -$98.3M |
|
|
ISEE
13
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
| $39M | 2.59% |
846,007
+495,413
| +141% | +$27.9M |
|
|
AGN
14
DELISTED
Allergan plc
AGN
| $38.3M | 2.54% |
166,397
-389,383
| -70% | -$95.2M |
|
|
IMS
15
DELISTED
IMS HEALTH HLDGS INC COM STK (DE)
IMS
| $33.3M | 2.21% |
+1,061,000
| New | +$31M |
|
|
16
IQVIA
IQV
$34.4B
| $33.2M | 2.2% |
+409,000
| New | +$31M |
|
|
LCAHU
17
DELISTED
Landcadia Holdings, Inc. Unit
LCAHU
| $10.3M | 0.68% |
1,000,000
| – | – |
|
18
CALL
Franklin Resources
BEN
$17B
| – | – |
-2,000,000
| Closed | -$66.7M |
|
19
Coca-Cola Europacific Partners
CCEP
$46.5B
| – | – |
-250,000
| Closed | -$8.92M |
|
20
Delta Air Lines
DAL
$55.4B
| – | – |
-165,000
| Closed | -$6.01M |
|
21
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$774B
| – | – |
-830,000
| Closed | -$174M |
|
|
S
22
DELISTED
Sprint Corporation
S
| – | – |
-2,000,000
| Closed | -$9.06M |
|
|
AGN.PRA
23
DELISTED
Allergan plc
AGN.PRA
| – | – |
-7,500
| Closed | -$6.25M |
|
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Three Bays Capital's Q3 2016 Portfolio in Review
As of Q3 2016, Three Bays Capital held 23 positions worth $1.51B, down 22% from $1.92B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Three Bays Capital withdrew a net $606M in Q3 2016, closing 6 positions and reducing 6 holdings. Its most notable exit was Sprint Corporation, an estimated $9.06M position sold in full.
By sector, the portfolio is most concentrated in Technology at 23% of assets, up from 16% a quarter earlier, followed by Consumer Discretionary and Energy.
Against the trend, Three Bays Capital opened a new position in Yahoo Inc worth $105M.
- Three Bays Capital's largest Q3 2016 buy was Yahoo Inc: 2,427,000 shares worth $105M.
- Three Bays Capital added most to IVERIC bio, Inc. Common Stock in Q3 2016, an estimated $27.9M increase.
- Three Bays Capital's biggest Q3 2016 reduction was Williams Companies, cutting an estimated $98.3M.
- Three Bays Capital fully exited Sprint Corporation in Q3 2016, selling an estimated $9.06M.
- Three Bays Capital's ten largest holdings make up 82% of its $1.51B portfolio in Q3 2016.
- Three Bays Capital opened 3 new positions and closed 6 in Q3 2016.
- Three Bays Capital's portfolio value fell 22% quarter-over-quarter to $1.51B.
Based on Three Bays Capital's 13F filing for Q3 2016, filed 14 Nov 2016.