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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
+8.55%
1 Year Est. Return
+7.41%
3 Year Est. Return
+63.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.22B
AUM Growth
-$957M
(-44%)
Cap. Flow
-$1.01B
Cap. Flow
% of AUM
-83.09%
Top 10 Holdings %
Top 10 Hldgs %
82.78%
Holding
33
New
9
Increased
1
Reduced
7
Closed
16
Top Buys
| 1 |
Boyd Gaming
BYD
|
+$78.8M |
| 2 |
United Airlines
UAL
|
+$67.8M |
| 3 |
MDCO
Medicines Co
MDCO
|
+$62.2M |
| 4 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$48.5M |
| 5 |
NBIS
Nebius Group N.V.
NBIS
|
+$47.2M |
Top Sells
| 1 |
Hilton Worldwide
HLT
|
+$101M |
| 2 |
Amazon
AMZN
|
+$94.6M |
| 3 |
Bank of America
BAC
|
+$94.6M |
| 4 |
CY
Cypress Semiconductor
CY
|
+$60.8M |
| 5 |
Wells Fargo
WFC
|
+$57.2M |
Sector Composition
| 1 | Consumer Discretionary | 27.09% |
| 2 | Healthcare | 17.12% |
| 3 | Communication Services | 8.51% |
| 4 | Industrials | 5.43% |
| 5 | Financials | 4.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Churchill Downs
CHDN
$5.88B
| $241M | 19.73% |
9,094,776
-148,986
| -2% | -$3.72M |
|
2
PUT
iShares Russell 2000 ETF
IWM
$82B
| $151M | 12.39% |
+1,100,000
| New | +$150M |
|
3
IQVIA
IQV
$34.4B
| $101M | 8.29% |
1,255,824
-281,500
| -18% | -$22M |
|
4
CALL
State Street Financial Select Sector SPDR ETF
XLF
$54.7B
| $94.9M | 7.78% |
4,000,000
-2,000,000
| -33% | -$47.9M |
|
|
ZAYO
5
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $86.2M | 7.06% |
2,618,757
-74,243
| -3% | -$2.37M |
|
|
6
Boyd Gaming
BYD
$6.54B
| $85.3M | 6.99% |
+3,877,562
| New | +$78.8M |
|
|
MDCO
7
DELISTED
Medicines Co
MDCO
| $66.7M | 5.46% |
+1,363,529
| New | +$62.2M |
|
|
8
United Airlines
UAL
$37.6B
| $66.3M | 5.43% |
+937,900
| New | +$67.8M |
|
9
HCA Healthcare
HCA
$82.6B
| $61.2M | 5.01% |
687,500
+190,800
| +38% | +$15.9M |
|
10
Intercontinental Exchange
ICE
$79.1B
| $56.6M | 4.64% |
944,830
-272,500
| -22% | -$15.9M |
|
|
TRCO
11
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $53.4M | 4.38% |
+1,433,402
| New | +$48.5M |
|
|
CSC
12
DELISTED
Computer Sciences
CSC
| $47.3M | 3.88% |
685,300
-400,700
| -37% | -$26.6M |
|
13
Bristol-Myers Squibb
BMY
$124B
| $46.6M | 3.82% |
+856,400
| New | +$47M |
|
|
NBIS
14
Nebius Group N.V.
NBIS
$45.7B
| $45.4M | 3.72% |
+2,069,689
| New | +$47.2M |
|
|
LCAHU
15
DELISTED
Landcadia Holdings, Inc. Unit
LCAHU
| $7.97M | 0.65% |
745,136
-254,864
| -25% | -$2.71M |
|
16
Sinclair Inc
SBGI
$997M
| $5.02M | 0.41% |
+124,000
| New | +$4.57M |
|
17
GameStop
GME
$9.85B
| $4.5M | 0.37% |
+798,300
| New | +$4.88M |
|
|
18
Amazon
AMZN
$2.66T
| – | – |
-2,524,000
| Closed | -$94.6M |
|
19
CALL
Broadcom
AVGO
$1.76T
| – | – |
-6,000,000
| Closed | -$106M |
|
|
20
Broadcom
AVGO
$1.76T
| – | – |
-1,711,410
| Closed | -$30.3M |
|
|
21
Bank of America
BAC
$428B
| – | – |
-4,279,000
| Closed | -$94.6M |
|
22
WisdomTree Japan Hedged Equity Fund
DXJ
$7.04B
| – | – |
-586,000
| Closed | -$29M |
|
23
Expedia Group
EXPE
$32B
| – | – |
-176,000
| Closed | -$19.9M |
|
|
24
PUT
GameStop
GME
$9.85B
| – | – |
-1,600,000
| Closed | -$10.1M |
|
25
Alphabet (Google) Class A
GOOGL
$4.21T
| – | – |
-556,000
| Closed | -$22M |
|
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Three Bays Capital's Q1 2017 Portfolio in Review
As of Q1 2017, Three Bays Capital held 33 positions worth $1.22B, down 44% from $2.18B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Three Bays Capital withdrew a net $1.01B in Q1 2017, closing 16 positions and reducing 7 holdings. Its most notable exit was Hilton Worldwide, an estimated $101M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 27% of assets, up from 22% a quarter earlier, followed by Healthcare and Communication Services.
Against the trend, Three Bays Capital opened a new position in Boyd Gaming worth $85.3M.
- Three Bays Capital's largest Q1 2017 buy was Boyd Gaming: 3,877,562 shares worth $85.3M.
- Three Bays Capital added most to HCA Healthcare in Q1 2017, an estimated $15.9M increase.
- Three Bays Capital's biggest Q1 2017 reduction was Computer Sciences, cutting an estimated $26.6M.
- Three Bays Capital fully exited Hilton Worldwide in Q1 2017, selling an estimated $101M.
- Three Bays Capital's ten largest holdings make up 83% of its $1.22B portfolio in Q1 2017.
- Three Bays Capital opened 9 new positions and closed 16 in Q1 2017.
- Three Bays Capital's portfolio value fell 44% quarter-over-quarter to $1.22B.
Based on Three Bays Capital's 13F filing for Q1 2017, filed 15 May 2017.