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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
+6.03%
1 Year Est. Return
+7.41%
3 Year Est. Return
+63.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.34B
AUM Growth
+$89.1M
(+7.1%)
Cap. Flow
+$17.3M
Cap. Flow
% of AUM
1.29%
Top 10 Holdings %
Top 10 Hldgs %
81.11%
Holding
23
New
4
Increased
7
Reduced
6
Closed
6
Top Buys
| 1 |
Red Rock Resorts
RRR
|
+$50.7M |
| 2 |
HAWK
Blackhawk Network Holdings, Inc. Common Stock
HAWK
|
+$44.5M |
| 3 |
SUM
Summit Materials, Inc. Class A Common Stock
SUM
|
+$32.5M |
| 4 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$19.7M |
| 5 |
APC
Anadarko Petroleum
APC
|
+$17.6M |
Top Sells
| 1 |
Churchill Downs
CHDN
|
+$55.2M |
| 2 |
Boyd Gaming
BYD
|
+$40.6M |
| 3 |
DXC Technology
DXC
|
+$40.5M |
| 4 |
OPTU
Optimum Communications Inc
OPTU
|
+$32.3M |
| 5 |
Caesars Entertainment
CZR
|
+$22M |
Sector Composition
| 1 | Consumer Discretionary | 21.64% |
| 2 | Healthcare | 10.44% |
| 3 | Financials | 9.88% |
| 4 | Materials | 8.9% |
| 5 | Communication Services | 8.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$82.2B
| $222M | 16.53% |
1,500,000
+500,000
| +50% | +$70.4M |
|
|
2
Churchill Downs
CHDN
$5.85B
| $206M | 15.34% |
6,000,000
-1,725,258
| -22% | -$55.2M |
|
|
SUM
3
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
| $120M | 8.9% |
3,854,806
+1,145,242
| +42% | +$32.5M |
|
4
Peabody Energy
BTU
$2.73B
| $87.4M | 6.5% |
3,011,119
-508,174
| -14% | -$14.3M |
|
5
IQVIA
IQV
$34.4B
| $86.8M | 6.46% |
913,324
-153,500
| -14% | -$14.2M |
|
|
6
Red Rock Resorts
RRR
$3.79B
| $84.8M | 6.31% |
3,662,967
+2,192,967
| +149% | +$50.7M |
|
7
Sinclair Inc
SBGI
$997M
| $77.9M | 5.79% |
2,429,834
-392,946
| -14% | -$12.3M |
|
8
CALL
Charter Communications
CHTR
$16.2B
| $72.7M | 5.41% |
+200,000
| New | +$74.4M |
|
9
Intercontinental Exchange
ICE
$79B
| $66.6M | 4.95% |
969,730
-89,100
| -8% | -$5.87M |
|
|
HAWK
10
DELISTED
Blackhawk Network Holdings, Inc. Common Stock
HAWK
| $66.2M | 4.92% |
1,510,694
+1,019,694
| +208% | +$44.5M |
|
|
ZAYO
11
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $59.5M | 4.43% |
1,728,576
-211,181
| -11% | -$7.01M |
|
|
MDCO
12
DELISTED
Medicines Co
MDCO
| $58.4M | 4.34% |
1,576,403
+113,000
| +8% | +$4.17M |
|
13
HCA Healthcare
HCA
$82.3B
| $53.5M | 3.98% |
672,500
+40,000
| +6% | +$3.22M |
|
14
Liberty Media Series C
FWONK
$25.6B
| $32.7M | 2.43% |
887,777
+277,190
| +45% | +$9.69M |
|
|
PXD
15
DELISTED
Pioneer Natural Resource Co.
PXD
| $20.2M | 1.5% |
+137,000
| New | +$19.7M |
|
|
APC
16
DELISTED
Anadarko Petroleum
APC
| $19.5M | 1.45% |
+400,000
| New | +$17.6M |
|
|
ADSW
17
DELISTED
Advanced Disposal Services Inc
ADSW
| $10.2M | 0.76% |
+403,484
| New | +$9.56M |
|
|
OPTU
18
Optimum Communications Inc
OPTU
$337M
| – | – |
-1,000,000
| Closed | -$32.3M |
|
|
19
Boyd Gaming
BYD
$6.52B
| – | – |
-1,637,162
| Closed | -$40.6M |
|
|
20
Caesars Entertainment
CZR
$6.08B
| – | – |
-1,100,000
| Closed | -$22M |
|
|
21
DXC Technology
DXC
$1.53B
| – | – |
-610,715
| Closed | -$40.5M |
|
22
PUT
VanEck Semiconductor ETF
SMH
$67.5B
| – | – |
-1,700,000
| Closed | -$69.6M |
|
|
LCAHU
23
DELISTED
Landcadia Holdings, Inc. Unit
LCAHU
| – | – |
-470,488
| Closed | -$5.08M |
|
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Three Bays Capital's Q3 2017 Portfolio in Review
As of Q3 2017, Three Bays Capital held 23 positions worth $1.34B, up 7.1% from $1.26B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Three Bays Capital's Q3 2017 filing shows 4 new, 7 increased, 6 reduced and 6 closed positions. Its largest new stake was Pioneer Natural Resource Co.: 137,000 shares worth $20.2M. The largest sale was Churchill Downs, an estimated $55.2M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, down from 27% a quarter earlier, followed by Healthcare and Financials.
- Three Bays Capital's largest Q3 2017 buy was Pioneer Natural Resource Co.: 137,000 shares worth $20.2M.
- Three Bays Capital added most to Red Rock Resorts in Q3 2017, an estimated $50.7M increase.
- Three Bays Capital's biggest Q3 2017 reduction was Churchill Downs, cutting an estimated $55.2M.
- Three Bays Capital fully exited Boyd Gaming in Q3 2017, selling an estimated $40.6M.
- Three Bays Capital's ten largest holdings make up 81% of its $1.34B portfolio in Q3 2017.
- Three Bays Capital opened 4 new positions and closed 6 in Q3 2017.
- Three Bays Capital's portfolio value rose 7.1% quarter-over-quarter to $1.34B.
Based on Three Bays Capital's 13F filing for Q3 2017, filed 14 Nov 2017.