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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
+6.64%
1 Year Est. Return
+7.41%
3 Year Est. Return
+63.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.78B
AUM Growth
+$432M
(+32%)
Cap. Flow
+$351M
Cap. Flow
% of AUM
19.75%
Top 10 Holdings %
Top 10 Hldgs %
81.68%
Holding
31
New
14
Increased
5
Reduced
5
Closed
7
Top Buys
| 1 |
Broadcom
AVGO
|
+$57.8M |
| 2 |
PE
PARSLEY ENERGY INC
PE
|
+$47.4M |
| 3 |
HAWK
Blackhawk Network Holdings, Inc. Common Stock
HAWK
|
+$42.8M |
| 4 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$42.4M |
| 5 |
JPMorgan Chase
JPM
|
+$38.5M |
Top Sells
| 1 |
Churchill Downs
CHDN
|
+$96.7M |
| 2 |
Red Rock Resorts
RRR
|
+$84.8M |
| 3 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$59.5M |
| 4 |
Liberty Media Series C
FWONK
|
+$32.7M |
| 5 |
Peabody Energy
BTU
|
+$27.5M |
Sector Composition
| 1 | Financials | 12.6% |
| 2 | Energy | 11.75% |
| 3 | Communication Services | 11.15% |
| 4 | Consumer Discretionary | 7.26% |
| 5 | Materials | 7.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$774B
| $614M | 34.54% |
+2,300,000
| New | +$598M |
|
|
2
Churchill Downs
CHDN
$5.85B
| $129M | 7.26% |
3,327,168
-2,672,832
| -45% | -$96.7M |
|
3
Sinclair Inc
SBGI
$997M
| $128M | 7.23% |
3,393,703
+963,869
| +40% | +$31.9M |
|
|
SUM
4
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
| $127M | 7.17% |
4,124,160
+269,354
| +7% | +$8.11M |
|
|
HAWK
5
DELISTED
Blackhawk Network Holdings, Inc. Common Stock
HAWK
| $96.2M | 5.41% |
2,699,129
+1,188,435
| +79% | +$42.8M |
|
|
6
Peabody Energy
BTU
$2.73B
| $85.2M | 4.8% |
2,165,196
-845,923
| -28% | -$27.5M |
|
7
IQVIA
IQV
$34.4B
| $73.1M | 4.11% |
746,824
-166,500
| -18% | -$16.9M |
|
|
PXD
8
DELISTED
Pioneer Natural Resource Co.
PXD
| $71.2M | 4.01% |
412,055
+275,055
| +201% | +$42.4M |
|
|
MDCO
9
DELISTED
Medicines Co
MDCO
| $69.9M | 3.93% |
2,556,266
+979,863
| +62% | +$30.2M |
|
|
10
Broadcom
AVGO
$1.76T
| $57.1M | 3.22% |
+2,224,000
| New | +$57.8M |
|
|
PE
11
DELISTED
PARSLEY ENERGY INC
PE
| $52.3M | 2.94% |
+1,775,000
| New | +$47.4M |
|
12
Intercontinental Exchange
ICE
$79B
| $46.6M | 2.62% |
659,730
-310,000
| -32% | -$21.3M |
|
13
HCA Healthcare
HCA
$82.3B
| $45.1M | 2.54% |
512,977
-159,523
| -24% | -$12.8M |
|
|
14
JPMorgan Chase
JPM
$907B
| $40.7M | 2.29% |
+380,600
| New | +$38.5M |
|
15
Bank of America
BAC
$430B
| $40.5M | 2.28% |
+1,371,000
| New | +$37.8M |
|
|
OPTU
16
Optimum Communications Inc
OPTU
$337M
| $26.6M | 1.5% |
+1,253,400
| New | +$27.8M |
|
|
17
CALL
Peabody Energy
BTU
$2.73B
| $19.7M | 1.11% |
+500,000
| New | +$16.2M |
|
18
Warner Bros
WBD
$67.4B
| $12.4M | 0.7% |
+555,000
| New | +$10.8M |
|
19
British American Tobacco
BTI
$136B
| $11.1M | 0.62% |
+165,000
| New | +$10.8M |
|
|
TFCFA
20
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $11.1M | 0.62% |
+320,000
| New | +$9.55M |
|
21
Nexstar Media Group
NXST
$5.61B
| $7.84M | 0.44% |
+100,300
| New | +$6.74M |
|
|
LGF.B
22
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
| $6.96M | 0.39% |
+219,391
| New | +$6.58M |
|
|
LGF.A
23
DELISTED
Lions Gate Entertainment Corp. Class A Voting Shares
LGF.A
| $3.38M | 0.19% |
+100,000
| New | +$3.14M |
|
24
Gray Television
GTN
$407M
| $1.44M | 0.08% |
+86,090
| New | +$1.35M |
|
25
CALL
Charter Communications
CHTR
$16.2B
| – | – |
-200,000
| Closed | -$72.7M |
|
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Three Bays Capital's Q4 2017 Portfolio in Review
As of Q4 2017, Three Bays Capital held 31 positions worth $1.78B, up 32% from $1.34B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Three Bays Capital deployed $351M of net new capital in Q4 2017, opening 14 new positions and adding to 5 existing holdings. Its largest new stake was Broadcom: 2,224,000 shares worth $57.1M.
By sector, the portfolio is most concentrated in Financials at 13% of assets, up from 9.9% a quarter earlier, followed by Energy and Communication Services.
On the sell side, the largest reduction was Churchill Downs, an estimated $96.7M trimmed.
- Three Bays Capital's largest Q4 2017 buy was Broadcom: 2,224,000 shares worth $57.1M.
- Three Bays Capital added most to Blackhawk Network Holdings, Inc. Common Stock in Q4 2017, an estimated $42.8M increase.
- Three Bays Capital's biggest Q4 2017 reduction was Churchill Downs, cutting an estimated $96.7M.
- Three Bays Capital fully exited Red Rock Resorts in Q4 2017, selling an estimated $84.8M.
- Three Bays Capital's ten largest holdings make up 82% of its $1.78B portfolio in Q4 2017.
- Three Bays Capital opened 14 new positions and closed 7 in Q4 2017.
- Three Bays Capital's portfolio value rose 32% quarter-over-quarter to $1.78B.
Based on Three Bays Capital's 13F filing for Q4 2017, filed 14 Feb 2018.