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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
Cap. Flow
+$31.7M
Cap. Flow %
1.78%
Top 10 Hldgs %
81.68%
Holding
31
New
14
Increased
5
Reduced
5
Closed
7

Top Buys

Rank Stock Value
1
AVGO icon
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
JPM icon
JPMorgan Chase
JPM
+$38.5M

Top Sells

Rank Stock Value
1
CHDN icon
Churchill Downs
CHDN
+$96.7M
2
RRR icon
Red Rock Resorts
RRR
+$84.8M
3
ZAYO
Zayo Group Holdings, Inc.
ZAYO
+$59.5M
4
FWONK icon
Liberty Media Series C
FWONK
+$32.7M
5
BTU icon
Peabody Energy
BTU
+$27.5M

Sector Composition

Rank Sector Weight
1 Miscellaneous 35.65%
2 Financials 12.6%
3 Energy 11.75%
4 Communication Services 11.15%
5 Healthcare 10.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$815B
$614M 34.54%
+2,300,000
New +$598M
CHDN icon
2
Churchill Downs
CHDN
$6.07B
$129M 7.26%
3,327,168
-2,672,832
-45% -$96.7M
SBGI icon
3
Sinclair Inc
SBGI
$999M
$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
BTU icon
6
Peabody Energy
BTU
$3.52B
$85.2M 4.8%
2,165,196
-845,923
-28% -$27.5M
IQV icon
7
IQVIA
IQV
$44.1B
$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
AVGO icon
10
Broadcom
AVGO
$1.7T
$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
ICE icon
12
Intercontinental Exchange
ICE
$90.5B
$46.6M 2.62%
659,730
-310,000
-32% -$21.3M
HCA icon
13
HCA Healthcare
HCA
$87.7B
$45.1M 2.54%
512,977
-159,523
-24% -$12.8M
JPM icon
14
JPMorgan Chase
JPM
$953B
$40.7M 2.29%
+380,600
New +$38.5M
BAC icon
15
Bank of America
BAC
$438B
$40.5M 2.28%
+1,371,000
New +$37.8M
OPTU
16
Optimum Communications Inc
OPTU
$401M
$26.6M 1.5%
+1,253,400
New +$27.8M
BTU icon
17
CALL
Peabody Energy
BTU
$3.52B
$19.7M 1.11%
+500,000
New +$16.2M
WBD icon
18
Warner Bros
WBD
$70.8B
$12.4M 0.7%
+555,000
New +$10.8M
BTI icon
19
British American Tobacco
BTI
$119B
$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
NXST icon
21
Nexstar Media Group
NXST
$5.45B
$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
GTN icon
24
Gray Television
GTN
$510M
$1.44M 0.08%
+86,090
New +$1.35M
CHTR icon
25
CALL
Charter Communications
CHTR
$18.1B
– –
-200,000
Closed -$72.7M
1
2

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GCM
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CCM
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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's Q4 2017 filing shows 14 new, 5 increased, 5 reduced and 7 closed positions. Its largest new stake was Broadcom: 2,224,000 shares worth $57.1M. The largest sale was Churchill Downs, an estimated $96.7M.

By sector, the portfolio is most concentrated in Miscellaneous at 36% of assets, up from 22% a quarter earlier, followed by Financials and Energy.

  • 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.