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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
-2.61%
1 Year Est. Return
+7.41%
3 Year Est. Return
+63.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.44B
AUM Growth
-$334M
(-19%)
Cap. Flow
-$297M
Cap. Flow
% of AUM
-20.59%
Top 10 Holdings %
Top 10 Hldgs %
79.92%
Holding
34
New
10
Increased
6
Reduced
4
Closed
13
Top Buys
| 1 |
ILG
ILG, Inc Common Stock
ILG
|
+$81M |
| 2 |
Eagle Materials
EXP
|
+$78M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$54.7M |
| 4 |
Nexstar Media Group
NXST
|
+$46.5M |
| 5 |
VeriSign
VRSN
|
+$44M |
Top Sells
| 1 |
Churchill Downs
CHDN
|
+$135M |
| 2 |
HAWK
Blackhawk Network Holdings, Inc. Common Stock
HAWK
|
+$96.2M |
| 3 |
Peabody Energy
BTU
|
+$85.2M |
| 4 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$71.2M |
| 5 |
PE
PARSLEY ENERGY INC
PE
|
+$52.3M |
Sector Composition
| 1 | Communication Services | 15.64% |
| 2 | Materials | 10.75% |
| 3 | Healthcare | 7.89% |
| 4 | Technology | 7.44% |
| 5 | Industrials | 4.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
Invesco QQQ Trust
QQQ
$465B
| $516M | 35.73% |
+3,220,000
| New | +$532M |
|
2
Sinclair Inc
SBGI
$997M
| $109M | 7.58% |
3,492,536
+98,833
| +3% | +$3.51M |
|
|
ILG
3
DELISTED
ILG, Inc Common Stock
ILG
| $80.5M | 5.58% |
+2,588,504
| New | +$81M |
|
|
SUM
4
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
| $80.5M | 5.58% |
2,702,874
-1,421,286
| -34% | -$43.8M |
|
|
5
Eagle Materials
EXP
$6.36B
| $74.6M | 5.17% |
+723,802
| New | +$78M |
|
6
IQVIA
IQV
$34.4B
| $63.2M | 4.38% |
643,924
-102,900
| -14% | -$10.4M |
|
7
Broadcom
AVGO
$1.76T
| $62.4M | 4.32% |
2,646,500
+422,500
| +19% | +$10.6M |
|
8
Intercontinental Exchange
ICE
$79.1B
| $59M | 4.09% |
813,730
+154,000
| +23% | +$11.3M |
|
|
MDCO
9
DELISTED
Medicines Co
MDCO
| $57.1M | 3.96% |
1,734,492
-821,774
| -32% | -$25.7M |
|
|
10
Alphabet (Google) Class A
GOOGL
$4.21T
| $51.1M | 3.54% |
+986,000
| New | +$54.7M |
|
11
HCA Healthcare
HCA
$82.6B
| $50.7M | 3.51% |
522,277
+9,300
| +2% | +$902K |
|
|
12
Nexstar Media Group
NXST
$5.59B
| $48.8M | 3.38% |
733,193
+632,893
| +631% | +$46.5M |
|
|
13
VeriSign
VRSN
$25.2B
| $45M | 3.12% |
+379,600
| New | +$44M |
|
14
Coca-Cola Europacific Partners
CCEP
$46.4B
| $43.5M | 3.01% |
+1,044,015
| New | +$41.2M |
|
15
Brink's
BCO
$4.94B
| $33.6M | 2.33% |
+471,200
| New | +$36.2M |
|
|
ADSW
16
DELISTED
Advanced Disposal Services Inc
ADSW
| $26.7M | 1.85% |
+1,200,000
| New | +$27.8M |
|
17
Gray Television
GTN
$403M
| $16.5M | 1.14% |
1,297,790
+1,211,700
| +1,407% | +$18.3M |
|
18
British American Tobacco
BTI
$135B
| $9.52M | 0.66% |
165,000
| – | – |
|
19
Forestar Group
FOR
$1.52B
| $6.03M | 0.42% |
+285,000
| New | +$6.62M |
|
|
20
Churchill Downs
CHDN
$5.88B
| $5.83M | 0.4% |
143,340
-3,183,828
| -96% | -$135M |
|
|
MRNS
21
DELISTED
Marinus Pharmaceuticals, Inc
MRNS
| $3.61M | 0.25% |
+236,075
| New | +$5.62M |
|
|
OPTU
22
Optimum Communications Inc
OPTU
$333M
| – | – |
-1,253,400
| Closed | -$26.6M |
|
23
Bank of America
BAC
$428B
| – | – |
-1,371,000
| Closed | -$40.5M |
|
|
24
CALL
Peabody Energy
BTU
$2.73B
| – | – |
-500,000
| Closed | -$19.7M |
|
|
25
Peabody Energy
BTU
$2.73B
| – | – |
-2,165,196
| Closed | -$85.2M |
|
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Three Bays Capital's Q1 2018 Portfolio in Review
As of Q1 2018, Three Bays Capital held 34 positions worth $1.44B, down 19% from $1.78B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Three Bays Capital withdrew a net $297M in Q1 2018, closing 13 positions and reducing 4 holdings. Its most notable exit was Blackhawk Network Holdings, Inc. Common Stock, an estimated $96.2M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 16% of assets, up from 11% a quarter earlier, followed by Materials and Healthcare.
Against the trend, Three Bays Capital opened a new position in ILG, Inc Common Stock worth $80.5M.
- Three Bays Capital's largest Q1 2018 buy was ILG, Inc Common Stock: 2,588,504 shares worth $80.5M.
- Three Bays Capital added most to Nexstar Media Group in Q1 2018, an estimated $46.5M increase.
- Three Bays Capital's biggest Q1 2018 reduction was Churchill Downs, cutting an estimated $135M.
- Three Bays Capital fully exited Blackhawk Network Holdings, Inc. Common Stock in Q1 2018, selling an estimated $96.2M.
- Three Bays Capital's ten largest holdings make up 80% of its $1.44B portfolio in Q1 2018.
- Three Bays Capital opened 10 new positions and closed 13 in Q1 2018.
- Three Bays Capital's portfolio value fell 19% quarter-over-quarter to $1.44B.
Based on Three Bays Capital's 13F filing for Q1 2018, filed 15 May 2018.