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TFMS

Trust & Fiduciary Management Services Portfolio holdings

AUM $126M
1-Year Est. Return 9.97%
This Fund
S&P 500
This Quarter Est. Return
-9.18%
1 Year Est. Return
-9.97%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$132M
AUM Growth
-$75.7M
Cap. Flow
-$58.7M
Cap. Flow %
-44.5%
Top 10 Hldgs %
44.88%
Holding
46
New
4
Increased
4
Reduced
33
Closed
5

Top Buys

Rank Stock Value
1
FUN icon
Cedar Fair
FUN
+$2.79M
2
FSK icon
FS KKR Capital
FSK
+$2.72M
3
FTR
Frontier Communications Corp.
FTR
+$876K
4
FPF
First Trust Intermediate Duration Preferred & Income Fund
FPF
+$843K
5
JPC icon
Nuveen Preferred & Income Opportunities Fund
JPC
+$694K

Top Sells

Rank Stock Value
1
NRF
NorthStar Realty Finance Corp.
NRF
+$5.13M
2
VNR
Vanguard Natural Resources, LLC
VNR
+$4.67M
3
MEMP
Memorial Production Partners LP Common Units
MEMP
+$4.1M
4
BPT
BP Prudhoe Bay Royalty Trust
BPT
+$3.52M
5
KKR icon
KKR & Co
KKR
+$2.66M

Sector Composition

Rank Sector Weight
1 Real Estate 29.07%
2 Financials 17.66%
3 Energy 8.32%
4 Industrials 7.97%
5 Materials 6.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NRF
26
DELISTED
NorthStar Realty Finance Corp.
NRF
$2.49M 1.89%
100,917
-172,372
-63% -$5.13M
EHI
27
Western Asset Global High Income Fund
EHI
$178M
$2.38M 1.8%
264,734
-100,807
-28% -$981K
HYT icon
28
BlackRock Corporate High Yield Fund
HYT
$1.37B
$2.26M 1.71%
228,823
-88,113
-28% -$909K
NMM icon
29
Navios Maritime Partners
NMM
$2.24B
$2.14M 1.62%
19,578
-7,208
-27% -$1M
OCSL icon
30
Oaktree Specialty Lending
OCSL
$1.12B
$2M 1.51%
107,832
-38,527
-26% -$742K
UAN icon
31
CVR Partners
UAN
$1.24B
$1.99M 1.51%
21,295
-8,695
-29% -$997K
HCF
32
DELISTED
NEXPOINT CREDIT STRATEGIES FUND
HCF
$1.85M 1.4%
322,785
-124,330
-28% -$711K
ACP
33
abrdn Income Credit Strategies Fund
ACP
$637M
$1.62M 1.23%
130,241
-40,214
-24% -$532K
VTA
34
DELISTED
INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
VTA
$1.52M 1.15%
144,056
-54,942
-28% -$619K
DHC
35
Diversified Healthcare Trust
DHC
$2.04B
$1.44M 1.09%
89,454
-128,621
-59% -$2.13M
STAG icon
36
STAG Industrial
STAG
$7.09B
$1.43M 1.09%
78,721
-130,399
-62% -$2.46M
PFX icon
37
PhenixFIN
PFX
$89.6M
$1.35M 1.02%
9,079
-3,185
-26% -$542K
EMD
38
DELISTED
Western Asset Emerging Markets
EMD
$1.35M 1.02%
141,187
-59,866
-30% -$608K
STB
39
DELISTED
Student Transportation Inc
STB
$1.08M 0.82%
265,972
-113,183
-30% -$478K
OIA icon
40
Invesco Municipal Income Opportunities Trust
OIA
$290M
$510K 0.39%
+75,415
New +$507K
PMM
41
Franklin Managed Municipal Income Trust
PMM
$272M
$282K 0.21%
+39,470
New +$280K
BPT
42
DELISTED
BP Prudhoe Bay Royalty Trust
BPT
– –
-57,072
Closed -$3.52M
EDF
43
Virtus Stone Harbor Emerging Markets Income Fund
EDF
$170M
– –
-129,400
Closed -$1.95M
WSR
44
DELISTED
Whitestone REIT
WSR
– –
-151,854
Closed -$1.98M
MEMP
45
DELISTED
Memorial Production Partners LP Common Units
MEMP
– –
-276,144
Closed -$4.1M
VNR
46
DELISTED
Vanguard Natural Resources, LLC
VNR
– –
-312,803
Closed -$4.67M
1
2

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CCM
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RCM
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AIM
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SGH
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THP
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SPC
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QA
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Trust & Fiduciary Management Services's Q3 2015 Portfolio in Review

As of Q3 2015, Trust & Fiduciary Management Services held 46 positions worth $132M, down 36% from $208M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Trust & Fiduciary Management Services withdrew a net $58.7M in Q3 2015, closing 5 positions and reducing 33 holdings. Its most notable exit was Vanguard Natural Resources, LLC, an estimated $4.67M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 29% of assets, down from 31% a quarter earlier, followed by Financials and Energy.

Against the trend, Trust & Fiduciary Management Services opened a new position in Cedar Fair worth $2.71M.

  • Trust & Fiduciary Management Services's largest Q3 2015 buy was Cedar Fair: 51,408 shares worth $2.71M.
  • Trust & Fiduciary Management Services added most to Frontier Communications Corp. in Q3 2015, an estimated $876K increase.
  • Trust & Fiduciary Management Services's biggest Q3 2015 reduction was NorthStar Realty Finance Corp., cutting an estimated $5.13M.
  • Trust & Fiduciary Management Services fully exited Vanguard Natural Resources, LLC in Q3 2015, selling an estimated $4.67M.
  • Trust & Fiduciary Management Services's ten largest holdings make up 45% of its $132M portfolio in Q3 2015.
  • Trust & Fiduciary Management Services opened 4 new positions and closed 5 in Q3 2015.
  • Trust & Fiduciary Management Services's portfolio value fell 36% quarter-over-quarter to $132M.

Based on Trust & Fiduciary Management Services's 13F filing for Q3 2015, filed 12 Nov 2015.