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VM

Varde Management Portfolio holdings

AUM $49.3M
1-Year Est. Return 87.64%
This Fund
S&P 500
This Quarter Est. Return
-4.62%
1 Year Est. Return
+87.64%
3 Year Est. Return
+108.1%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$106M
AUM Growth
+$990K
Cap. Flow
+$6.17M
Cap. Flow %
5.84%
Top 10 Hldgs %
99.95%
Holding
15
New
2
Increased
1
Reduced
2
Closed
4

Top Buys

Rank Stock Value
1
ALLY icon
Ally Financial
ALLY
+$23.7M
2
RBS.PRL.CL
Royal Bank Of Scotland Group Plc
RBS.PRL.CL
+$18.4M
3
AAL icon
American Airlines Group
AAL
+$62.7K

Top Sells

Rank Stock Value
1
RBS.PRN
ROYAL BK SCOTLAND GROUP PLC ADR RPTNG PFD SHRS SER N (UK)
RBS.PRN
+$12.8M
2
OCSL icon
Oaktree Specialty Lending
OCSL
+$10.2M
3
MFIC icon
MidCap Financial Investment
MFIC
+$10.1M
4
SLRC icon
SLR Investment Corp
SLRC
+$1.38M
5
RBS.PRP
Royal Bank of Scotland Group Plc (The) ADR representing Pref
RBS.PRP
+$782K

Sector Composition

Rank Sector Weight
1 Financials 58.73%
2 Industrials 0.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RBS.PRL.CL
1
DELISTED
Royal Bank Of Scotland Group Plc
RBS.PRL.CL
$30.6M 28.99%
1,320,919
+794,755
+151% +$18.4M
ALLY icon
2
Ally Financial
ALLY
$13.4B
$22.9M 21.72%
+990,927
New +$23.7M
PSEC icon
3
Prospect Capital
PSEC
$1.15B
$14.4M 13.6%
1,450,000
– –
PFX icon
4
PhenixFIN
PFX
$89.6M
$10.1M 9.57%
42,798
– –
ARCC icon
5
Ares Capital
ARCC
$14.3B
$9.7M 9.18%
600,000
– –
FCRD
6
DELISTED
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
$5.1M 4.83%
395,601
-54,220
-12% -$740K
SLRC icon
7
SLR Investment Corp
SLRC
$703M
$4.92M 4.66%
263,614
-68,486
-21% -$1.38M
COB
8
DELISTED
CommunityOne Bancorp
COB
$4.11M 3.89%
465,503
– –
RBS.PRR
9
DELISTED
Royal Bank of Scotland Group Plc (The) ADR repstg USD Pfd Sh
RBS.PRR
$3.1M 2.94%
130,254
– –
ACI
10
PUT
DELISTED
ARCH COAL, INC.
ACI
$599K 0.57%
465
– –
AAL icon
11
American Airlines Group
AAL
$10.1B
$56K 0.05%
+1,593
New +$62.7K
MFIC icon
12
MidCap Financial Investment
MFIC
$790M
– –
-391,667
Closed -$10.1M
OCSL icon
13
Oaktree Specialty Lending
OCSL
$1.12B
– –
-345,018
Closed -$10.2M
RBS.PRN
14
DELISTED
ROYAL BK SCOTLAND GROUP PLC ADR RPTNG PFD SHRS SER N (UK)
RBS.PRN
– –
-533,000
Closed -$12.8M
RBS.PRP
15
DELISTED
Royal Bank of Scotland Group Plc (The) ADR representing Pref
RBS.PRP
– –
-33,000
Closed -$782K

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Varde Management's Q3 2014 Portfolio in Review

As of Q3 2014, Varde Management held 15 positions worth $106M, up 0.95% from $105M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Varde Management deployed $6.17M of net new capital in Q3 2014, opening 2 new positions and adding to 1 existing holding. Its largest new stake was Ally Financial: 990,927 shares worth $22.9M.

By sector, the portfolio is most concentrated in Financials at 59% of assets, down from 62% a quarter earlier, followed by Industrials.

On the sell side, the largest reduction was SLR Investment Corp, an estimated $1.38M trimmed.

  • Varde Management's largest Q3 2014 buy was Ally Financial: 990,927 shares worth $22.9M.
  • Varde Management added most to Royal Bank Of Scotland Group Plc in Q3 2014, an estimated $18.4M increase.
  • Varde Management's biggest Q3 2014 reduction was SLR Investment Corp, cutting an estimated $1.38M.
  • Varde Management fully exited ROYAL BK SCOTLAND GROUP PLC ADR RPTNG PFD SHRS SER N (UK) in Q3 2014, selling an estimated $12.8M.
  • Varde Management's ten largest holdings make up 100% of its $106M portfolio in Q3 2014.
  • Varde Management opened 2 new positions and closed 4 in Q3 2014.
  • Varde Management's portfolio value rose 0.95% quarter-over-quarter to $106M.

Based on Varde Management's 13F filing for Q3 2014, filed 6 Nov 2014.