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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
+3.51%
1 Year Est. Return
+87.64%
3 Year Est. Return
+108.1%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$74M
AUM Growth
-$31.6M
Cap. Flow
-$47.3M
Cap. Flow %
-63.98%
Top 10 Hldgs %
100%
Holding
12
New
–
Increased
–
Reduced
–
Closed
7

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
PSEC icon
Prospect Capital
PSEC
+$14.4M
2
PFX icon
PhenixFIN
PFX
+$10.1M
3
ARCC icon
Ares Capital
ARCC
+$9.7M
4
FCRD
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
+$5.1M
5
SLRC icon
SLR Investment Corp
SLRC
+$4.92M

Sector Composition

Rank Sector Weight
1 Financials 31.63%
2 Industrials 0%
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
$31.1M 42.02%
1,320,919
– –
ALLY icon
2
Ally Financial
ALLY
$13.3B
$23.4M 31.63%
990,927
– –
COB
3
DELISTED
CommunityOne Bancorp
COB
$5.33M 7.2%
465,503
– –
ACI
4
PUT
DELISTED
ARCH COAL, INC.
ACI
$781K 1.06%
465
– –
AAL icon
5
American Airlines Group
AAL
$9.93B
– –
-1,593
Closed -$56K
ARCC icon
6
Ares Capital
ARCC
$14.3B
– –
-600,000
Closed -$9.7M
PFX icon
7
PhenixFIN
PFX
$89.6M
– –
-42,798
Closed -$10.1M
PSEC icon
8
Prospect Capital
PSEC
$1.15B
– –
-1,450,000
Closed -$14.4M
SLRC icon
9
SLR Investment Corp
SLRC
$708M
– –
-263,614
Closed -$4.92M
FCRD
10
DELISTED
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
– –
-395,601
Closed -$5.1M
RBS.PRR
11
DELISTED
Royal Bank of Scotland Group Plc (The) ADR repstg USD Pfd Sh
RBS.PRR
– –
-130,254
Closed -$3.1M

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Varde Management's Q4 2014 Portfolio in Review

As of Q4 2014, Varde Management held 12 positions worth $74M, down 30% from $106M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Varde Management withdrew a net $47.3M in Q4 2014, closing 7 positions. Its most notable exit was Prospect Capital, an estimated $14.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 32% of assets, down from 59% a quarter earlier, followed by Industrials.

  • Varde Management fully exited Prospect Capital in Q4 2014, selling an estimated $14.4M.
  • Varde Management's ten largest holdings make up 100% of its $74M portfolio in Q4 2014.
  • Varde Management opened 0 new positions and closed 7 in Q4 2014.
  • Varde Management's portfolio value fell 30% quarter-over-quarter to $74M.

Based on Varde Management's 13F filing for Q4 2014, filed 5 Feb 2015.