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VM

Varde Management Portfolio holdings

AUM $68.4M
1-Year Est. Return 187.6%
This Fund
S&P 500
This Quarter Est. Return
+3.51%
1 Year Est. Return
+187.6%
3 Year Est. Return
+148.6%
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
Avg Time Held Equity + Options
1.4 quarters
Top 10 Avg Time Held Equity + Options
1.2 quarters
Top 20 Avg Time Held Equity + Options
1.4 quarters
Avg Time Held Equity only
1.3 quarters
Top 10 Avg Time Held Equity only
1.3 quarters
Top 20 Avg Time Held Equity only
1.3 quarters

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 Miscellaneous 61.17%
2 Financials 38.83%
3 Industrials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
RBS.PRL.CL
1
DELISTED
Royal Bank Of Scotland Group Plc
RBS.PRL.CL
$31.1M 42.02%
1,320,919
– –
2014 Q2
2 quarters
ALLY icon
2
Ally Financial
ALLY
$11.4B
$23.4M 31.63%
990,927
– –
2014 Q3
1 quarter
COB
3
DELISTED
CommunityOne Bancorp
COB
$5.33M 7.2%
465,503
– –
2014 Q2
2 quarters
ACI
4
PUT
DELISTED
ARCH COAL, INC.
ACI
$781K 1.06%
465
– –
2014 Q2
2 quarters
AAL icon
5
American Airlines Group
AAL
$8.45B
– –
-1,593
Closed -$56K –
ARCC icon
6
Ares Capital
ARCC
$13.3B
– –
-600,000
Closed -$9.7M –
PFX icon
7
PhenixFIN
PFX
$86.8M
– –
-42,798
Closed -$10.1M –
PSEC icon
8
Prospect Capital
PSEC
$918M
– –
-1,450,000
Closed -$14.4M –
SLRC icon
9
SLR Investment Corp
SLRC
$620M
– –
-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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CAS
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AIS
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CCM
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SAMC
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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 Miscellaneous at 61% of assets, up from 32% a quarter earlier, followed by Financials and 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.