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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
$242M
AUM Growth
-$105M
(-30%)
Cap. Flow
-$129M
Cap. Flow
% of AUM
-53.2%
Top 10 Holdings %
Top 10 Hldgs %
100%
Holding
16
New
5
Increased
–
Reduced
1
Closed
6
Avg Time Held Equity + Options
3.3
quarters
Top 10 Avg Time Held Equity + Options
2.3
quarters
Top 20 Avg Time Held Equity + Options
2.3
quarters
Avg Time Held Equity only
4.7
quarters
Top 10 Avg Time Held Equity only
3.3
quarters
Top 20 Avg Time Held Equity only
3.3
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Seadrill
SDRL
|
+$18.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VICI Properties
VICI
|
+$66.3M |
| 2 |
KB Home
KBH
|
+$11.1M |
| 3 |
Meritage Homes
MTH
|
+$9.67M |
| 4 |
TPH
Tri Pointe Homes
TPH
|
+$7.83M |
| 5 |
MDC
M.D.C. Holdings, Inc.
MDC
|
+$2.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 60.18% |
| 2 | Real Estate | 18.06% |
| 3 | Financials | 13.61% |
| 4 | Energy | 8.15% |
| 5 | Consumer Discretionary | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
VICI Properties
VICI
$25.2B
| $34M | 14.04% |
1,049,240
-2,064,346
| -66% | -$66.3M |
2021 Q4
4 quarters
|
|
2
OneMain Financial
OMF
$6.45B
| $33M | 13.61% |
989,624
| – | – |
2019 Q1
15 quarters
|
|
|
3
Seadrill
SDRL
$2.89B
| $19.7M | 8.15% |
+607,000
| New | +$18.6M |
2022 Q4
0 quarters
|
|
|
AHT
4
Ashford Hospitality Trust
AHT
$14M
| $9.73M | 4.02% |
217,645
| – | – |
2021 Q4
4 quarters
|
|
5
PUT
Carnival Corporation Ltd
CCL
$35.4B
| $3.33M | 1.37% |
+127,937
| New | +$1.1M |
2022 Q4
0 quarters
|
|
6
PUT
Norwegian Cruise Line
NCLH
$7.15B
| $187K | 0.08% |
+31,937
| New | +$481K |
2022 Q4
0 quarters
|
|
7
PUT
Royal Caribbean
RCL
$75.5B
| $24.6K | 0.01% |
+2,732
| New | +$143K |
2022 Q4
0 quarters
|
|
8
Century Communities
CCS
$1.58B
| – | – |
-57,534
| Closed | -$2.46M | – |
|
|
CUK
9
PUT
DELISTED
Carnival PLC
CUK
| – | – |
-52,320
| Closed | -$5.81M | – |
|
|
10
KB Home
KBH
$2.62B
| – | – |
-428,891
| Closed | -$11.1M | – |
|
|
11
Meritage Homes
MTH
$3.83B
| – | – |
-275,200
| Closed | -$9.67M | – |
|
|
TPH
12
DELISTED
Tri Pointe Homes
TPH
| – | – |
-518,000
| Closed | -$7.83M | – |
|
|
MDC
13
DELISTED
M.D.C. Holdings, Inc.
MDC
| – | – |
-98,456
| Closed | -$2.7M | – |
|
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Varde Management's Q4 2022 Portfolio in Review
As of Q4 2022, Varde Management held 16 positions worth $242M, down 30% from $347M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Varde Management withdrew a net $129M in Q4 2022, closing 6 positions and reducing 1 holding. Its most notable exit was KB Home, an estimated $11.1M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 60% of assets, up from 51% a quarter earlier, followed by Real Estate and Financials.
Against the trend, Varde Management opened a new position in Seadrill worth $19.7M.
- Varde Management's largest Q4 2022 buy was Seadrill: 607,000 shares worth $19.7M.
- Varde Management's biggest Q4 2022 reduction was VICI Properties, cutting an estimated $66.3M.
- Varde Management fully exited KB Home in Q4 2022, selling an estimated $11.1M.
- Varde Management's ten largest holdings make up 100% of its $242M portfolio in Q4 2022.
- Varde Management opened 5 new positions and closed 6 in Q4 2022.
- Varde Management's portfolio value fell 30% quarter-over-quarter to $242M.
Based on Varde Management's 13F filing for Q4 2022, filed 13 Feb 2023.