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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
$242M
AUM Growth
-$105M
Cap. Flow
-$133M
Cap. Flow %
-54.89%
Top 10 Hldgs %
100%
Holding
16
New
5
Increased
–
Reduced
1
Closed
6

Top Buys

Rank Stock Value
1
SDRL icon
Seadrill
SDRL
+$18.6M

Top Sells

Rank Stock Value
1
VICI icon
VICI Properties
VICI
+$66.3M
2
KBH icon
KB Home
KBH
+$11.1M
3
MTH icon
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 Real Estate 18.06%
2 Financials 13.61%
3 Energy 8.15%
4 Consumer Discretionary 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VICI icon
1
VICI Properties
VICI
$28.7B
$34M 14.04%
1,049,240
-2,064,346
-66% -$66.3M
OMF icon
2
OneMain Financial
OMF
$7.27B
$33M 13.61%
989,624
– –
SDRL icon
3
Seadrill
SDRL
$2.92B
$19.7M 8.15%
+607,000
New +$18.6M
AHT
4
Ashford Hospitality Trust
AHT
$20.7M
$9.73M 4.02%
217,645
– –
CCL icon
5
PUT
Carnival Corporation Ltd
CCL
$38B
$3.33M 1.37%
+127,937
New +$1.1M
NCLH icon
6
PUT
Norwegian Cruise Line
NCLH
$8.52B
$187K 0.08%
+31,937
New +$481K
RCL icon
7
PUT
Royal Caribbean
RCL
$82.4B
$24.6K 0.01%
+2,732
New +$143K
CCS icon
8
Century Communities
CCS
$1.96B
– –
-57,534
Closed -$2.46M
CUK
9
PUT
DELISTED
Carnival PLC
CUK
– –
-52,320
Closed -$5.81M
KBH icon
10
KB Home
KBH
$3.47B
– –
-428,891
Closed -$11.1M
MTH icon
11
Meritage Homes
MTH
$4.69B
– –
-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 $133M 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 Real Estate at 18% of assets, down from 32% a quarter earlier, followed by Financials and Energy.

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.