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VCM

Voce Capital Management Portfolio holdings

AUM $57.8M
1-Year Est. Return 9.28%
This Fund
S&P 500
This Quarter Est. Return
-2.33%
1 Year Est. Return
-9.28%
3 Year Est. Return
+69.22%
5 Year Est. Return
+12.27%
10 Year Est. Return
–
AUM
$86.4M
AUM Growth
-$11M
Cap. Flow
-$7.64M
Cap. Flow %
-8.84%
Top 10 Hldgs %
96.02%
Holding
14
New
–
Increased
6
Reduced
3
Closed
1

Top Buys

1
CUTR
Cutera, Inc.
CUTR
+$560K
2
ITG
Investment Technology Group Inc
ITG
+$431K
3
LITE icon
Lumentum
LITE
+$362K
4
OCLR
Oclaro Inc.
OCLR
+$302K
5
ARRS
ARRIS International plc Ordinary Shares
ARRS
+$171K

Top Sells

1
FBRC
FBR & Co. Common Stock
FBRC
+$7M
2
ARAY icon
Accuray
ARAY
+$1.37M
3
NTUS
Natus Medical Inc
NTUS
+$1.05M
4
CALX icon
Calix
CALX
+$182K

Sector Composition

1 Technology 61.08%
2 Healthcare 17.04%
3 Communication Services 3.98%
4 Consumer Discretionary 2.23%
5 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AIRM
1
DELISTED
Air Methods Corp
AIRM
$39.3M 45.45%
1,096,189
+3,812
+0.3% +$138K
ITG
2
DELISTED
Investment Technology Group Inc
ITG
$9.73M 11.26%
582,007
+22,999
+4% +$431K
CUTR
3
DELISTED
Cutera, Inc.
CUTR
$8.15M 9.43%
727,031
+51,045
+8% +$560K
NTUS
4
DELISTED
Natus Medical Inc
NTUS
$5.42M 6.27%
143,292
-31,249
-18% -$1.05M
CALX icon
5
Calix
CALX
$2.46B
$3.89M 4.51%
563,516
-26,600
-5% -$182K
ARRS
6
DELISTED
ARRIS International plc Ordinary Shares
ARRS
$3.81M 4.41%
181,815
+7,523
+4% +$171K
RTEC
7
DELISTED
Rudolph Technologies Inc
RTEC
$3.73M 4.31%
239,917
– –
ONTO icon
8
Onto Innovation
ONTO
$14B
$3.61M 4.18%
173,586
– –
TDAY
9
USA Today Co
TDAY
$1.27B
$3.44M 3.98%
190,093
– –
DEST
10
DELISTED
Destination Maternity Corporation
DEST
$1.93M 2.23%
327,412
– –
OCLR
11
DELISTED
Oclaro Inc.
OCLR
$1.3M 1.51%
267,098
+60,825
+29% +$302K
ARAY icon
12
Accuray
ARAY
$31.6M
$1.16M 1.34%
223,838
-251,197
-53% -$1.37M
LITE icon
13
Lumentum
LITE
$54.9B
$973K 1.13%
40,186
+14,630
+57% +$362K
FBRC
14
DELISTED
FBR & Co. Common Stock
FBRC
– –
-387,025
Closed -$7M

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Voce Capital Management's Q2 2016 Portfolio in Review

As of Q2 2016, Voce Capital Management held 14 positions worth $86.4M, down 11% from $97.4M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Voce Capital Management withdrew a net $7.64M in Q2 2016, closing 1 position and reducing 3 holdings. Its most notable exit was FBR & Co. Common Stock, an estimated $7M position sold in full.

By sector, the portfolio is most concentrated in Technology at 61% of assets, up from 53% a quarter earlier, followed by Healthcare and Communication Services.

Against the trend, Voce Capital Management added an estimated $560K to Cutera, Inc..

  • Voce Capital Management added most to Cutera, Inc. in Q2 2016, an estimated $560K increase.
  • Voce Capital Management's biggest Q2 2016 reduction was Accuray, cutting an estimated $1.37M.
  • Voce Capital Management fully exited FBR & Co. Common Stock in Q2 2016, selling an estimated $7M.
  • Voce Capital Management's ten largest holdings make up 96% of its $86.4M portfolio in Q2 2016.
  • Voce Capital Management opened 0 new positions and closed 1 in Q2 2016.
  • Voce Capital Management's portfolio value fell 11% quarter-over-quarter to $86.4M.

Based on Voce Capital Management's 13F filing for Q2 2016, filed 15 Aug 2016.