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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
-1.27%
1 Year Est. Return
-9.28%
3 Year Est. Return
+69.22%
5 Year Est. Return
+12.27%
10 Year Est. Return
–
AUM
$62M
AUM Growth
-$13.3M
(-18%)
Cap. Flow
-$12.2M
Cap. Flow
% of AUM
-19.75%
Top 10 Holdings %
Top 10 Hldgs %
97.84%
Holding
14
New
–
Increased
2
Reduced
9
Closed
3
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ALOG
Analogic Corp
ALOG
|
+$13.8M |
| 2 |
AMAG
AMAG Pharmaceuticals
AMAG
|
+$699K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CUTR
Cutera, Inc.
CUTR
|
+$11.8M |
| 2 |
ITG
Investment Technology Group Inc
ITG
|
+$5.19M |
| 3 |
RTEC
Rudolph Technologies Inc
RTEC
|
+$2.51M |
| 4 |
National CineMedia
NCMI
|
+$2.13M |
| 5 |
IMAX
IMAX
|
+$1.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.2% |
| 2 | Healthcare | 14.42% |
| 3 | Consumer Discretionary | 3.89% |
| 4 | Industrials | 2.62% |
| 5 | Communication Services | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ALOG
1
DELISTED
Analogic Corp
ALOG
| $29.1M | 47.04% |
348,012
+167,470
| +93% | +$13.8M |
|
|
CUTR
2
DELISTED
Cutera, Inc.
CUTR
| $8.94M | 14.42% |
197,031
-280,000
| -59% | -$11.8M |
|
3
Calix
CALX
$2.28B
| $6.03M | 9.73% |
1,013,794
-231,188
| -19% | -$1.4M |
|
4
Onto Innovation
ONTO
$13.9B
| $3.86M | 6.22% |
154,751
-33,137
| -18% | -$883K |
|
|
ARRS
5
DELISTED
ARRIS International plc Ordinary Shares
ARRS
| $3.39M | 5.47% |
131,911
-18,167
| -12% | -$511K |
|
6
Motorcar Parts of America
MPAA
$255M
| $2.41M | 3.89% |
96,343
-15,461
| -14% | -$412K |
|
|
AMAG
7
DELISTED
AMAG Pharmaceuticals
AMAG
| $2.08M | 3.36% |
157,146
+46,357
| +42% | +$699K |
|
|
RTEC
8
DELISTED
Rudolph Technologies Inc
RTEC
| $1.64M | 2.65% |
68,577
-97,909
| -59% | -$2.51M |
|
9
Kratos Defense & Security Solutions
KTOS
$9.1B
| $1.63M | 2.62% |
153,421
-16,718
| -10% | -$191K |
|
|
OCLR
10
DELISTED
Oclaro Inc.
OCLR
| $1.51M | 2.44% |
224,373
-23,778
| -10% | -$176K |
|
11
Lumentum
LITE
$60.9B
| $1.34M | 2.16% |
27,378
-2,984
| -10% | -$166K |
|
|
12
IMAX
IMAX
$2.42B
| – | – |
-61,821
| Closed | -$1.4M |
|
|
13
National CineMedia
NCMI
$361M
| – | – |
-30,467
| Closed | -$2.13M |
|
|
ITG
14
DELISTED
Investment Technology Group Inc
ITG
| – | – |
-234,552
| Closed | -$5.19M |
|
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Voce Capital Management's Q4 2017 Portfolio in Review
As of Q4 2017, Voce Capital Management held 14 positions worth $62M, down 18% from $75.3M the previous quarter. Its ten largest holdings account for 98% of the portfolio.
Voce Capital Management withdrew a net $12.2M in Q4 2017, closing 3 positions and reducing 9 holdings. Its most notable exit was Investment Technology Group Inc, an estimated $5.19M position sold in full.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 26% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Voce Capital Management added an estimated $13.8M to Analogic Corp.
- Voce Capital Management added most to Analogic Corp in Q4 2017, an estimated $13.8M increase.
- Voce Capital Management's biggest Q4 2017 reduction was Cutera, Inc., cutting an estimated $11.8M.
- Voce Capital Management fully exited Investment Technology Group Inc in Q4 2017, selling an estimated $5.19M.
- Voce Capital Management's ten largest holdings make up 98% of its $62M portfolio in Q4 2017.
- Voce Capital Management opened 0 new positions and closed 3 in Q4 2017.
- Voce Capital Management's portfolio value fell 18% quarter-over-quarter to $62M.
Based on Voce Capital Management's 13F filing for Q4 2017, filed 14 Feb 2018.