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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
+3.12%
1 Year Est. Return
-9.28%
3 Year Est. Return
+69.22%
5 Year Est. Return
+12.27%
10 Year Est. Return
–
AUM
$58.1M
AUM Growth
-$3.88M
(-6.3%)
Cap. Flow
-$8.31M
Cap. Flow
% of AUM
-14.31%
Top 10 Holdings %
Top 10 Hldgs %
100%
Holding
13
New
2
Increased
3
Reduced
2
Closed
4
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NTUS
Natus Medical Inc
NTUS
|
+$20.9M |
| 2 |
Azenta
AZTA
|
+$2.86M |
| 3 |
Motorcar Parts of America
MPAA
|
+$2.2M |
| 4 |
AMAG
AMAG Pharmaceuticals
AMAG
|
+$422K |
| 5 |
ARRS
ARRIS International plc Ordinary Shares
ARRS
|
+$398K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ALOG
Analogic Corp
ALOG
|
+$29.1M |
| 2 |
Kratos Defense & Security Solutions
KTOS
|
+$1.63M |
| 3 |
OCLR
Oclaro Inc.
OCLR
|
+$1.51M |
| 4 |
Lumentum
LITE
|
+$1.34M |
| 5 |
Onto Innovation
ONTO
|
+$1.06M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 66.55% |
| 2 | Technology | 26.56% |
| 3 | Consumer Discretionary | 6.89% |
| 4 | Industrials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
NTUS
1
DELISTED
Natus Medical Inc
NTUS
| $22.2M | 38.29% |
+660,801
| New | +$20.9M |
|
|
CUTR
2
DELISTED
Cutera, Inc.
CUTR
| $9.9M | 17.05% |
197,031
| – | – |
|
3
Calix
CALX
$2.37B
| $6.94M | 11.96% |
1,013,794
| – | – |
|
|
4
Motorcar Parts of America
MPAA
$217M
| $4M | 6.89% |
186,764
+90,421
| +94% | +$2.2M |
|
|
ARRS
5
DELISTED
ARRIS International plc Ordinary Shares
ARRS
| $3.91M | 6.74% |
147,302
+15,391
| +12% | +$398K |
|
|
AMAG
6
DELISTED
AMAG Pharmaceuticals
AMAG
| $3.67M | 6.32% |
182,122
+24,976
| +16% | +$422K |
|
|
7
Onto Innovation
ONTO
$17.9B
| $3.09M | 5.33% |
115,016
-39,735
| -26% | -$1.06M |
|
|
8
Azenta
AZTA
$1.47B
| $2.84M | 4.9% |
+105,023
| New | +$2.86M |
|
|
RTEC
9
DELISTED
Rudolph Technologies Inc
RTEC
| $1.47M | 2.54% |
53,191
-15,386
| -22% | -$413K |
|
|
10
Kratos Defense & Security Solutions
KTOS
$10.1B
| – | – |
-153,421
| Closed | -$1.63M |
|
|
11
Lumentum
LITE
$85.8B
| – | – |
-27,378
| Closed | -$1.34M |
|
|
OCLR
12
DELISTED
Oclaro Inc.
OCLR
| – | – |
-224,373
| Closed | -$1.51M |
|
|
ALOG
13
DELISTED
Analogic Corp
ALOG
| – | – |
-348,012
| Closed | -$29.1M |
|
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Voce Capital Management's Q1 2018 Portfolio in Review
As of Q1 2018, Voce Capital Management held 13 positions worth $58.1M, down 6.3% from $62M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Voce Capital Management withdrew a net $8.31M in Q1 2018, closing 4 positions and reducing 2 holdings. Its most notable exit was Analogic Corp, an estimated $29.1M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 67% of assets, up from 65% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, Voce Capital Management opened a new position in Natus Medical Inc worth $22.2M.
- Voce Capital Management's largest Q1 2018 buy was Natus Medical Inc: 660,801 shares worth $22.2M.
- Voce Capital Management added most to Motorcar Parts of America in Q1 2018, an estimated $2.2M increase.
- Voce Capital Management's biggest Q1 2018 reduction was Onto Innovation, cutting an estimated $1.06M.
- Voce Capital Management fully exited Analogic Corp in Q1 2018, selling an estimated $29.1M.
- Voce Capital Management's ten largest holdings make up 100% of its $58.1M portfolio in Q1 2018.
- Voce Capital Management opened 2 new positions and closed 4 in Q1 2018.
- Voce Capital Management's portfolio value fell 6.3% quarter-over-quarter to $58.1M.
Based on Voce Capital Management's 13F filing for Q1 2018, filed 15 May 2018.