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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
+3.51%
1 Year Est. Return
-9.28%
3 Year Est. Return
+69.22%
5 Year Est. Return
+12.27%
10 Year Est. Return
–
AUM
$145M
AUM Growth
+$90.6M
(+168%)
Cap. Flow
+$91.9M
Cap. Flow
% of AUM
63.57%
Top 10 Holdings %
Top 10 Hldgs %
99.89%
Holding
13
New
3
Increased
2
Reduced
5
Closed
2
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ARGO
Argo Group International Holdings, Ltd.
ARGO
|
+$99.1M |
| 2 |
COWN
Cowen Inc. Class A Common Stock
COWN
|
+$811K |
| 3 |
Azenta
AZTA
|
+$711K |
| 4 |
IMAX
IMAX
|
+$304K |
| 5 |
America's Car Mart
CRMT
|
+$159K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NTUS
Natus Medical Inc
NTUS
|
+$5.37M |
| 2 |
Cohu
COHU
|
+$1.89M |
| 3 |
RTEC
Rudolph Technologies Inc
RTEC
|
+$1.12M |
| 4 |
AMAG
AMAG Pharmaceuticals
AMAG
|
+$412K |
| 5 |
Motorcar Parts of America
MPAA
|
+$393K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 72.31% |
| 2 | Healthcare | 13.24% |
| 3 | Technology | 7.78% |
| 4 | Consumer Discretionary | 2.24% |
| 5 | Communication Services | 0.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ARGO
1
DELISTED
Argo Group International Holdings, Ltd.
ARGO
| $103M | 71.15% |
+1,529,222
| New | +$99.1M |
|
|
NTUS
2
DELISTED
Natus Medical Inc
NTUS
| $12.8M | 8.86% |
376,107
-165,299
| -31% | -$5.37M |
|
3
Calix
CALX
$2.29B
| $11.2M | 7.78% |
1,153,044
| – | – |
|
|
ARRS
4
DELISTED
ARRIS International plc Ordinary Shares
ARRS
| $3.9M | 2.7% |
127,494
-1,729
| -1% | -$48K |
|
|
CUTR
5
DELISTED
Cutera, Inc.
CUTR
| $3.35M | 2.32% |
197,031
-100
| -0.1% | -$2.04K |
|
|
6
Motorcar Parts of America
MPAA
$262M
| $3.08M | 2.13% |
185,302
-20,674
| -10% | -$393K |
|
|
7
Azenta
AZTA
$1.27B
| $2.98M | 2.06% |
113,805
+24,336
| +27% | +$711K |
|
|
AMAG
8
DELISTED
AMAG Pharmaceuticals
AMAG
| $2.23M | 1.55% |
146,982
-21,616
| -13% | -$412K |
|
|
COWN
9
DELISTED
Cowen Inc. Class A Common Stock
COWN
| $1.67M | 1.15% |
124,958
+53,282
| +74% | +$811K |
|
|
10
IMAX
IMAX
$2.4B
| $280K | 0.19% |
+14,892
| New | +$304K |
|
|
11
America's Car Mart
CRMT
$27.7M
| $157K | 0.11% |
+2,164
| New | +$159K |
|
|
12
Cohu
COHU
$2.46B
| – | – |
-75,276
| Closed | -$1.89M |
|
|
RTEC
13
DELISTED
Rudolph Technologies Inc
RTEC
| – | – |
-45,968
| Closed | -$1.12M |
|
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Voce Capital Management's Q4 2018 Portfolio in Review
As of Q4 2018, Voce Capital Management held 13 positions worth $145M, up 168% from $53.9M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Voce Capital Management deployed $91.9M of net new capital in Q4 2018, opening 3 new positions and adding to 2 existing holdings. Its largest new stake was Argo Group International Holdings, Ltd.: 1,529,222 shares worth $103M.
By sector, the portfolio is most concentrated in Financials at 72% of assets, up from 2.2% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Natus Medical Inc, an estimated $5.37M trimmed.
- Voce Capital Management's largest Q4 2018 buy was Argo Group International Holdings, Ltd.: 1,529,222 shares worth $103M.
- Voce Capital Management added most to Cowen Inc. Class A Common Stock in Q4 2018, an estimated $811K increase.
- Voce Capital Management's biggest Q4 2018 reduction was Natus Medical Inc, cutting an estimated $5.37M.
- Voce Capital Management fully exited Cohu in Q4 2018, selling an estimated $1.89M.
- Voce Capital Management's ten largest holdings make up 100% of its $145M portfolio in Q4 2018.
- Voce Capital Management opened 3 new positions and closed 2 in Q4 2018.
- Voce Capital Management's portfolio value rose 168% quarter-over-quarter to $145M.
Based on Voce Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.