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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
+2.83%
1 Year Est. Return
-9.28%
3 Year Est. Return
+69.22%
5 Year Est. Return
+12.27%
10 Year Est. Return
–
AUM
$165M
AUM Growth
+$20M
(+14%)
Cap. Flow
+$17.8M
Cap. Flow
% of AUM
10.8%
Top 10 Holdings %
Top 10 Hldgs %
100%
Holding
12
New
1
Increased
5
Reduced
1
Closed
3
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ARGO
Argo Group International Holdings, Ltd.
ARGO
|
+$25.5M |
| 2 |
America's Car Mart
CRMT
|
+$2.03M |
| 3 |
CUTR
Cutera, Inc.
CUTR
|
+$1.55M |
| 4 |
Healthcare Services Group
HCSG
|
+$1.47M |
| 5 |
Calix
CALX
|
+$882K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NTUS
Natus Medical Inc
NTUS
|
+$4.62M |
| 2 |
ARRS
ARRIS International plc Ordinary Shares
ARRS
|
+$3.9M |
| 3 |
Motorcar Parts of America
MPAA
|
+$3.08M |
| 4 |
AMAG
AMAG Pharmaceuticals
AMAG
|
+$2.23M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 82.98% |
| 2 | Healthcare | 9.39% |
| 3 | Technology | 5.86% |
| 4 | Consumer Discretionary | 1.57% |
| 5 | Communication Services | 0.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ARGO
1
DELISTED
Argo Group International Holdings, Ltd.
ARGO
| $134M | 81.75% |
1,903,469
+374,247
| +24% | +$25.5M |
|
|
2
Calix
CALX
$2.3B
| $9.65M | 5.86% |
1,253,044
+100,000
| +9% | +$882K |
|
|
NTUS
3
DELISTED
Natus Medical Inc
NTUS
| $5.61M | 3.41% |
221,142
-154,965
| -41% | -$4.62M |
|
|
CUTR
4
DELISTED
Cutera, Inc.
CUTR
| $5.23M | 3.18% |
295,978
+98,947
| +50% | +$1.55M |
|
5
Azenta
AZTA
$1.27B
| $3.34M | 2.03% |
113,805
| – | – |
|
|
6
America's Car Mart
CRMT
$25.6M
| $2.58M | 1.57% |
28,278
+26,114
| +1,207% | +$2.03M |
|
|
COWN
7
DELISTED
Cowen Inc. Class A Common Stock
COWN
| $2.02M | 1.23% |
139,104
+14,146
| +11% | +$216K |
|
|
8
Healthcare Services Group
HCSG
$1.56B
| $1.26M | 0.77% |
+38,290
| New | +$1.47M |
|
9
IMAX
IMAX
$2.37B
| $338K | 0.21% |
14,892
| – | – |
|
|
10
Motorcar Parts of America
MPAA
$261M
| – | – |
-185,302
| Closed | -$3.08M |
|
|
AMAG
11
DELISTED
AMAG Pharmaceuticals
AMAG
| – | – |
-146,982
| Closed | -$2.23M |
|
|
ARRS
12
DELISTED
ARRIS International plc Ordinary Shares
ARRS
| – | – |
-127,494
| Closed | -$3.9M |
|
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Voce Capital Management's Q1 2019 Portfolio in Review
As of Q1 2019, Voce Capital Management held 12 positions worth $165M, up 14% from $145M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Voce Capital Management deployed $17.8M of net new capital in Q1 2019, opening 1 new position and adding to 5 existing holdings. Its largest new stake was Healthcare Services Group: 38,290 shares worth $1.26M.
By sector, the portfolio is most concentrated in Financials at 83% of assets, up from 72% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Natus Medical Inc, an estimated $4.62M trimmed.
- Voce Capital Management's largest Q1 2019 buy was Healthcare Services Group: 38,290 shares worth $1.26M.
- Voce Capital Management added most to Argo Group International Holdings, Ltd. in Q1 2019, an estimated $25.5M increase.
- Voce Capital Management's biggest Q1 2019 reduction was Natus Medical Inc, cutting an estimated $4.62M.
- Voce Capital Management fully exited ARRIS International plc Ordinary Shares in Q1 2019, selling an estimated $3.9M.
- Voce Capital Management's ten largest holdings make up 100% of its $165M portfolio in Q1 2019.
- Voce Capital Management opened 1 new position and closed 3 in Q1 2019.
- Voce Capital Management's portfolio value rose 14% quarter-over-quarter to $165M.
Based on Voce Capital Management's 13F filing for Q1 2019, filed 15 May 2019.