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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
+3.22%
1 Year Est. Return
-9.28%
3 Year Est. Return
+69.22%
5 Year Est. Return
+12.27%
10 Year Est. Return
–
AUM
$192M
AUM Growth
+$27.1M
(+16%)
Cap. Flow
+$22.2M
Cap. Flow
% of AUM
11.6%
Top 10 Holdings %
Top 10 Hldgs %
96.12%
Holding
15
New
6
Increased
5
Reduced
3
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Evolent Health
EVH
|
+$5.09M |
| 2 |
ONDK
On Deck Capital, Inc.
ONDK
|
+$4.02M |
| 3 |
HNGR
Hanger Inc.
HNGR
|
+$3.61M |
| 4 |
Enova International
ENVA
|
+$3.35M |
| 5 |
QuinStreet
QNST
|
+$3.06M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ARGO
Argo Group International Holdings, Ltd.
ARGO
|
+$2.39M |
| 2 |
Azenta
AZTA
|
+$1.7M |
| 3 |
IMAX
IMAX
|
+$338K |
| 4 |
COWN
Cowen Inc. Class A Common Stock
COWN
|
+$121K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 77% |
| 2 | Healthcare | 13.84% |
| 3 | Technology | 5.31% |
| 4 | Consumer Discretionary | 2.15% |
| 5 | Communication Services | 1.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ARGO
1
DELISTED
Argo Group International Holdings, Ltd.
ARGO
| $139M | 72.3% |
1,870,907
-32,562
| -2% | -$2.39M |
|
2
Calix
CALX
$2.3B
| $8.95M | 4.67% |
1,363,782
+110,738
| +9% | +$748K |
|
|
NTUS
3
DELISTED
Natus Medical Inc
NTUS
| $8.71M | 4.54% |
338,859
+117,717
| +53% | +$3M |
|
|
CUTR
4
DELISTED
Cutera, Inc.
CUTR
| $6.89M | 3.59% |
331,489
+35,511
| +12% | +$635K |
|
5
America's Car Mart
CRMT
$25.6M
| $4.12M | 2.15% |
47,878
+19,600
| +69% | +$1.8M |
|
|
HNGR
6
DELISTED
Hanger Inc.
HNGR
| $3.57M | 1.86% |
+186,408
| New | +$3.61M |
|
|
ONDK
7
DELISTED
On Deck Capital, Inc.
ONDK
| $3.54M | 1.85% |
+852,281
| New | +$4.02M |
|
|
8
Evolent Health
EVH
$488M
| $3.41M | 1.78% |
+429,492
| New | +$5.09M |
|
|
9
QuinStreet
QNST
$877M
| $3.25M | 1.69% |
+204,858
| New | +$3.06M |
|
|
10
Enova International
ENVA
$5.89B
| $3.22M | 1.68% |
+139,822
| New | +$3.35M |
|
|
11
Azenta
AZTA
$1.27B
| $2.58M | 1.34% |
66,461
-47,344
| -42% | -$1.7M |
|
|
COWN
12
DELISTED
Cowen Inc. Class A Common Stock
COWN
| $2.26M | 1.18% |
131,617
-7,487
| -5% | -$121K |
|
13
Healthcare Services Group
HCSG
$1.56B
| $1.37M | 0.72% |
45,227
+6,937
| +18% | +$229K |
|
14
Cohu
COHU
$2.4B
| $1.23M | 0.64% |
+79,899
| New | +$1.24M |
|
|
15
IMAX
IMAX
$2.37B
| – | – |
-14,892
| Closed | -$338K |
|
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Voce Capital Management's Q2 2019 Portfolio in Review
As of Q2 2019, Voce Capital Management held 15 positions worth $192M, up 16% from $165M the previous quarter. Its ten largest holdings account for 96% of the portfolio.
Voce Capital Management deployed $22.2M of net new capital in Q2 2019, opening 6 new positions and adding to 5 existing holdings. Its largest new stake was Evolent Health: 429,492 shares worth $3.41M.
By sector, the portfolio is most concentrated in Financials at 77% of assets, down from 83% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Argo Group International Holdings, Ltd., an estimated $2.39M trimmed.
- Voce Capital Management's largest Q2 2019 buy was Evolent Health: 429,492 shares worth $3.41M.
- Voce Capital Management added most to Natus Medical Inc in Q2 2019, an estimated $3M increase.
- Voce Capital Management's biggest Q2 2019 reduction was Argo Group International Holdings, Ltd., cutting an estimated $2.39M.
- Voce Capital Management fully exited IMAX in Q2 2019, selling an estimated $338K.
- Voce Capital Management's ten largest holdings make up 96% of its $192M portfolio in Q2 2019.
- Voce Capital Management opened 6 new positions and closed 1 in Q2 2019.
- Voce Capital Management's portfolio value rose 16% quarter-over-quarter to $192M.
Based on Voce Capital Management's 13F filing for Q2 2019, filed 14 Aug 2019.