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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
-0.13%
1 Year Est. Return
-9.28%
3 Year Est. Return
+69.22%
5 Year Est. Return
+12.27%
10 Year Est. Return
–
AUM
$171M
AUM Growth
-$16.1M
(-8.6%)
Cap. Flow
-$15.3M
Cap. Flow
% of AUM
-8.96%
Top 10 Holdings %
Top 10 Hldgs %
100%
Holding
14
New
–
Increased
2
Reduced
5
Closed
5
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ARGO
Argo Group International Holdings, Ltd.
ARGO
|
+$8.32M |
| 2 |
Enova International
ENVA
|
+$59.5K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Evolent Health
EVH
|
+$4.42M |
| 2 |
HNGR
Hanger Inc.
HNGR
|
+$4.21M |
| 3 |
QuinStreet
QNST
|
+$3.78M |
| 4 |
NTUS
Natus Medical Inc
NTUS
|
+$3.68M |
| 5 |
America's Car Mart
CRMT
|
+$2.57M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 81.04% |
| 2 | Healthcare | 11.08% |
| 3 | Technology | 6.68% |
| 4 | Consumer Discretionary | 1.2% |
| 5 | Communication Services | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ARGO
1
DELISTED
Argo Group International Holdings, Ltd.
ARGO
| $131M | 76.75% |
1,990,676
+127,119
| +7% | +$8.32M |
|
|
CUTR
2
DELISTED
Cutera, Inc.
CUTR
| $11.9M | 6.96% |
331,489
| – | – |
|
3
Calix
CALX
$2.31B
| $11.4M | 6.68% |
1,423,907
| – | – |
|
|
4
Enova International
ENVA
$5.85B
| $3.75M | 2.2% |
155,874
+2,642
| +2% | +$59.5K |
|
|
ONDK
5
DELISTED
On Deck Capital, Inc.
ONDK
| $3.56M | 2.09% |
860,238
-85,216
| -9% | -$342K |
|
|
NTUS
6
DELISTED
Natus Medical Inc
NTUS
| $3.54M | 2.08% |
107,338
-114,718
| -52% | -$3.68M |
|
7
Azenta
AZTA
$1.27B
| $2.07M | 1.22% |
49,406
-23,438
| -32% | -$985K |
|
|
8
America's Car Mart
CRMT
$26.5M
| $2.05M | 1.2% |
18,679
-26,571
| -59% | -$2.57M |
|
|
9
Evolent Health
EVH
$483M
| $1.42M | 0.83% |
156,569
-543,919
| -78% | -$4.42M |
|
|
10
CALL
Evolent Health
EVH
$483M
| – | – |
-2,291
| Closed | -$1.65M |
|
11
Healthcare Services Group
HCSG
$1.55B
| – | – |
-42,852
| Closed | -$1.04M |
|
|
12
QuinStreet
QNST
$880M
| – | – |
-300,480
| Closed | -$3.78M |
|
13
Surgery Partners
SGRY
$2.04B
| – | – |
-132,610
| Closed | -$979K |
|
|
HNGR
14
DELISTED
Hanger Inc.
HNGR
| – | – |
-206,325
| Closed | -$4.21M |
|
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Voce Capital Management's Q4 2019 Portfolio in Review
As of Q4 2019, Voce Capital Management held 14 positions worth $171M, down 8.6% from $187M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Voce Capital Management withdrew a net $15.3M in Q4 2019, closing 5 positions and reducing 5 holdings. Its most notable exit was Hanger Inc., an estimated $4.21M position sold in full.
By sector, the portfolio is most concentrated in Financials at 81% of assets, up from 74% a quarter earlier, followed by Healthcare and Technology.
Against the trend, Voce Capital Management added an estimated $8.32M to Argo Group International Holdings, Ltd..
- Voce Capital Management added most to Argo Group International Holdings, Ltd. in Q4 2019, an estimated $8.32M increase.
- Voce Capital Management's biggest Q4 2019 reduction was Evolent Health, cutting an estimated $4.42M.
- Voce Capital Management fully exited Hanger Inc. in Q4 2019, selling an estimated $4.21M.
- Voce Capital Management's ten largest holdings make up 100% of its $171M portfolio in Q4 2019.
- Voce Capital Management opened 0 new positions and closed 5 in Q4 2019.
- Voce Capital Management's portfolio value fell 8.6% quarter-over-quarter to $171M.
Based on Voce Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.