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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
-43%
1 Year Est. Return
-9.28%
3 Year Est. Return
+69.22%
5 Year Est. Return
+12.27%
10 Year Est. Return
–
AUM
$131M
AUM Growth
-$39.6M
(-23%)
Cap. Flow
+$53.7M
Cap. Flow
% of AUM
41.01%
Top 10 Holdings %
Top 10 Hldgs %
96.38%
Holding
18
New
9
Increased
6
Reduced
2
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ARGO
Argo Group International Holdings, Ltd.
ARGO
|
+$43.2M |
| 2 |
AVID
Avid Technology Inc
AVID
|
+$2.76M |
| 3 |
RadNet
RDNT
|
+$2.66M |
| 4 |
IMAX
IMAX
|
+$2.58M |
| 5 |
HNGR
Hanger Inc.
HNGR
|
+$2.05M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Calix
CALX
|
+$6.74M |
| 2 |
NTUS
Natus Medical Inc
NTUS
|
+$3.54M |
| 3 |
America's Car Mart
CRMT
|
+$328K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 81.53% |
| 2 | Healthcare | 10.73% |
| 3 | Technology | 4.04% |
| 4 | Communication Services | 1.13% |
| 5 | Consumer Discretionary | 0.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ARGO
1
DELISTED
Argo Group International Holdings, Ltd.
ARGO
| $102M | 77.84% |
2,751,156
+760,480
| +38% | +$43.2M |
|
|
CUTR
2
DELISTED
Cutera, Inc.
CUTR
| $5.1M | 3.89% |
390,389
+58,900
| +18% | +$1.49M |
|
|
3
Calix
CALX
$2.34B
| $4.42M | 3.37% |
623,907
-800,000
| -56% | -$6.74M |
|
4
Azenta
AZTA
$1.33B
| $3.21M | 2.45% |
105,158
+55,752
| +113% | +$2.03M |
|
5
Enova International
ENVA
$6.2B
| $2.77M | 2.11% |
191,016
+35,142
| +23% | +$696K |
|
|
AVID
6
DELISTED
Avid Technology Inc
AVID
| $2.35M | 1.8% |
+349,905
| New | +$2.76M |
|
|
ONDK
7
DELISTED
On Deck Capital, Inc.
ONDK
| $2.07M | 1.58% |
1,342,340
+482,102
| +56% | +$1.57M |
|
|
8
RadNet
RDNT
$4.97B
| $1.48M | 1.13% |
+141,094
| New | +$2.66M |
|
|
9
IMAX
IMAX
$2.59B
| $1.47M | 1.13% |
+162,875
| New | +$2.58M |
|
|
HNGR
10
DELISTED
Hanger Inc.
HNGR
| $1.42M | 1.08% |
+90,835
| New | +$2.05M |
|
11
Accuray
ARAY
$29M
| $991K | 0.76% |
+521,634
| New | +$1.51M |
|
12
Evolent Health
EVH
$421M
| $881K | 0.67% |
162,206
+5,637
| +4% | +$50.4K |
|
13
Sonos
SONO
$2B
| $878K | 0.67% |
+103,531
| New | +$1.28M |
|
|
14
America's Car Mart
CRMT
$27.1M
| $864K | 0.66% |
15,324
-3,355
| -18% | -$328K |
|
15
Surgery Partners
SGRY
$2.04B
| $508K | 0.39% |
+77,771
| New | +$1.11M |
|
|
TVTY
16
DELISTED
Tivity Health, Inc. Common Stock
TVTY
| $471K | 0.36% |
+74,821
| New | +$1.21M |
|
|
IVC
17
DELISTED
Invacare Corporation
IVC
| $147K | 0.11% |
+19,775
| New | +$153K |
|
|
NTUS
18
DELISTED
Natus Medical Inc
NTUS
| – | – |
-107,338
| Closed | -$3.54M |
|
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Voce Capital Management's Q1 2020 Portfolio in Review
As of Q1 2020, Voce Capital Management held 18 positions worth $131M, down 23% from $171M the previous quarter. Its ten largest holdings account for 96% of the portfolio.
Voce Capital Management deployed $53.7M of net new capital in Q1 2020, opening 9 new positions and adding to 6 existing holdings. Its largest new stake was Avid Technology Inc: 349,905 shares worth $2.35M.
By sector, the portfolio is most concentrated in Financials at 82% of assets, up from 81% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Calix, an estimated $6.74M trimmed.
- Voce Capital Management's largest Q1 2020 buy was Avid Technology Inc: 349,905 shares worth $2.35M.
- Voce Capital Management added most to Argo Group International Holdings, Ltd. in Q1 2020, an estimated $43.2M increase.
- Voce Capital Management's biggest Q1 2020 reduction was Calix, cutting an estimated $6.74M.
- Voce Capital Management fully exited Natus Medical Inc in Q1 2020, selling an estimated $3.54M.
- Voce Capital Management's ten largest holdings make up 96% of its $131M portfolio in Q1 2020.
- Voce Capital Management opened 9 new positions and closed 1 in Q1 2020.
- Voce Capital Management's portfolio value fell 23% quarter-over-quarter to $131M.
Based on Voce Capital Management's 13F filing for Q1 2020, filed 15 May 2020.