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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
+31.83%
1 Year Est. Return
-9.28%
3 Year Est. Return
+69.22%
5 Year Est. Return
+12.27%
10 Year Est. Return
–
AUM
$194M
AUM Growth
+$36.9M
Cap. Flow
-$9.39M
Cap. Flow %
-4.83%
Top 10 Hldgs %
100%
Holding
12
New
–
Increased
–
Reduced
5
Closed
2

Top Buys

No buys this quarter

Top Sells

Rank Stock Value
1
EVH icon
Evolent Health
EVH
+$5.35M
2
ZD icon
Ziff Davis
ZD
+$1.34M
3
AVID
Avid Technology Inc
AVID
+$907K
4
ENVA icon
Enova International
ENVA
+$643K
5
CRMT icon
America's Car Mart
CRMT
+$604K

Sector Composition

Rank Sector Weight
1 Financials 75.82%
2 Healthcare 11.86%
3 Technology 9.56%
4 Consumer Discretionary 1.36%
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
$143M 73.65%
3,273,697
– –
CALX icon
2
Calix
CALX
$2.27B
$18.6M 9.56%
623,907
– –
CUTR
3
DELISTED
Cutera, Inc.
CUTR
$13.1M 6.77%
545,396
– –
EVH icon
4
Evolent Health
EVH
$475M
$5.63M 2.9%
351,049
-404,486
-54% -$5.35M
RDNT icon
5
RadNet
RDNT
$4.84B
$4.27M 2.2%
218,003
-10,154
-4% -$179K
AVID
6
DELISTED
Avid Technology Inc
AVID
$2.73M 1.4%
171,925
-81,039
-32% -$907K
CRMT icon
7
America's Car Mart
CRMT
$25.3M
$2.63M 1.36%
23,990
-6,000
-20% -$604K
ENVA icon
8
Enova International
ENVA
$5.91B
$2.6M 1.34%
104,747
-31,394
-23% -$643K
ECPG icon
9
Encore Capital Group
ECPG
$1.93B
$822K 0.42%
21,094
– –
PRAA icon
10
PRA Group
PRAA
$648M
$805K 0.41%
20,293
– –
ONTO icon
11
Onto Innovation
ONTO
$13.6B
– –
-12,500
Closed -$372K
ZD icon
12
Ziff Davis
ZD
$1.9B
– –
-22,226
Closed -$1.34M

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Voce Capital Management's Q4 2020 Portfolio in Review

As of Q4 2020, Voce Capital Management held 12 positions worth $194M, up 23% from $157M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Voce Capital Management withdrew a net $9.39M in Q4 2020, closing 2 positions and reducing 5 holdings. Its most notable exit was Ziff Davis, an estimated $1.34M position sold in full.

By sector, the portfolio is most concentrated in Financials at 76% of assets, up from 74% a quarter earlier, followed by Healthcare and Technology.

  • Voce Capital Management's biggest Q4 2020 reduction was Evolent Health, cutting an estimated $5.35M.
  • Voce Capital Management fully exited Ziff Davis in Q4 2020, selling an estimated $1.34M.
  • Voce Capital Management's ten largest holdings make up 100% of its $194M portfolio in Q4 2020.
  • Voce Capital Management opened 0 new positions and closed 2 in Q4 2020.
  • Voce Capital Management's portfolio value rose 23% quarter-over-quarter to $194M.

Based on Voce Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.