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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
-10.77%
1 Year Est. Return
-9.28%
3 Year Est. Return
+69.22%
5 Year Est. Return
+12.27%
10 Year Est. Return
–
AUM
$66.8M
AUM Growth
-$107M
Cap. Flow
-$86.4M
Cap. Flow %
-129.34%
Top 10 Hldgs %
100%
Holding
11
New
1
Increased
1
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
RBBN icon
Ribbon Communications
RBBN
+$585K
2
DCGO icon
DocGo
DCGO
+$125K

Top Sells

Rank Stock Value
1
ARGO
Argo Group International Holdings, Ltd.
ARGO
+$85.8M
2
EVH icon
Evolent Health
EVH
+$1.39M

Sector Composition

Rank Sector Weight
1 Healthcare 85.84%
2 Technology 12.58%
3 Financials 1.05%
4 Consumer Discretionary 0.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CUTR
1
DELISTED
Cutera, Inc.
CUTR
$28.6M 42.77%
1,210,224
– –
EVH icon
2
Evolent Health
EVH
$519M
$11.6M 17.38%
358,051
-43,871
-11% -$1.39M
RDNT icon
3
RadNet
RDNT
$5.93B
$9.09M 13.61%
363,315
– –
VMD icon
4
Viemed Healthcare
VMD
$343M
$5.57M 8.34%
576,838
– –
CALX icon
5
Calix
CALX
$2.37B
$5.51M 8.25%
102,895
– –
DCGO icon
6
DocGo
DCGO
$41M
$2.5M 3.74%
289,132
+14,208
+5% +$125K
CIEN icon
7
Ciena
CIEN
$56.6B
$2.34M 3.51%
44,632
– –
TREE icon
8
LendingTree
TREE
$397M
$702K 1.05%
26,350
– –
RBBN icon
9
Ribbon Communications
RBBN
$358M
$548K 0.82%
+160,119
New +$585K
CRMT icon
10
America's Car Mart
CRMT
$20M
$353K 0.53%
4,456
– –
ARGO
11
DELISTED
Argo Group International Holdings, Ltd.
ARGO
– –
-3,317,697
Closed -$85.8M

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Voce Capital Management's Q1 2023 Portfolio in Review

As of Q1 2023, Voce Capital Management held 11 positions worth $66.8M, down 62% from $174M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Voce Capital Management withdrew a net $86.4M in Q1 2023, closing 1 position and reducing 1 holding. Its most notable exit was Argo Group International Holdings, Ltd., an estimated $85.8M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 86% of assets, up from 45% a quarter earlier, followed by Technology and Financials.

Against the trend, Voce Capital Management opened a new position in Ribbon Communications worth $548K.

  • Voce Capital Management's largest Q1 2023 buy was Ribbon Communications: 160,119 shares worth $548K.
  • Voce Capital Management added most to DocGo in Q1 2023, an estimated $125K increase.
  • Voce Capital Management's biggest Q1 2023 reduction was Evolent Health, cutting an estimated $1.39M.
  • Voce Capital Management fully exited Argo Group International Holdings, Ltd. in Q1 2023, selling an estimated $85.8M.
  • Voce Capital Management's ten largest holdings make up 100% of its $66.8M portfolio in Q1 2023.
  • Voce Capital Management opened 1 new position and closed 1 in Q1 2023.
  • Voce Capital Management's portfolio value fell 62% quarter-over-quarter to $66.8M.

Based on Voce Capital Management's 13F filing for Q1 2023, filed 15 May 2023.