WhaleCreep

Cove Street Capital 13F holdings, Q1 2015

Long-only investorSEC filingsCompare with another fundHoldings as of 2015-03-31, filed 2015-05-13

Cove Street Capital disclosed 114 US equity positions worth $762.5m in its Q1 2015 13F filing. Its largest position is NEUSTAR INC at 5.2% of the reported book, followed by BELMOND LTD and FOR. Versus Q4 2014 it opened 23 new positions, added to 46, reduced 22 and exited 19.

$763m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
114
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
5.2%
Largest position
The largest single position as a share of the reported equity book.
35.8%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
45
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
56
Quarters on file since Q3 2011
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q4 2014: 23 new, 46 added, 22 reduced, 19 exited

50 of 114
NEUSTAR INC no ticker–5.2%$39.3m1.60m+321%added
BELMOND LTD no ticker–4.6%$35.3m2.87m+155%added
FOR FORESTAR GROUP INCReal Estate4.5%$34.5m2.19m+4.0%added
TASTUSD CARROLS RESTAURANT GROUP INC–3.7%$27.9m3.37m+21%added
CHIMERA INVT CORP no ticker–3.2%$24.3m7.73m–new
AREXQ APPROACH RESOURCES INC–3.0%$23.1m3.51m+14%added
LIBERTY INTERACTIVE CORP no ticker–3.0%$23.0m548,514+4.7%added
VSAT VIASAT INCTechnology3.0%$22.7m380,929+47%added
HCCIUSD HERITAGE CRYSTAL CLEAN INC–2.9%$21.9m1.88m+18%added
DREAMWORKS ANIMATION SKG INC no ticker–2.8%$21.3m878,807–new
REMY INTL INC NEW no ticker–2.5%$19.3m867,363–new
HALLUSD HALLMARK FINL SVCS INC–2.0%$15.2m1.43m+19%added
AVD AMERICAN VANGUARD CORPBasic Materials2.0%$14.9m1.40m+5.6%added
GSI GROUP INC CDA NEW no ticker–1.9%$14.8m1.11m+2.9%added
WHITE MTNS INS GROUP LTD no ticker–1.9%$14.8m21,564+1.9%added
CHEROKEE INC DEL NEW no ticker–1.9%$14.5m742,085+0.8%added
LEVEL 3 COMMUNICATIONS INC no ticker–1.8%$13.8m256,575−9.5%reduced
COMVERSE INC no ticker–1.8%$13.8m700,095+21%added
FRANUSD FRANCESCAS HLDGS CORP–1.7%$12.9m725,275+57%added
OM GROUP INC no ticker–1.7%$12.7m421,660+4.8%added
GPX GP STRATEGIES CORP–1.6%$12.2m330,292−7.0%reduced
AVID TECHNOLOGY INC no ticker–1.6%$12.2m815,922−9.8%reduced
PRKS UNITED PARKS & RESORTS INCConsumer Cyclical1.6%$12.1m626,714+3.7%added
LEUCADIA NATL CORP no ticker–1.6%$12.0m536,977+15%added
JOHNSON CTLS INC no ticker–1.6%$11.9m235,350−5.4%reduced
JPM JPMORGAN CHASE & COFinancial Services1.5%$11.7m192,358+0.5%added
AIG American International GroupFinancial Services1.5%$11.6m211,250−0.3%held
Tesco Plc no ticker–1.5%$11.5m1.07m+88%added
HALYARD HEALTH INC no ticker–1.5%$11.4m232,566−9.2%reduced
LIBERTY INTERACTIVE CORP no ticker–1.5%$11.3m388,265+6.6%added
SYMETRA FINL CORP no ticker–1.5%$11.3m482,809+8.2%added
COF CAPITAL ONE FINL CORPFinancial Services1.5%$11.1m140,495+0.6%added
IBM INTERNATIONAL BUSINESS MACHSTechnology1.5%$11.1m68,985–new
HERTZ GLOBAL HOLDINGS INC no ticker–1.4%$11.0m506,955+63%added
ATUEUR ACTUANT CORP–1.4%$10.6m445,948–new
WESTELL TECHNOLOGIES INC no ticker–1.2%$9.2m7.04m+3.4%added
BALDWIN & LYONS INC no ticker–1.2%$8.8m374,188+6.7%added
YUSD ALLEGHANY CORP DEL–1.0%$7.7m15,828−1.5%reduced
SSP SCRIPPS E W CO OHIOCommunication Services0.9%$6.9m242,220+24%added
INTLUSD INTL FCSTONE INC–0.9%$6.9m231,231−61%reduced
GM General Motors CorpConsumer Cyclical0.9%$6.7m179,734−2.4%reduced
BNY BANK OF NY MELLON CORPFinancial Services0.9%$6.6m163,255−4.6%reduced
TEL TE CONNECTIVITY LTDTechnology0.9%$6.5m90,834−1.0%reduced
LAKES ENTMNT INC no ticker–0.8%$6.3m735,007+3.6%added
EFX EQUIFAX INCIndustrials0.8%$6.3m67,565−10.0%reduced
Signature Group Holdings NEW no ticker–0.8%$6.1m991,987–new
WPXUSD WPX ENERGY INC–0.8%$5.8m529,472–new
LBRDAEUR LIBERTY BROADBAND CORP–0.6%$4.6m81,912+21%added
CHEMTURA CORP no ticker–0.6%$4.3m157,788–new
HNRG HALLADOR ENERGY COMPANYUtilities0.5%$4.0m341,482+279%added

Exited since Q4 2014

19 rows
CHIMERA INVT CORP no ticker4.6%$30.6m
WAIREUR WESCO AIRCRAFT HLDGS INC2.5%$16.9m
REMY INTL INC no ticker2.3%$15.1m
PMC-SIERRA INC no ticker2.0%$13.3m
AZZ AZZ INC1.5%$10.1m
FICO FAIR ISAAC CORP1.0%$6.8m
APCO OIL & GAS INTERNATIONAL no ticker0.9%$5.9m
Signature Group Holdings Inc no ticker0.7%$4.7m
JOURNAL COMMUNICATIONS INC no ticker0.5%$3.2m
WORLD ENERGY SOLUTIONS INC D no ticker0.3%$1.8m
ACCENTURE PLC IRELAND no ticker0.2%$1.6m
STATE AUTO FINL CORP no ticker0.2%$1.3m
BARNES & NOBLE INC no ticker0.2%$1.3m
HSN INC no ticker0.2%$1.1m
LXU LSB INDS INC0.1%$943k
NICHOLAS FINL INC BC no ticker0.08%$521k
EML EASTERN CO0.08%$512k
GRAFTECH INTL LTD no ticker0.05%$304k
Liberty Broadband - RIS no ticker0.02%$130k

Sector mix

  • Unclassified74.9%
  • Technology5.7%
  • Financial Services5.6%
  • Real Estate4.9%
  • Consumer Cyclical2.5%
  • Basic Materials2.0%
  • Industrials1.6%
  • Communication Services1.4%
  • Energy0.5%
  • Utilities0.5%
  • Healthcare0.4%
  • Consumer Defensive0.06%

Book over time

Every quarter on file (56)
QuarterPositionsEquity book
Q3 202596$76.6m
Q2 202597$68.2m
Q1 202598$63.7m
Q4 202494$85.7m
Q3 202499$128m
Q2 202478$139m
Q1 202471$316m
Q4 202370$327m
Q3 202381$296m
Q2 202380$322m
Q1 202383$335m
Q4 202281$367m
Q3 202279$358m
Q2 202282$397m
Q1 202286$565m
Q4 202189$571m
Q3 202189$674m
Q2 202187$691m
Q1 202186$698m
Q4 202080$565m
Q3 202074$528m
Q2 202074$505m
Q1 202098$488m
Q4 2019100$756m
Q3 201995$715m
Q2 201997$775m
Q1 201997$817m
Q4 2018100$773m
Q3 201898$948m
Q2 2018102$919m
Q1 2018106$907m
Q4 2017107$927m
Q3 2017108$896m
Q2 201790$825m
Q1 201786$947m
Q4 201692$957m
Q3 201695$928m
Q2 2016103$905m
Q1 2016103$766m
Q4 2015110$759m
Q3 2015112$755m
Q2 2015108$830m
Q1 2015114$763m
Q4 2014110$671m
Q3 201492$642m
Q2 201471$618m
Q1 201466$532m
Q4 201371$539m
Q3 201368$492m
Q2 201369$455m
Q1 201353$240m
Q4 201252$215m
Q3 201252$210m
Q2 201256$214m
Q4 201156$224m
Q3 201162$195m

Where Cove Street Capital was early

69 rows
STT State Street CorpQ4 20118 of 1391.4%1.9%25Exited by Q1 2019+56%
CLGX CoreLogic IncQ2 20121 of 943.1%3.3%7Exited by Q1 2014+191%
GEF/B Greif Inc CL BQ2 20121 of 260.6%1.1%10Exited by Q4 2014+10%
AIG American International Group IncQ2 20127 of 1552.0%3.9%18Exited by Q1 2018+86%
COF Capital One Financial CorpQ2 20128 of 2273.8%4.0%27Exited by Q1 2019+38%
WU Western Union CompanyQ2 201211 of 1331.0%4.4%10Exited by Q2 2022+11%
LYV Live Nation Entertainment IncQ4 20125 of 2162.7%4.4%7Exited by Q4 2020+479%
FOR Forestar Group IncQ1 20131 of 821.6%5.5%17Exited by Q2 2017−38%
GPX GP Strategies CorporationQ2 20131 of 271.3%4.7%34Exited by Q4 2021−13%
OXY OCCIDENTAL PETE CORPQ2 20134 of 1920.3%2.0%12Exited by Q3 2025−51%
GM General Motors CompanyQ2 201311 of 1691.2%1.2%9Exited by Q3 2015+0.1%
AZZ AZZ IncQ3 20131 of 801.6%3.1%15Exited by Q3 2022−2.5%
GHC Graham HoldingsQ4 20132 of 1124.3%4.5%6Exited by Q2 2015+58%
AVD AMERICAN VANGUARD CORPQ2 20141 of 590.3%10.5%32Held at last filing, Q3 2025−57%
VSAT VIASAT INCQ2 20142 of 1261.3%11.0%46Held at last filing, Q3 2025−49%
HNRG HALLADOR ENERGY COMPANYQ3 20142 of 910.1%2.1%36Exited by Q4 2024−20%
UFPT UFP Technologies IncQ3 20142 of 590.05%3.3%34Exited by Q1 2023+436%
ANIK ANIKA THERAPEUTICS INCQ4 20141 of 580.07%1.8%10Held at last filing, Q3 2025−77%
PRKS SeaWorld Entertainment IncQ4 20145 of 1521.6%1.7%7Exited by Q3 2016−20%
SSP SCRIPPS E W CO OHIOQ4 20145 of 730.6%6.7%40Held at last filing, Q3 2025−88%
RAVN Raven Industries IncQ1 20151 of 560.2%2.3%8Exited by Q1 2017+85%
TIGO MILLICOM INTL CELLULAR S AQ1 20152 of 800.2%6.5%37Exited by Q2 2024−44%
IBM International Business MachineQ1 20159 of 1681.5%1.5%9Exited by Q2 2017+8.5%
HP5A Equity CommonwealthQ2 201512 of 1111.8%2.1%19Exited by Q1 2020+28%
FELE Franklin Electric Co IncQ3 20152 of 731.3%1.9%7Exited by Q2 2017+58%
GDEN GOLDEN ENTMT INCQ3 20152 of 890.9%1.1%10Held at last filing, Q3 2025+74%
TUP Tupperware Brands CorpQ3 20152 of 701.4%3.1%16Exited by Q3 2019−62%
FMC FMC CORPQ3 20159 of 1573.8%5.4%40Exited by Q3 2025+42%
CSW CSW Industrials IncQ4 20153 of 770.1%2.4%19Exited by Q3 2020+83%
ZBRA ZEBRA TECHNOLOGIES CORPORATIQ1 20168 of 1541.6%2.6%13Held at last filing, Q3 2025+331%
NOVT Novanta IncQ2 20161 of 992.1%2.4%7Exited by Q1 2018+230%
EVC Entravision Communications CorQ2 20163 of 650.02%1.1%3Exited by Q1 2017+4.2%
JCI Johnson Controls InternationalQ3 201612 of 1730.6%1.1%9Exited by Q4 2018−25%
TGNA TEGNA IncQ4 20163 of 1473.8%5.5%23Exited by Q3 2022−35%
CMP COMPASS MINERALS INTL INCQ4 20164 of 1032.4%6.8%36Held at last filing, Q3 2025−75%
TRNS Transcat IncQ1 20172 of 540.1%1.9%17Exited by Q2 2021+286%
SBH Sally Beauty Holdings IncQ1 20178 of 1122.4%2.6%5Exited by Q2 2018−20%
NEU NEWMARKET CORPQ3 20171 of 860.05%3.2%20Held at last filing, Q3 2025+95%
DLHC DLH HLDGS CORPQ3 20172 of 240.1%3.8%29Exited by Q4 2024+44%
GE General Electric CompanyQ3 201723 of 2421.0%1.0%12Exited by Q3 2020−71%
LILAB Liberty Latin America CL AQ4 20173 of 1011.2%1.2%6Exited by Q2 2019−3.2%
QVCG Qurate Retail IncQ1 20181 of 1161.0%2.3%8Exited by Q1 2020−67%
AYI Acuity Brands IncQ1 20185 of 1370.7%2.9%14Exited by Q3 2021+34%
DNOW NOW IncQ1 20186 of 1332.0%2.5%9Exited by Q2 2020−50%
SPB Spectrum Brands Holdings IncQ1 201810 of 1470.05%3.2%18Exited by Q3 2022−19%
HSIC Henry Schein IncQ1 201811 of 1420.6%1.4%20Exited by Q1 2023+52%
JEF Jefferies Financial Group IncQ2 20183 of 1281.1%1.1%5Exited by Q3 2019−15%
TPR TAPESTRY INCQ4 201812 of 1730.1%2.7%22Exited by Q2 2024+41%
SXI STANDEX INTL CORPQ2 20191 of 591.1%2.6%20Exited by Q2 2024+149%
VMD VIEMED HEALTHCARE INCQ3 20192 of 480.09%2.8%25Held at last filing, Q3 2025−1.9%

Concentration and tenure

6.2%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
43.0%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
4
Median completed holding, quarters