WhaleCreep

Cove Street Capital 13F holdings, Q4 2016

Long-only investorSEC filingsCompare with another fundHoldings as of 2016-12-31, filed 2017-02-14

Cove Street Capital disclosed 92 US equity positions worth $957.3m in its Q4 2016 13F filing. Its largest position is VSAT at 4.6% of the reported book, followed by FMC and LIBERTY GLOBAL PLC. Versus Q3 2016 it opened 8 new positions, added to 22, reduced 36 and exited 11.

$957m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
92
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
4.6%
Largest position
The largest single position as a share of the reported equity book.
36.8%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
41
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 Q3 2016: 8 new, 22 added, 36 reduced, 11 exited

50 of 92
VSAT VIASAT INCTechnology4.6%$44.2m667,820+7.2%added
FMC FMC CORPBasic Materials4.4%$42.2m746,099−15%reduced
LIBERTY GLOBAL PLC no ticker–4.4%$41.8m1.91m+36%added
HCCIUSD HERITAGE CRYSTAL CLEAN INC–4.1%$39.5m2.51m−7.3%reduced
TGNA TEGNA INC–3.8%$36.8m1.72m–new
TASTUSD CARROLS RESTAURANT GROUP INC–3.7%$35.2m2.31m−1.2%reduced
GPX GP STRATEGIES CORP–3.4%$32.4m1.13m−3.8%reduced
TIGO MILLICOM INTL CELLULAR S ACommunication Services3.0%$28.8m681,194+47%added
SELECT COMFORT CORP no ticker–2.7%$25.9m1.14m–new
CHEROKEE INC DEL NEW no ticker–2.7%$25.4m2.42m+41%added
HALYARD HEALTH INC no ticker–2.6%$24.7m666,970−10%reduced
FOR FORESTAR GROUP INCReal Estate2.5%$24.4m1.83m−41%reduced
BELMOND LTD no ticker–2.5%$24.3m1.82m−12%reduced
HALLUSD HALLMARK FINL SVCS INC–2.5%$24.1m2.08m+1.3%added
AVD AMERICAN VANGUARD CORPBasic Materials2.5%$23.7m1.24m+11%added
LIBERTY MEDIA CORP DELAWARE no ticker–2.5%$23.5m748,868−45%reduced
CMP COMPASS MINERALS INTL INCBasic Materials2.4%$23.4m298,775–new
U S G CORP no ticker–2.4%$23.1m800,002−35%reduced
SSP SCRIPPS E W CO OHIOCommunication Services2.3%$22.3m1.16m+6.7%added
CSW CSW INDUSTRIALS INCIndustrials2.3%$21.8m591,550+17%added
NOVT NOVANTA INCTechnology2.2%$21.0m1.00m−20%reduced
VERIFONE SYS INC no ticker–2.1%$20.4m1.15m−25%reduced
ZBRA ZEBRA TECHNOLOGIES CORPTechnology2.1%$19.9m232,231−33%reduced
AVID TECHNOLOGY INC no ticker–2.0%$18.9m4.29m+63%added
WAIREUR WESCO AIRCRAFT HLDGS INC–1.9%$18.2m1.22m−6.9%reduced
HP5A EQUITY COMWLTH–1.8%$17.1m566,136+14%added
TUP TUPPERWARE BRANDS CORP–1.5%$14.8m281,394+0.7%added
LEUCADIA NATL CORP no ticker–1.5%$14.3m614,158−2.8%reduced
BALDWIN & LYONS INC no ticker–1.4%$13.9m550,636−10.0%reduced
Dundee Corp - CL A no ticker–1.4%$13.1m2.95m−0.5%held
UFPT UFP TECHNOLOGIES INCHealthcare1.2%$11.2m441,838+0.3%held
WPXUSD WPX ENERGY INC–1.1%$10.4m716,202+0.1%held
EVLVUSD EVINE LIVE INC–1.1%$10.2m6.83m+2.8%added
JPM JPMORGAN CHASE & COFinancial Services1.0%$9.7m112,531−8.0%reduced
COF CAPITAL ONE FINL CORPFinancial Services1.0%$9.3m106,645+0.2%held
Tesco Plc no ticker–1.0%$9.3m1.21m−2.2%reduced
LIBERTY INTERACTIVE CORP no ticker–1.0%$9.2m460,555+2.2%added
LIBERTY GLOBAL PLC no ticker–0.9%$8.8m286,600−9.9%reduced
LEVEL 3 COMMUNICATIONS INC no ticker–0.8%$7.7m136,819−13%reduced
YUSD ALLEGHANY CORP DEL–0.7%$6.9m11,386−6.6%reduced
FELE FRANKLIN ELEC INCIndustrials0.7%$6.6m170,372−37%reduced
JCI JOHNSON CONTROLS INTERNATIONIndustrials0.6%$5.4m131,811+2.1%added
Swatch Group AG no ticker–0.5%$5.3m337,790−0.4%held
GEC GREAT ELM CAP GROUP INC–0.5%$5.0m1.33m–new
WESTELL TECHNOLOGIES INC no ticker–0.5%$4.7m7.20m−5.2%reduced
BNY BANK OF NY MELLON CORPFinancial Services0.5%$4.6m97,215−6.9%reduced
IBM INTERNATIONAL BUSINESS MACHSTechnology0.5%$4.6m27,700+0.8%added
TEL TE CONNECTIVITY LTDTechnology0.5%$4.5m64,529+1.0%added
WSM WILLIAMS SONOMA INCConsumer Cyclical0.4%$4.1m85,517+0.7%added
EVC ENTRAVISION COMMUNICATIONS CCommunication Services0.4%$3.8m536,610−60%reduced

Exited since Q3 2016

11 rows
GREAT ELM CAP GROUP INC no ticker0.3%$2.9m
HTZ-WEUR HERTZ GLOBAL HLDGS INC0.3%$2.7m
AREXQ APPROACH RESOURCES INC0.3%$2.4m
CTOUSD CONSOLIDATED TOMOKA LD CO0.1%$1.2m
GLOBAL POWER EQUIPMENT GRP I no ticker0.09%$795k
S&W SEED CO no ticker0.06%$535k
AGFSEUR AGROFRESH SOLUTIONS INC0.06%$529k
LIBERTY MEDIA CORP DEL no ticker0.04%$410k
STT STATE STR CORP0.04%$404k
OSG1EUR OVERSEAS SHIPHOLDING GROUP I0.04%$384k
EASTERN VA BANKSHARES INC no ticker0.02%$152k

Sector mix

  • Unclassified63.0%
  • Technology10.3%
  • Basic Materials9.3%
  • Communication Services5.7%
  • Industrials3.8%
  • Financial Services2.9%
  • Real Estate2.8%
  • Healthcare1.3%
  • Consumer Cyclical0.5%
  • Utilities0.2%
  • Energy0.2%

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