WhaleCreep

Kingstown Capital Management L.P. 13F holdings, Q3 2015

Hedge fundSEC filingsCompare with another fundHoldings as of 2015-09-30, filed 2015-11-16

Kingstown Capital Management L.P. disclosed 22 US equity positions worth $889.6m in its Q3 2015 13F filing. Its largest position is OCN2EUR at 9.4% of the reported book, followed by MCDERMOTT INTL CVT PREF and NATIONAL GEN HLDGS CORP. Versus Q2 2015 it opened 7 new positions, added to 10, reduced 3 and exited 2.

$890m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
22
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.4%
Largest position
The largest single position as a share of the reported equity book.
63.4%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
19
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
48
Quarters on file since Q4 2010
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q2 2015: 7 new, 10 added, 3 reduced, 2 exited

22 rows
OCN2EUR OCWEN FINL CORP–9.4%$83.9m12.50m0.0%held
MCDERMOTT INTL CVT PREF no ticker–7.3%$65.3m4.00m0.0%held
NATIONAL GEN HLDGS CORP no ticker–7.0%$62.7m3.25m+18%added
AJRDEUR AEROJET ROCKETDYNE HLDGS INC–6.4%$56.6m3.50m+2.9%added
NWSA NEWS CORP NEWCommunication Services6.0%$53.6m4.25m−15%reduced
GM General Motors CorpConsumer Cyclical5.9%$52.5m1.75m+17%added
RITM RITHM CAPITAL CORPReal Estate5.5%$49.1m3.75m–new
BNY BANK OF NY MELLON CORPFinancial Services5.5%$48.9m1.25m–new
CFG CITIZENS FINL GROUP INCFinancial Services5.4%$47.7m2.00m+100%added
BWEUR BABCOCK & WILCOX ENTERPRIS I–4.9%$43.7m2.60m–new
ARCPEUR VEREIT INC–4.3%$38.6m5.00m–new
EBAY EBAY INC.Consumer Cyclical4.1%$36.7m1.50m–new
BKD BROOKDALE SR LIVING INCHealthcare3.9%$34.4m1.50m–new
SXC SUNCOKE ENERGY INCBasic Materials3.7%$33.1m4.25m+70%added
NATIONSTAR MTG HLDGS INC no ticker–3.5%$31.2m2.25m+20%added
NAVI NAVIENT CORPORATIONFinancial Services3.2%$28.1m2.50m+11%added
LIBERTY MEDIA CORP DELAWARE no ticker–3.1%$27.6m800,000+14%added
DNOW DNOW INCIndustrials2.8%$25.2m1.70m–new
SHLDEUR SEARS HLDGS CORP–2.5%$22.6m1.00m+100%added
TRCO TRIBUNE MEDIA CO–2.5%$22.3m625,000−38%reduced
LIBERTY MEDIA CORP DELAWARE no ticker–2.0%$17.9m500,000+43%added
QLT INC no ticker–0.9%$8.0m3.00m−7.7%reduced

Exited since Q2 2015

2 rows
AMERICAN RLTY CAP PPTYS INC no ticker5.2%$40.6m
BABCOCK & WILCOX CO NEW no ticker4.0%$31.2m

Sector mix

  • Unclassified54.0%
  • Financial Services14.0%
  • Consumer Cyclical10.0%
  • Communication Services6.0%
  • Real Estate5.5%
  • Healthcare3.9%
  • Basic Materials3.7%
  • Industrials2.8%

Book over time

Every quarter on file (48)
QuarterPositionsEquity book
Q3 202247$30.4m
Q2 202263$60.4m
Q1 202268$65.9m
Q4 202170$79.5m
Q3 202179$100.0m
Q2 2021101$167m
Q1 202199$291m
Q4 202033$184m
Q3 202015$162m
Q2 202014$212m
Q1 202021$651m
Q4 201913$344m
Q3 201915$402m
Q2 201915$549m
Q1 201915$487m
Q4 201815$461m
Q3 201817$754m
Q2 201818$801m
Q1 201814$674m
Q4 201718$851m
Q3 201717$843m
Q2 201719$798m
Q1 201719$964m
Q4 201620$1.0bn
Q3 201621$897m
Q2 201623$882m
Q1 201621$927m
Q4 201522$928m
Q3 201522$890m
Q2 201517$778m
Q1 201516$768m
Q4 201417$689m
Q3 201414$684m
Q2 201415$668m
Q1 201421$800m
Q4 201320$806m
Q3 201319$656m
Q2 201322$603m
Q1 201317$471m
Q4 201218$414m
Q3 201217$374m
Q2 201216$345m
Q1 201216$293m
Q4 201115$268m
Q3 201115$277m
Q2 201112$244m
Q1 201117$269m
Q4 201016$195m

Where Kingstown Capital Management L.P. was early

36 rows
ORI OLD REP INTL CORPQ4 20111 of 941.7%8.9%7Exited by Q3 2013+39%
MDRX ALLSCRIPTS HEALTHCARE SOLUTNQ2 20124 of 967.9%8.3%3Exited by Q1 2013−14%
GM GENERAL MTRS COQ2 20125 of 1696.9%9.1%30Exited by Q4 2019+90%
GRFS GRIFOLS S A SPQ3 20121 of 634.3%4.3%2Exited by Q1 2013+19%
GD GENERAL DYNAMICS CORPQ3 20127 of 1348.8%10.9%6Exited by Q1 2014+45%
S9Q SPIRIT AEROSYSTEMS HLDGS INCQ1 20135 of 1536.0%9.4%10Exited by Q3 2020+26%
SXC SUNCOKE ENERGY INCQ2 20131 of 706.0%6.7%14Exited by Q4 2016−43%
ETRA E TRADE FINANCIAL CORPQ2 20132 of 946.8%6.8%3Exited by Q1 2014+55%
RHP RYMAN HOSPITALITY PPTYS INCQ2 20132 of 1181.6%4.5%4Exited by Q2 2014+9.0%
AMH AMERICAN HOMES 4 RENTQ3 20131 of 1273.3%6.6%4Exited by Q3 2014+10.0%
NWSA NEWS CORP NEWQ3 20132 of 14010.8%11.4%10Exited by Q1 2016−17%
NAVI NAVIENT CORPQ2 20141 of 1166.4%7.1%10Exited by Q4 2016−18%
CFG CITIZENS FINL GROUP INCQ3 20142 of 1713.4%8.3%12Exited by Q3 2017+52%
TRCO TRIBUNE MEDIA COQ4 20146 of 1057.4%7.9%5Exited by Q1 2016−43%
RITM NEW RESIDENTIAL INVT CORPQ3 20157 of 1345.5%7.8%14Exited by Q1 2019+8.5%
BNY BANK NEW YORK MELLON CORPQ3 201512 of 1545.5%9.6%13Exited by Q4 2018+30%
BKD BROOKDALE SR LIVING INCQ3 201514 of 1503.9%6.7%8Exited by Q3 2017−36%
HPE HEWLETT PACKARD ENTERPRISE CQ4 20151 of 2197.0%12.1%9Exited by Q1 2018+63%
PJT PJT PARTNERS INCQ2 20164 of 1032.3%3.4%7Exited by Q1 2018+98%
ADNT ADIENT PLCQ4 20162 of 13314.4%19.9%8Exited by Q4 2018−33%
DXC DXC TECHNOLOGY COQ2 20171 of 1627.7%10.6%10Exited by Q4 2019−56%
CARS CARS COM INCQ2 20173 of 1251.7%7.1%3Exited by Q1 2018+8.3%
FPH FIVE POINT HOLDINGS LLCQ2 20175 of 552.7%3.1%11Exited by Q1 2020−53%
RMNI RIMINI STR INC DELQ4 20171 of 600.3%1.3%9Exited by Q1 2020−51%
PCG PG&E CORPQ4 201712 of 2095.3%9.8%5Exited by Q1 2019−47%
TME TENCENT MUSIC ENTMT GROUPQ4 20181 of 1675.0%12.4%11Exited by Q3 2021+17%
KKR KKR & CO INCQ1 201914 of 2112.4%10.6%4Exited by Q1 2020+24%
SPT SPROUT SOCIAL INCQ1 20202 of 1200.9%2.5%2Exited by Q3 2020+69%
GTX GARRETT MOTION INCQ1 20207 of 1370.9%2.6%2Exited by Q3 2020+94%
FE FIRSTENERGY CORPQ1 202011 of 1536.2%9.1%3Exited by Q4 2020−28%
EFC ELLINGTON FINANCIAL INCQ2 20203 of 616.9%6.9%2Exited by Q4 2020+4.1%
PINS PINTEREST INCQ2 202018 of 2412.6%5.1%5Exited by Q3 2021+256%
BX BLACKSTONE INCQ3 202016 of 20612.9%12.9%5Exited by Q4 2021+123%
WIX WIX COM LTDQ3 202021 of 2105.1%5.1%4Exited by Q3 2021+14%
BARK BARK INCQ2 20211 of 681.7%1.7%6Held at last filing, Q3 2022−84%
ASTS AST SPACEMOBILE INCQ2 20212 of 1081.2%1.9%5Exited by Q3 2022−51%

Concentration and tenure

13.5%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
79.9%
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
2
Median completed holding, quarters