WhaleCreep

Rubric Capital Management LP 13F holdings, Q4 2017

Hedge fundSEC filingsCompare with another fundHoldings as of 2017-12-31, filed 2018-02-14

Rubric Capital Management LP disclosed 48 US equity positions worth $796.1m in its Q4 2017 13F filing. Its largest position is CNDT at 5.8% of the reported book, followed by RYAM and HRTX. Versus Q3 2017 it opened 17 new positions, added to 17, reduced 9 and exited 19.

$796m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
48
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
5.8%
Largest position
The largest single position as a share of the reported equity book.
43.8%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
31
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
39
Quarters on file since Q4 2016
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q3 2017: 17 new, 17 added, 9 reduced, 19 exited

48 rows
CNDT CONDUENT INCTechnology5.8%$46.1m2.85m+55%added
RYAM RAYONIER ADVANCED MATLS INCBasic Materials5.3%$42.1m2.06m+20%added
HRTX HERON THERAPEUTICS INCHealthcare5.0%$39.8m2.20m+16%added
WSC WILLSCOT CORPIndustrials4.6%$36.9m4.15m–new
CSTM CONSTELLIUM SEBasic Materials4.6%$36.8m3.30m+191%added
CIEN CIENA CORPTechnology4.3%$33.9m1.62m+6.7%added
MITL1 MITEL NETWORKS CORP–3.8%$30.1m3.66m+4370%added
NATIONSTAR MTG HLDGS INC no ticker–3.7%$29.1m1.57m+70%added
KRAUSD KRATON CORPORATION–3.4%$27.0m560,000−7.9%reduced
AYAEUR STARS GROUP INC–3.3%$26.5m1.14m−34%reduced
HALO HALOZYME THERAPEUTICS INCHealthcare3.3%$26.1m1.29m+65%added
BRSL BRIGHTSTAR LOTTERY PLCConsumer Cyclical3.1%$25.1m945,000+17%added
MGM MGM RESORTS INTERNATIONALConsumer Cyclical3.1%$25.0m750,000–new
FLEXION THERAPEUTICS INC no ticker–3.1%$24.3m970,000–new
MU MICRON TECHNOLOGY INCTechnology2.9%$23.4m570,000−5.0%reduced
MX MAGNACHIP SEMICONDUCTOR CORPTechnology2.8%$22.4m2.25m0.0%held
XPER XPERI CORPTechnology2.8%$22.0m900,000+47%added
GMS1EUR GMS INC–2.7%$21.6m575,000−15%reduced
CJ1EUR C&J ENERGY SVCS INC NEW–2.6%$20.4m610,857+21%added
DAR DARLING INGREDIENTS INCConsumer Defensive2.3%$18.1m1.00m–new
AIR AAR CORPIndustrials2.2%$17.5m444,797–new
TWXCHF TIME WARNER INC–2.0%$16.2m176,764–new
ICHR ICHOR HOLDINGSTechnology2.0%$15.9m644,541–new
REGIEUR RENEWABLE ENERGY GROUP INC–1.8%$14.2m1.20m+34%added
PRTY1EUR PARTY CITY HOLDCO INC–1.6%$12.6m900,000+15%added
OSIS OSI SYSTEMS INCTechnology1.5%$12.3m191,080–new
APPTIO INC no ticker–1.5%$12.0m509,238−24%reduced
PTEN PATTERSON-UTI ENERGY INCEnergy1.5%$11.8m513,768−35%reduced
MDCA MDC PARTNERS INC–1.4%$11.2m1.15m+0.4%held
DFIN DONNELLEY FINL SOLUTIONS INCTechnology1.4%$11.2m574,050+17%added
EQT EQT CORPORATIONEnergy1.3%$10.0m175,000+127%added
OCEAN RIG UDW INC no ticker–1.1%$8.7m326,229–new
BAK BRASKEM SABasic Materials1.1%$8.7m330,353−14%reduced
RAYONIER ADVANCED MATLS INC no ticker–0.9%$7.3m50,220–new
OSG OCTAVE SPECIALTY GROUP INCFinancial Services0.8%$6.6m412,844–new
ECLIPSE RES CORP no ticker–0.8%$6.5m2.70m+50%added
GPOR GULFPORT ENERGY CORPEnergy0.6%$4.8m380,000–new
ERII ENERGY RECOVERY INCIndustrials0.6%$4.5m508,536−21%reduced
BLDR BUILDERS FIRSTSOURCE INCIndustrials0.5%$4.4m200,000−66%reduced
MACKEUR MERRIMACK PHARMACEUTICALS IN–0.5%$4.2m410,244+21%added
MOSAIC ACQUISITION CORP no ticker–0.4%$3.5m350,000–new
SPB SPECTRUM BRANDS HLDGS INCConsumer Defensive0.4%$3.5m31,116–new
VANTAGE ENERGY ACQUISITION no ticker–0.4%$3.1m300,0000.0%held
ADVMCHF ADVERUM BIOTECHNOLOGIES INC–0.4%$2.8m800,000–new
CONE MIDSTREAM PARTNERS LP no ticker–0.2%$1.8m109,667–new
NABRIVA THERAPEUTICS PLC no ticker–0.2%$1.8m300,0000.0%held
MPOUSD MIDSTATES PETE CO INC–0.2%$1.7m100,0900.0%held
TELLEUR TELLURIAN INC NEW–0.09%$731k75,000–new

Exited since Q3 2017

19 rows
AABAUSD ALTABA INC3.9%$24.7m
NKTR NEKTAR THERAPEUTICS3.8%$23.9m
DOUBLE EAGLE ACQUISITION COR no ticker3.8%$23.6m
SC SANTANDER CONSUMER USA HDG I2.2%$14.0m
AMKR AMKOR TECHNOLOGY INC2.0%$12.5m
XOGEUR EXTRACTION OIL AND GAS INC1.8%$11.4m
ENVISION HEALTHCARE CORP no ticker1.4%$9.0m
PARR PAR PACIFIC HOLDINGS INC1.1%$6.7m
RICEEUR RICE ENERGY INC1.0%$6.6m
TTMI TTM TECHNOLOGIES INC1.0%$6.5m
CARS CARS COM INC0.8%$5.3m
BUNGE LIMITED no ticker0.8%$5.2m
BBX1EUR BBX CAP CORP NEW0.8%$4.8m
BMCH BMC STK HLDGS INC0.6%$4.0m
SUCAMPO PHARMACEUTICALS INC no ticker0.4%$2.4m
BWEUR BABCOCK & WILCOX ENTERPRIS I0.3%$2.1m
PPC PILGRIMS PRIDE CORP0.2%$1.5m
ATRSEUR ANTARES PHARMA INC0.2%$1.1m
DOUBLE EAGLE ACQUISITION COR no ticker0.03%$207k

Sector mix

  • Unclassified36.1%
  • Technology23.5%
  • Basic Materials11.0%
  • Healthcare8.3%
  • Industrials7.9%
  • Consumer Cyclical6.3%
  • Energy3.3%
  • Consumer Defensive2.7%
  • Financial Services0.8%

Book over time

Every quarter on file (39)
QuarterPositionsEquity book
Q2 202686$10.9bn
Q1 202681$8.2bn
Q4 202575$8.4bn
Q3 202569$7.4bn
Q2 202563$6.2bn
Q1 202565$5.6bn
Q4 202467$5.5bn
Q3 202464$6.1bn
Q2 202467$3.8bn
Q1 202468$3.4bn
Q4 202357$2.7bn
Q3 202359$2.4bn
Q2 202361$2.3bn
Q1 202370$2.5bn
Q4 202294$2.3bn
Q3 202287$2.0bn
Q2 202297$2.0bn
Q1 202270$2.1bn
Q4 202168$2.1bn
Q3 202155$1.7bn
Q2 202156$1.6bn
Q1 202158$1.7bn
Q4 202059$1.3bn
Q3 202064$1.1bn
Q2 202051$858m
Q1 202049$612m
Q4 201944$859m
Q3 201956$890m
Q2 201952$937m
Q1 201959$1.1bn
Q4 201848$805m
Q3 201852$946m
Q2 201840$1.0bn
Q1 201851$1.1bn
Q4 201748$796m
Q3 201750$630m
Q2 201745$412m
Q1 201731$324m
Q4 201631$197m

Where Rubric Capital Management LP was early

64 rows
XPER XPERI INCQ1 20172 of 857.9%7.9%19Held at last filing, Q2 2026–
CSTM CONSTELLIUM SEQ1 201711 of 1322.1%4.6%19Exited by Q4 2024+150%
AMKR AMKOR TECHNOLOGY INCQ2 20171 of 1341.9%2.0%2Exited by Q4 2017+8.0%
ERII ENERGY RECOVERY INCQ2 20172 of 821.3%1.3%5Exited by Q3 2018−2.5%
DFIN DONNELLEY FINL SOLUTIONS INCQ2 20173 of 830.8%1.7%4Exited by Q2 2018−25%
PPC PILGRIMS PRIDE CORP NEWQ2 20173 of 1081.5%1.5%4Exited by Q3 2019+16%
RYAM RAYONIER ADVANCED MATLS INCQ2 20173 of 1072.4%5.3%6Exited by Q4 2018+17%
BLDR BUILDERS FIRSTSOURCE INCQ2 20175 of 2081.1%2.9%6Exited by Q4 2018−4.2%
HALO HALOZYME THERAPEUTICS INCQ2 20175 of 1350.9%3.3%4Exited by Q2 2018+53%
DAR DARLING INGREDIENTS INCQ2 20176 of 1690.8%2.3%3Exited by Q1 2026+129%
TSN TYSON FOODS INCQ2 201712 of 1241.9%2.8%4Exited by Q1 2020+45%
EQT EQT CORPQ2 201724 of 2311.5%1.5%4Exited by Q2 2018−19%
TTMI TTM TECHNOLOGIES INCQ3 20173 of 1431.0%3.6%5Exited by Q3 2021−7.0%
BRSL INTERNATIONAL GAME TECHNOLOGQ3 20176 of 1423.2%8.0%8Exited by Q3 2022−24%
PTEN PATTERSON UTI ENERGY INCQ3 20177 of 1432.6%2.6%2Exited by Q1 2018+9.9%
CIEN CIENA CORPQ3 201716 of 1835.3%5.3%3Exited by Q2 2018+18%
ICHR ICHOR HOLDINGSQ4 20171 of 992.0%3.8%4Exited by Q3 2019−3.9%
WSC WILLSCOT MOBIL MINI HLDNG COQ4 20171 of 1774.6%5.8%20Exited by Q1 2023+256%
AIR AAR CORPQ4 20173 of 962.2%3.5%18Exited by Q4 2024+66%
OSG AMBAC FINL GROUP INCQ4 20174 of 870.8%3.0%9Exited by Q1 2021−3.8%
SPB SPECTRUM BRANDS HLDGS INCQ4 20174 of 1470.4%5.9%2Exited by Q2 2018−2.7%
SD SANDRIDGE ENERGY INCQ1 20182 of 770.4%1.7%3Exited by Q4 2018−25%
KLIC KULICKE & SOFFA INDS INCQ1 20184 of 1031.9%4.2%2Exited by Q3 2018−4.8%
8IN SYNEOS HEALTH INCQ1 20185 of 1150.4%3.5%3Exited by Q2 2019+46%
CHRS COHERUS ONCOLOGY INCQ1 20187 of 1050.5%4.6%16Exited by Q3 2025−93%
NTRA NATERA INCQ2 20183 of 1671.1%1.1%4Exited by Q3 2019+47%
CWH CAMPING WORLD HLDGS INCQ2 20184 of 1286.7%6.7%2Exited by Q4 2018−15%
GPRE GREEN PLAINS INCQ3 20184 of 1214.1%4.2%14Exited by Q4 2022+69%
MGY MAGNOLIA OIL & GAS CORPQ3 20184 of 1021.2%1.2%3Exited by Q2 2019−20%
ECHO ECHOSTAR CORPQ3 201813 of 2091.5%2.4%3Exited by Q1 2020+15%
07WA MR COOPER GROUP INCQ4 20181 of 1515.9%5.9%27Exited by Q3 2025+1179%
HGV HILTON GRAND VACATIONS INCQ4 201817 of 1661.6%1.9%4Exited by Q4 2019+21%
TH TARGET HOSPITALITY CORPQ1 20191 of 952.2%2.4%14Held at last filing, Q2 2026+114%
WKC WORLD FUEL SVCS CORPQ1 20194 of 850.5%2.4%4Exited by Q1 2020+50%
SAIC SCIENCE APPLICATNS INTL CP NQ1 20197 of 1214.7%4.7%4Exited by Q2 2020−3.0%
ENS ENERSYSQ1 20198 of 1020.5%2.7%3Exited by Q1 2021+27%
STNG SCORPIO TANKERS INCQ1 20199 of 1390.9%5.4%6Exited by Q3 2023+138%
ZYME ZYMEWORKS INCQ1 201911 of 1070.2%2.1%16Held at last filing, Q2 2026+62%
JBLU JETBLUE AWYS CORPQ1 201913 of 1651.1%2.8%3Exited by Q4 2019+2.4%
INSW INTERNATIONAL SEAWAYS INCQ2 20195 of 1031.2%2.2%4Exited by Q2 2020+26%
CCJ CAMECO CORPQ2 20199 of 1824.8%6.0%7Exited by Q4 2023+269%
QNST QUINSTREET INCQ3 20198 of 882.9%4.2%12Exited by Q1 2023+14%
TBPH THERAVANCE BIOPHARMA INCQ4 20197 of 960.5%3.3%5Exited by Q4 2022−61%
IDCC INTERDIGITAL INCQ1 20204 of 1183.5%3.9%9Exited by Q2 2023+63%
INSM INSMED INCQ1 20208 of 1801.8%3.3%5Exited by Q3 2022+23%
PFSI PENNYMAC FINL SVCS INC NEWQ2 20206 of 1142.0%2.3%6Held at last filing, Q2 2026+108%
RXT RACKSPACE TECHNOLOGY INCQ3 20201 of 803.5%3.6%3Exited by Q2 2021+23%
MREO MEREO BIOPHARMA GROUP PLCQ4 20201 of 670.5%1.6%23Held at last filing, Q2 2026−91%
HY HYSTER YALE MATLS HANDLING IQ1 20211 of 511.1%1.1%3Exited by Q4 2021−42%
OCUL OCULAR THERAPEUTIX INCQ1 20213 of 1200.4%1.9%3Exited by Q4 2021−39%

Concentration and tenure

7.3%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
44.3%
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