WhaleCreep

Rubric Capital Management LP 13F holdings, Q4 2018

Hedge fundSEC filingsCompare with another fundHoldings as of 2018-12-31, filed 2019-02-13

Rubric Capital Management LP disclosed 48 US equity positions worth $804.6m in its Q4 2018 13F filing. Its largest position is HRTX at 9.0% of the reported book, followed by 07WA and BRSL. Versus Q3 2018 it opened 22 new positions, added to 13, reduced 9 and exited 26.

$805m
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.
9.0%
Largest position
The largest single position as a share of the reported equity book.
50.2%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
26
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 2018: 22 new, 13 added, 9 reduced, 26 exited

48 rows
HRTX HERON THERAPEUTICS INCHealthcare9.0%$72.3m2.79m+42%added
07WA MR COOPER GROUP INC–5.9%$47.8m4.10m–new
BRSL BRIGHTSTAR LOTTERY PLCConsumer Cyclical5.5%$43.9m3.00m−22%reduced
INCY INCYTE CORPHealthcare5.3%$42.9m675,000−15%reduced
ZAYOEUR ZAYO GROUP HLDGS INC–4.9%$39.1m1.71m–new
RDUSEUR RADIUS HEALTH INC–4.3%$34.6m2.10m+657%added
AVYAUSD AVAYA HLDGS CORP–4.1%$32.8m2.25m+20%added
GPRE GREEN PLAINS INCBasic Materials4.1%$32.6m2.49m+11%added
BIOHAVEN PHARMACTL HLDG CO L no ticker–3.7%$30.1m814,357–new
MYLAN NV no ticker–3.4%$27.7m1.01m–new
CHRS COHERUS ONCOLOGY INCHealthcare3.4%$27.6m3.05m+384%added
PRTY1EUR PARTY CITY HOLDCO INC–3.2%$25.9m2.60m+73%added
ARNAEUR ARENA PHARMACEUTICALS INC–3.1%$25.1m643,397–new
BGCPEUR BGC PARTNERS INC–3.1%$24.7m4.78m+199%added
AGO ASSURED GUARANTY LTDFinancial Services2.7%$22.1m577,836+214%added
MBI MBIA INCFinancial Services2.7%$21.5m2.41m+20%added
WSC WILLSCOT CORPIndustrials2.5%$20.5m2.17m−21%reduced
AERIEUR AERIE PHARMACEUTICALS INC–2.5%$20.3m562,185–new
MX MAGNACHIP SEMICONDUCTOR CORPTechnology2.3%$18.6m3.00m0.0%held
AMARIN CORP PLC no ticker–2.3%$18.3m1.35m+92%added
CSTM CONSTELLIUM SEBasic Materials1.8%$14.2m2.02m−16%reduced
SPIRIT MTA REIT no ticker–1.6%$13.1m1.84m0.0%held
HGV HILTON GRAND VACATIONS INCConsumer Cyclical1.6%$12.9m487,220–new
TEVA TEVA PHARMACEUTICAL INDS LTDHealthcare1.6%$12.8m830,000–new
FLEX FLEX LTDTechnology1.6%$12.8m1.68m–new
GMS1EUR GMS INC–1.6%$12.5m841,716−58%reduced
OSG OCTAVE SPECIALTY GROUP INCFinancial Services1.5%$12.2m710,433−49%reduced
FGL HLDGS no ticker–1.3%$10.3m1.54m+77%added
MGY MAGNOLIA OIL & GAS CORPEnergy1.0%$8.3m742,4770.0%held
FLEXION THERAPEUTICS INC no ticker–1.0%$8.1m718,307−66%reduced
BDSIUSD BIODELIVERY SCIENCES INTL IN–0.9%$7.4m2.00m–new
NTRA NATERA INCHealthcare0.9%$7.3m525,805+61%added
PRSP PERSPECTA INC–0.9%$6.9m398,080–new
CNDT CONDUENT INCTechnology0.8%$6.1m573,295−36%reduced
AKBA AKEBIA THERAPEUTICS INCHealthcare0.7%$5.9m1.07m+253%added
TXMD THERAPEUTICSMD INCHealthcare0.7%$5.9m1.55m–new
CBT CABOT CORPBasic Materials0.6%$4.6m107,301–new
RAYONIER ADVANCED MATLS INC no ticker–0.5%$3.8m46,620−7.2%reduced
RVIEUR RETAIL VALUE INC–0.3%$2.6m101,7900.0%held
CLLS CELLECTIS S A–0.2%$2.0m119,465–new
OEC ORION S.A.Basic Materials0.2%$1.9m74,416–new
TPCO TRIBUNE PUBG CO NEW–0.2%$1.7m152,201–new
PLATINUM EAGLE ACQUISITIN CO no ticker–0.1%$845k650,000–new
BERYEUR BERRY GLOBAL GROUP INC–0.06%$505k10,622–new
PLAYA HOTELS & RESORTS NV no ticker–0.06%$471k65,502–new
MAS MASCO CORPIndustrials0.05%$418k14,299–new
99803EUR LABORATORY CORP AMER HLDGS–0.05%$371k2,934–new
ATRSEUR ANTARES PHARMA INC–0.0%$35.0k12,865–new

Exited since Q3 2018

26 rows
WMIH CORP no ticker7.2%$67.7m
MCDERMOTT INTL INC no ticker2.9%$27.1m
CZREUR CAESARS ENTMT CORP2.4%$22.7m
BLDR BUILDERS FIRSTSOURCE INC1.9%$18.3m
SD SANDRIDGE ENERGY INC1.6%$14.7m
ECHO ECHOSTAR CORP1.5%$14.4m
WYNN WYNN RESORTS LTD1.5%$14.0m
SINA CORP no ticker1.5%$13.9m
CWH CAMPING WORLD HLDGS INC1.4%$13.0m
KRAUSD KRATON CORPORATION1.3%$12.4m
RYAM RAYONIER ADVANCED MATLS INC1.2%$11.4m
OCEAN RIG UDW INC no ticker1.2%$11.3m
MGM MGM RESORTS INTERNATIONAL0.5%$4.9m
ECLIPSE RES CORP no ticker0.5%$4.3m
CMBT CMB.TECH NV0.3%$3.3m
VANTAGE ENERGY ACQUISITION no ticker0.3%$3.1m
MACKEUR MERRIMACK PHARMACEUTICALS IN0.3%$3.0m
FBMUSD FOUNDATION BLDG MATLS INC0.3%$2.9m
MGIEUR MONEYGRAM INTL INC0.3%$2.8m
DHT DHT HOLDINGS INC0.3%$2.5m
TRONC INC no ticker0.3%$2.5m
GPOR GULFPORT ENERGY CORP0.3%$2.4m
MPOUSD MIDSTATES PETE CO INC0.2%$1.5m
KERYX BIOPHARMACEUTICALS INC no ticker0.07%$680k
NORDIC AMERICAN TANKERS LIMI no ticker0.06%$589k
TK TEEKAY CORPORATION0.06%$529k

Sector mix

  • Unclassified49.4%
  • Healthcare21.7%
  • Consumer Cyclical7.1%
  • Financial Services6.9%
  • Basic Materials6.6%
  • Technology4.7%
  • Industrials2.6%
  • Energy1.0%

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