Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (10 quarters reported)
$255M in Q2 2013 → $117M now. Hover for any quarter.
As reported for the quarter ended September 30, 2015. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| AP Altisource Portfolio Solns S | 13.2% | Added 6.1% | 651,763 | $15.5M |
| SS Select Sector SPDR Tr Put | 11.6% | Trimmed 66% | 600,000 | $13.6M |
| AI American Intl Group Inc | 7.2% | New | 149,350 | $8.49M |
| Citigroup Inc | 7.1% | New | 168,420 | $8.36M |
| AR Altisource Residential Corp | 6.9% | Added 307% | 578,393 | $8.05M |
| DF Discover Finl Svcs | 6.6% | Added 51% | 148,832 | $7.74M |
| IB Interactive Brokers Group In | 4.2% | Trimmed 60% | 124,808 | $4.93M |
| RF Regions Finl Corp New | 3.0% | Added 6.9% | 385,081 | $3.47M |
| ET E Trade Financial Corp | 2.9% | New | 129,582 | $3.41M |
| ZB Zions Bancorporation | 2.8% | New | 120,437 | $3.32M |
| Goldman Sachs Group Inc | 2.8% | New | 18,978 | $3.3M |
| AH Aercap Holdings Nv | 2.8% | Added 89% | 85,142 | $3.26M |
| V Vereit Inc | 2.6% | New | 401,199 | $3.1M |
| SW Starwood Waypoint Residentl | 2.3% | Trimmed 36% | 112,182 | $2.67M |
| TC Taubman Ctrs Inc | 2.0% | New | 34,499 | $2.38M |
| AG Apollo Global Mgmt LLC | 1.9% | Added 56% | 126,865 | $2.18M |
| BH Bofi Hldg Inc Put | 1.8% | Trimmed 55% | 16,400 | $2.11M |
| RH Realogy Hldgs Corp | 1.7% | New | 53,405 | $2.01M |
| NR Northstar Rlty Fin Corp | 1.5% | Trimmed 81% | 142,618 | $1.76M |
| SC Schwab Charles Corp New | 1.5% | New | 59,999 | $1.71M |
| TA Td Ameritrade Hldg Corp | 1.4% | New | 53,397 | $1.7M |
| KH Kcg Hldgs Inc | 1.0% | Added 0.3% | 106,067 | $1.16M |
| LM Legg Mason Inc | 1.0% | New | 27,771 | $1.16M |
| NA Northstar Asset Mgmt Group I | 0.9% | Trimmed 80% | 76,566 | $1.1M |
| Pacific Premier Bancorp | 0.8% | Added 17% | 46,800 | $951K |
| KH Kennedy-wilson Hldgs Inc | 0.8% | Added 41% | 41,026 | $910K |
| AF Astoria Finl Corp | 0.7% | New | 51,000 | $821K |
| AF Ally Finl Inc | 0.7% | New | 40,000 | $815K |
| GA Great Ajax Corp | 0.6% | Trimmed 48% | 60,284 | $746K |
| AA Altisource Asset Mgmt Corp | 0.5% | Trimmed 65% | 24,068 | $576K |
| BG Boulder Growth & Income Fd I | 0.5% | Trimmed 25% | 74,936 | $558K |
| BB Bridge Bancorp Inc | 0.5% | Added 0.5% | 20,090 | $537K |
| XB Xenith Bankshares Inc | 0.5% | Trimmed 15% | 83,387 | $533K |
| RA Resource America Inc | 0.4% | Trimmed 62% | 73,107 | $486K |
| Atlas Financial Holdings Inc | 0.4% | Trimmed 58% | 23,800 | $440K |
| OF Oceanfirst Finl Corp | 0.3% | New | 23,000 | $396K |
| CC Colony Cap Inc | 0.3% | New | 20,000 | $391K |
| PM Pennymac Mtg Invt Tr | 0.3% | New | 25,000 | $387K |
| FN First Nbc Bk Hldg Co | 0.3% | Unchanged | 10,000 | $350K |
| GC Gain Cap Hldgs Inc | 0.3% | Trimmed 79% | 47,536 | $346K |
| AH Ashford Hospitality Prime In | 0.3% | New | 24,251 | $340K |
| OF Ocwen Finl Corp | 0.3% | New | 50,000 | $336K |
| AH Ashford Hospitality Tr Inc | 0.2% | Trimmed 93% | 45,736 | $279K |
| VH Veritex Hldgs Inc | 0.1% | New | 11,000 | $172K |
| NB Newbridge Bancorp | 0.1% | New | 20,000 | $171K |
| Republic First Bancorp Inc | 0.1% | New | 40,000 | $149K |
| CB Centerstate Banks Inc | 0.1% | New | 10,000 | $147K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2015 · filed November 16, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | Trimmed | −1,150,000 | −$26.1M | 11.6% |
| SS SPDR S&P 500 ETF Tr | Exited | −100,000 | −$20.6M | — |
| AI American Intl Group Inc | New | +149,350 | +$8.49M | 7.2% |
| Citigroup Inc | New | +168,420 | +$8.36M | 7.1% |
| NR Northstar Rlty Fin Corp | Trimmed | −614,729 | −$7.59M | 1.5% |
| IB Interactive Brokers Group In | Trimmed | −183,652 | −$7.25M | 4.2% |
| IT Ishares Tr | Exited | −50,000 | −$6.24M | — |
| AR Altisource Residential Corp | Added | +436,366 | +$6.07M | 6.9% |
| NA Northstar Asset Mgmt Group I | Trimmed | −306,223 | −$4.4M | 0.9% |
| HV Hudson Valley Holding Corp | Exited | −149,973 | −$4.23M | — |
Showing the 10 largest of 54 changes.
quarter ended June 30, 2015 · filed August 14, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +100,000 | +$20.6M | 11.4% |
| AP Altisource Portfolio Solns S | New | +614,400 | +$18.9M | 10.5% |
| SS Select Sector SPDR Tr | Trimmed | −350,000 | −$8.53M | 23.7% |
| IT Ishares Tr | Trimmed | −50,000 | −$6.24M | 3.5% |
| HG Hrg Group Inc | Exited | −485,000 | −$6.05M | — |
| AI American Intl Group Inc | Exited | −108,680 | −$5.96M | — |
| DF Discover Finl Svcs | New | +98,444 | +$5.67M | 3.1% |
| KH Kennedy-wilson Hldgs Inc | Trimmed | −208,802 | −$5.14M | 0.4% |
| LH Luxoft Hldg Inc | Trimmed | −81,747 | −$4.62M | 0.9% |
| AH Aercap Holdings Nv | Trimmed | −89,304 | −$4.09M | 1.1% |
Showing the 10 largest of 43 changes.
quarter ended March 31, 2015 · filed May 15, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | Trimmed | −2,340,000 | −$56.4M | 24.0% |
| IT Ishares Tr | Trimmed | −440,000 | −$54.7M | 5.9% |
| Conns Inc | Trimmed | −478,900 | −$14.5M | 1.7% |
| AP Altisource Portfolio Solns S | Exited | −365,097 | −$12.3M | — |
| AH Ashford Hospitality Tr Inc | New | +857,029 | +$8.25M | 3.9% |
| Vector Group Ltd | Exited | −345,399 | −$7.36M | — |
| KH Kennedy-wilson Hldgs Inc | New | +237,828 | +$6.22M | 2.9% |
| HG Hrg Group Inc | New | +485,000 | +$6.05M | 2.9% |
| CF Colony Finl Inc | Exited | −235,524 | −$5.61M | — |
| AA Altisource Asset Mgmt Corp | Added | +28,049 | +$5.19M | 6.1% |
Showing the 10 largest of 42 changes.
quarter ended December 31, 2014 · filed February 17, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | Trimmed | −2,391,600 | −$59.1M | 31.1% |
| IT Ishares Tr | Trimmed | −190,000 | −$22.7M | 18.3% |
| OF Ocwen Finl Corp | Exited | −824,992 | −$21.6M | — |
| CF Colony Finl Inc | Trimmed | −711,390 | −$16.9M | 1.6% |
| NR Northstar Rlty Fin Corp | Added | +764,932 | +$13.4M | 4.5% |
| Conns Inc | New | +600,000 | +$11.2M | 3.2% |
| SI SPDR Index Shs Fds | Exited | −210,000 | −$8.34M | — |
| LH Luxoft Hldg Inc | New | +184,127 | +$7.09M | 2.0% |
| HL Home Ln Servicing Solutions | Trimmed | −287,591 | −$5.61M | 1.2% |
| AR American Rlty Cap Pptys Inc | New | +611,660 | +$5.54M | 1.6% |
Showing the 10 largest of 43 changes.
quarter ended September 30, 2014 · filed November 14, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | Added | +1,200,000 | +$27.8M | 32.8% |
| CF Colony Finl Inc | New | +946,914 | +$21.2M | 4.4% |
| NR Northstar Rlty Fin Corp | Exited | −1,023,725 | −$17.8M | — |
| IB Interactive Brokers Group In | New | +425,534 | +$10.6M | 2.2% |
| IT Ishares Tr | Trimmed | −80,000 | −$8.75M | 16.5% |
| SI SPDR Index Shs Fds | New | +210,000 | +$8.34M | 1.7% |
| AI American Intl Group Inc | New | +133,445 | +$7.21M | 1.5% |
| NA Northstar Asset Mgmt Group I | New | +387,824 | +$7.14M | 1.5% |
| AP Altisource Portfolio Solns S | Added | +63,039 | +$6.35M | 8.2% |
| BC Banc Calif Inc | Trimmed | −505,510 | −$5.88M | 1.0% |
Showing the 10 largest of 45 changes.
quarter ended June 30, 2014 · filed August 14, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | Added | +5,570,808 | +$127M | 27.2% |
| I Ishares | Added | +802,703 | +$95.4M | 20.5% |
| NR Northstar Rlty Fin Corp | Trimmed | −444,988 | −$7.73M | 3.8% |
| AP Altisource Portfolio Solns S | Added | +62,945 | +$7.21M | 8.0% |
| OF Ocwen Finl Corp | Added | +161,794 | +$6M | 6.5% |
| LC Ladder Cap Corp | Trimmed | −329,068 | −$5.95M | 1.2% |
| Citigroup Inc | Exited | −99,543 | −$4.74M | — |
| CH Cherry Hill Mtg Invt Corp | Trimmed | −218,279 | −$4.38M | 1.3% |
| BC Banc Calif Inc | Added | +400,864 | +$4.37M | 2.1% |
| AA Altisource Asset Mgmt Corp | Trimmed | −5,571 | −$4.03M | 4.3% |
Showing the 10 largest of 41 changes.
quarter ended March 31, 2014 · filed May 15, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AP Altisource Portfolio Solns S | Added | +230,247 | +$28M | 11.6% |
| OF Ocwen Finl Corp | Added | +553,535 | +$21.7M | 9.3% |
| AA Altisource Asset Mgmt Corp | Added | +16,262 | +$17.5M | 12.9% |
| LC Ladder Cap Corp | New | +646,740 | +$12.2M | 4.4% |
| Vector Group Ltd | New | +482,065 | +$10.4M | 3.7% |
| PM Pennymac Mtg Invt Tr | Exited | −336,146 | −$7.72M | — |
| AH Aercap Holdings Nv | Exited | −185,891 | −$7.13M | — |
| NR Northstar Rlty Fin Corp | Trimmed | −410,236 | −$6.62M | 8.5% |
| LF Lpl Finl Hldgs Inc | Exited | −121,512 | −$5.72M | — |
| HL Home Ln Servicing Solutions | Added | +255,521 | +$5.52M | 3.9% |
Showing the 10 largest of 41 changes.
quarter ended December 31, 2013 · filed February 14, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | Trimmed | −5,915,184 | −$129M | 0.5% |
| SS SPDR S&P 500 ETF Tr | Exited | −240,000 | −$40.3M | — |
| I Ishares | Trimmed | −240,675 | −$27.8M | 0.3% |
| AH Aercap Holdings Nv | Trimmed | −324,526 | −$12.4M | 3.3% |
| CH Cherry Hill Mtg Invt Corp | New | +516,146 | +$9.19M | 4.3% |
| JH Jgwpt Hldgs Inc | New | +462,204 | +$8.04M | 3.7% |
| AR Altisource Residential Corp | Trimmed | −266,209 | −$8.02M | 5.1% |
| AE Atlas Energy LP | Added | +151,540 | +$7.1M | 3.7% |
| CG Carlyle Group L P | Exited | −241,761 | −$6.22M | — |
| AP Altisource Portfolio Solns S | Trimmed | −38,643 | −$6.13M | 2.6% |
Showing the 10 largest of 51 changes.
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